Invesco Energy Fund (IENAX) N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-03826

AIM Sector Funds (Invesco Sector Funds)*

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 2500 Houston, Texas 77046

(Address of principal executive offices)     (Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 2500 Houston, Texas 77046
(Name and address of agent for service)

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

Date of fiscal year end: 4/30

Date of reporting period: 10/31/11

*Funds included are: Invesco Energy Fund, Invesco Gold & Precious Metals Fund, Invesco Leisure Fund, Invesco Technology Fund, Invesco U.S. Mid Cap Value Fund, Invesco Utilities Fund, Invesco Van Kampen American Value Fund, Invesco Van Kampen Comstock Fund, Invesco Van Kampen Mid Cap Growth Fund, Invesco Van Kampen Small Cap Value Fund and Invesco Van Kampen Value Opportunities Fund.

Item 1. Reports to Stockholders.

Invesco Energy Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: IENAX § B: IENBX § C: IEFCX § Y: IENYX § Investor: FSTEX § Institutional: IENIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-17.20	%
Class B Shares	-17.52
Class C Shares	-17.53
Class Y Shares	-17.10
Investor Class Shares	-17.20
Institutional Class Shares	-17.04
S&P 500 Index ▼ (Broad Market Index)	-7.12
Dow Jones U.S. Oil & Gas Index ▼(Former Style-Specific Index)*	-12.83
MSCI World Energy Indexn (Style-Specific Index)*	-13.55
Lipper Natural Resource Funds Index ▼ (Peer Group Index)	-16.71

	Source(s): ▼ Lipper Inc.; n MSCI via FactSet Research Systems Inc.
*	During the reporting period, the Fund has elected to use the MSCI World Energy Index as its style-specific index rather than the Dow Jones U.S. Oil & Gas Index because the MSCI World Energy Index more closely reflects the performance of the types of securities in which the Fund invests.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The Dow Jones U.S. Oil & Gas Index is an unmanaged index considered representative of the U.S. energy market.

     The MSCI World Energy Index is a free float-adjusted market capitalization index that represents the energy segment in global developed market equity performance.

     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) defined 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.

2 Invesco Energy Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			12.07	%
	5	Years	4.88
	1	Year	4.99
Class B Shares
Inception (3/28/02)			12.05	%
	5	Years	5.00
	1	Year	5.26
Class C Shares
Inception (2/14/00)			13.09	%
	10	Years	13.03
	5	Years	5.28
	1	Year	9.27
Class Y Shares
	10	Years	13.94	%
	5	Years	6.23
	1	Year	11.39
Investor Class Shares
Inception (1/19/84)			10.00	%
	10	Years	13.85
	5	Years	6.07
	1	Year	11.13
Institutional Class Shares
Inception (1/31/06)			4.24	%
	5	Years	6.53
	1	Year	11.49

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class share performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			10.00	%
	5	Years	1.64
	1	Year	-9.38
Class B Shares
Inception (3/28/02)			9.98	%
	5	Years	1.76
	1	Year	-9.57
Class C Shares
Inception (2/14/00)			11.39	%
	10	Years	11.74
	5	Years	2.03
	1	Year	-5.81
Class Y Shares
	10	Years	12.63	%
	5	Years	2.96
	1	Year	-3.85
Investor Class Shares
Inception (1/19/84)			9.29	%
	10	Years	12.55
	5	Years	2.80
	1	Year	-4.10
Institutional Class Shares
Inception (1/31/06)			0.90	%
	5	Years	3.24
	1	Year	-3.83

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares was 1.13%, 1.88%, 1.88%, 0.88%, 1.13% and 0.77%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Institutional Class 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.

     Had the adviser not waived fees and/or reimbursed expenses on Class B or Class C shares in the past, performance would have been lower.

3 Invesco Energy Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals — a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 — and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus — investment management — that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals — meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.29%
Coal & Consumable Fuels–1.48%
Peabody Energy Corp.		554,018	$	24,027,761
Integrated Oil & Gas–20.73%
BG Group PLC (United Kingdom)		428,448		9,284,833
BP PLC–ADR (United Kingdom)		106,880		4,721,958
Chevron Corp.		548,442		57,613,832
ConocoPhillips		336,346		23,426,499
Exxon Mobil Corp.		1,179,167		92,081,151
Hess Corp.		420,293		26,293,530
Occidental Petroleum Corp.		931,092		86,535,691
Royal Dutch Shell PLC–ADR (United Kingdom)		411,451		29,175,991
Total S.A.–ADR (France)		152,161		7,958,020
				337,091,505
Oil & Gas Drilling–12.87%
Atwood Oceanics, Inc.(b)		454,568		19,428,236
Ensco PLC–ADR (United Kingdom)		1,182,399		58,717,934
Helmerich & Payne, Inc.		821,671		43,696,464
Nabors Industries Ltd.(b)		524,185		9,608,311
Patterson-UTI Energy, Inc.		570,649		11,595,588
Rowan Cos., Inc.(b)		1,409,099		48,599,825
Seadrill Ltd. (Bermuda)(c)		535,224		17,731,971
				209,378,329
Oil & Gas Equipment & Services–35.98%
Baker Hughes Inc.		1,457,493		84,520,019
Cameron International Corp.(b)		1,532,848		75,324,151
Dresser-Rand Group, Inc.(b)		166,270		8,047,468
FMC Technologies, Inc.(b)		186,559		8,361,575
Halliburton Co.		2,256,398		84,299,029
Key Energy Services, Inc.(b)		1,916,187		24,776,298
Lufkin Industries, Inc.		176,514		10,430,212
National Oilwell Varco Inc.		1,285,617		91,703,061
Oceaneering International, Inc.		195,422		8,174,502
Schlumberger Ltd.		1,589,415		116,774,320
Superior Energy Services, Inc.(b)(c)		645,611		18,154,581
Weatherford International Ltd.(b)		3,523,238		54,610,189
				585,175,405
Oil & Gas Exploration & Production–22.45%
Anadarko Petroleum Corp.		1,055,801		82,880,378
Apache Corp.		799,539		79,658,070
Cabot Oil & Gas Corp.		134,175		10,428,081
Canadian Natural Resources Ltd. (Canada)		289,946		10,218,003
CNOOC Ltd. (China)		4,126,000		7,798,466
EOG Resources, Inc.		418,590		37,434,504
Kosmos Energy LLC.(b)		668,996		10,369,438
Marathon Oil Corp.		393,771		10,249,859
Newfield Exploration Co.(b)		566,435		22,804,673
Noble Energy, Inc.		221,442		19,783,628
Range Resources Corp.		194,232		13,370,931
Resolute Energy Corp.(b)(c)		650,238		8,453,094
Southwestern Energy Co.(b)		444,891		18,703,218
Whiting Petroleum Corp.(b)		708,914		32,999,947
				365,152,290
Oil & Gas Refining & Marketing–1.78%
Marathon Petroleum Corp.		425,164		15,263,387
Valero Energy Corp.		553,413		13,613,960
				28,877,347
Total Common Stocks & Other Equity Interests (Cost $1,282,627,162)				1,549,702,637
Money Market Funds–6.39%
Liquid Assets Portfolio–Institutional Class(d)		52,012,495		52,012,495
Premier Portfolio–Institutional Class(d)		52,012,496		52,012,496
Total Money Market Funds (Cost $104,024,991)				104,024,991
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.68% (Cost $1,386,652,153)				1,653,727,628
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.43%
Liquid Assets Portfolio–Institutional Class (Cost $6,917,413)(d)(e)		6,917,413		6,917,413
TOTAL INVESTMENTS–102.11% (Cost $1,393,569,566)				1,660,645,041
OTHER ASSETS LESS LIABILITIES–(2.11)%				(34,327,866	)
NET ASSETS–100.00%			$	1,626,317,175

Investment Abbreviations:

ADR – American Depositary Receipt

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

5        Invesco Energy 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, 2011.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.
(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2011

Oil & Gas Equipment & Services	36.0	%
Oil & Gas Exploration & Production	22.4
Integrated Oil & Gas	20.7
Oil & Gas Drilling	12.9
Oil & Gas Refining & Marketing	1.8
Coal & Consumable Fuels	1.5
Money Market Funds Plus Other Assets Less Liabilities	4.7

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

6        Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $1,282,627,162)*	$	1,549,702,637
Investments in affiliated money market funds, at value and cost		110,942,404
Total investments, at value (Cost $1,393,569,566)		1,660,645,041
Receivable for:
Investments sold		9,418,041
Fund shares sold		5,807,463
Dividends		435,321
Investment for trustee deferred compensation and retirement plans		44,196
Other assets		58,303
Total assets		1,676,408,365
Liabilities:
Payable for:
Investments purchased		34,171,930
Fund shares reacquired		7,588,575
Collateral upon return of securities loaned		6,917,413
Accrued fees to affiliates		1,104,559
Accrued other operating expenses		138,930
Trustee deferred compensation and retirement plans		169,783
Total liabilities		50,091,190
Net assets applicable to shares outstanding	$	1,626,317,175
Net assets consist of:
Shares of beneficial interest	$	1,463,509,393
Undistributed net investment income (loss)		(1,296,332	)
Undistributed net realized gain (loss)		(102,966,572	)
Unrealized appreciation		267,070,686
	$	1,626,317,175
Net Assets:
Class A	$	782,318,610
Class B	$	84,700,419
Class C	$	216,969,379
Class Y	$	69,387,635
Investor Class	$	456,301,022
Institutional Class	$	16,640,110
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		19,990,568
Class B		2,367,276
Class C		6,214,852
Class Y		1,771,888
Investor Class		11,701,168
Institutional Class		417,280
Class A:
Net asset value per share	$	39.13
Maximum offering price per share
(Net asset value of $39.13 divided by 94.50%)	$	41.41
Class B:
Net asset value and offering price per share	$	35.78
Class C:
Net asset value and offering price per share	$	34.91
Class Y:
Net asset value and offering price per share	$	39.16
Investor Class:
Net asset value and offering price per share	$	39.00
Institutional Class:
Net asset value and offering price per share	$	39.88

*  At October 31, 2011, securities with an aggregate value of $6,334,960 were on loan to brokers.

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

7        Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $179,899)	$	10,058,885
Dividends from affiliated money market funds (includes securities lending income of $60,414)		85,062
Total investment income		10,143,947
Expenses:
Advisory fees		5,431,305
Administrative services fees		216,446
Custodian fees		45,877
Distribution fees:
Class A		1,087,852
Class B		474,861
Class C		1,184,420
Investor Class		618,499
Transfer agent fees — A, B, C, Y and Investor		1,874,467
Transfer agent fees — Institutional		9,343
Trustees’ and officers’ fees and benefits		41,229
Other		247,812
Total expenses		11,232,111
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(35,150	)
Net expenses		11,196,961
Net investment income (loss)		(1,053,014	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		35,988,284
Foreign currencies		186,967
		36,175,251
Change in net unrealized appreciation (depreciation) of:
Investment securities		(403,206,439	)
Foreign currencies		(9,214	)
		(403,215,653	)
Net realized and unrealized gain (loss)		(367,040,402	)
Net increase (decrease) in net assets resulting from operations	$	(368,093,416	)

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

8        Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011 and the year ended April 30, 2011

(Unaudited)

	October 31,			April 30,
	2011			2011
Operations:
Net investment income (loss)	$	(1,053,014	)	$	(3,628,995	)
Net realized gain		36,175,251			78,019,602
Change in net unrealized appreciation (depreciation)		(403,215,653	)		383,254,977
Net increase (decrease) in net assets resulting from operations		(368,093,416	)		457,645,584
Distributions to shareholders from net investment income:
Class A		—			(595,398	)
Class Y		—			(166,845	)
Investor Class		—			(381,243	)
Institutional Class		—			(40,505	)
Total distributions from net investment income		—			(1,183,991	)
Share transactions–net:
Class A		(85,834,243	)		89,450,564
Class B		(11,910,806	)		(20,427,752	)
Class C		(17,039,804	)		15,806,696
Class Y		1,038,634			18,477,902
Investor Class		(36,936,005	)		(23,434,111	)
Institutional Class		5,115,926			3,472,720
Net increase (decrease) in net assets resulting from share transactions		(145,566,298	)		83,346,019
Net increase (decrease) in net assets		(513,659,714	)		539,807,612
Net assets:
Beginning of period		2,139,976,889			1,600,169,277
End of period (includes undistributed net investment income (loss) of $(1,296,332) and $(243,318), respectively)	$	1,626,317,175		$	2,139,976,889

Notes to Financial Statements

October 31, 2011

(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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class Y, Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or the about month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

9        Invesco Energy Fund

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

10        Invesco Energy Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 the Institutional Class 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 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.	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.
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 money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
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 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.
L.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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

11        Invesco Energy Fund

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 foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least August 31, 2012, 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 B, Class C, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on August 31, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees of $31,661.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended October 31, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $1,633.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, Class C, Class Y, Investor Class and Institutional Class 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 B, 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 B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. 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, 2011, expenses incurred under the Plan are shown in the Statement of Operations as distribution fees.

12        Invesco Energy Fund

  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, 2011, IDI advised the Fund that IDI retained $111,995 in front-end sales commissions from the sale of Class A shares and $16,975, $80,552 and $28,974 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Supplemental 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	1,643,561,742	$	17,083,299	$	—	$	1,660,645,041

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $3,323,707.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement are comprised of (1) transfer agency credits which result from balances in Dem and Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions and (2) custodian credits which result from periodic overnight cash balances at the custodian. For the six months ended October 31, 2011, the Fund received credits from these arrangements, which resulted in the reduction of Fund’s total expenses of $1,856.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $2,104 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

13        Invesco Energy Fund

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	105,225,424
April 30, 2018		29,171,183
Total capital loss carryforward	$	134,396,607

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $601,923,297 and $794,385,107, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	287,323,309
Aggregate unrealized (depreciation) of investment securities		(24,993,050	)
Net unrealized appreciation of investment securities	$	262,330,259
Cost of investments for tax purposes is $1,398,314,782.

14        Invesco Energy Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2011(a)						April 30, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		2,980,514		$	121,669,692			8,472,162		$	344,600,164
Class B		82,362			3,060,540			341,503			11,826,377
Class C		608,702			22,101,723			1,911,825			68,858,262
Class Y		589,644			24,367,763			1,177,062			47,607,588
Investor Class		1,198,623			48,978,117			3,287,182			131,052,367
Institutional Class		208,259			8,360,345			180,935			7,357,957
Issued as reinvestment of dividends:
Class A		—			—			14,483			578,437
Class Y		—			—			3,820			152,350
Investor Class		—			—			9,396			373,881
Institutional Class		—			—			993			40,312
Automatic conversion of Class B shares to Class A shares:
Class A		89,592			3,688,412			215,358			8,339,625
Class B		(97,825	)		(3,688,412	)		(233,977	)		(8,339,625	)
Reacquired:
Class A		(5,258,098	)		(211,192,347	)		(7,168,633	)		(264,067,662	)
Class B		(301,787	)		(11,282,934	)		(723,952	)		(23,914,504	)
Class C		(1,090,407	)		(39,141,527	)		(1,609,310	)		(53,051,566	)
Class Y		(592,006	)		(23,329,129	)		(749,590	)		(29,282,036	)
Investor Class		(2,114,551	)		(85,914,122	)		(4,176,029	)		(154,860,359	)
Institutional Class		(80,461	)		(3,244,419	)		(101,936	)		(3,925,549	)
Net increase (decrease) in share activity		(3,777,439	)	$	(145,566,298	)		851,292		$	83,346,019

^(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.

15        Invesco Energy Fund

NOTE 11—Financial Highlights

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

																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses) on																						to average			to average net			Ratio of net
	Net asset		Net			securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	47.26	$	0.00		$	(8.13	)	$	(8.13	)	$	—		$	—		$	—		$	39.13		(17.20	)%	$	782,319		1.13	%(d)		1.13	%(d)		0.00	%(d)		34	%
Year ended 04/30/11		35.99		(0.03	)		11.33			11.30			(0.03	)		—			(0.03	)		47.26		31.42			1,048,194		1.13			1.13			(0.10	)		58
One month ended 04/30/10		35.34		(0.03	)		0.68			0.65			—			—			—			35.99		1.84			742,987		1.16	(e)		1.16	(e)		(1.00	)(e)		9
Year ended 03/31/10		23.91		0.07			11.38			11.45			(0.02	)		—			(0.02	)		35.34		47.91			725,470		1.17			1.18			0.22			49
Year ended 03/31/09		43.71		0.07			(19.47	)		(19.40	)		—			(0.40	)		(0.40	)		23.91		(44.39	)		453,133		1.16			1.17			0.20			61
Year ended 03/31/08		41.02		0.00			13.10			13.10			—			(10.41	)		(10.41	)		43.71		32.35			851,105		1.11			1.12			0.01			64
Year ended 03/31/07		43.17		(0.04	)		4.44			4.40			—			(6.55	)		(6.55	)		41.02		10.48			538,155		1.17			1.17			(0.08	)		52
Class B
Six months ended 10/31/11		43.37		(0.14	)		(7.45	)		(7.59	)		—			—			—			35.78		(17.50	)		84,700		1.88	(d)		1.88	(d)		(0.75	)(d)		34
Year ended 04/30/11		33.25		(0.29	)		10.41			10.12			—			—			—			43.37		30.44			116,438		1.88			1.88			(0.85	)		58
One month ended 04/30/10		32.68		(0.05	)		0.62			0.57			—			—			—			33.25		1.75			109,771		1.91	(e)		1.91	(e)		(1.75	)(e)		9
Year ended 03/31/10		22.26		(0.16	)		10.58			10.42			—			—			—			32.68		46.81			108,880		1.92			1.93			(0.53	)		49
Year ended 03/31/09		41.04		(0.19	)		(18.19	)		(18.38	)		—			(0.40	)		(0.40	)		22.26		(44.79	)		78,085		1.91			1.92			(0.55	)		61
Year ended 03/31/08		39.28		(0.32	)		12.49			12.17			—			(10.41	)		(10.41	)		41.04		31.35			172,190		1.86			1.87			(0.74	)		64
Year ended 03/31/07		41.90		(0.34	)		4.27			3.93			—			(6.55	)		(6.55	)		39.28		9.64			136,404		1.92			1.92			(0.83	)		52
Class C
Six months ended 10/31/11		42.32		(0.14	)		(7.27	)		(7.41	)		—			—			—			34.91		(17.51	)		216,969		1.88	(d)		1.88	(d)		(0.75	)(d)		34
Year ended 04/30/11		32.44		(0.29	)		10.17			9.88			—			—			—			42.32		30.46			283,422		1.88			1.88			(0.85	)		58
One month ended 04/30/10		31.88		(0.05	)		0.61			0.56			—			—			—			32.44		1.76			207,451		1.91	(e)		1.91	(e)		(1.75	)(e)		9
Year ended 03/31/10		21.71		(0.16	)		10.33			10.17			—			—			—			31.88		46.85			205,003		1.92			1.93			(0.53	)		49
Year ended 03/31/09		40.06		(0.19	)		(17.76	)		(17.95	)		—			(0.40	)		(0.40	)		21.71		(44.82	)		122,123		1.91			1.92			(0.55	)		61
Year ended 03/31/08		38.53		(0.32	)		12.26			11.94			—			(10.41	)		(10.41	)		40.06		31.37			231,832		1.86			1.87			(0.74	)		64
Year ended 03/31/07		41.22		(0.34	)		4.20			3.86			—			(6.55	)		(6.55	)		38.53		9.63			156,394		1.92			1.92			(0.83	)		52
Class Y
Six months ended 10/31/11		47.23		0.06			(8.13	)		(8.07	)		—			—			—			39.16		(17.09	)		69,388		0.88	(d)		0.88	(d)		0.25	(d)		34
Year ended 04/30/11		35.96		0.06			11.33			11.39			(0.12	)		—			(0.12	)		47.23		31.73			83,807		0.88			0.88			0.15			58
One month ended 04/30/10		35.31		(0.02	)		0.67			0.65			—			—			—			35.96		1.84			48,291		0.91	(e)		0.91	(e)		(0.75	)(e)		9
Year ended 03/31/10		23.86		0.16			11.36			11.52			(0.07	)		—			(0.07	)		35.31		48.29			47,084		0.92			0.93			0.47			49
Year ended 03/31/09(f)		31.13		0.04			(6.91	)		(6.87	)		—			(0.40	)		(0.40	)		23.86		(22.08	)		8,894		1.04	(e)		1.05	(e)		0.32	(e)		61
Investor Class
Six months ended 10/31/11		47.09		0.00			(8.09	)		(8.09	)		—			—			—			39.00		(17.18	)		456,301		1.13	(d)		1.13	(d)		0.00	(d)		34
Year ended 04/30/11		35.86		(0.03	)		11.29			11.26			(0.03	)		—			(0.03	)		47.09	��	31.42			594,201		1.13			1.13			(0.10	)		58
One month ended 04/30/10		35.22		(0.03	)		0.67			0.64			—			—			—			35.86		1.82			484,002		1.16	(e)		1.16	(e)		(1.00	)(e)		9
Year ended 03/31/10		23.82		0.07			11.35			11.42			(0.02	)		—			(0.02	)		35.22		47.96			475,026		1.17			1.18			0.22			49
Year ended 03/31/09		43.56		0.07			(19.41	)		(19.34	)		—			(0.40	)		(0.40	)		23.82		(44.40	)		335,874		1.16			1.17			0.20			61
Year ended 03/31/08		40.91		0.00			13.06			13.06			—			(10.41	)		(10.41	)		43.56		32.34			681,147		1.11			1.12			0.01			64
Year ended 03/31/07		43.07		(0.04	)		4.43			4.39			—			(6.55	)		(6.55	)		40.91		10.48			491,847		1.17			1.17			(0.08	)		52
Institutional Class
Six months ended 10/31/11		48.07		0.07			(8.26	)		(8.19	)		—			—			—			39.88		(17.04	)		16,640		0.81	(d)		0.81	(d)		0.32	(d)		34
Year ended 04/30/11		36.60		0.10			11.55			11.65			(0.18	)		—			(0.18	)		48.07		31.92			13,915		0.77			0.77			0.26			58
One month ended 04/30/10		35.93		(0.02	)		0.69			0.67			—			—			—			36.60		1.87			7,667		0.77	(e)		0.77	(e)		(0.61	)(e)		9
Year ended 03/31/10		24.32		0.21			11.59			11.80			(0.19	)		—			(0.19	)		35.93		48.57			6,411		0.74			0.75			0.65			49
Year ended 03/31/09		44.23		0.24			(19.75	)		(19.51	)		—			(0.40	)		(0.40	)		24.32		(44.11	)		3,416		0.70			0.71			0.66			61
Year ended 03/31/08		41.25		0.20			13.19			13.39			—			(10.41	)		(10.41	)		44.23		32.90			2,240		0.68			0.69			0.44			64
Year ended 03/31/07		43.20		0.16			4.44			4.60			—			(6.55	)		(6.55	)		41.25		10.95			101		0.72			0.72			0.37			52

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $865,552, $94,456, $235,597, $72,193, $492,110 and $13,469 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Commencement date of October 3, 2008.

16        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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	828.00	$	5.21	$	1,019.51	$	5.75		1.13	%
B		1,000.00		824.80		8.65		1,015.73		9.55		1.88
C		1,000.00		824.70		8.65		1,015.73		9.55		1.88
Y		1,000.00		829.00		4.06		1,020.77		4.48		0.88
Investor		1,000.00		828.00		5.21		1,019.51		5.75		1.13
Institutional		1,000.00		829.60		3.74		1,021.12		4.13		0.81

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year

17        Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Energy Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s considerations of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and

18        Invesco Energy Fund

satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Natural Resources Funds Index. The Board noted that performance of Investor Class shares of the Fund was in the fifth quintile of the 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 Investor Class shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. In response to an inquiry from the Board, Invesco Advisers noted that stock selection was responsible for underperformance of the Fund in 2010. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Investor Class shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other mutual funds or client accounts with comparable investment strategies.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least August 31, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Energy Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

I-ENE-SAR-1 Invesco Distributors, Inc.

Invesco Gold & Precious Metals Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: IGDAX § B: IGDBX § C: IGDCX § Y: IGDYX § Investor: FGLDX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-9.45	%
Class B Shares	-9.77
Class C Shares	-9.72
Class Y Shares	-9.28
Investor Class Shares	-9.40
S&P 500 Index▼ (Broad Market Index)	-7.12
Philadelphia Gold & Silver Index (price-only)▼ (Style-Specific Index)	-9.44
Lipper Precious Metals Funds Index▼ (Peer Group Index)	-9.63

Source(s): ^▼Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The Philadelphia Gold & Silver Index (price-only) is a capitalization-weighted, price-only index on the Philadelphia Stock Exchange that includes the leading companies involved in the mining of gold and silver.

     The Lipper Precious Metals Funds Index is an unmanaged index considered representative of precious metals funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the index(es) defined 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.

2 Invesco Gold & Precious Metals Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			17.67	%
	5	Years	12.46
	1	Year	-1.38
Class B Shares
Inception (3/28/02)			17.82	%
	5	Years	12.65
	1	Year	-1.51
Class C Shares
Inception (2/14/00)			17.65	%
	10	Years	20.39
	5	Years	12.85
	1	Year	2.58
Class Y Shares
	10	Years	21.45	%
	5	Years	13.92
	1	Year	4.57
Investor Class Shares
Inception (1/19/84)			3.07	%
	10	Years	21.34
	5	Years	13.72
	1	Year	4.29

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class share performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			16.75	%
	5	Years	11.95
	1	Year	-7.29
Class B Shares
Inception (3/28/02)			16.90	%
	5	Years	12.18
	1	Year	-7.37
Class C Shares
Inception (2/14/00)			16.89	%
	10	Years	18.94
	5	Years	12.35
	1	Year	-3.62
Class Y Shares
	10	Years	20.08	%
	5	Years	13.42
	1	Year	-1.67
Investor Class Shares
Inception (1/19/84)			2.75	%
	10	Years	19.98
	5	Years	13.23
	1	Year	-1.97

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Investor Class shares was 1.25%, 2.00%, 2.00%, 1.00% and 1.25%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Investor Class 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.

     A redemption fee of 2% is imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus. Effective January 1, 2012, after the close of the reporting period, the Fund will eliminate the redemption fee, if applicable, assessed on shares of the Fund redeemed or exchanged within 31 days of purchase.

3 Invesco Gold & Precious Metals Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Gold & Precious Metals Fund

Schedule of Investments

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.83%
Australia–4.68%
BHP Billiton Ltd.–ADR(a)		78,170	$	6,103,514
Newcrest Mining Ltd.		657,229		23,136,875
				29,240,389
Canada–65.64%
Agnico-Eagle Mines Ltd.(b)		306,994		13,320,470
Alamos Gold Inc.		366,319		6,774,166
Aurizon Mines Ltd.(b)		3,150,416		17,957,371
Barrick Gold Corp.(b)		742,715		36,764,393
Cameco Corp.(b)		429,429		9,202,663
Centerra Gold Inc.		534,239		10,580,899
Detour Gold Corp.(b)		866,128		28,648,115
Eldorado Gold Corp.		693,337		13,016,139
Franco-Nevada Corp.		404,367		16,005,265
Goldcorp, Inc.(b)		744,748		36,373,492
Harry Winston Diamond Corp.(b)		395,295		4,786,172
IAMGOLD Corp.		1,563,216		33,576,946
International Tower Hill Mines Ltd.(b)		806,335		4,152,625
Kinross Gold Corp.		1,210,898		17,246,528
Minefinders Corp. Ltd.(a)(b)		1,542,034		21,850,622
New Gold Inc.(b)		1,667,082		20,635,925
Osisko Mining Corp.(b)		1,552,165		18,700,033
Pan American Silver Corp.(b)		587,755		16,433,630
Queenston Mining, Inc.(b)		835,556		5,091,892
Silver Wheaton Corp.(b)		893,395		30,911,467
Tahoe Resources Inc.(b)		663,754		12,513,995
Yamana Gold Inc.(b)		2,410,253		36,081,487
				410,624,295
Peru–0.54%
Cia de Minas Buenaventura S.A.–ADR		82,980		3,396,371
South Africa–10.05%
Gold Fields Ltd.–ADR		1,043,412		18,186,671
Harmony Gold Mining Co. Ltd.–ADR(a)		415,836		5,459,927
Impala Platinum Holdings Ltd.		443,093		10,163,922
Randgold Resources Ltd.–ADR		265,439		29,084,151
				62,894,671
United States–15.92%
Coeur d’Alene Mines Corp.(b)		124,952		3,195,023
Freeport-McMoRan Copper & Gold Inc.		485,365		19,540,795
iShares Gold Trust		808,200		13,553,514
Newmont Mining Corp.		443,002		29,605,824
SPDR Gold Shares		118,700		19,863,258
Stillwater Mining Co.(b)		1,219,516		13,853,701
				99,612,115
Total Common Stocks & Other Equity Interests (Cost $448,092,513)				605,767,841
Money Market Funds–3.22%
Liquid Assets Portfolio–Institutional Class(c)		10,068,661		10,068,661
Premier Portfolio–Institutional Class(c)		10,068,660		10,068,660
Total Money Market Funds (Cost $20,137,321)				20,137,321
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.05% (Cost $468,229,834)				625,905,162
Investments Purchased with Cash Collateral from Securities on Loan–3.74%
Liquid Assets Portfolio–Institutional Class (Cost $23,396,230)(c)(d)		23,396,230		23,396,230
TOTAL INVESTMENTS–103.79% (Cost $491,626,064)				649,301,392
OTHER ASSETS LESS LIABILITIES–(3.79)%				(23,685,810	)
NET ASSETS–100.00%			$	625,615,582

Investment Abbreviations:

ADR	– American Depositary Receipt
SPDR	– Standard & Poor’s Depositary Receipt

Notes to Schedule of Investments:

(a)	All or a portion of this security was out on loan at October 31, 2011.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.
(d)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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

5        Invesco Gold & Precious Metals Fund

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2011

Gold	67.2	%
Precious Metals & Minerals	18.7
Investment Companies — Exchange Traded Funds	5.3
Diversified Metals & Mining	4.1
Coal & Consumable Fuels	1.5
Money Market Funds Plus Other Assets Less Liabilities	3.2

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

6        Invesco Gold & Precious Metals Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $448,092,513)*	$	605,767,841
Investments in affiliated money market funds, at value and cost		43,533,551
Total investments, at value (Cost $491,626,064)		649,301,392
Foreign currencies, at value (Cost $149,745)		152,067
Receivable for:
Fund shares sold		1,006,152
Dividends		123,330
Investment for trustee deferred compensation and retirement plans		25,010
Other assets		43,248
Total assets		650,651,199
Liabilities:
Payable for:
Fund shares reacquired		1,118,006
Collateral upon return of securities loaned		23,396,230
Accrued fees to affiliates		402,589
Accrued other operating expenses		60,387
Trustee deferred compensation and retirement plans		58,405
Total liabilities		25,035,617
Net assets applicable to shares outstanding	$	625,615,582
Net assets consist of:
shares of beneficial interest	$	473,564,008
Undistributed net investment income (loss)		(33,246,253	)
Undistributed net realized gain		27,620,177
Unrealized appreciation		157,677,650
	$	625,615,582
Net Assets:
Class A	$	251,646,402
Class B	$	44,731,834
Class C	$	71,824,070
Class Y	$	15,123,506
Investor Class	$	242,289,770
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		24,760,098
Class B		4,525,437
Class C		6,839,702
Class Y		1,473,125
Investor Class		23,696,352
Class A:
Net asset value per share	$	10.16
Maximum offering price per share (Net asset value of $10.16 divided by 94.50%)	$	10.75
Class B:
Net asset value and offering price per share	$	9.88
Class C:
Net asset value and offering price per share	$	10.50
Class Y:
Net asset value and offering price per share	$	10.27
Investor Class:
Net asset value and offering price per share	$	10.22

*  At October 31, 2011, securities with an aggregate value of $21,837,551 were on loan to brokers.

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

7        Invesco Gold & Precious Metals Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $207,477)	$	2,623,947
Dividends from affiliated money market funds (includes securities lending income of $37,622)		44,965
Total investment income		2,668,912
Expenses:
Advisory fees		2,260,146
Administrative services fees		93,857
Custodian fees		36,418
Distribution fees:
Class A		316,255
Class B		238,093
Class C		365,096
Investor Class		314,892
Transfer agent fees		703,750
Trustees’ and officers’ fees and benefits		17,935
Other		130,437
Total expenses		4,476,879
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(13,486	)
Net expenses		4,463,393
Net investment income (loss)		(1,794,481	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		7,320,294
Foreign currencies		6,743
		7,327,037
Change in net unrealized appreciation (depreciation) of:
Investment securities		(73,827,174	)
Foreign currencies		3,977
		(73,823,197	)
Net realized and unrealized gain (loss)		(66,496,160	)
Net increase (decrease) in net assets resulting from operations	$	(68,290,641	)

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

8        Invesco Gold & Precious Metals Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011 and the year ended April 30, 2011

(Unaudited)

	October 31,			April 30,
	2011			2011
Operations:
Net investment income (loss)	$	(1,794,481	)	$	(4,651,998	)
Net realized gain		7,327,037			27,833,505
Change in net unrealized appreciation (depreciation)		(73,823,197	)		146,389,957
Net increase (decrease) in net assets resulting from operations		(68,290,641	)		169,571,464
Distributions to shareholders from net investment income:
Class A		—			(7,600,971	)
Class B		—			(1,455,384	)
Class C		—			(1,769,557	)
Class Y		—			(395,074	)
Investor Class		—			(7,803,639	)
Total distributions from net investment income		—			(19,024,625	)
Share transactions–net:
Class A		3,755,049			38,182,849
Class B		(5,371,754	)		(2,853,703	)
Class C		(517,092	)		9,804,269
Class Y		1,380,347			7,334,472
Investor Class		(10,854,174	)		13,802,167
Net increase (decrease) in net assets resulting from share transactions		(11,607,624	)		66,270,054
Net increase (decrease) in net assets		(79,898,265	)		216,816,893
Net assets:
Beginning of period		705,513,847			488,696,954
End of period (includes undistributed net investment income (loss) of $(33,246,253) and $(31,451,772), respectively)	$	625,615,582		$	705,513,847

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Gold & Precious Metals 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Investor Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

9        Invesco Gold & Precious Metals Fund

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

10        Invesco Gold & Precious Metals Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 and which are directly attributable to that class are charged to the operations of such class. 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 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.	Other Risks — The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.
	The Fund may invest a large percentage of its assets in a limited number of securities or other instruments, which could negatively affect the value of the Fund.
	Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals sector. Changes in the political or economic conditions of countries where companies in the gold and precious metals sector are located may have a direct effect on the price of gold and precious metals.
J.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class. Effective January 1, 2012, the Fund will eliminate the 2% redemption fee, if applicable, assessed on shares of the Fund redeemed or exchanged within 31 days of purchase.
K.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
L.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.

11        Invesco Gold & Precious Metals Fund

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.

M.

Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least August 31, 2012, 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 B, Class C, Class Y and Investor Class shares to 2.00%, 2.75%, 2.75%, 1.75% and 2.00%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on August 31, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees of $11,731.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended October 31, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $712.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, Class C, Class Y and Investor Class 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 B, 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 B and Class C shares and 0.25% of the average daily net

12        Invesco Gold & Precious Metals Fund

assets of Investor Class shares. 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $61,350 in front-end sales commissions from the sale of Class A shares and $507, $40,228 and $8,516 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Australia	$	6,103,514	$	23,136,875	$	—	$	29,240,389
Canada		410,624,295		—		—		410,624,295
Peru		3,396,371		—		—		3,396,371
South Africa		52,730,749		10,163,922		—		62,894,671
United States		143,145,666		—		—		143,145,666
Total Investments	$	616,000,595	$	33,300,797	$	—	$	649,301,392

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,043.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $1,141 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. 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

13        Invesco Gold & Precious Metals Fund

custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

  The Fund did not have a capital loss carryforward as of April 30, 2011.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $36,180,546 and $53,578,495, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	141,056,859
Aggregate unrealized (depreciation) of investment securities		(30,796,788	)
Net unrealized appreciation of investment securities	$	110,260,071
Cost of investments for tax purposes is $539,041,321.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2011(a)						April 30, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		4,918,206		$	50,764,619			11,095,239		$	108,380,511
Class B		311,114			3,127,954			1,561,316			14,624,389
Class C		1,053,366			11,247,470			2,477,856			25,406,411
Class Y		787,262			8,188,563			1,069,261			10,933,622
Investor Class		2,582,888			26,738,180			7,716,325			77,081,447
Issued as reinvestment of dividends:
Class A		—			—			641,013			6,813,971
Class B		—			—			124,681			1,297,921
Class C		—			—			148,191			1,637,512
Class Y		—			—			33,115			354,665
Investor Class		—			—			707,607			7,564,320
Automatic conversion of Class B shares to Class A shares:
Class A		180,388			1,844,234			727,621			7,188,451
Class B		(185,208	)		(1,844,234	)		(745,192	)		(7,188,451	)
Reacquired:(b)
Class A		(4,819,008	)		(48,853,804	)		(8,715,244	)		(84,200,084	)
Class B		(668,931	)		(6,655,474	)		(1,221,628	)		(11,587,562	)
Class C		(1,115,399	)		(11,764,562	)		(1,697,765	)		(17,239,654	)
Class Y		(683,206	)		(6,808,216	)		(386,385	)		(3,953,815	)
Investor Class		(3,675,145	)		(37,592,354	)		(7,220,488	)		(70,843,600	)
Net increase (decrease) in share activity		(1,313,673	)	$	(11,607,624	)		6,315,523		$	66,270,054

(a)

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

(b)

Net of redemption fees of $86,308 and $74,350 allocated among the classes based on relative net assets of each class for the years ended October 31, 2011 and 2010, respectively.

14        Invesco Gold & Precious Metals Fund

NOTE 10—Financial Highlights

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

																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses) on																to average			to average net			Ratio of net
	Net asset					securities						Dividends										net assets			assets without			investment
	value,		Net			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		investment			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income (loss)			unrealized)			operations			income			of period(a)		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	11.22	$	(0.02	)(d)	$	(1.04	)	$	(1.06	)	$	—		$	10.16		(9.45	)%	$	251,646		1.26	%(e)		1.26	%(e)		(0.43	)%(e)		6	%
Year ended 04/30/11		8.64		(0.06	)(d)		2.97			2.91			(0.33	)		11.22		33.86			274,558		1.23			1.23			(0.65	)		30
One month ended 04/30/10		7.84		(0.01	)(d)		0.81			0.80			—			8.64		10.20			179,158		1.29	(f)		1.30	(f)		(0.77	)(f)		2
Year ended 03/31/10		5.91		(0.06	)(d)		2.13			2.07			(0.14	)		7.84		34.88			157,681		1.31			1.32			(0.79	)		3
Year ended 03/31/09		7.77		(0.01	)(d)		(1.82	)		(1.83	)		(0.03	)		5.91		(23.51	)		97,402		1.46			1.47			(0.18	)		39
Year ended 03/31/08		6.11		(0.02	)		1.73			1.71			(0.05	)		7.77		28.00			122,756		1.35			1.36			(0.48	)		43
Year ended 03/31/07		5.67		(0.00	)(d)		0.58			0.58			(0.14	)		6.11		10.24			58,702		1.41			1.41			(0.04	)		85
Class B
Six months ended 10/31/11		10.95		(0.06	)(d)		(1.01	)		(1.07	)		—			9.88		(9.77	)		44,732		2.01	(e)		2.01	(e)		(1.18	)(e)		6
Year ended 04/30/11		8.46		(0.13	)(d)		2.89			2.76			(0.27	)		10.95		32.73			55,497		1.98			1.98			(1.40	)		30
One month ended 04/30/10		7.68		(0.01	)(d)		0.79			0.78			—			8.46		10.16			45,239		2.04	(f)		2.05	(f)		(1.52	)(f)		2
Year ended 03/31/10		5.77		(0.11	)(d)		2.08			1.97			(0.06	)		7.68		34.07			41,467		2.06			2.07			(1.54	)		3
Year ended 03/31/09		7.64		(0.06	)(d)		(1.80	)		(1.86	)		(0.01	)		5.77		(24.22	)		31,584		2.21			2.22			(0.93	)		39
Year ended 03/31/08		6.01		(0.07	)		1.71			1.64			(0.01	)		7.64		27.23			43,462		2.10			2.11			(1.23	)		43
Year ended 03/31/07		5.60		(0.05	)(d)		0.58			0.53			(0.12	)		6.01		9.45			25,599		2.16			2.16			(0.79	)		85
Class C
Six months ended 10/31/11		11.63		(0.06	)(d)		(1.07	)		(1.13	)		—			10.50		(9.72	)		71,824		2.01	(e)		2.01	(e)		(1.18	)(e)		6
Year ended 04/30/11		8.97		(0.14	)(d)		3.07			2.93			(0.27	)		11.63		32.77			80,280		1.98			1.98			(1.40	)		30
One month ended 04/30/10		8.15		(0.01	)(d)		0.83			0.82			—			8.97		10.06			53,588		2.04	(f)		2.05	(f)		(1.52	)(f)		2
Year ended 03/31/10		6.12		(0.12	)(d)		2.21			2.09			(0.06	)		8.15		34.08			51,104		2.06			2.07			(1.54	)		3
Year ended 03/31/09		8.11		(0.06	)(d)		(1.92	)		(1.98	)		(0.01	)		6.12		(24.30	)		35,563		2.21			2.22			(0.93	)		39
Year ended 03/31/08		6.39		(0.07	)		1.80			1.73			(0.01	)		8.11		27.02			40,939		2.10			2.11			(1.23	)		43
Year ended 03/31/07		5.94		(0.05	)(d)		0.62			0.57			(0.12	)		6.39		9.59			21,188		2.16			2.16			(0.79	)		85
Class Y
Six months ended 10/31/11		11.32		(0.01	)(d)		(1.04	)		(1.05	)		—			10.27		(9.28	)		15,124		1.01	(e)		1.01	(e)		(0.18	)(e)		6
Year ended 04/30/11		8.71		(0.04	)(d)		3.00			2.96			(0.35	)		11.32		34.19			15,493		0.98			0.98			(0.40	)		30
One month ended 04/30/10		7.91		0.00	(d)		0.80			0.80			—			8.71		10.11			5,690		1.04	(f)		1.05	(f)		(0.52	)(f)		2
Year ended 03/31/10		5.95		(0.04	)(d)		2.15			2.11			(0.15	)		7.91		35.46			4,973		1.06			1.07			(0.54	)		3
Year ended 03/31/09(g)		5.09		(0.00	)(d)		0.89			0.89			(0.03	)		5.95		17.56			1,365		1.44	(f)		1.45	(f)		(0.16	)(f)		39
Investor Class
Six months ended 10/31/11		11.28		(0.02	)(d)		(1.04	)		(1.06	)		—			10.22		(9.40	)		242,290		1.26	(e)		1.26	(e)		(0.43	)(e)		6
Year ended 04/30/11		8.69		(0.06	)(d)		2.98			2.92			(0.33	)		11.28		33.78			279,686		1.23			1.23			(0.65	)		30
One month ended 04/30/10		7.89		(0.01	)(d)		0.81			0.80			—			8.69		10.14			205,022		1.29	(e)		1.30	(f)		(0.77	)(f)		2
Year ended 03/31/10		5.94		(0.06	)(d)		2.15			2.09			(0.14	)		7.89		35.04			187,995		1.31			1.32			(0.79	)		3
Year ended 03/31/09		7.82		(0.01	)(d)		(1.84	)		(1.85	)		(0.03	)		5.94		(23.61	)		136,151		1.46			1.47			(0.18	)		39
Year ended 03/31/08		6.15		(0.03	)		1.75			1.72			(0.05	)		7.82		27.98			181,711		1.35			1.36			(0.48	)		43
Year ended 03/31/07		5.70		(0.00	)(d)		0.59			0.59			(0.14	)		6.15		10.36			146,934		1.41			1.41			(0.04	)		85

(a)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(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)	Calculated using average shares outstanding.
(e)	Ratios are annualized and based on average daily net assets (000’s) of $251,629, $47,360, $72,622, $15,648 and $250,544 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively.
(f)	Annualized.
(g)	Commencement date of October 3, 2008.

15        Invesco Gold & Precious Metals 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	905.50	$	6.02	$	1,018.82	$	6.38		1.26	%
B		1,000.00		902.30		9.60		1,015.05		10.17		2.01
C		1,000.00		902.80		9.60		1,015.05		10.17		2.01
Y		1,000.00		907.20		4.83		1,020.07		5.11		1.01
Investor		1,000.00		906.00		6.04		1,018.80		6.39		1.26

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year

16        Invesco Gold & Precious Metals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Gold & Precious Metals Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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

17        Invesco Gold & Precious Metals Fund

nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Precious Metals Funds Index. The Board noted that performance of Investor Class shares of the Fund was in the third quintile of the 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 Investor Class shares of the Fund was below the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Investor Class shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other mutual funds or client accounts with investment strategies comparable to those of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least August 31, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

18        Invesco Gold & Precious Metals Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

I-GPM-SAR-1 Invesco Distributors, Inc.

Invesco Leisure Fund
Semiannual Report to Shareholders  §  October 31, 2011
Nasdaq:

A: ILSAX  §  B: ILSBX  §  C: IVLCX  §  R: ILSRX  §  Y: ILSYX  §  Investor: FLISX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.41	%
Class B Shares	-5.77
Class C Shares	-5.76
Class R Shares	-5.55
Class Y Shares	-5.27
Investor Class Shares	-5.42
S&P 500 Index▼(Broad Market Index)	-7.12
S&P 500 Consumer Discretionary Index▼(Style-Specific Index)	-3.11
Lipper Consumer Services Funds Category Average▼(Peer Group)	-5.25

Source(s): ^▼Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

The S&P 500 Consumer Discretionary Index is an unmanaged index considered representative of the consumer discretionary market.

     The Lipper Consumer Services Funds Category Average represents an average of all of the funds in the Lipper Consumer Services Funds category.

     The Fund is not managed to track the performance of any particular index, including the index(es) defined 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.

2 Invesco Leisure Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	2.54	%
5 Years	-1.74
1 Year	1.29
Class B Shares
Inception (3/28/02)	2.53	%
5 Years	-1.67
1 Year	1.38
Class C Shares
Inception (2/14/00)	2.08	%
10 Years	4.13
5 Years	-1.37
1 Year	5.38
Class R Shares
Inception (10/25/05)	2.62	%
5 Years	-0.87
1 Year	6.93
Class Y Shares
10 Years	5.04	%
5 Years	-0.46
1 Year	7.49
Investor Class Shares
Inception (1/19/84)	12.99	%
10 Years	4.96
5 Years	-0.62
1 Year	7.19

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class share performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	1.35	%
5 Years	-2.85
1 Year	-5.74
Class B Shares
Inception (3/28/02)	1.33	%
5 Years	-2.78
1 Year	-5.92
Class C Shares
Inception (2/14/00)	1.11	%
10 Years	3.48
5 Years	-2.48
1 Year	-1.99
Class R Shares
Inception (10/25/05)	0.72	%
5 Years	-1.99
1 Year	-0.48
Class Y Shares
10 Years	4.39	%
5 Years	-1.59
1 Year	0.02
Investor Class Shares
Inception (1/19/84)	12.57	%
10 Years	4.31
5 Years	-1.75
1 Year	-0.23

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Investor Class shares was 1.33%, 2.08%, 2.08%, 1.58%, 1.08% and 1.33%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Investor Class 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.

3 Invesco Leisure Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Leisure Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.32%
Advertising–2.26%
Interpublic Group of Cos., Inc. (The)		601,304	$	5,700,362
National CineMedia, Inc.		156,280		1,890,988
				7,591,350
Apparel Retail–1.61%
Abercrombie & Fitch Co.–Class A		72,868		5,421,379
Apparel, Accessories & Luxury Goods–2.43%
Lululemon Athletica Inc.(b)(c)		29,805		1,683,386
Prada S.p.A. (Italy)(c)		885,000		4,260,355
Under Armour, Inc.–Class A(c)		26,338		2,223,191
				8,166,932
Auto Parts & Equipment–1.81%
Johnson Controls, Inc.		184,417		6,072,852
Automobile Manufacturers–1.94%
Ford Motor Co.(c)		301,251		3,518,612
Honda Motor Co., Ltd. (Japan)		98,866		2,979,979
				6,498,591
Automotive Retail–3.04%
AutoZone, Inc.(c)		12,445		4,027,077
CarMax, Inc.(c)		205,911		6,189,685
				10,216,762
Broadcasting–4.19%
CBS Corp.–Class B		263,896		6,811,156
Scripps Networks Interactive, Inc.–Class A		171,110		7,268,753
				14,079,909
Cable & Satellite–9.84%
Comcast Corp.–Class A		595,020		13,953,219
DIRECTV–Class A(c)		309,066		14,050,140
Time Warner Cable Inc.		79,207		5,044,694
				33,048,053
Casinos & Gaming–6.51%
Las Vegas Sands Corp.(c)		197,228		9,259,855
Penn National Gaming, Inc.(c)		350,406		12,614,616
				21,874,471
Computer Hardware–4.42%
Apple Inc.(c)		36,711		14,859,879
Consumer Finance–1.94%
EZCORP, Inc.–Class A(c)		234,114		6,503,687
Department Stores–6.63%
Kohl’s Corp.		154,379		8,183,631
Macy’s, Inc.		461,871		14,100,921
				22,284,552
Footwear–6.67%
Deckers Outdoor Corp.(c)		62,971		7,256,778
NIKE, Inc.–Class B		157,057		15,132,442
				22,389,220
General Merchandise Stores–0.48%
Dollar Tree, Inc.(c)		20,289		1,622,308
Home Improvement Retail–1.14%
Home Depot, Inc. (The)		106,889		3,826,626
Homefurnishing Retail–1.50%
Bed Bath & Beyond, Inc.(c)		81,609		5,046,701
Hotels, Resorts & Cruise Lines–3.06%
Hyatt Hotels Corp.–Class A(c)		130,040		4,836,188
Marriott International Inc.–Class A		83,722		2,637,243
Starwood Hotels & Resorts Worldwide, Inc.		56,012		2,806,761
				10,280,192
Hypermarkets & Super Centers–3.87%
Costco Wholesale Corp.		156,040		12,990,330
Internet Retail–5.12%
Amazon.com, Inc.(c)		71,995		15,371,653
Priceline.com Inc.(c)		3,603		1,829,315
				17,200,968
Internet Software & Services–3.60%
Baidu, Inc.–ADR (China)(c)		34,069		4,775,792
eBay Inc.(c)		49,593		1,578,545
Google Inc.–Class A(c)		7,844		4,648,668
Yandex NV–Class A (Netherlands)(c)		39,578		1,089,187
				12,092,192
Motorcycle Manufacturers–1.47%
Harley-Davidson, Inc.		127,330		4,953,137
Movies & Entertainment–8.73%
News Corp.–Class A		239,600		4,197,792
Time Warner Inc.		192,430		6,733,126
Viacom Inc.–Class A(b)		121,958		6,517,436

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

5        Invesco Leisure Fund

	Shares		Value
Movies & Entertainment–(continued)
Viacom Inc.–Class B		152,158	$	6,672,128
Walt Disney Co. (The)		149,222		5,204,863
				29,325,345
Restaurants–8.00%
Chipotle Mexican Grill, Inc.(c)		15,689		5,273,387
Darden Restaurants, Inc.		162,267		7,769,344
P.F. Chang’s China Bistro, Inc.(b)		54,952		1,709,007
Starbucks Corp.		286,610		12,135,067
				26,886,805
Soft Drinks–0.73%
Hansen Natural Corp.(c)		27,600		2,458,884
Specialized Consumer Services–2.05%
Weight Watchers International, Inc.(b)		92,117		6,873,771
Specialty Stores–2.20%
Tiffany & Co.		92,854		7,403,249
Systems Software–3.08%
Rovi Corp.(c)		208,712		10,339,592
Total Common Stocks & Other Equity Interests (Cost $264,667,531)				330,307,737
Money Market Funds–1.61%
Liquid Assets Portfolio–Institutional Class(d)		2,708,865		2,708,865
Premier Portfolio–Institutional Class(d)		2,708,864		2,708,864
Total Money Market Funds (Cost $5,417,729)				5,417,729
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.93% (Cost $270,085,260)				335,725,466
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.86%
Liquid Assets Portfolio–Institutional Class (Cost $12,954,550)(d)(e)		12,954,550		12,954,550
TOTAL INVESTMENTS–103.79% (Cost $283,039,810)				348,680,016
OTHER ASSETS LESS LIABILITIES–(3.79)%				(12,730,484	)
NET ASSETS–100.00%			$	335,949,532

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	All or a portion of this security was out on loan at October 31, 2011.
(c)	Non-income producing security.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.
(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Consumer Discretionary	80.7	%
Information Technology	11.1
Consumer Staples	4.6
Financials	1.9
Money Market Funds Plus Other Assets Less Liabilities	1.7

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

6        Invesco Leisure Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $264,667,531)*	$	330,307,737
Investments in affiliated money market funds, at value and cost		18,372,279
Total investments, at value (Cost $283,039,810)		348,680,016
Receivable for:
Investments sold		711,977
Fund shares sold		78,567
Dividends		92,263
Investment for trustee deferred compensation and retirement plans		39,429
Other assets		38,082
Total assets		349,640,334
Liabilities:
Payable for:
Fund shares reacquired		339,265
Collateral upon return of securities loaned		12,954,550
Accrued fees to affiliates		236,041
Accrued other operating expenses		56,295
Trustee deferred compensation and retirement plans		104,651
Total liabilities		13,690,802
Net assets applicable to shares outstanding	$	335,949,532
Net assets consist of:
Shares of beneficial interest	$	261,420,427
Undistributed net investment income (loss)		(723,528	)
Undistributed net realized gain		9,612,749
Unrealized appreciation		65,639,884
	$	335,949,532
Net Assets:
Class A	$	51,861,729
Class B	$	4,791,997
Class C	$	10,662,778
Class R	$	1,096,210
Class Y	$	4,281,609
Investor Class	$	263,255,209
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,490,890
Class B		144,473
Class C		332,808
Class R		31,709
Class Y		122,838
Investor Class		7,585,306
Class A:
Net asset value per share	$	34.79
Maximum offering price per share (Net asset value of $34.79 divided by 94.50%)	$	36.81
Class B:
Net asset value and offering price per share	$	33.17
Class C:
Net asset value and offering price per share	$	32.04
Class R:
Net asset value and offering price per share	$	34.57
Class Y:
Net asset value and offering price per share	$	34.86
Investor Class:
Net asset value and offering price per share	$	34.71

*  At October 31, 2011, securities with an aggregate value of $12,695,513 were on loan to brokers.

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

7        Invesco Leisure Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited

Investment income:
Dividends (net of foreign withholding taxes of $3,543)	$	1,717,443
Dividends from affiliated money market funds (includes securities lending income of $86,541)		89,216
Total investment income		1,806,659
Expenses:
Advisory fees		1,315,102
Administrative services fees		65,466
Custodian fees		7,298
Distribution fees:
Class A		66,032
Class B		28,112
Class C		57,720
Class R		3,006
Investor Class		345,010
Transfer agent fees		433,120
Trustees’ and officers’ fees and benefits		14,103
Other		89,067
Total expenses		2,424,036
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(5,322	)
Net expenses		2,418,714
Net investment income (loss)		(612,055	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		20,326,264
Foreign currencies		2,437
		20,328,701
Change in net unrealized appreciation (depreciation) of:
Investment securities		(40,635,003	)
Foreign currencies		28
		(40,634,975	)
Net realized and unrealized gain (loss)		(20,306,274	)
Net increase (decrease) in net assets resulting from operations	$	(20,918,329	)

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

8        Invesco Leisure Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011 and the year ended April 30, 2011

(Unaudited)

	Six months
	ended			Year ended
	October 31,			April 30,
	2011			2011
Operations:
Net investment income (loss)	$	(612,055	)	$	(276,709	)
Net realized gain		20,328,701			36,774,985
Change in net unrealized appreciation (depreciation)		(40,634,975	)		7,491,408
Net increase (decrease) in net assets resulting from operations		(20,918,329	)		43,989,684
Distributions to shareholders from net investment income:
Class A		—			(78,408	)
Class Y		—			(17,501	)
Investor Class		—			(381,138	)
Total distributions from net investment income		—			(477,047	)
Share transactions–net:
Class A		(3,833,657	)		(13,762,131	)
Class B		(1,652,516	)		(3,338,903	)
Class C		(1,488,359	)		(3,010,961	)
Class R		(258,359	)		31,185
Class Y		2,505,038			(1,445,594	)
Investor Class		(20,741,074	)		(44,360,507	)
Net increase (decrease) in net assets resulting from share transactions		(25,468,927	)		(65,886,911	)
Net increase (decrease) in net assets		(46,387,256	)		(22,374,274	)
Net assets:
Beginning of period		382,336,788			404,711,062
End of period (includes undistributed net investment income (loss) of $(723,528) and $(111,473), respectively)	$	335,949,532		$	382,336,788

Notes to Financial Statements

October 31,2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Leisure 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class R, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 R, Class Y and Investor Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

9        Invesco Leisure Fund

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

10        Invesco Leisure Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 and which are directly attributable to that class are charged to the operations of such class. 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 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.	Other Risks — The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.
	The leisure sector depends on consumer discretionary spending, which generally falls during economic downturns. Securities of gambling casinos are often subject to high price volatility and are considered speculative. Securities of companies that make video and electronic games may be affected by the games’ risk of rapid obsolescence.
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 money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
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 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.
L.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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

11        Invesco Leisure Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least August 31, 2012, 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 B, Class C, Class R, Class Y and Investor Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% and 2.00%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on August 31, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees of $4,233.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended October 31, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $483.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, Class C, Class R, Class Y and Investor Class 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 B, Class C, Class R 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 B and Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. Of 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, 2011, 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

12        Invesco Leisure Fund

to the shareholder. During the six months ended October 31, 2011, IDI advised the Fund that IDI retained $1,563 in front-end sales commissions from the sale of Class A shares and $0, $5,126 and $(74) from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	341,439,681	$	7,240,335	$	—	$	348,680,016

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $254,434.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $606.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $954 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. Under these limitation rules, the Fund is limited to utilizing $xx of capital loss carryforward in the fiscal year ending April 30, 2012.

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	10,484,381

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $114,658,555 and $143,261,819, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	70,571,476
Aggregate unrealized (depreciation) of investment securities		(5,162,841	)
Net unrealized appreciation of investment securities	$	65,408,635
Cost of investments for tax purposes is $283,271,381.

14        Invesco Leisure Fund

NOTE 10—Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2011(a)						April 30, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		323,894		$	11,405,134			487,175		$	15,933,000
Class B		5,518			179,204			28,814			928,195
Class C		11,253			369,021			35,630			1,096,911
Class R		2,901			100,015			6,222			202,477
Class Y		93,946			3,500,278			115,873			3,680,234
Investor Class		152,961			5,312,857			435,347			14,213,524
Issued as reinvestment of dividends:
Class A		—			—			2,080			72,608
Class B		—			—			—			—
Class C		—			—			—			—
Class R		—			—			—			—
Class Y		—			—			472			16,458
Investor Class		—			—			10,615			369,611
Automatic conversion of Class B shares to Class A shares:
Class A		23,933			844,704			58,256			1,888,172
Class B		(25,056	)		(844,704	)		(60,683	)		(1,888,172	)
Reacquired:
Class A		(459,148	)		(16,083,495	)		(978,180	)		(31,655,911	)
Class B		(29,910	)		(987,016	)		(78,206	)		(2,378,926	)
Class C		(57,294	)		(1,857,380	)		(136,629	)		(4,107,872	)
Class R		(9,539	)		(358,374	)		(5,112	)		(171,292	)
Class Y		(29,396	)		(995,240	)		(153,834	)		(5,142,286	)
Investor Class		(748,331	)		(26,053,931	)		(1,811,369	)		(58,943,642	)
Net increase (decrease) in share activity		(744,268	)	$	(25,468,927	)		(2,043,529	)	$	(65,886,911	)

^(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.

15        Invesco Leisure Fund

NOTE 11—Financial Highlights

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			Ratio of net
	Net asset		Net			(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	36.78	$	(0.06	)	$	(1.93	)	$	(1.99	)	$	—		$	—		$	—		$	34.79		(5.41	)%	$	51,862		1.35	%(d)		1.35	%(d)		(0.32	)%(d)		33	%
Year ended 04/30/11		32.56		(0.01	)		4.27			4.26			(0.04	)		—			(0.04	)		36.78		13.10			58,922		1.33			1.33			(0.03	)		53
One month ended 04/30/10		31.19		0.02			1.35			1.37			—			—			—			32.56		4.39			66,194		1.34	(e)		1.34	(e)		0.83	(e)		6
Year ended 03/31/10		20.32		0.04			11.27			11.31			(0.44	)		—			(0.44	)		31.19		55.88			58,698		1.39			1.39			0.16			55
Year ended 03/31/09		39.82		0.36			(17.29	)		(16.93	)		—			(2.57	)		(2.57	)		20.32		(42.67	)		46,322		1.36			1.36			1.16			17
Year ended 03/31/08		49.19		0.23			(5.72	)		(5.49	)		(0.37	)		(3.51	)		(3.88	)		39.82		(11.89	)		135,813		1.18			1.18			0.48			14
Class B
Six months ended 10/31/11		35.20		(0.18	)		(1.85	)		(2.03	)		—			—			—			33.17		(5.77	)		4,792		2.10	(d)		2.10	(d)		(1.07	)(d)		33
Year ended 04/30/11		31.36		(0.24	)		4.08			3.84			—			—			—			35.20		12.25			6,826		2.08			2.08			(0.78	)		53
One month ended 04/30/10		30.06		0.00			1.30			1.30			—			—			—			31.36		4.33			9,534		2.09	(e)		2.09	(e)		0.08	(e)		6
Year ended 03/31/10		19.51		(0.15	)		10.80			10.65			(0.10	)		—			(0.10	)		30.06		54.66			9,399		2.14			2.14			(0.59	)		55
Year ended 03/31/09		38.68		0.13			(16.73	)		(16.60	)		—			(2.57	)		(2.57	)		19.51		(43.08	)		9,454		2.11			2.11			0.41			17
Year ended 03/31/08		47.95		(0.13	)		(5.55	)		(5.68	)		(0.08	)		(3.51	)		(3.59	)		38.68		(12.54	)		27,495		1.93			1.93			(0.27	)		14
Class C
Six months ended 10/31/11		34.00		(0.17	)		(1.79	)		(1.96	)		—			—			—			32.04		(5.76	)		10,663		2.10	(d)		2.10	(d)		(1.07	)(d)		33
Year ended 04/30/11		30.29		(0.24	)		3.95			3.71			—			—			—			34.00		12.25			12,881		2.08			2.08			(0.78	)		53
One month ended 04/30/10		29.03		0.00			1.26			1.26			—			—			—			30.29		4.34			14,536		2.09	(e)		2.09	(e)		0.08	(e)		6
Year ended 03/31/10		18.84		(0.14	)		10.43			10.29			(0.10	)		—			(0.10	)		29.03		54.69			13,955		2.14			2.14			(0.59	)		55
Year ended 03/31/09		37.51		0.12			(16.22	)		(16.10	)		—			(2.57	)		(2.57	)		18.84		(43.09	)		11,232		2.11			2.11			0.41			17
Year ended 03/31/08		46.62		(0.12	)		(5.40	)		(5.52	)		(0.08	)		(3.51	)		(3.59	)		37.51		(12.56	)		33,073		1.93			1.93			(0.27	)		14
Class R
Six months ended 10/31/11		36.59		(0.10	)		(1.92	)		(2.02	)		—			—			—			34.57		(5.52	)		1,096		1.60	(d)		1.60	(d)		(0.57	)(d)		33
Year ended 04/30/11		32.44		(0.09	)		4.24			4.15			—			—			—			36.59		12.79			1,403		1.58			1.58			(0.28	)		53
One month ended 04/30/10		31.08		0.02			1.34			1.36			—			—			—			32.44		4.38			1,208		1.59	(e)		1.59	(e)		0.58	(e)		6
Year ended 03/31/10		20.22		(0.02	)		11.21			11.19			(0.33	)		—			(0.33	)		31.08		55.50			1,154		1.64			1.64			(0.09	)		55
Year ended 03/31/09		39.75		0.27			(17.23	)		(16.96	)		—			(2.57	)		(2.57	)		20.22		(42.82	)		599		1.61			1.61			0.91			17
Year ended 03/31/08		49.14		0.10			(5.71	)		(5.61	)		(0.27	)		(3.51	)		(3.78	)		39.75		(12.12	)		903		1.43			1.43			0.23			14
Class Y
Six months ended 10/31/11		36.80		(0.01	)		(1.93	)		(1.94	)		—			—			—			34.86		(5.27	)		4,282		1.10	(d)		1.10	(d)		(0.07	)(d)		33
Year ended 04/30/11		32.57		0.07			4.28			4.35			(0.12	)		—			(0.12	)		36.80		13.37			2,145		1.08			1.08			0.22			53
One month ended 04/30/10		31.19		0.03			1.35			1.38			—			—			—			32.57		4.43			3,120		1.09	(e)		1.09	(e)		1.08	(e)		6
Year ended 03/31/10		20.31		0.11			11.25			11.36			(0.48	)		—			(0.48	)		31.19		56.19			2,482		1.14			1.14			0.41			55
Year ended 03/31/09(f)		30.39		0.14			(7.65	)		(7.51	)		—			(2.57	)		(2.57	)		20.31		(24.90	)		576		1.27	(g)		1.28	(g)		1.25	(g)		17
Investor Class
Six months ended 10/31/11		36.69		(0.06	)		(1.92	)		(1.98	)		—			—			—			34.71		(5.40	)		263,255		1.35	(d)		1.35	(d)		(0.32	)(d)		33
Year ended 04/30/11		32.49		(0.01	)		4.25			4.24			(0.04	)		—			(0.04	)		36.69		13.07			300,160		1.33			1.33			(0.03	)		53
One month ended 04/30/10		31.11		0.02			1.36			1.38			—			—			—			32.49		4.44			310,119		1.34	(e)		1.34	(e)		0.83	(e)		6
Year ended 03/31/10		20.28		0.04			11.23			11.27			(0.44	)		—			(0.44	)		31.11		55.79			297,887		1.39			1.39			0.16			55
Year ended 03/31/09		39.74		0.35			(17.24	)		(16.89	)		—			(2.57	)		(2.57	)		20.28		(42.65	)		217,365		1.36			1.36			1.16			17
Year ended 03/31/08		49.10		0.23			(5.71	)		(5.48	)		(0.37	)		(3.51	)		(3.88	)		39.74		(11.89	)		482,760		1.18			1.18			0.48			14

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $52,539, $5,592, $11,481, $1,196, $3,472 and $274,208 for Class A, Class B, Class C, Class R, Class Y and Investor Class shares, respectively.
(e)	Annualized.
(f)	Commencement date of October 3, 2008.

16        Invesco Leisure 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	945.90	$	6.60	$	1,018.35	$	6.85		1.35	%
B		1,000.00		942.30		10.25		1,014.58		10.63		2.10
C		1,000.00		942.40		10.25		1,014.58		10.63		2.10
R		1,000.00		944.50		7.82		1,017.09		8.11		1.60
Y		1,000.00		947.30		5.38		1,019.61		5.58		1.10
Investor		1,000.00		945.80		6.60		1,018.35		6.85		1.35

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, 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 Leisure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Leisure Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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.

18        Invesco Leisure Fund

  The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Consumer Services Funds Index. The Board noted that performance of Investor Class shares of the Funds was in the fifth quintile of the 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 Investor Class shares of the Fund was below the performance of the Index for the one and three year periods, and that Index performance data was not available beyond the three year period. Invesco Advisers advised the Board that a new lead portfolio manager was named in May and that performance was impacted by the conservative, quality bias of the Fund which caused underperformance during the low-quality rally in 2009. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Investor Class shares of the Fund was at the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after any advisory fee waivers and before any expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s effective fee rate was the below the effective fee rate of the other mutual fund with investment strategies comparable to the Fund.

  Other than the mutual fund described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other client accounts with investment strategies comparable to those of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least August 31, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Leisure Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

I-LEI-SAR-1 Invesco Distributors, Inc.

Invesco Technology Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: ITYAX § B: ITYBX § C: ITHCX § Y: ITYYX § Investor: FTCHX § Institutional: FTPIX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-6.94	%
Class B Shares	-7.20
Class C Shares	-7.24
Class Y Shares	-6.80
Investor Class Shares	-6.91
Institutional Class Shares	-6.60
S&P 500 Index▼ (Broad Market Index)	-7.12
BofA Merrill Lynch 100 Technology Index▼ (Style-Specific Index)	-13.68
Lipper Science & Technology Funds Index▼ (Peer Group Index)	-9.93

Source(s): ^▼Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The BofA Merrill Lynch 100 Technology Index is a price -only equal-dollar weighted index of 100 stocks designed to measure the performance of a cross section of large, actively traded technology stocks and American Depositary Receipts.

     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) defined 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.

2 Invesco Technology Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			0.38	%
	5	Years	2.38
	1	Year	5.60
Class B Shares
Inception (3/28/02)			0.33	%
	5	Years	2.43
	1	Year	6.01
Class C Shares
Inception (2/14/00)			-9.02	%
	10	Years	1.00
	5	Years	2.79
	1	Year	9.94
Class Y Shares
	10	Years	1.81	%
	5	Years	3.70
	1	Year	12.04
Investor Class Shares
Inception (1/19/84)			9.65	%
	10	Years	1.75
	5	Years	3.59
	1	Year	11.85
Institutional Class Shares
Inception (12/21/98)			1.32	%
	10	Years	2.51
	5	Years	4.27
	1	Year	12.45

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class share performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			-0.87	%
	5	Years	0.32
	1	Year	-0.47
Class B Shares
Inception (3/28/02)			-0.91	%
	5	Years	0.33
	1	Year	-0.37
Class C Shares
Inception (2/14/00)			-10.01	%
	10	Years	1.40
	5	Years	0.71
	1	Year	3.60
Class Y Shares
	10	Years	2.22	%
	5	Years	1.61	%
	1	Year	5.61	%
Investor Class Shares
Inception (1/19/84)			9.21	%
	10	Years	2.16
	5	Years	1.50
	1	Year	5.41
Institutional Class Shares
Inception (12/21/98)			0.38	%
	10	Years	2.93
	5	Years	2.16
	1	Year	6.01

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares was 1.55%, 2.30%, 2.30%, 1.30%, 1.46% and 0.89%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Institutional Class 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.

     Had the adviser not waived fees and/ or expenses in the past, performance would have been lower.

3 Invesco Technology Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals — a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to Bruce Crockett balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 — and are likely to see again in 2012.

      On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus — investment management — that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals — meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.49%
Application Software–8.34%
Autodesk, Inc.(b)		294,327	$	10,183,714
Citrix Systems, Inc.(b)		282,439		20,570,032
NICE Systems Ltd.–ADR (Israel)(b)		246,671		8,820,955
Nuance Communications, Inc.(b)		377,265		9,989,977
Salesforce.com, Inc.(b)		44,597		5,938,983
TIBCO Software Inc.(b)		180,052		5,201,702
				60,705,363
Communications Equipment–8.21%
ADTRAN, Inc.		116,634		3,918,902
Ciena Corp.(b)		301,339		3,971,648
F5 Networks, Inc.(b)		58,667		6,098,435
Finisar Corp.(b)		169,802		3,479,243
JDS Uniphase Corp.(b)		385,773		4,629,276
Polycom, Inc.(b)		247,908		4,097,919
QUALCOMM, Inc.		501,831		25,894,480
Sonus Networks, Inc.(b)		1,041,358		2,759,599
Sycamore Networks, Inc.		131,065		2,519,069
Ubiquiti Networks Inc.(b)		115,211		2,418,279
				59,786,850
Computer Hardware–9.32%
Apple Inc.(b)		167,651		67,861,772
Computer Storage & Peripherals–5.85%
EMC Corp.(b)		939,700		23,032,047
NetApp, Inc.(b)		186,667		7,645,880
SanDisk Corp.(b)		133,626		6,770,830
Synaptics Inc.(b)		153,434		5,184,535
				42,633,292
Data Processing & Outsourced Services–8.59%
Alliance Data Systems Corp.(b)		83,865		8,591,131
Genpact Ltd. (Bermuda)(b)		460,148		7,431,390
MasterCard, Inc.–Class A		43,074		14,957,016
VeriFone Systems, Inc.(b)		161,996		6,837,851
Visa Inc.–Class A		155,130		14,467,424
Western Union Co. (The)		271,188		4,737,654
Wright Express Corp.(b)		117,327		5,500,290
				62,522,756
Electronic Manufacturing Services–1.75%
Jabil Circuit, Inc.		442,182		9,091,262
TE Connectivity Ltd.		103,221		3,669,506
				12,760,768
Fertilizers & Agricultural Chemicals–0.91%
Monsanto Co.		91,446		6,652,697
Internet Retail–2.21%
Amazon.com, Inc.(b)		75,298		16,076,876
Internet Software & Services–8.28%
Baidu, Inc.–ADR (China)(b)		27,837		3,902,191
eBay Inc.(b)		225,737		7,185,209
Google Inc.–Class A(b)		50,090		29,685,337
Responsys, Inc.(b)		189,764		2,072,223
ValueClick, Inc.(b)		451,491		7,946,241
Velti PLC (Ireland)(b)		423,530		3,566,123
VeriSign, Inc.		185,792		5,962,065
				60,319,389
IT Consulting & Other Services–6.68%
Accenture PLC–Class A (Ireland)		170,791		10,291,866
Cognizant Technology Solutions Corp.–Class A(b)		361,131		26,272,280
International Business Machines Corp.		65,487		12,090,865
				48,655,011
Life Sciences Tools & Services–1.00%
Agilent Technologies, Inc.(b)		196,447		7,282,290
Other Diversified Financial Services–0.54%
BlueStream Ventures L.P. (Canada) (Acquired 08/03/00-06/13/08; Cost $25,801,962)(c)(d)		—		3,930,124
Research & Consulting Services–0.54%
Acacia Research(b)		99,504		3,964,239
Semiconductor Equipment–2.80%
ASML Holding N.V.–New York Shares (Netherlands)		82,172		3,445,472
Cymer, Inc.(b)		126,387		5,491,515
Novellus Systems, Inc.(b)		222,720		7,694,976
Teradyne, Inc.(b)		262,080		3,752,986
				20,384,949
Semiconductors–16.53%
ARM Holdings PLC–ADR (United Kingdom)		53,751		1,509,865
Atmel Corp.(b)		953,883		10,073,004
Avago Technologies Ltd. (Singapore)		187,575		6,334,408
Broadcom Corp.–Class A		401,126		14,476,637
Cypress Semiconductor Corp.		411,835		7,870,167

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

5        Invesco Technology Fund

	Shares		Value
Semiconductors–(continued)
Diodes Inc.(b)		82,954	$	1,855,681
Intel Corp.		676,742		16,607,249
Lattice Semiconductor Corp.(b)		1,205,070		7,628,093
Marvell Technology Group Ltd.(b)		550,315		7,698,907
Micron Technology, Inc.(b)		794,340		4,440,361
Microsemi Corp.(b)		905,944		16,723,726
ON Semiconductor Corp.(b)		435,517		3,296,864
Semtech Corp.(b)		455,435		11,121,723
Skyworks Solutions, Inc.(b)		262,032		5,190,854
Volterra Semiconductor Corp.(b)		105,556		2,501,677
Xilinx, Inc.		91,592		3,064,668
				120,393,884
Systems Software–13.94%
Ariba Inc.(b)		219,261		6,946,189
Check Point Software Technologies Ltd. (Israel)(b)		335,067		19,309,911
CommVault Systems, Inc.(b)		84,342		3,591,282
Microsoft Corp.		746,469		19,878,469
Oracle Corp.		716,594		23,482,785
Red Hat, Inc.(b)		197,090		9,785,519
Rovi Corp.(b)		264,716		13,114,031
Symantec Corp.(b)		316,345		5,381,028
				101,489,214
Total Common Stocks & Other Equity Interests (Cost $541,022,703)				695,419,474
Money Market Funds–4.18%
Liquid Assets Portfolio–Institutional Class(e)		15,198,638		15,198,638
Premier Portfolio–Institutional Class(e)		15,198,638		15,198,638
Total Money Market Funds (Cost $30,397,276)				30,397,276
TOTAL INVESTMENTS–99.67% (Cost $571,419,979)				725,816,750
OTHER ASSETS LESS LIABILITIES–0.33%				2,430,556
NET ASSETS–100.00%			$	728,247,306

Investment Abbreviation:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The Fund has a 10.29% ownership of BlueStream Ventures L.P. (“BlueStream”) and has a remaining commitment of $829,416 to purchase additional interests in BlueStream, which is subject to the terms of the partnership agreement. BlueStream may be considered an affiliated company. Security is considered venture capital. The value of this security as of October 31, 2011 represented 0.54% of the Fund’s Net Assets. See Note 4.
(d)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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, 2011 represented 0.54% of the Fund’s Net Assets.
(e)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Information Technology	90.3	%
Consumer Discretionary	2.2
Health Care	1.0
Materials	0.9
Industrials	0.6
Financials	0.5
Money Market Funds Plus Other Assets Less Liabilities	4.5

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

6        Invesco Technology Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $515,220,741)	$	691,489,350
Investments in affiliates, at value (Cost $56,199,238)		34,327,400
Total investments, at value (Cost $571,419,979)		725,816,750
Foreign currencies, at value (Cost $18,585)		19,470
Receivable for:
Investments sold		6,776,489
Fund shares sold		748,947
Dividends		188,300
Investment for trustee deferred compensation and retirement plans		155,232
Other assets		41,274
Total assets		733,746,462
Liabilities:
Payable for:
Investments purchased		3,240,704
Fund shares reacquired		1,015,161
Accrued fees to affiliates		807,734
Accrued other operating expenses		170,469
Trustee deferred compensation and retirement plans		265,088
Total liabilities		5,499,156
Net assets applicable to shares outstanding	$	728,247,306
Net assets consist of:
Shares of beneficial interest	$	550,654,063
Undistributed net investment income		11,886,162
Undistributed net realized gain		9,667,710
Unrealized appreciation		156,039,371
	$	728,247,306
Net Assets:
Class A	$	286,186,484
Class B	$	26,296,509
Class C	$	26,728,307
Class Y	$	3,182,945
Investor Class	$	385,121,764
Institutional Class	$	731,297
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		8,577,166
Class B		846,892
Class C		884,577
Class Y		95,564
Investor Class		11,628,157
Institutional Class		20,197
Class A:
Net asset value per share	$	33.37
Maximum offering price per share (Net asset value of $33.37 divided by 94.50%)	$	35.31
Class B:
Net asset value and offering price per share	$	31.05
Class C:
Net asset value and offering price per share	$	30.22
Class Y:
Net asset value and offering price per share	$	33.31
Investor Class:
Net asset value and offering price per share	$	33.12
Institutional Class:
Net asset value and offering price per share	$	36.21

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

7        Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,277)	$	1,986,694
Dividends from affiliates (includes securities lending income of $7,344)		22,078
Total investment income		2,008,772
Expenses:
Advisory fees		2,522,888
Administrative services fees		108,565
Custodian fees		15,061
Distribution fees:
Class A		346,475
Class B		134,927
Class C		134,003
Investor Class		439,903
Transfer agent fees — A, B, C, Y and Investor		1,994,428
Transfer agent fees — Institutional		313
Trustees’ and officers’ fees and benefits		18,281
Other		223,242
Total expenses		5,938,086
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(36,884	)
Net expenses		5,901,202
Net investment income (loss)		(3,892,430	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		45,941,767
Foreign currencies		6,546
		45,948,313
Change in net unrealized appreciation (depreciation) of:
Investment securities		(99,833,881	)
Foreign currencies		(1,216	)
		(99,835,097	)
Net realized and unrealized gain (loss)		(53,886,784	)
Net increase (decrease) in net assets resulting from operations	$	(57,779,214	)

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

8        Invesco Technology Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011 and the year ended April 30, 2011

(Unaudited)

	October 31,			April 30,
	2011			2011
Operations:
Net investment income (loss)	$	(3,892,430	)	$	(4,420,746	)
Net realized gain		45,948,313			94,242,478
Change in net unrealized appreciation (depreciation)		(99,835,097	)		55,177,982
Net increase (decrease) in net assets resulting from operations		(57,779,214	)		144,999,714
Share transactions–net:
Class A		79,602,365			(8,685,846	)
Class B		12,443,897			(6,212,701	)
Class C		7,231,404			1,047,773
Class Y		(239,391	)		48,266
Investor Class		(18,833,598	)		(52,636,171	)
Institutional Class		124,153			526
Net increase (decrease) in net assets resulting from share transactions		80,328,830			(66,438,153	)
Net increase in net assets		22,549,616			78,561,561
Net assets:
Beginning of period		705,697,690			627,136,129
End of period (includes undistributed net investment income of $11,886,162 and $15,778,592, respectively)	$	728,247,306		$	705,697,690

Notes to Financial Statements

October 31, 2011

(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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, Class C, Class Y, Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or the about month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an

9        Invesco Technology Fund

	independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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

10        Invesco Technology Fund

	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 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 the Institutional Class 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 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.	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.
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 money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
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 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.
L.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

11        Invesco Technology Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  Effective May 23, 2011, the Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, Class Y, Investor Class and Institutional Class shares to 1.76%, 2.51%, 2.51%, 1.51%, 1.76% and 1.51%, respectively, of average daily net assets. Prior to May 23, 2011, 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 B, Class C, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees of $26,606.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended October 31, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $6,237.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, Class C, Class Y, Investor Class and Institutional Class 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 B, 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 B and Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. 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, 2011, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

12        Invesco Technology Fund

  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, 2011, IDI advised the Fund that IDI retained $15,441 in front-end sales commissions from the sale of Class A shares and $68, $17,009 and $6,179 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	721,886,626	$	—	$	3,930,124	$	725,816,750

NOTE 4—Investments in Other Affiliates

The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The following is a summary of the investments in affiliates for the six months ended October 31, 2011.

							Change in
							Unrealized
	Value		Purchases		Proceeds		Appreciation			Realized		Value		Dividend
	04/30/11		at Cost		from Sales		(Depreciation)			Gain (Loss)		10/31/11		Income
BlueStream Ventures L.P.	$	7,247,932	$	—	$	—	$	(3,317,808	)	$	—	$	3,930,124	$	—

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,041.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $1,188 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

13        Invesco Technology Fund

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	36,280,603

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $146,717,494 and $157,346,949, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	209,407,721
Aggregate unrealized (depreciation) of investment securities		(39,025,909	)
Net unrealized appreciation of investment securities	$	170,381,812
Cost of investments for tax purposes is $555,434,938.

14        Invesco Technology Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2011(a)						April 30, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		597,629		$	19,505,237			1,236,800		$	38,764,605
Class B		25,405			760,002			70,366			1,986,218
Class C		60,176			1,782,820			273,048			8,029,165
Class Y		9,653			316,975			37,066			1,163,825
Investor Class		342,724			11,077,738			914,352			27,956,650
Institutional Class		5,491			183,424			4,369			148,771
Issued in connection with acquisitions:(b)
Class A		2,635,778			93,781,193			—			—
Class B		550,787			18,312,828			—			—
Class C		313,417			10,137,110			—			—
Class Y		612			21,728			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		115,445			3,842,083			141,297			4,409,434
Class B		(123,838	)		(3,842,083	)		(150,902	)		(4,409,434	)
Reacquired:
Class A		(1,163,088	)		(37,526,148	)		(1,690,311	)		(51,859,885	)
Class B		(91,029	)		(2,786,850	)		(136,469	)		(3,789,485	)
Class C		(160,439	)		(4,688,526	)		(249,760	)		(6,981,392	)
Class Y		(17,741	)		(578,094	)		(37,324	)		(1,115,559	)
Investor Class		(913,235	)		(29,911,336	)		(2,736,263	)		(80,592,821	)
Institutional Class		(1,684	)		(59,271	)		(4,824	)		(148,245	)
Net increase (decrease) in share activity		2,186,063		$	80,328,830			(2,328,555	)	$	(66,438,153	)

(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

(b)

As of the open of business on May 23, 2011 the Fund acquired all the net assets of Invesco Van Kampen Technology Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Van Kampen Technology Fund on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 3,500,594 shares of the Fund for 21,922,655 shares outstanding of Invesco Van Kampen Technology Fund as of the close of business on May 20, 2011. Each class of Invesco Van Kampen Technology Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Van Kampen Technology Fund to the net asset value of the Fund at the close of business on May 20, 2011. Invesco Van Kampen Technology Fund’s net assets at that date of $122,252,859, including $28,512,047 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $694,559,865 and $816,812,724 immediately after the acquisition.

15        Invesco Technology Fund

NOTE 11—Financial Highlights

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			Ratio of net
	Net asset		Net			(losses) on													net assets			assets without			investment
	value,		investment			securities (both			Total from			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	35.86	$	(0.17	)	$	(2.32	)	$	(2.49	)	$	33.37		(6.94	)%	$	286,186		1.59	%(d)		1.60	%(d)		(1.04	)%(d)		24	%
Year ended 04/30/11		28.53		(0.22	)		7.55	(e)		7.33			35.86		25.69			229,174		1.55			1.55			(0.73	)		42
One month ended 04/30/10		27.91		(0.04	)		0.66			0.62			28.53		2.22			191,274		1.66	(f)		1.66	(f)		(1.56	)(f)		4
Year ended 03/31/10		17.77		(0.20	)		10.34			10.14			27.91		57.06			187,989		1.66			1.75			(0.87	)		35
Year ended 03/31/09		25.58		(0.00	)(g)		(7.81	)(h)		(7.81	)		17.77		(30.53	)(h)		122,823		1.55			1.83			(0.02	)(g)		68
Year ended 03/31/08		28.49		(0.23	)		(2.68	)		(2.91	)		25.58		(10.21	)		217,236		1.55			1.56			(0.77	)		42
Year ended 03/31/07		28.45		(0.30	)		0.34			0.04			28.49		0.14			284,962		1.56			1.57			(1.07	)		126
Class B
Six months ended 10/31/11		33.47		(0.27	)		(2.15	)		(2.42	)		31.05		(7.23	)		26,297		2.34	(d)		2.35	(d)		(1.79	)(d)		24
Year ended 04/30/11		26.83		(0.41	)		7.05	(e)		6.64			33.47		24.75			16,253		2.30			2.30			(1.48	)		42
One month ended 04/30/10		26.26		(0.05	)		0.62			0.57			26.83		2.17			18,853		2.41	(f)		2.41	(f)		(2.31	)(f)		4
Year ended 03/31/10		16.84		(0.35	)		9.77			9.42			26.26		55.94			19,173		2.41			2.50			(1.62	)		35
Year ended 03/31/09		24.43		(0.16	)(g)		(7.43	)(h)		(7.59	)		16.84		(31.07	)(h)		16,952		2.30			2.58			(0.77	)(g)		68
Year ended 03/31/08		27.42		(0.44	)		(2.55	)		(2.99	)		24.43		(10.90	)		38,443		2.30			2.31			(1.52	)		42
Year ended 03/31/07		27.59		(0.48	)		0.31			(0.17	)		27.42		(0.62	)		62,355		2.31			2.32			(1.82	)		126
Class C
Six months ended 10/31/11		32.58		(0.27	)		(2.09	)		(2.36	)		30.22		(7.24	)		26,728		2.34	(d)		2.35	(d)		(1.79	)(d)		24
Year ended 04/30/11		26.12		(0.41	)		6.87	(e)		6.46			32.58		24.73			21,875		2.30			2.30			(1.48	)		42
One month ended 04/30/10		25.57		(0.05	)		0.60			0.55			26.12		2.15			16,931		2.41	(f)		2.41	(f)		(2.31	)(f)		4
Year ended 03/31/10		16.40		(0.35	)		9.52			9.17			25.57		55.92			16,689		2.41			2.50			(1.62	)		35
Year ended 03/31/09		23.78		(0.16	)(g)		(7.22	)(h)		(7.38	)		16.40		(31.03	)(h)		9,340		2.30			2.58			(0.77	)(g)		68
Year ended 03/31/08		26.69		(0.42	)		(2.49	)		(2.91	)		23.78		(10.90	)		16,116		2.30			2.31			(1.52	)		42
Year ended 03/31/07		26.86		(0.47	)		0.30			(0.17	)		26.69		(0.63	)		21,386		2.31			2.32			(1.82	)		126
Class Y
Six months ended 10/31/11		35.74		(0.13	)		(2.30	)		(2.43	)		33.31		(6.80	)		3,183		1.34	(d)		1.35	(d)		(0.79	)(d)		24
Year ended 04/30/11		28.37		(0.14	)		7.51	(e)		7.37			35.74		25.98			3,683		1.30			1.30			(0.48	)		42
One month ended 04/30/10		27.74		(0.03	)		0.66			0.63			28.37		2.27			2,931		1.41	(f)		1.41	(f)		(1.31	)(f)		4
Year ended 03/31/10		17.63		(0.14	)		10.25			10.11			27.74		57.34			2,856		1.41			1.50			(0.62	)		35
Year ended 03/31/09(i)		20.92		0.02	(g)		(3.31	)(h)		(3.29	)		17.63		(15.73	)(h)		541		1.30	(f)		1.86	(f)		0.23	(f)(g)		68
Investor Class
Six months ended 10/31/11		35.58		(0.17	)		(2.29	)		(2.46	)		33.12		(6.91	)		385,122		1.56	(d)		1.57	(d)		(1.01	)(d)		24
Year ended 04/30/11		28.29		(0.19	)		7.48	(e)		7.29			35.58		25.77			434,078		1.46			1.46			(0.64	)		42
One month ended 04/30/10		27.67		(0.04	)		0.66			0.62			28.29		2.24			396,631		1.65	(f)		1.65	(f)		(1.55	)(f)		4
Year ended 03/31/10		17.61		(0.20	)		10.26			10.06			27.67		57.13			391,424		1.66			1.75			(0.87	)		35
Year ended 03/31/09		25.35		(0.00	)(g)		(7.74	)(h)		(7.74	)		17.61		(30.53	)(h)		262,730		1.53			1.81			0.00	(g)		68
Year ended 03/31/08		28.23		(0.22	)		(2.66	)		(2.88	)		25.35		(10.20	)		424,981		1.52			1.53			(0.74	)		42
Year ended 03/31/07		28.19		(0.28	)		0.32			0.04			28.23		0.14			595,776		1.53			1.54			(1.04	)		126
Institutional Class
Six months ended 10/31/11		38.77		(0.06	)		(2.50	)		(2.56	)		36.21		(6.60	)		731		0.89	(d)		0.90	(d)		(0.34	)(d)		24
Year ended 04/30/11		30.64		(0.02	)		8.15	(e)		8.13			38.77		26.53			635		0.89			0.89			(0.07	)		42
One month ended 04/30/10		29.95		(0.02	)		0.71			0.69			30.64		2.30			516		0.90	(f)		0.90	(f)		(0.80	)(f)		4
Year ended 03/31/10		18.93		(0.03	)		11.05			11.02			29.95		58.21			522		0.91			0.91			(0.12	)		35
Year ended 03/31/09		27.07		0.12	(g)		(8.26	)(h)		(8.14	)		18.93		(30.07	)(h)		346		0.90			0.91			0.63	(g)		68
Year ended 03/31/08		29.95		(0.03	)		(2.85	)		(2.88	)		27.07		(9.62	)		9		0.86			0.87			(0.10	)		42
Year ended 03/31/07		29.70		(0.11	)		0.36			0.25			29.95		0.84			12		0.86			0.86			(0.37	)		126

(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 period ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $90,282,548 and sold of $17,342,422 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Technology Fund into the Fund.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $275,673, $26,839, $26,655, $3,268, $388,462 and $622 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Net gains (losses) on securities (both realized and unrealized includes capital gains realized on a distribution from BlueStream Ventures L.P. on October 17, 2010. Net gains (losses) on securities (both realized and unrealized), excluding capital gains are $7.29, $6.81, $6.63, $7.25, $7.22 and $7.87 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
(f)	Annualized.
(g)	Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include a distribution from BlueStream Ventures L.P. on October 23, 2008. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the distribution are $(0.13) and (0.57)%; $(0.29) and (1.32)%; $(0.29) and (1.32)%; $(0.02) and (0.32)%; $(0.13) and (0.55)% and $(0.01) and 0.08% for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
(h)	Includes litigation proceeds received during the period. Had the litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(8.01), $(7.63), $(7.42), $(3.33), $(7.94) and $(8.46) for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively and total returns would have been lower.
(i)	Commencement date of October 3, 2008.

16        Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	930.60	$	7.72	$	1,017.14	$	8.06		1.59	%
B		1,000.00		928.00		11.34		1,013.37		11.84		2.34
C		1,000.00		927.60		11.34		1,013.37		11.84		2.34
Y		1,000.00		932.00		6.51		1,018.40		6.80		1.34
Investor		1,000.00		930.90		7.57		1,017.29		7.91		1.56
Institutional		1,000.00		934.00		4.33		1,020.66		4.53		0.89

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

17        Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Technology Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

18        Invesco Technology Fund

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Science & Technology Funds Index. The Board noted that performance of Investor Class shares of the Fund was in the second quintile of the performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Investor Class shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-advisory Fees and Fee Waivers

  The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Investor Class shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after any advisory fee waivers and before any expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s effective fee rate was below the effective fee rate of one mutual fund and above the rate of one mutual fund advised by Invesco Advisers with comparable investment strategies.

  Other than the mutual fund described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 effect this fee waiver would have on the Fund’s total estimated expenses.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

  The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Technology Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

I-TEC-SAR-1      Invesco Distributors, Inc.

Invesco U.S. Mid Cap Value Fund

Semiannual Report to Shareholders  § October 31, 2011

Nasdaq:
A: MMCAX § B: MMCDX § C: MMCCX § Y: MPMVX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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*	-9.91	%
Class B Shares*	-10.23
Class C Shares*	-10.23
Class Y Shares*	-9.78
S&P 500 Index▼(Broad Market Index)	-7.12
Russell Midcap Value Index▼(Style-Specific Index)	-11.02
Lipper Mid-Cap Value Funds Index▼(Peer Group Index)	-13.23

Source(s): ▼Lipper Inc.
*	Performance includes litigation proceeds. Had these proceeds not been received, total return would have been lower.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. 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) defined 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.

2 Invesco U.S. Mid Cap Value Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (7/17/98)			6.41	%
	10	Years	7.05
	5	Years	3.31
	1	Year	0.88
Class B Shares
	10	Years	6.86	%
	5	Years	3.36
	1	Year	0.99
Class C Shares
	10	Years	6.86	%
	5	Years	3.71
	1	Year	4.95
Class Y Shares
Inception (12/30/94)			12.67	%
	10	Years	7.97
	5	Years	4.83
	1	Year	7.01

Performance includes litigation proceeds. Had these proceeds not been received, total return would have been lower.

Effective June 1, 2010, Class I and Investment Class shares of the predecessor fund, Morgan Stanley U.S. Mid Cap Value Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class Y shares, and Class P shares were reorganized into Class A shares of Invesco U.S. Mid Cap Value Fund. Returns shown above for Class Y and Class A shares are blended returns of the predecessor fund and Invesco U.S. Mid Cap Value Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Class B and Class C shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class P shares restated to reflect the higher 12b-1 fees applicable to Class B and Class C shares, respectively. Class B and Class C share performance reflects any applicable fee waivers or expense reimbursements. The inception date of the predecessor fund’s Class P shares was July 17, 1998.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (7/17/98)			5.39	%
	10	Years	6.28
	5	Years	1.30
	1	Year	-8.29
Class B Shares
	10	Years	6.08	%
	5	Years	1.29
	1	Year	-8.42
Class C Shares
	10	Years	6.08	%
	5	Years	1.67
	1	Year	-4.64
Class Y Shares
Inception (12/30/94)			11.86	%
	10	Years	7.19
	5	Years	2.77
	1	Year	-2.71

Performance includes litigation proceeds. Had these proceeds not been received, total return would have been lower.

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.

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.28%, 2.03%, 2.03% and 1.03%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.34%, 2.09%, 2.09% and 1.09%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2012. See current prospectus for more information.

3 Invesco U.S. Mid Cap Value Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco U.S. Mid Cap Value Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.38%
Alternative Carriers–2.96%
TW Telecom, Inc.(b)		320,558	$	5,930,323
Asset Management & Custody Banks–2.22%
Northern Trust Corp.		110,104		4,455,909
Computer Hardware–2.26%
Diebold, Inc.		140,654		4,540,311
Data Processing & Outsourced Services–3.11%
Fidelity National Information Services, Inc.		238,320		6,239,218
Diversified Banks–1.78%
Comerica, Inc.		140,107		3,579,734
Electric Utilities–4.51%
Edison International		174,475		7,083,685
Great Plains Energy, Inc.		94,367		1,957,172
				9,040,857
Electronic Manufacturing Services–1.48%
Flextronics International Ltd. (Singapore)(b)		453,385		2,976,472
Food Distributors–1.88%
Sysco Corp.		135,776		3,763,711
Food Retail–3.01%
Safeway, Inc.		312,279		6,048,844
Health Care Facilities–4.40%
Brookdale Senior Living, Inc.(b)		264,996		4,393,634
HealthSouth Corp.(b)		250,676		4,426,938
				8,820,572
Heavy Electrical Equipment–2.07%
Babcock & Wilcox Co. (The)(b)		189,087		4,158,023
Home Furnishings–2.26%
Mohawk Industries, Inc.(b)		86,251		4,541,115
Housewares & Specialties–3.10%
Newell Rubbermaid, Inc.		420,537		6,223,948
Industrial Machinery–2.91%
Snap-On, Inc.		108,838		5,841,335
Insurance Brokers–5.06%
Marsh & McLennan Cos., Inc.		188,047		5,757,999
Willis Group Holdings PLC (Ireland)		120,868		4,388,717
				10,146,716
Integrated Oil & Gas–1.98%
Murphy Oil Corp.		71,738		3,972,133
Investment Banking & Brokerage–0.70%
Charles Schwab Corp. (The)		114,515		1,406,244
Motorcycle Manufacturers–2.95%
Harley-Davidson, Inc.		152,363		5,926,921
Multi-Utilities–3.91%
CenterPoint Energy, Inc.		190,537		3,970,791
Wisconsin Energy Corp.		119,513		3,875,807
				7,846,598
Office Electronics–2.79%
Zebra Technologies Corp.–Class A(b)		156,394		5,589,522
Office Services & Supplies–0.59%
Avery Dennison Corp.		44,761		1,190,643
Oil & Gas Exploration & Production–2.08%
Pioneer Natural Resources Co.		49,786		4,177,045
Oil & Gas Storage & Transportation–6.90%
El Paso Corp.		317,834		7,949,029
Williams Cos., Inc. (The)		195,866		5,897,525
				13,846,554
Packaged Foods & Meats–3.19%
ConAgra Foods, Inc.		252,720		6,401,398
Paper Packaging–2.01%
Sonoco Products Co.		128,619		4,037,350
Personal Products–1.22%
Avon Products, Inc.		133,657		2,443,250
Property & Casualty Insurance–2.90%
ACE Ltd. (Switzerland)		80,709		5,823,154
Regional Banks–3.99%
BB&T Corp.		168,551		3,933,980
Wintrust Financial Corp.		141,149		4,076,383
				8,010,363
Restaurants–2.31%
Darden Restaurants, Inc.		96,938		4,641,391
Retail REIT’s–1.64%
Weingarten Realty Investors		142,100		3,298,141

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

5        Invesco U.S. Mid Cap Value Fund

	Shares		Value
Specialty Chemicals–5.17%
Valspar Corp. (The)		129,450	$	4,513,921
W.R. Grace & Co.(b)		140,245		5,860,839
				10,374,760
Specialty Stores–2.18%
Staples, Inc.		291,774		4,364,939
Trucking–0.86%
Swift Transportation Co.(b)		194,867		1,734,316
Total Common Stocks & Other Equity Interests (Cost $180,577,598)				181,391,810
Preferred Stocks–0.80%
Health Care Facilities–0.80%
HealthSouth Corp., Series A, $65.00 Conv. Pfd. (Cost $1,499,018)		1,810		1,611,353
Money Market Funds–9.27%
Liquid Assets Portfolio–Institutional Class(c)		9,297,496		9,297,496
Premier Portfolio–Institutional Class(c)		9,297,497		9,297,497
Total Money Market Funds (Cost $18,594,993)				18,594,993
TOTAL INVESTMENTS–100.45% (Cost $200,671,609)				201,598,156
OTHER ASSETS LESS LIABILITIES–(0.45)%				(897,422	)
NET ASSETS–100.00%			$	200,700,734

Investment Abbreviations:

Conv.	– Convertible
Pfd.	– Preferred
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Financials	18.3	%
Consumer Discretionary	12.8
Energy	11.0
Information Technology	9.6
Consumer Staples	9.3
Utilities	8.4
Materials	7.2
Industrials	6.4
Health Care	5.2
Telecommunication Services	3.0
Money Market Funds Plus Other Assets Less Liabilities	8.8

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

6        Invesco U.S. Mid Cap Value Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $182,076,616)	$	183,003,163
Investments in affiliated money market funds, at value and cost		18,594,993
Total investments, at value (Cost $200,671,609)		201,598,156
Receivable for:
Investments sold		1,460,098
Fund shares sold		203,487
Dividends		169,957
Investment for trustee deferred compensation and retirement plans		2,313
Other assets		24,291
Total assets		203,458,302
Liabilities:
Payable for:
Investments purchased		2,466,337
Fund shares reacquired		107,383
Accrued fees to affiliates		132,020
Accrued other operating expenses		46,343
Trustee deferred compensation and retirement plans		5,485
Total liabilities		2,757,568
Net assets applicable to shares outstanding	$	200,700,734
Net assets consist of:
Shares of beneficial interest	$	201,239,591
Undistributed net investment income		1,306,351
Undistributed net realized gain (loss)		(2,771,755	)
Unrealized appreciation		926,547
	$	200,700,734
Net Assets:
Class A	$	49,682,635
Class B	$	166,471
Class C	$	365,588
Class Y	$	150,486,040
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,380,327
Class B		4,675
Class C		10,267
Class Y		4,130,689
Class A:
Net asset value per share	$	35.99
Maximum offering price per share
(Net asset value of $35.99 divided by 94.50%)	$	38.09
Class B:
Net asset value and offering price per share	$	35.61
Class C:
Net asset value and offering price per share	$	35.61
Class Y:
Net asset value and offering price per share	$	36.43

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

7        Invesco U.S. Mid Cap Value Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends	$	1,931,815
Dividends from affiliated money market funds		4,612
Total investment income		1,936,427
Expenses:
Advisory fees		751,436
Administrative services fees		25,137
Custodian fees		5,142
Distribution fees:
Class A		63,475
Class B		912
Class C		1,781
Transfer agent fees		199,126
Trustees’ and officers’ fees and benefits		12,923
Other		90,919
Total expenses		1,150,851
Less: Fees waived		(31,366	)
Net expenses		1,119,485
Net investment income		816,942
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		5,879,193
Options written		111,218
		5,990,411
Change in net unrealized appreciation (depreciation) of:
Investment securities		(30,557,157	)
Options written		320,373
		(30,236,784	)
Net realized and unrealized gain (loss)		(24,246,373	)
Net increase (decrease) in net assets resulting from operations	$	(23,429,431	)

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

8        Invesco U.S. Mid Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the period October 1, 2010 through April 30, 2011 and the year ended September 30, 2010

(Unaudited)

	Six months			Seven months
	ended			ended			Year ended
	October 31,			April 30,			September 30,
	2011			2011			2010
Operations:
Net investment income	$	816,942		$	518,008		$	1,380,251
Net realized gain		5,990,411			11,124,016			19,291,483
Change in net unrealized appreciation (depreciation)		(30,236,784	)		30,663,595			4,643,017
Net increase (decrease) in net assets resulting from operations		(23,429,431	)		42,305,619			25,314,751
Distributions to shareholders from net investment income:
Class A		—			(183,349	)		(215,361	)
Class B		—			(947	)		—
Class C		—			(1,856	)		—
Class Y		—			(841,698	)		(953,564	)
Total distributions from net investment income		—			(1,027,850	)		(1,168,925	)
Share transactions–net:
Class A		(1,174,828	)		4,934,889			6,817,640
Class B		(28,049	)		3,727			158,831
Class C		17,649			126,299			169,317
Class Y		(6,981,214	)		9,357,721			12,963,153
Net increase (decrease) in net assets resulting from share transactions		(8,166,442	)		14,422,636			20,108,941
Net increase (decrease) in net assets		(31,595,873	)		55,700,405			44,254,767
Net assets:
Beginning of period		232,296,607			176,596,202			132,341,435
End of period (includes undistributed net investment income of $1,306,351, $489,409 and $806,883, respectively)	$	200,700,734		$	232,296,607		$	176,596,202

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco U.S. Mid 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to seek above-average total return over a market cycle of three to five years.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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 bonds) 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

9        Invesco U.S. Mid Cap Value Fund

	security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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 income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

10        Invesco U.S. Mid Cap Value Fund

E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of 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 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 and which are directly attributable to that class are charged to the operations of such class. 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 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.	Call Options Written — The Fund may write call options. A call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. Written call options are recorded as a liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently valued to reflect the current market value of the option written. If a written 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 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 gains and losses on these contracts are included in the Statement of Operations. A risk in writing a 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.
J.	Collateral — To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $1 billion		0	.72%
Over $1 billion		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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C and Class Y shares to 1.27%, 2.02%, 2.02% and 1.02%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

11        Invesco U.S. Mid Cap Value Fund

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended October 31, 2011, the Adviser waived advisory fees of $31,366.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, the 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 B, Class C and Class Y 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 B and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of each class of Class B and Class C shares. 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $192 in front-end sales commissions from the sale of Class A shares and $202, $56 and $11 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	199,986,803	$	1,611,353	$	—	$	201,598,156

NOTE 4—Derivative Investments

The Fund has implemented the required disclosures about derivative instruments and hedging activities in accordance with GAAP. This disclosure is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. The enhanced disclosure has no impact on the results of operations reported in the financial statements.

12        Invesco U.S. Mid Cap Value Fund

Effect of Derivative Instruments for the six months ended October 31, 2011

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

	Location of Gain on
	Statement of Operations
	Options*
Realized Gain
Equity risk	$	111,218
Change in Unrealized Appreciation
Equity risk		320,373
Total	$	431,591

*  The average value of options outstanding during the period was $86,961.

Transactions During the Period
	Call Option Contracts
	Number of			Premiums
	Contracts			Received
Beginning of period		850		$	117,377
Written		1,900			342,609
Closed		(2,300	)		(397,402	)
Expired		(450	)		(62,584	)
End of period		0		$	0

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $226,523.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $841 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

13        Invesco U.S. Mid Cap Value Fund

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	8,517,517

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $32,758,396 and $41,011,076, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	17,508,081
Aggregate unrealized (depreciation) of investment securities		(16,826,184	)
Net unrealized appreciation of investment securities	$	681,897
Cost of investments for tax purposes is $200,916,259.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Seven months ended						Year ended
	October 31, 2011(a)						April 30, 2011						September 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		241,960		$	8,796,895			305,044		$	11,105,853			611,764		$	19,009,935
Class B(b)		—			—			4,084			139,246			5,484			173,020
Class C(b)		2,036			67,074			10,129			348,196			5,815			182,369
Class Y		544,787			19,998,472			753,315			28,002,517			1,524,745			47,465,243
Issued as reinvestment of dividends:
Class A		—			—			4,437			158,881			7,629			215,361
Class B(b)		—			—			847			29,634			—			—
Class C(b)		—			—			51			1,814			—			—
Class Y		—			—			23,050			833,503			33,392			951,470
Automatic conversion of Class B shares to Class A shares:
Class A		328			12,549			816			28,649			75			2,384
Class B(b)		(331	)		(12,549	)		(820	)		(28,649	)		(75	)		(2,384	)
Reacquired:
Class A		(278,044	)		(9,984,272	)		(171,699	)		(6,358,494	)		(404,495	)		(12,410,040	)
Class B(b)		(429	)		(15,500	)		(3,712	)		(136,504	)		(373	)		(11,805	)
Class C(b)		(1,412	)		(49,425	)		(5,943	)		(223,711	)		(409	)		(13,052	)
Class Y		(751,122	)		(26,979,686	)		(518,264	)		(19,478,299	)		(1,151,888	)		(35,453,560	)
Net increase (decrease) in share activity		(242,227	)	$	(8,166,442	)		401,335		$	14,422,636			631,664		$	20,108,941

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% 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 of June 1, 2010.

14        Invesco U.S. Mid Cap Value Fund

NOTE 11—Financial Highlights

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

																							Ratio of			Ratio of
						Net gains																	expenses			expenses
						(losses) on																	to average			to average net			Ratio of net
	Net asset		Net			securities						Dividends											net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset						Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end			Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			of period			Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	39.95	$	0.11		$	(4.07	)(d)	$	(3.96	)	$	—		$	35.99			(9.91	)%(d)	$	49,683		1.26	%(e)		1.29	%(e)		0.60	%(e)		16	%
Seven months ended 04/30/11		32.63		0.05			7.41			7.46			(0.14	)		39.95			22.90			56,567		1.26	(f)		1.30	(f)		0.24	(f)		26
Year ended 09/30/10		27.71		0.22			4.90			5.12			(0.20	)		32.63	(g)		18.58			41,681		1.17			1.18			0.72			60
Year ended 09/30/09		28.65		0.26			(0.93	)		(0.67	)		(0.27	)		27.71	(g)		(2.28	)(h)		29,445		1.26	(i)		1.26	(i)		1.21	(i)		75
Year ended 09/30/08		36.26		0.20			(7.61	)		(7.41	)		(0.20	)		28.65	(g)		(20.29	)		23,190		1.15	(i)		1.15	(i)		0.61	(i)		64
Year ended 09/30/07		28.94		0.19			7.28			7.47			(0.15	)		36.26	(g)		25.87			17,661		1.14	(i)		1.14	(i)		0.56	(i)		87
Class B
Six months ended 10/31/11		39.67		(0.03	)		(4.03	)(d)		(4.06	)		—			35.61			(10.23	)(d)		166		2.01	(e)		2.04	(e)		(0.15	)(e)		16
Seven months ended 04/30/11		32.52		(0.11	)		7.39			7.28			(0.13	)		39.67			22.43			216		2.01	(f)		2.05	(f)		(0.51	)(f)		26
Year ended 09/30/10(j)		31.06		0.00			1.46			1.46			—			32.52	(g)		4.70			164		1.89	(f)		1.89	(f)		0.00	(f)		60
Class C
Six months ended 10/31/11		39.67		(0.03	)		(4.03	)(d)		(4.06	)		—			35.61			(10.23	)(d)		366		2.01	(e)		2.04	(e)		(0.15	)(e)		16
Seven months ended 04/30/11		32.54		(0.11	)		7.37			7.26			(0.13	)		39.67			22.35			382		2.01	(f)		2.05	(f)		(0.51	)(f)		26
Year ended 09/30/10(j)		31.06		0.00			1.48			1.48			—			32.54	(g)		4.76			176		1.89	(f)		1.89	(f)		0.00	(f)		60
Class Y
Six months ended 10/31/11		40.38		0.16			(4.11	)(d)		(3.95	)		—			36.43			(9.78	)(d)		150,486		1.01	(e)		1.04	(e)		0.85	(e)		16
Seven months ended 04/30/11		32.99		0.11			7.48			7.59			(0.20	)		40.38			23.08			175,132		1.01	(f)		1.05	(f)		0.49	(f)		26
Year ended 09/30/10		28.02		0.31			4.92			5.23			(0.26	)		32.99	(g)		18.81			134,575		0.92			0.94			0.97			60
Year ended 09/30/09		28.95		0.31			(0.93	)		(0.62	)		(0.31	)		28.02	(g)		(1.65	)(h)		97,897		1.00	(i)		1.00	(i)		1.41	(i)		75
Year ended 09/30/08		36.46		0.28			(7.54	)		(7.26	)		(0.25	)		28.95	(g)		(20.07	)		107,988		0.89	(i)		0.89	(i)		0.84	(i)		64
Year ended 09/30/07		29.09		0.27			7.32			7.59			(0.22	)		36.46	(g)		26.19			151,610		0.89	(i)		0.89	(i)		0.80	(i)		87

(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)	Includes litigation proceeds received during the period. Had the litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.30), $(4.26), $(4.26) and $(4.34) for Class A, Class B, Class C, and Class Y shares, respectively, and total returns would have been lower.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $50,504, $181, $354 and $156,558 for Class A, Class B, Class C and Class Y shares, respectively.
(f)	Annualized.
(g)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(h)	Performance was positively impacted by approximately 1.16% due to the receipt of proceeds from the settlements of class action suits involving primarily one of the Fund’s past holdings. This was a one-time settlement and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return from Class A and Class Y shares would have been approximately (3.44)% and (2.81)%, respectively.
(i)	The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is 0.01% for the year ended September 30, 2009 and less than 0.005% for the years ended September 30, 2008 and 2007, respectively.
(j)	Commencement date of June 1, 2010.

NOTE 12—Proposed Reorganization

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Van Kampen American Value Fund (the “Acquiring Fund”).

  The Agreement requires approval of the Fund’s shareholders and will be submitted to the shareholders for their consideration at a meeting to be held in or around April 2012. Upon closing of the reorganization, shareholders of the Fund will receive a corresponding class of shares of the Acquiring Fund in exchange for their shares of the Fund and the Fund will liquidate and cease operations.

15        Invesco U.S. Mid 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	900.90	$	6.02	$	1,018.80	$	6.39		1.26	%
B		1,000.00		897.70		9.59		1,015.03		10.18		2.01
C		1,000.00		897.70		9.59		1,015.03		10.18		2.01
Y		1,000.00		902.20		4.83		1,020.06		5.13		1.01

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

16        Invesco U.S. Mid Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco U.S. Mid Cap Value Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Mid Cap

17        Invesco U.S. Mid Cap Value Fund

Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of the performance universe for the one and five year periods and the second 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 above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was the same as the rate of two other mutual funds advised by Invesco Advisers and below the total account level fee of two mutual funds sub-advised by Invesco Advisers.

  Other than the mutual funds described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 effect this fee waiver would have on the Fund’s total estimated expenses.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

18        Invesco U.S. Mid Cap Value Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

MS-USMCV-SAR-1 Invesco Distributors, Inc.

Invesco Utilities Fund

Semiannual Report to Shareholders § October 31, 2011

Nasdaq:

A: IAUTX § B: IBUTX § C: IUTCX § Y: IAUYX § Investor: FSTUX § Institutional: FSIUX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
6	Financial Statements
8	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	3.53	%
Class B Shares	3.20
Class C Shares	3.12
Class Y Shares	3.70
Investor Class Shares	3.57
Institutional Class Shares	3.85
S&P 500 Index▼ (Broad Market Index)	-7.12
S&P 500 Utilities Index▼ (Style-Specific Index)	7.34
Lipper Utility Funds Index▼ (Peer Group Index)	0.34
Source(s): ▼Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The S&P 500 Utilities Index is an unmanaged index considered representative of the utilities market.

     The Lipper Utility Funds Index is an unmanaged index considered representative of utility funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the index(es) defined 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.

2 Invesco Utilities Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			6.65	%
	5	Years	1.81
	1	Year	7.56
Class B Shares
Inception (3/28/02)			6.63	%
	5	Years	1.83
	1	Year	7.95
Class C Shares
Inception (2/14/00)			0.33	%
	10	Years	5.59
	5	Years	2.21
	1	Year	11.93
Class Y Shares
	10	Years	6.54	%
	5	Years	3.12
	1	Year	14.09
Investor Class Shares
Inception (6/2/86)			8.07	%
	10	Years	6.46
	5	Years	2.97
	1	Year	13.81
Institutional Class Shares
Inception (10/25/05)			6.33	%
	5	Years	3.48
	1	Year	14.43

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares. Investor Class share performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)			6.34	%
	5	Years	2.05
	1	Year	6.48
Class B Shares
Inception (3/28/02)			6.32	%
	5	Years	2.08
	1	Year	6.87
Class C Shares
Inception (2/14/00)			0.06	%
	10	Years	5.52
	5	Years	2.46
	1	Year	10.86
Class Y Shares
	10	Years	6.46	%
	5	Years	3.37
	1	Year	12.96
Investor Class Shares
Inception (6/2/86)			7.96	%
	10	Years	6.39
	5	Years	3.23
	1	Year	12.74
Institutional Class Shares
Inception (10/25/05)			5.83	%
	5	Years	3.74
	1	Year	13.28

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares was 1.32%, 2.07%, 2.07%, 1.07%, 1.32% and 0.94%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares was 1.46%, 2.21%, 2.21%, 1.21%, 1.46% and 0.94%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines

from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Institutional Class 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.

     Had the adviser not waived fees and/or reimbursed expenses in the past, performance would have been lower.

¹ Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2013. See current prospectus for more information.

3 Invesco Utilities Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals — a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 — and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus — investment management — that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals — meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Utilities Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks–92.00%
Electric Utilities–45.95%
American Electric Power Co., Inc.		454,227	$	17,842,037
Duke Energy Corp.		526,505		10,751,232
E.ON AG (Germany)		223,618		5,406,294
Edison International		332,770		13,510,462
Entergy Corp.		204,536		14,147,755
Exelon Corp.		376,370		16,707,064
FirstEnergy Corp.		205,141		9,223,139
NextEra Energy, Inc.		69,285		3,907,674
Northeast Utilities		277,565		9,595,422
Pepco Holdings, Inc.		663,796		13,143,161
Pinnacle West Capital Corp.		109,372		4,985,176
Portland General Electric Co.		664,980		16,318,609
PPL Corp.		318,897		9,366,005
Progress Energy, Inc.		149,121		7,769,204
Southern Co.		450,065		19,442,808
				172,116,042
Gas Utilities–5.85%
AGL Resources Inc.		191,084		8,014,063
Atmos Energy Corp.		86,358		2,963,807
ONEOK, Inc.		53,105		4,038,635
UGI Corp.		240,200		6,886,534
				21,903,039
Independent Power Producers & Energy Traders–6.70%
Calpine Corp.(b)		564,166		8,558,398
Constellation Energy Group Inc.		166,652		6,616,085
NRG Energy, Inc.(b)		463,452		9,927,142
				25,101,625
Integrated Telecommunication Services–4.46%
AT&T Inc.		146,168		4,284,184
CenturyLink Inc.		136,213		4,802,870
Verizon Communications Inc.		206,230		7,626,386
				16,713,440
Multi-Utilities–27.74%
CMS Energy Corp.		168,165		3,501,195
Consolidated Edison, Inc.		52,723		3,051,080
Dominion Resources, Inc.		338,270		17,451,349
DTE Energy Co.		130,388		6,794,519
National Grid PLC (United Kingdom)		1,729,948		17,134,814
NiSource Inc.		160,817		3,552,448
PG&E Corp.		158,865		6,815,309
Public Service Enterprise Group Inc.		232,023		7,819,175
Sempra Energy		180,913		9,720,455
TECO Energy, Inc.		600,319		11,147,924
Xcel Energy, Inc.		653,912		16,903,625
				103,891,893
Oil & Gas Storage & Transportation–1.30%
Southern Union Co.		115,715		4,863,501
Total Common Stocks (Cost $295,978,269)				344,589,540
Money Market Funds–8.67%
Liquid Assets Portfolio–Institutional Class(c)		16,223,311		16,223,311
Premier Portfolio–Institutional Class(c)		16,223,312		16,223,312
Total Money Market Funds (Cost $32,446,623)				32,446,623
TOTAL INVESTMENTS–100.67% (Cost $328,424,892)				377,036,163
OTHER ASSETS LESS LIABILITIES–(0.67)%				(2,494,287	)
NET ASSETS–100.00%			$	374,541,876

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Utilities	87.5	%
Telecommunication Services	4.5
Money Market Funds Plus Other Assets Less Liabilities	8.0

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

5        Invesco Utilities Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $295,978,269)	$	344,589,540
Investments in affiliated money market funds, at value and cost		32,446,623
Total investments, at value (Cost $328,424,892)		377,036,163
Receivable for:
Investments sold		1,693,390
Fund shares sold		952,671
Dividends		416,479
Investment for trustee deferred compensation and retirement plans		61,337
Other assets		39,970
Total assets		380,200,010
Liabilities:
Payable for:
Investments purchased		4,820,232
Fund shares reacquired		394,232
Accrued fees to affiliates		240,444
Accrued other operating expenses		95,968
Trustee deferred compensation and retirement plans		107,258
Total liabilities		5,658,134
Net assets applicable to shares outstanding	$	374,541,876
Net assets consist of:
Shares of beneficial interest	$	329,955,631
Undistributed net investment income		968,728
Undistributed net realized gain (loss)		(4,991,865	)
Unrealized appreciation		48,609,382
	$	374,541,876
Net Assets:
Class A	$	246,750,584
Class B	$	20,644,959
Class C	$	25,866,000
Class Y	$	2,838,818
Investor Class	$	70,395,737
Institutional Class	$	8,045,778
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		14,908,954
Class B		1,244,646
Class C		1,546,635
Class Y		170,119
Investor Class		4,218,572
Institutional Class		485,722
Class A:
Net asset value per share	$	16.55
Maximum offering price per share (Net asset value of $16.55 divided by 94.50%)	$	17.51
Class B:
Net asset value and offering price per share	$	16.59
Class C:
Net asset value and offering price per share	$	16.72
Class Y:
Net asset value and offering price per share	$	16.69
Investor Class:
Net asset value and offering price per share	$	16.69
Institutional Class:
Net asset value and offering price per share	$	16.56

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

6        Invesco Utilities Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $59,432)	$	6,850,006
Dividends from affiliated money market funds		7,351
Total investment income		6,857,357
Expenses:
Advisory fees		1,264,484
Administrative services fees		63,914
Custodian fees		6,908
Distribution fees:
Class A		272,244
Class B		100,226
Class C		108,314
Investor Class		85,038
Transfer agent fees — A, B, C, Y and Investor		455,958
Transfer agent fees — Institutional		68
Trustees’ and officers’ fees and benefits		14,613
Other		122,094
Total expenses		2,493,861
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(113,512	)
Net expenses		2,380,349
Net investment income		4,477,008
Realized and unrealized gain from:
Net realized gain (loss) from:
Investment securities		3,000,813
Foreign currencies		(14,924	)
		2,985,889
Change in net unrealized appreciation (depreciation) of:
Investment securities		3,524,518
Foreign currencies		(2,798	)
		3,521,720
Net realized and unrealized gain		6,507,609
Net increase in net assets resulting from operations	$	10,984,617

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

7        Invesco Utilities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011 and the year ended April 30, 2011

(Unaudited)

	October 31,			April 30,
	2011			2011
Operations:
Net investment income	$	4,477,008		$	5,916,387
Net realized gain		2,985,889			8,944,092
Change in net unrealized appreciation		3,521,720			18,320,596
Net increase in net assets resulting from operations		10,984,617			33,181,075
Distributions to shareholders from net investment income:
Class A		(2,847,406	)		(3,237,600	)
Class B		(185,295	)		(258,360	)
Class C		(199,004	)		(221,773	)
Class Y		(29,695	)		(31,103	)
Investor Class		(882,335	)		(1,478,651	)
Institutional Class		(109,434	)		(235,462	)
Total distributions from net investment income		(4,253,169	)		(5,462,949	)
Share transactions–net:
Class A		110,554,301			(14,097,201	)
Class B		6,691,585			(3,739,502	)
Class C		12,006,189			(593,647	)
Class Y		1,386,571			190,949
Investor Class		8,207,031			(6,818,934	)
Institutional Class		50,329			(3,085,926	)
Net increase (decrease) in net assets resulting from share transactions		138,896,006			(28,144,261	)
Net increase (decrease) in net assets		145,627,454			(426,135	)
Net assets:
Beginning of period		228,914,422			229,340,557
End of period (includes undistributed net investment income of $968,728 and $744,889, respectively)	$	374,541,876		$	228,914,422

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Utilities 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

  The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert.

8        Invesco Utilities Fund

Generally, Class B shares will automatically convert to Class A shares on or the about month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

9        Invesco Utilities Fund

	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 income are declared and paid quarterly and are recorded on ex-dividend date. Distributions from net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 the Institutional Class 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 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.	Other Risks — The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.
	The Fund may invest a large percentage of its assets in a limited number of securities or other instruments, which could negatively affect the value of the Fund.
	The following factors may affect the Fund’s investments in the utilities sector: governmental regulation, economic factors, ability of the issuer to obtain financing, prices of natural resources and risks associated with nuclear power.
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 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

10        Invesco Utilities Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  Effective May 23, 2011, the Adviser has contractually agreed, through at least June 30, 2013, 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 B, Class C, Class Y, Investor Class and Institutional Class shares to 1.32%, 2.07%, 2.07%, 1.07%, 1.32% and 1.07%, respectively, of average daily net assets. Prior to May 23, 2011, 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 B, Class C, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2013. To the extent that the annualized expense ratio does not exceed the expense limitation, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to each fiscal year.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees $10,381 and reimbursed class level expenses of $67,239, $6,189, $6,688, $620 and $21,003 of Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended October 31, 2011, Invesco Ltd. reimbursed expenses of the Fund in the amount of $544.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, Class C, Class Y, Investor Class and Institutional Class 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 B, 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 B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. 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, 2011, expenses incurred under the Plan are shown in the Statement of Operations as distribution fees.

11        Invesco Utilities Fund

  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, 2011, IDI advised the Fund that IDI retained $25,192 in front-end sales commissions from the sale of Class A shares and $9, $21,153 and $466 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	354,495,055	$	22,541,108	$	—	$	377,036,163

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $848.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $871 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

12        Invesco Utilities Fund

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

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	7,560,695

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $35,016,777 and $16,628,901, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	51,995,484
Aggregate unrealized (depreciation) of investment securities		(3,801,272	)
Net unrealized appreciation of investment securities	$	48,194,212
Cost of investments for tax purposes is $328,841,951.

13        Invesco Utilities Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2011(a)						April 30, 2011
	Shares			Amount			Shares			Amount
Sold:
Class A		2,037,331		$	32,707,517			647,274		$	9,427,309
Class B		107,840			1,754,228			93,386			1,341,429
Class C		359,054			5,840,387			181,355			2,706,814
Class Y		88,441			1,427,840			41,213			625,869
Investor Class		2,073,901			33,774,012			231,583			3,420,383
Institutional Class		48,284			773,403			85,983			1,246,595
Issued as reinvestment of dividends:
Class A		154,902			2,478,788			201,237			2,918,845
Class B		10,484			168,260			16,279			236,504
Class C		11,089			179,529			13,979			205,049
Class Y		1,513			24,450			1,804			26,446
Investor Class		51,713			833,454			94,984			1,389,313
Institutional Class		6,811			109,050			16,282			235,454
Issued in connection with acquisitions:(b)
Class A		5,771,955			95,030,805			—			—
Class B		548,086			9,040,291			—			—
Class C		512,232			8,517,635			—			—
Class Y		18,025			299,246			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		124,893			2,029,504			140,063			2,072,116
Class B		(124,625	)		(2,029,504	)		(139,735	)		(2,072,116	)
Reacquired:
Class A		(1,360,796	)		(21,692,313	)		(1,941,382	)		(28,515,471	)
Class B		(139,851	)		(2,241,690	)		(222,969	)		(3,245,319	)
Class C		(157,038	)		(2,531,362	)		(237,345	)		(3,505,510	)
Class Y		(23,230	)		(364,965	)		(31,031	)		(461,366	)
Investor Class		(1,595,773	)		(26,400,435	)		(785,383	)		(11,628,630	)
Institutional Class		(52,314	)		(832,124	)		(321,724	)		(4,567,975	)
Net increase (decrease) in share activity		8,472,927		$	138,896,006			(1,914,147	)	$	(28,144,261	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% 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)

As of the opening of business on May 23, 2011, the Fund acquired all the net assets of Invesco Van Kampen Utility Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Van Kampen Utility Fund on April 14, 2011. The acquisition was accomplished by a tax free exchange of 6,850,298 shares of the Fund for 5,962,860 shares outstanding of Invesco Van Kampen Utility Fund as of the close of business on May 20, 2011. Each class of Invesco Van Kampen Utility Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Van Kampen Utility Fund to the net asset value of the Fund on the close of business, May 20, 2011. Invesco Van Kampen Utility Fund’s net assets at that date of $112,887,977 including $13,510,618 of unrealized appreciation was combined with those net assets of the Fund. The net assets of the Fund immediately before the acquisition were $254,710,579. The net assets of the Fund immediately following the reorganization were $367,598,556.

14        Invesco Utilities Fund

NOTE 10—Financial Highlights

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			Ratio of net
	Net asset		Net			(losses) on						Dividends										net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations			income			of period		return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 10/31/11	$	16.18	$	0.22	(c)	$	0.35		$	0.57		$	(0.20	)	$	16.55		3.59	%	$	246,751		1.33	%(d)		1.40	%(d)		2.73	%(d)		7	%
Year ended 04/30/11		14.28		0.40	(c)		1.87			2.27			(0.37	)		16.18		16.24			132,403		1.45			1.46			2.75			17
One month ended 04/30/10		14.00		0.01	(c)		0.27			0.28			—			14.28		2.00			130,406		1.49	(e)		1.50	(e)		0.53	(e)		0
Year ended 03/31/10		11.57		0.34	(c)		2.43			2.77			(0.34	)		14.00		24.06			129,685		1.53			1.54			2.58			14
Year ended 03/31/09		17.89		0.35	(c)		(6.29	)(f)		(5.94	)		(0.38	)		11.57		(33.56	)(f)		118,328		1.48			1.50			2.26			5
Year ended 03/31/08		18.15		0.32	(c)		(0.27	)		0.05			(0.31	)		17.89		0.20			214,352		1.31			1.34			1.69			25
Year ended 03/31/07		13.92		0.31			4.23			4.54			(0.31	)		18.15		33.05			214,289		1.31			1.41			2.01			33
Class B
Six months ended 10/31/11		16.22		0.16	(c)		0.35			0.51			(0.14	)		16.59		3.20			20,645		2.08	(d)		2.15	(d)		1.98	(d)		7
Year ended 04/30/11		14.31		0.29	(c)		1.88			2.17			(0.26	)		16.22		15.42			13,669		2.20			2.21			2.00			17
One month ended 04/30/10		14.04		(0.00	)(c)		0.27			0.27			—			14.31		1.92			15,680		2.24	(e)		2.25	(e)		(0.22	)(e)		0
Year ended 03/31/10		11.60		0.24	(c)		2.44			2.68			(0.24	)		14.04		23.19			15,828		2.28			2.29			1.83			14
Year ended 03/31/09		17.95		0.24	(c)		(6.32	)(f)		(6.08	)		(0.27	)		11.60		(34.12	)(f)		18,254		2.23			2.25			1.51			5
Year ended 03/31/08		18.21		0.18	(c)		(0.27	)		(0.09	)		(0.17	)		17.95		(0.53	)		47,990		2.06			2.09			0.94			25
Year ended 03/31/07		13.97		0.20			4.24			4.44			(0.20	)		18.21		32.02			49,840		2.06			2.16			1.26			33
Class C
Six months ended 10/31/11		16.36		0.16	(c)		0.34			0.50			(0.14	)		16.72		3.12			25,866		2.08	(d)		2.15	(d)		1.98	(d)		7
Year ended 04/30/11		14.43		0.30	(c)		1.90			2.20			(0.27	)		16.36		15.45			13,433		2.20			2.21			2.00			17
One month ended 04/30/10		14.15		(0.00	)(c)		0.28			0.28			—			14.43		1.98			12,457		2.24	(e)		2.25	(e)		(0.22	)(e)		0
Year ended 03/31/10		11.70		0.25	(c)		2.45			2.70			(0.25	)		14.15		23.09			12,723		2.28			2.29			1.83			14
Year ended 03/31/09		18.09		0.24	(c)		(6.36	)(f)		(6.12	)		(0.27	)		11.70		(34.06	)(f)		11,817		2.23			2.25			1.51			5
Year ended 03/31/08		18.35		0.18	(c)		(0.27	)		(0.09	)		(0.17	)		18.09		(0.52	)		23,176		2.06			2.09			0.94			25
Year ended 03/31/07		14.08		0.20			4.27			4.47			(0.20	)		18.35		31.99			17,711		2.06			2.16			1.26			33
Class Y
Six months ended 10/31/11		16.32		0.24	(c)		0.36			0.60			(0.23	)		16.69		3.70			2,839		1.08	(d)		1.15	(d)		2.98	(d)		7
Year ended 04/30/11		14.40		0.44	(c)		1.89			2.33			(0.41	)		16.32		16.56			1,393		1.20			1.21			3.00			17
One month ended 04/30/10		14.11		0.01	(c)		0.28			0.29			—			14.40		2.06			1,057		1.24	(e)		1.25	(e)		0.78	(e)		0
Year ended 03/31/10		11.67		0.39	(c)		2.43			2.82			(0.38	)		14.11		24.26			1,038		1.28			1.29			2.83			14
Year ended 03/31/09(g)		14.51		0.15	(c)		(2.77	)(f)		(2.62	)		(0.22	)		11.67		(18.13	)(f)		300		1.46	(e)		1.47	(e)		2.28	(e)		5
Investor Class
Six months ended 10/31/11		16.32		0.22	(c)		0.36			0.58			(0.21	)		16.69		3.57			70,396		1.33	(d)		1.40	(d)		2.73	(d)		7
Year ended 04/30/11		14.40		0.41	(c)		1.89			2.30			(0.38	)		16.32		16.27			60,196		1.45			1.46			2.75			17
One month ended 04/30/10		14.11		0.01	(c)		0.28			0.29			—			14.40		2.06			59,707		1.49	(e)		1.50	(e)		0.53	(e)		0
Year ended 03/31/10		11.67		0.35	(c)		2.44			2.79			(0.35	)		14.11		23.96			59,381		1.53			1.54			2.58			14
Year ended 03/31/09		18.04		0.35	(c)		(6.34	)(f)		(5.99	)		(0.38	)		11.67		(33.54	)(f)		53,227		1.48			1.50			2.26			5
Year ended 03/31/08		18.30		0.32	(c)		(0.27	)		0.05			(0.31	)		18.04		0.22			95,682		1.31			1.34			1.69			25
Year ended 03/31/07		14.04		0.32			4.26			4.58			(0.32	)		18.30		33.00			106,793		1.31			1.41			2.01			33
Institutional Class
Six months ended 10/31/11		16.19		0.26	(c)		0.34			0.60			(0.23	)		16.56		3.79			8,046		0.86	(d)		0.87	(d)		3.20	(d)		7
Year ended 04/30/11		14.28		0.48	(c)		1.88			2.36			(0.45	)		16.19		16.94			7,820		0.93			0.94			3.27			17
One month ended 04/30/10		14.00		0.01	(c)		0.27			0.28			—			14.28		2.00			10,034		0.98	(e)		0.99	(e)		1.04	(e)		0
Year ended 03/31/10		11.57		0.42	(c)		2.43			2.85			(0.42	)		14.00		24.75			9,934		0.97			0.98			3.14			14
Year ended 03/31/09		17.89		0.42	(c)		(6.29	)(f)		(5.87	)		(0.45	)		11.57		(33.24	)(f)		9,228		1.00			1.01			2.74			5
Year ended 03/31/08		18.15		0.40	(c)		(0.27	)		0.13			(0.39	)		17.89		0.63			18,522		0.89			0.89			2.11			25
Year ended 03/31/07		13.92		0.36			4.24			4.60			(0.37	)		18.15		33.54			5,132		0.91			0.91			2.41			33

(a)	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.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio Turnover calculation excludes the value of securities purchased of $95,656,625 and sold of $8,278,596 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Utility Fund into the Fund.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $216,611, $19,936, $21,545, $1,998, $67,660 and $7,612 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Includes litigation proceeds received during the period. Had the litigation proceeds not been received, net gains (losses) on securities (both realized and unrealized) per share would have been $(6.39), $(6.42), $(6.46), $(2.83), $(6.44) and $(6.39) for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares respectively, and total returns would have been lower.
(g)	Commencement date of October 3, 2008.

15        Invesco Utilities 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2,3		(10/31/11)		Period2,4		Ratio2
A	$	1,000.00	$	1,035.30	$	6.80	$	1,018.45	$	6.75		1.33	%
B		1,000.00		1,032.00		10.62		1,014.68		10.53		2.08
C		1,000.00		1,031.20		10.62		1,014.68		10.53		2.08
Y		1,000.00		1,037.00		5.53		1,019.71		5.48		1.08
Investor		1,000.00		1,037.00		5.43		1,018.45		6.75		1.33
Institutional		1,000.00		1,038.50		4.32		1,020.81		4.37		0.86

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, 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 May 23, 2011, the Fund’s Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expense of Class A, Class B, Class C, Class Y, Invesco Class and Institutional Class shares to 1.32%, 2.07%, 2.07%, 1.07%, 1.32% and 1.07% 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 1.32%, 2.07%, 2.07%, 1.07%, 1.32% and 0.85% for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
3	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.75, $10.57, 10.57, $5.48, $5.38 and $4.27 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.
4	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $6.70, $10.48, $10.48, $5.43, $6.70 and $4.32 for Class A, Class B, Class C, Class Y, Investor Class and Institutional Class shares, respectively.

16        Invesco Utilities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Utilities Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

17        Invesco Utilities Fund

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Utility Funds Index. The Board noted that performance of Investor Class shares of the Fund was in the fourth quintile of the performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Investor Class shares of the Fund was below the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Investor Class shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s effective fee rate was above the effective rate of the other mutual fund with comparable investment strategies.

  Other than the mutual fund described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other client accounts with investment strategies comparable to those of the Fund.

  The Board also noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2013 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 effect this fee waiver would have on the Fund’s total estimated expenses.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

18        Invesco Utilities Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

I-UTI-SAR-1           Invesco Distributors, Inc.

Invesco Van Kampen American Value Fund

Semiannual Report to Shareholders § October 31, 2011

Nasdaq:

A: MSAVX § B: MGAVX § C: MSVCX § R: MSARX § Y: MSAIX § Institutional: MSAJX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-10.67	%
Class B Shares	-10.64
Class C Shares	-10.97
Class R Shares	-10.79
Class Y Shares	-10.59
Institutional Class Shares	-10.44
S&P 500 Index6 (Broad Market Index)	-7.12
Russell Midcap Value Index6 (Style-Specific Index)	-11.02
Lipper Mid-Cap Value Funds Index6 (Peer Group Index)	-13.23

Source(s): ⁶Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. 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) defined 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.

2 Invesco Van Kampen American Value Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (10/18/93)	8.32	%
10 Years	6.95
5 Years	1.22
1 Year	0.33
Class B Shares
Inception (8/1/95)	8.16	%
10 Years	7.14
5 Years	1.83
1 Year	1.14
Class C Shares
Inception (10/18/93)	7.88	%
10 Years	6.83
5 Years	1.62
1 Year	4.42
Class R Shares
Inception (3/20/07)	0.53	%
1 Year	5.85
Class Y Shares
Inception (2/7/06)	4.07	%
5 Years	2.62
1 Year	6.36
Institutional Class Shares
10 Years	7.62	%
5 Years	2.49
1 Year	6.62

Effective June 1, 2010, Class A, Class B, 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 B, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen American Value Fund. Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen American Value Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Institutional Class shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (10/18/93)	7.56	%
10 Years	6.03
5 Year	-0.79
1 Year	-8.88
Class B Shares
Inception (8/1/95)	7.32	%
10 Years	6.21
5 Year	-0.19
1 Year	-8.43
Class C Shares
Inception (10/18/93)	7.13	%
10 Years	5.90
5 Year	-0.40
1 Year	-5.20
Class R Shares
Inception (3/20/07)	-2.36	%
1 Year	-3.83
Class Y Shares
Inception (2/7/06)	1.72	%
5 Year	0.59
1 Year	-3.38
Institutional Class Shares
10 Years	6.69	%
5 Year	0.45
1 Year	-3.16

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.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares was 1.27%, 1.27%, 1.99%, 1.52%, 1.02% and 0.80%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based

on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Institutional Class 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.

3 Invesco Van Kampen American Value Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen American Value Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.33%
Alternative Carriers–2.93%
TW Telecom, Inc.(b)		1,320,835	$	24,435,448
Asset Management & Custody Banks–2.22%
Northern Trust Corp.		458,072		18,538,174
Computer Hardware–2.28%
Diebold, Inc.		588,220		18,987,742
Data Processing & Outsourced Services–3.06%
Fidelity National Information Services, Inc.		973,468		25,485,392
Diversified Banks–1.77%
Comerica, Inc.		576,612		14,732,437
Electric Utilities–4.57%
Edison International		738,534		29,984,481
Great Plains Energy, Inc.		392,488		8,140,201
				38,124,682
Electronic Manufacturing Services–1.47%
Flextronics International Ltd. (Singapore)(b)		1,873,411		12,298,943
Food Distributors–1.87%
Sysco Corp.		563,930		15,632,140
Food Retail–2.99%
Safeway, Inc.		1,285,184		24,894,014
Health Care Facilities–4.36%
Brookdale Senior Living, Inc.(b)		1,091,890		18,103,536
HealthSouth Corp.(b)		1,035,235		18,282,250
				36,385,786
Heavy Electrical Equipment–2.05%
Babcock & Wilcox Co. (The)(b)		777,995		17,108,110
Home Furnishings–2.22%
Mohawk Industries, Inc.(b)		351,357		18,498,946
Housewares & Specialties–3.07%
Newell Rubbermaid, Inc.		1,729,742		25,600,182
Industrial Machinery–2.90%
Snap-On, Inc.		449,941		24,148,333
Insurance Brokers–5.09%
Marsh & McLennan Cos., Inc.		774,023		23,700,584
Willis Group Holdings PLC (Ireland)		515,649		18,723,215
				42,423,799
Integrated Oil & Gas–1.96%
Murphy Oil Corp.		295,165		16,343,286
Investment Banking & Brokerage–0.70%
Charles Schwab Corp. (The)		476,103		5,846,545
Motorcycle Manufacturers–2.92%
Harley-Davidson, Inc.		627,059		24,392,595
Multi-Utilities–3.87%
CenterPoint Energy, Inc.		784,598		16,351,023
Wisconsin Energy Corp.		491,061		15,925,108
				32,276,131
Office Electronics–2.79%
Zebra Technologies Corp.–Class A(b)		651,277		23,276,640
Office Services & Supplies–0.60%
Avery Dennison Corp.		186,528		4,961,645
Oil & Gas Exploration & Production–2.10%
Pioneer Natural Resources Co.		209,209		17,552,635
Oil & Gas Storage & Transportation–6.87%
El Paso Corp.		1,318,608		32,978,386
Williams Cos., Inc. (The)		808,412		24,341,285
				57,319,671
Packaged Foods & Meats–3.25%
ConAgra Foods, Inc.		1,068,675		27,069,538
Paper Packaging–2.08%
Sonoco Products Co.		552,874		17,354,715
Personal Products–1.30%
Avon Products, Inc.		591,387		10,810,554
Property & Casualty Insurance–2.84%
ACE Ltd. (Switzerland)		328,836		23,725,517
Regional Banks–4.07%
BB&T Corp.		712,413		16,627,719
Wintrust Financial Corp.		598,713		17,290,832
				33,918,551
Restaurants–2.27%
Darden Restaurants, Inc.		396,117		18,966,082
Retail REIT’s–1.69%
Weingarten Realty Investors		607,700		14,104,717

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

5        Invesco Van Kampen American Value Fund

	Shares		Value
Specialty Chemicals–5.16%
Valspar Corp. (The)		542,410	$	18,913,837
W.R. Grace & Co.(b)		576,846		24,106,394
				43,020,231
Specialty Stores–2.15%
Staples, Inc.		1,200,820		17,964,267
Trucking–0.86%
Swift Transportation Co.(b)		808,828		7,198,569
Total Common Stocks & Other Equity Interests (Cost $731,796,705)				753,396,017
Preferred Stocks–0.82%
Health Care Facilities–0.82%
HealthSouth Corp., Series A, $65.00 Conv. Pfd. (Cost $6,354,956)		7,660		6,819,315
Money Market Funds–8.47%
Liquid Assets Portfolio–Institutional Class(c)		35,348,666		35,348,666
Premier Portfolio–Institutional Class(c)		35,348,667		35,348,667
Total Money Market Funds (Cost $70,697,333)				70,697,333
TOTAL INVESTMENTS–99.62% (Cost $808,848,994)				830,912,665
OTHER ASSETS LESS LIABILITIES–0.38%				3,163,665
NET ASSETS–100.00%			$	834,076,330

Investment Abbreviations:

Conv.	– Convertible
Pfd.	– Preferred
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Financials	18.4	%
Consumer Discretionary	12.6
Energy	10.9
Information Technology	9.6
Consumer Staples	9.4
Utilities	8.5
Materials	7.2
Industrials	6.4
Health Care	5.2
Telecommunication Services	2.9
Money Market Funds Plus Other Assets Less Liabilities	8.9

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

6        Invesco Van Kampen American Value Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $738,151,661)	$	760,215,332
Investments in affiliated money market funds, at value and cost		70,697,333
Total investments, at value (Cost $808,848,994)		830,912,665
Receivable for:
Investments sold		6,088,652
Fund shares sold		1,428,270
Dividends		714,904
Fund expenses absorbed		28,292
Investment for trustee deferred compensation and retirement plans		26,489
Other assets		47,299
Total assets		839,246,571
Liabilities:
Payable for:
Investments purchased		2,728,920
Fund shares reacquired		1,565,979
Accrued fees to affiliates		629,452
Accrued other operating expenses		184,300
Trustee deferred compensation and retirement plans		61,590
Total liabilities		5,170,241
Net assets applicable to shares outstanding	$	834,076,330
Net assets consist of:
Shares of beneficial interest	$	878,718,401
Undistributed net investment income		1,802,980
Undistributed net realized gain (loss)		(68,508,722	)
Unrealized appreciation		22,063,671
	$	834,076,330
Net Assets:
Class A	$	580,404,952
Class B	$	45,092,306
Class C	$	67,828,567
Class R	$	23,292,914
Class Y	$	111,926,764
Institutional Class	$	5,530,827
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		21,788,147
Class B		1,858,977
Class C		2,833,483
Class R		875,018
Class Y		4,186,656
Institutional Class		206,739
Class A:
Net asset value per share	$	26.64
Maximum offering price per share
(Net asset value of $26.64 divided by 94.50%)	$	28.19
Class B:
Net asset value and offering price per share	$	24.26
Class C:
Net asset value and offering price per share	$	23.94
Class R:
Net asset value and offering price per share	$	26.62
Class Y:
Net asset value and offering price per share	$	26.73
Institutional Class:
Net asset value and offering price per share	$	26.75

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

7        Invesco Van Kampen American Value Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends	$	7,945,387
Dividends from affiliated money market funds		15,105
Total investment income		7,960,492
Expenses:
Advisory fees		3,028,713
Administrative services fees		122,142
Custodian fees		17,081
Distribution fees:
Class A		746,407
Class B		240,859
Class C		342,222
Class R		53,240
Transfer agent fees — A, B, C, R and Y		1,062,173
Transfer agent fees — Institutional		155
Trustees’ and officers’ fees and benefits		17,904
Other		184,651
Total expenses		5,815,547
Less: Fees waived and expense offset arrangement(s)		(226,280	)
Net expenses		5,589,267
Net investment income		2,371,225
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		25,333,081
Option contracts written		368,267
		25,701,348
Change in net unrealized appreciation (depreciation) of:
Investment securities		(135,051,622	)
Option contracts written		1,036,509
		(134,015,113	)
Net realized and unrealized gain (loss)		(108,313,765	)
Net increase (decrease) in net assets resulting from operations	$	(105,942,540	)

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

8        Invesco Van Kampen American Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the ten months ended April 30, 2011 and the year ended June 30, 2010

(Unaudited)

	Six months ended			Ten months ended			Year ended
	October 31,			April 30,			June 30,
	2011			2011			2010
Operations:
Net investment income	$	2,371,225		$	1,456,613		$	2,535,562
Net realized gain		25,701,348			36,371,018			49,893,610
Change in net unrealized appreciation (depreciation)		(134,015,113	)		143,461,327			80,978,189
Net increase (decrease) in net assets resulting from operations		(105,942,540	)		181,288,958			133,407,361
Distributions to shareholders from net investment income:
Class A		(954,015	)		(695,973	)		(2,484,527	)
Class B		(77,974	)		(12,844	)		(146,581	)
Class C		—			—			(18,616	)
Class R		(7,031	)		(1,526	)		(22,038	)
Class Y		(321,401	)		(82,850	)		(116,335	)
Institutional Class		(11,513	)		(2,927	)		(11	)
Total distributions from net investment income		(1,371,934	)		(796,120	)		(2,788,108	)
Share transactions–net:
Class A		106,744,761			(47,249,197	)		(57,254,421	)
Class B		13,646,868			(6,956,116	)		(6,236,507	)
Class C		30,146,830			(4,651,257	)		(3,424,520	)
Class R		8,283,989			900,661			7,020,443
Class Y		87,802,421			20,088,726			(97,400	)
Institutional Class		5,905,802			(2,740,068	)		2,592,095
Net increase (decrease) in net assets resulting from share transactions		252,530,671			(40,607,251	)		(57,400,310	)
Net increase in net assets		145,216,197			139,885,587			73,218,943
Net assets:
Beginning of period		688,860,133			548,974,546			475,755,603
End of period (includes undistributed net investment income of $1,802,980, $803,689 and $113,196 respectively)	$	834,076,330		$	688,860,133		$	548,974,546

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to seek to provide a high total return by investing in equity securities of small- to medium-sized corporations.

  The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Institutional Class. 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 R, Class Y and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other

9        Invesco Van Kampen American Value Fund

Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

10        Invesco Van Kampen American Value Fund

	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 income are declared and paid quarterly and are recorded on ex-dividend date. Distributions from net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 the Institutional Class 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. Prior to the Reorganization, incremental transfer agency fees which are unique to each class of shares of the Acquired Fund were charged to the operations of such class.
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 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.	Call Options Written and Purchased — The Fund may write and/or buy call options. A call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security 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.
	When the Fund writes a call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the 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 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 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 these contracts are included in the Statement of Operation. A risk in writing a 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 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 these contracts are included in the Statement of Operations. 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.
J.	Put Options Purchased — The Fund may purchase put options including options on securities indexes 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 securities hedged. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. 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.

11        Invesco Van Kampen American Value Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 23, 2011, under the terms of the investment advisory agreement, the Fund paid an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $500 million		0	.72%
Next $535 million		0	.715%
Next $31.965 billion		0	.65%
Over $33 billion		0	.64%

  Prior to May 23, 2011, the Fund paid an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $1 billion		0	.72%
Over $1.035 billion		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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  Effective May 23, 2011, the Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, Class R, Class Y and Institutional Class shares to 1.41%, 1.65% (after Rule 12b-1 fee limit), 2.16%, 1.66%, 1.16% and 1.16%, respectively, of average daily net assets. Prior to May 23, 2011, 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 B, Class C, Class R, Class Y and Institutional Class shares to 1.41%, 2.16%, 2.16%, 1.66%, 1.16% and 1.16%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of the Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under the expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended October 31, 2011, the Adviser waived advisory fees of $28,691.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 shares, Class B shares, Class C shares 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% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

  Effective May 23, 2011, IDI has contractually agreed to limit Rule 12b-1 plan fees on Class B to 0.49% of average daily net assets, through at least June 30, 2012.

  With respect to Class B and 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 B and 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.

  Expenses under the Plans before fee waivers are shown as distribution fees in the Statement of Operations as distribution fees. For the six months ended October 31, 2011, 12b-1 fees for Class B shares were $59,694 after fee waivers of $181,165 and 12b-1 fees for Class C shares were $326,796 after fee waivers of $15,426.

  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, 2011, IDI advised the Fund that IDI retained $64,955 in front-end sales commissions from the sale of Class A shares and $68, $28,157 and $1,679 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

12        Invesco Van Kampen American Value Fund

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of October 31, 2011. 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.

  For the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	824,093,350	$	6,819,315	$	—	$	830,912,665

NOTE 4—Derivative Investments

The Fund has implemented the required disclosures about derivative instruments and hedging activities in accordance with GAAP. This disclosure is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. The enhanced disclosure has no impact on the results of operations reported in the financial statements.

Effect of Derivative Instruments for the six months ended October 31, 2011

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

	Location of Gain on
	Statement of Operations
	Options*
Realized Gain
Equity risk	$	368,267
Change in Unrealized Appreciation
Equity risk		1,036,509
Total	$	1,404,776

* The average value of options outstanding during the period was $293,345.

Transactions During the Period
	Call Option Contracts
	Number of			Premiums
	Contracts			Received
Beginning of period		2,750		$	379,741
Written		6,575			1,162,877
Closed		(7,975	)		(1,354,653	)
Expired		(1,350	)		(187,965	)
End of period		—		$	—

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $958,285.

13        Invesco Van Kampen American Value Fund

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $998.

NOTE 7—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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $1,213 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 9—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 generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2017	$	23,733,744
April 30, 2018		69,879,698
Total capital loss carryforward	$	93,613,442

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $93,991,755 and $114,980,212, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	89,200,381
Aggregate unrealized (depreciation) of investment securities		(67,733,338	)
Net unrealized appreciation of investment securities	$	21,467,043
Cost of investments for tax purposes is $809,445,622.

14        Invesco Van Kampen American Value Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended						Ten months ended						Year ended
	October 31, 2011(a)						April 30, 2011						June 30, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		1,570,924		$	42,437,689			2,262,609		$	59,945,505			4,418,487		$	97,663,692
Class B		20,811			536,329			109,536			2,478,759			263,259			5,348,613
Class C		103,017			2,523,010			132,881			3,190,416			295,419			6,013,333
Class R		299,003			8,002,771			322,162			8,395,693			497,325			11,370,627
Class Y		551,349			15,045,161			931,565			24,470,353			649,141			14,255,642
Institutional Class		209,375			5,970,916			1,607			39,338			116,167			2,592,084
Issued as reinvestment of dividends:
Class A		34,489			914,518			23,765			645,045			105,667			2,316,459
Class B		3,115			75,230			505			12,409			6,957			140,415
Class C		—			—			—			—			882			16,365
Class R		269			7,030			58			1,526			987			21,991
Class Y		11,239			299,747			2,659			71,591			3,434			76,566
Institutional Class		442			11,187			121			2,887			1			11
Issued in connection with acquistions:(b)
Class A		5,489,600			162,514,936			—			—			—			—
Class B		838,701			22,606,208			—			—			—			—
Class C		1,394,212			37,138,560			—			—			—			—
Class R		257,971			7,628,842			—			—			—			—
Class Y		3,001,010			89,143,744			—			—			—			—
Institutional Class		9,398			279,372			—			—			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		154,317			4,166,232			122,871			3,257,453			—			—
Class B		(169,456	)		(4,166,232	)		(135,010	)		(3,257,453	)		—			—
Reacquired:
Class A		(3,860,582	)		(103,288,614	)		(4,288,226	)		(111,097,200	)		(7,100,338	)		(157,234,572	)
Class B		(223,664	)		(5,404,667	)		(262,509	)		(6,189,831	)		(580,643	)		(11,725,535	)
Class C		(400,487	)		(9,514,740	)		(333,533	)		(7,841,673	)		(469,954	)		(9,454,218	)
Class R		(266,625	)		(7,354,654	)		(280,018	)		(7,496,558	)		(193,028	)		(4,372,175	)
Class Y		(627,539	)		(16,686,231	)		(166,531	)		(4,453,218	)		(634,583	)		(14,429,608	)
Institutional Class		(13,265	)		(355,673	)		(117,107	)		(2,782,293	)		—			—
Net increase (decrease) in share activity		8,387,624		$	252,530,671			(1,672,595	)	$	(40,607,251	)		(2,620,820	)	$	(57,400,310	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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)

As of the open of business on May 23, 2011, the Fund acquired all the net assets of Invesco Mid-Cap Value Fund and Invesco Mid Cap Basic Value Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Mid-Cap Value Fund and Invesco Mid Cap Basic Value Fund, respectively on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 10,990,892 shares of the Fund for 11,782,241 shares outstanding of Invesco Mid-Cap Value Fund and 14,984,047 shares outstanding of Invesco Mid Cap Basic Value Fund as of the close of business on May 20, 2011. Each class of shares of Invesco Mid-Cap Value Fund and Invesco Mid Cap Basic Value Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Mid-Cap Value Fund and Invesco Mid Cap Basic Value Fund to the net asset value of the Fund on the close of business, May 20, 2011. Invesco Mid-Cap Value Fund’s net assets as of the close of business on May 20, 2011 of $121,971,596 including $19,608,737 of unrealized appreciation and Invesco Mid Cap Basic Value Fund’s net assets as of the close of business on May 20, 2011 of $197,340,066 including $39,514,293 of unrealized appreciation, were combined with the net assets of the Fund immediately before the acquisition of $681,095,239. The combined aggregate net assets of the Fund subsequent to the reorginization were $1,000,406,901.

15        Invesco Van Kampen American Value Fund

NOTE 12—Financial Highlights

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

																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses) on																						to average			to average net			Ratio of net
	Net asset		Net			securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 10/31/11	$	29.86	$	0.08		$	(3.26	)	$	(3.18	)	$	(0.04	)	$	—		$	(0.04	)	$	26.64		(10.64	)%	$	580,405		1.29	%(d)		1.30	%(d)		0.60	%(d)		16	%
Ten months ended 04/30/11		22.22		0.07			7.61			7.68			(0.04	)		—			(0.04	)		29.86		34.57			549,428		1.26	(e)		1.27	(e)		0.34	(e)		28
Year ended 06/30/10		17.44		0.11			4.78			4.89			(0.11	)		—			(0.11	)		22.22		28.07			450,675		1.31			1.31			0.50			50
Year ended 06/30/09		24.18		0.16			(6.54	)		(6.38	)		(0.14	)		(0.22	)		(0.36	)		17.44		(26.17	)(f)		398,513		1.41			1.41			0.90			60
Year ended 06/30/08		34.55		0.12			(5.01	)		(4.89	)		(0.14	)		(5.34	)		(5.48	)		24.18		(16.43	)(f)		633,126		1.25			1.25			0.43			65
Year ended 06/30/07		28.46		0.15			7.63			7.78			(0.10	)		(1.59	)		(1.69	)		34.55		28.00	(f)		674,636		1.25			1.25			0.47			80
Year ended 06/30/06		24.91		0.07			3.48			3.55			—			—			—			28.46		14.25	(f)		390,930		1.29			1.29			0.25			61
Class B
Six months ended 10/31/11		27.19		0.07			(2.96	)		(2.89	)		(0.04	)		—			(0.04	)		24.26		(10.64	)(g)		45,092		1.29	(d)(g)		2.05	(d)(g)		0.60	(d)(g)		16
Ten months ended 04/30/11		20.23		0.04			6.93			6.97			(0.01	)		—			(0.01	)		27.19		34.45	(g)		37,780		1.38	(e)(g)		1.39	(e)(g)		0.22	(e)(g)		28
Year ended 06/30/10		15.89		0.05			4.37			4.42			(0.08	)		—			(0.08	)		20.23		27.82	(g)		33,933		1.55	(g)		1.55	(g)		0.26	(g)		50
Year ended 06/30/09		22.11		0.14			(6.00	)		(5.86	)		(0.14	)		(0.22	)		(0.36	)		15.89		(26.22	)(h)(i)		31,586		1.48	(i)		1.48	(i)		0.82	(i)		60
Year ended 06/30/08		32.11		0.02			(4.59	)		(4.57	)		(0.09	)		(5.34	)		(5.43	)		22.11		(16.70	)(h)(i)		53,854		1.59	(i)		1.59	(i)		0.08	(i)		65
Year ended 06/30/07		26.71		(0.08	)		7.14			7.06			(0.07	)		(1.59	)		(1.66	)		32.11		27.10	(h)(i)		88,060		1.97	(i)		1.97	(i)		(0.26	)(i)		80
Year ended 06/30/06		23.35		0.04			3.32			3.36			—			—			—			26.71		14.39	(h)(i)		85,074		1.28	(i)		1.28	(i)		0.16	(i)		61
Class C
Six months ended 10/31/11		26.89		(0.01	)		(2.94	)		(2.95	)		—			—			—			23.94		(10.97	)(j)		67,829		2.00	(d)(j)		2.05	(d)(j)		(0.11	)(d)(j)		16
Ten months ended 04/30/11		20.11		(0.07	)		6.85			6.78			—			—			—			26.89		33.72	(j)		46,700		1.97	(e)(j)		1.98	(e)(j)		(0.37	)(e)(j)		28
Year ended 06/30/10		15.82		(0.05	)		4.35			4.30			(0.01	)		—			(0.01	)		20.11		27.18			38,952		2.06			2.06			(0.25	)		50
Year ended 06/30/09		22.03		0.03			(5.96	)		(5.93	)		(0.06	)		(0.22	)		(0.28	)		15.82		(26.68	)(i)(k)		33,390		2.11	(i)		2.11	(i)		0.19	(i)		60
Year ended 06/30/08		32.05		(0.09	)		(4.59	)		(4.68	)		—			(5.34	)		(5.34	)		22.03		(17.09	)(k)		54,508		2.00			2.00			(0.33	)		65
Year ended 06/30/07		26.67		(0.08	)		7.12			7.04			(0.07	)		(1.59	)		(1.66	)		32.05		27.06	(i)(k)		70,089		2.00	(i)		2.00	(i)		(0.28	)(i)		80
Year ended 06/30/06		23.51		(0.14	)		3.30			3.16			—			—			—			26.67		13.39	(i)(k)		56,699		2.03	(i)		2.03	(i)		(0.54	)(i)		61
Class R
Six months ended 10/31/11		29.84		0.05			(3.26	)		(3.21	)		(0.01	)		—			(0.01	)		26.62		(10.76	)		23,293		1.54	(d)		1.55	(d)		0.35	(d)		16
Ten months ended 04/30/11		22.23		0.02			7.59			7.61			(0.00	)		—			(0.00	)		29.84		34.24			17,440		1.51	(e)		1.52	(e)		0.09	(e)		28
Year ended 06/30/10		17.44		0.06			4.79			4.85			(0.06	)		—			(0.06	)		22.23		27.84			12,052		1.56			1.56			0.27			50
Year ended 06/30/09		24.19		0.12			(6.55	)		(6.43	)		(0.10	)		(0.22	)		(0.32	)		17.44		(26.36	)(l)		4,132		1.70			1.70			0.73			60
Year ended 06/30/08		34.55		0.06			(5.01	)		(4.95	)		(0.07	)		(5.34	)		(5.41	)		24.19		(16.65	)(l)		1,102		1.51			1.51			0.20			65
Year ended 06/30/07(m)		31.71		0.01			2.84			2.85			(0.01	)		—			(0.01	)		34.55		9.00	(l)		121		1.50	(e)		1.50	(e)		0.10	(e)		80
Class Y(n)
Six months ended 10/31/11		29.98		0.11			(3.28	)		(3.17	)		(0.08	)		—			(0.08	)		26.73		(10.59	)		111,927		1.04	(d)		1.05	(d)		0.85	(d)		16
Ten months ended 04/30/11		22.31		0.13			7.63			7.76			(0.09	)		—			(0.09	)		29.98		34.81			37,488		1.01	(e)		1.02	(e)		0.59	(e)		28
Year ended 06/30/10		17.50		0.17			4.81			4.98			(0.17	)		—			(0.17	)		22.31		28.47			10,772		1.06			1.06			0.76			50
Year ended 06/30/09		24.27		0.21			(6.58	)		(6.37	)		(0.18	)		(0.22	)		(0.40	)		17.50		(25.99	)(o)		8,135		1.19			1.19			1.23			60
Year ended 06/30/08		34.65		0.18			(5.00	)		(4.82	)		(0.22	)		(5.34	)		(5.56	)		24.27		(16.24	)(o)		6,909		1.02			1.02			0.67			65
Year ended 06/30/07		28.49		0.22			7.65			7.87			(0.12	)		(1.59	)		(1.71	)		34.65		28.35	(o)		939		1.01			1.01			0.69			80
Year ended 06/30/06(m)		27.92		0.09			0.48			0.57			—			—			—			28.49		2.01	(o)		48		1.06	(e)		1.06	(e)		0.87	(e)		61
Institutional Class
Six months ended 10/31/11		29.98		0.14			(3.27	)		(3.13	)		(0.10	)		—			(0.10	)		26.75		(10.44	)		5,531		0.80	(d)		0.81	(d)		1.09	(d)		16
Ten months ended 04/30/11		22.31		0.15			7.64			7.79			(0.12	)		—			(0.12	)		29.98		34.98			24		0.79	(e)		0.80	(e)		0.81	(e)		28
Year ended 06/30/10(m)		23.19		0.03			(0.88	)		(0.85	)		(0.03	)		—			(0.03	)		22.31		(3.69	)		2,592		0.62	(e)		0.62	(e)		1.37	(e)		50

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments for six months ended October 31, 2011 and ten months ended April 30, 2011 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 period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $250,607,755 and sold of $65,421,229 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Mid-Cap Value Fund and Invesco Mid Cap Basic Value Fund into the Fund.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $593,880, $47,910, $68,072, $21,180, $104,356 and $3,539 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(g)	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 1.00%, 0.37% and 0.49% for the six months ended October 31, 2011, the ten months ended April 30, 2011 and the year ended June 30, 2010.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

16        Invesco Van Kampen American Value Fund

NOTE 12—Financial Highlights—(continued)

(i)	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 less than 1%.
(j)	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 1.00% and 0.96% for the six months ended October 31, 2011 and the ten months ended April 30, 2011.
(k)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(l)	Assumes reinvestment of all distributions for the period. These returns include combined Rule 12b-1 fees and service fees of up to 0.50% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(m)	Commencement date of March 20, 2007, February 7, 2006 and June 1, 2010 for Class R, Class Y and Institutional Class shares, respectively.
(n)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(o)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

NOTE 13—Proposed Reorganization

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco U.S. Mid Cap Value Fund (the “Target Fund”) in exchange for shares of the Fund.

  The Agreement requires approval of the Tartget Fund’s shareholders and will be submitted to the shareholders for their consideration at a meeting to be held in or around April 2012. Upon closing of the reorganization, shareholders of the Target Fund will receive a corresponding class of shares of the Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

17        Invesco Van Kampen 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	893.30	$	6.14	$	1,018.65	$	6.55		1.29	%
B		1,000.00		893.60		6.14		1,018.65		6.55		1.29
C		1,000.00		890.30		9.50		1,015.08		10.13		2.00
R		1,000.00		892.10		7.32		1,017.39		7.81		1.54
Y		1,000.00		894.10		4.95		1,019.91		5.28		1.04
Institutional		1,000.00		895.60		3.81		1,021.11		4.06		0.80

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

18        Invesco Van Kampen American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Van Kampen American Value Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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.

19        Invesco Van Kampen American Value Fund

  The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Mid Cap Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of the performance universe for the one year period, the fourth quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was the same as the rate of two other mutual funds advised by Invesco Advisers and below the total account level fee of two mutual funds sub-advised by Invesco Advisers.

  Other than the mutual funds described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

20        Invesco Van Kampen American Value Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

VK-AMVA-SAR-1      Invesco Distributors, Inc.

Invesco Van Kampen Comstock Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: ACSTX § B: ACSWX § C: ACSYX § R: ACSRX § Y: ACSDX § Institutional: ACSHX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
16	Financial Highlights
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-10.84	%
Class B Shares	-10.84
Class C Shares	-11.17
Class R Shares	-10.90
Class Y Shares	-10.72
Institutional Class Shares	-10.58
S&P 500 Index▼ (Broad Market Index)	-7.12
Russell 1000 Value Index▼ (Style-Specific Index)	-9.49
Lipper Large-Cap Value Funds Index▼ (Peer Group Index)	-10.49

Source(s): ^▼Lipper Inc.

The Fund recently adopted a three-tier benchmark structure to compare its performance to broad market, style-specific and peer group market measures.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. 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 index(es) defined 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.

2 Invesco Van Kampen Comstock Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (10/7/68)			10.43	%
	10	Years	3.21
	5	Years	-2.07
	1	Year	-1.47
Class B Shares
Inception (10/19/92)			8.77	%
	10	Years	3.32
	5	Years	-1.44
	1	Year	-0.75
Class C Shares
Inception (10/26/93)			8.06	%
	10	Years	3.02
	5	Years	-1.70
	1	Year	2.47
Class R Shares
Inception (10/1/02)			6.79	%
	5	Years	-1.21
	1	Year	3.99
Class Y Shares
Inception (10/29/04)			2.97	%
	5	Years	-0.71
	1	Year	4.52
Institutional Class Shares
	10	Years	3.86	%
	5	Years	-0.85
	1	Year	4.77

Effective June 1, 2010, Class A, Class B, 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 B, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen Comstock Fund. Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Comstock Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Institutional Class shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share performance reflects any applicable fee waivers or expense reimbursements.

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (10/7/68)			10.16	%
	10	Years	2.28
	5	Years	-3.76
	1	Year	-8.13
Class B Shares
Inception (10/19/92)			8.18	%
	10	Years	2.38
	5	Years	-3.16
	1	Year	-7.49
Class C Shares
Inception (10/26/93)			7.44	%
	10	Years	2.09
	5	Years	-3.39
	1	Year	-4.38
Class R Shares
Inception (10/1/02)			5.55	%
	5	Years	-2.92
	1	Year	-3.00
Class Y Shares
Inception (10/29/04)			1.36	%
	5	Years	-2.42
	1	Year	-2.44
Institutional Class Shares
	10	Years	2.91	%
	5	Years	-2.57
	1	Year	-2.28

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares was 0.84%, 0.84%,

1.59%, 1.09%, 0.59% and 0.42%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Institutional Class 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.

3 Invesco Van Kampen Comstock Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Comstock Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.67%
Aerospace & Defense–2.36%
Honeywell International Inc.		2,317,054	$	121,413,629
Textron Inc.		3,905,928		75,853,122
				197,266,751
Aluminum–1.03%
Alcoa Inc.		8,001,288		86,093,859
Asset Management & Custody Banks–1.98%
Bank of New York Mellon Corp. (The)		5,937,664		126,353,490
State Street Corp.		965,380		38,991,698
				165,345,188
Automobile Manufacturers–1.58%
General Motors Co.(b)		5,098,675		131,800,749
Cable & Satellite–5.46%
Comcast Corp.–Class A		13,342,086		312,871,917
Time Warner Cable Inc.		2,234,063		142,287,472
				455,159,389
Communications Equipment–1.03%
Cisco Systems, Inc.		4,638,841		85,957,724
Computer Hardware–2.82%
Dell Inc.(b)		5,533,652		87,487,038
Hewlett-Packard Co.		5,565,097		148,087,231
				235,574,269
Data Processing & Outsourced Services–0.15%
Western Union Co. (The)		719,546		12,570,469
Department Stores–0.34%
Macy’s, Inc.		925,816		28,265,162
Diversified Banks–2.30%
U.S. Bancorp		2,015,301		51,571,553
Wells Fargo & Co.		5,419,777		140,426,422
				191,997,975
Drug Retail–1.75%
CVS Caremark Corp.		4,014,041		145,709,688
Electric Utilities–2.89%
FirstEnergy Corp.		2,204,162		99,099,124
PPL Corp.		4,821,358		141,603,284
				240,702,408
Electrical Components & Equipment–0.75%
Emerson Electric Co.		1,305,584		62,824,702
General Merchandise Stores–0.77%
Target Corp.		1,166,331		63,856,622
Health Care Distributors–1.02%
Cardinal Health, Inc.		1,920,395		85,015,887
Home Improvement Retail–1.50%
Home Depot, Inc. (The)		1,564,816		56,020,413
Lowe’s Cos., Inc.		3,303,726		69,444,320
				125,464,733
Household Products–0.37%
Procter & Gamble Co. (The)		477,984		30,586,196
Hypermarkets & Super Centers–1.12%
Wal-Mart Stores, Inc.		1,648,799		93,519,879
Industrial Conglomerates–1.37%
General Electric Co.		6,840,119		114,298,388
Industrial Machinery–1.69%
Ingersoll-Rand PLC (Ireland)		4,522,549		140,786,950
Integrated Oil & Gas–7.44%
BP PLC–ADR (United Kingdom)		4,115,876		181,839,402
Chevron Corp.		1,626,947		170,910,782
Murphy Oil Corp.		1,763,775		97,660,222
Royal Dutch Shell PLC–ADR (United Kingdom)		2,398,284		170,062,318
				620,472,724
Integrated Telecommunication Services–2.82%
AT&T Inc.		3,407,866		99,884,553
Verizon Communications Inc.		3,654,393		135,139,453
				235,024,006
Internet Software & Services–3.68%
eBay Inc.(b)		5,292,901		168,473,039
Yahoo! Inc.(b)		8,876,612		138,830,212
				307,303,251
Investment Banking & Brokerage–1.86%
Goldman Sachs Group, Inc. (The)		702,938		77,006,858
Morgan Stanley		4,428,098		78,111,649
				155,118,507
Life & Health Insurance–1.71%
Aflac, Inc.		714,789		32,229,836
MetLife, Inc.		2,763,258		97,156,151
Torchmark Corp.		314,234		12,861,598
				142,247,585

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

5        Invesco Van Kampen Comstock Fund

	Shares		Value
Managed Health Care–2.64%
UnitedHealth Group Inc.		3,027,065	$	145,268,850
WellPoint, Inc.		1,086,348		74,849,377
				220,118,227
Movies & Entertainment–5.26%
News Corp.–Class B		7,435,764		132,728,387
Time Warner Inc.		2,959,463		103,551,610
Viacom Inc.–Class B		4,623,043		202,720,436
				439,000,433
Multi-Utilities–0.03%
Sempra Energy		54,059		2,904,590
Oil & Gas Drilling–0.54%
Noble Corp.(b)		1,257,821		45,206,087
Oil & Gas Equipment & Services–3.61%
Halliburton Co.		4,713,591		176,099,760
Weatherford International Ltd.(b)		8,047,212		124,731,786
				300,831,546
Oil & Gas Exploration & Production–0.76%
Chesapeake Energy Corp.		2,266,808		63,742,641
Other Diversified Financial Services–6.34%
Bank of America Corp.		12,863,908		87,860,492
Citigroup Inc.		6,915,055		218,446,587
JPMorgan Chase & Co.		6,393,314		222,231,595
				528,538,674
Packaged Foods & Meats–4.23%
Kraft Foods, Inc.–Class A		5,223,401		183,759,247
Unilever N.V.–New York Shares (Netherlands)		4,896,373		169,071,760
				352,831,007
Paper Products–2.96%
International Paper Co.		8,899,916		246,527,673
Personal Products–0.33%
Avon Products, Inc.		1,505,079		27,512,844
Pharmaceuticals–8.54%
Abbott Laboratories		732,590		39,464,623
Bristol-Myers Squibb Co.		5,223,570		165,012,576
GlaxoSmithKline PLC–ADR (United Kingdom)		2,091,450		93,676,046
Merck & Co., Inc.		4,037,507		139,293,991
Pfizer Inc.		10,803,768		208,080,572
Roche Holding AG–ADR (Switzerland)		1,620,647		67,325,404
				712,853,212
Property & Casualty Insurance–3.90%
Allstate Corp. (The)		6,537,406		172,195,274
Chubb Corp. (The)		677,831		45,448,568
Travelers Cos., Inc. (The)		1,847,891		107,824,440
				325,468,282
Regional Banks–2.17%
Fifth Third Bancorp		5,230,691		62,820,599
PNC Financial Services Group, Inc.		2,200,665		118,197,717
				181,018,316
Semiconductor Equipment–0.37%
KLA-Tencor Corp.		648,864		30,555,006
Semiconductors–0.76%
Intel Corp.		2,593,972		63,656,073
Soft Drinks–1.21%
Coca-Cola Co. (The)		899,628		61,462,585
PepsiCo, Inc.		631,936		39,780,371
				101,242,956
Specialty Stores–0.82%
Staples, Inc.		4,583,084		68,562,937
Systems Software–2.35%
Microsoft Corp.		7,353,582		195,825,889
Wireless Telecommunication Services–1.06%
Vodafone Group PLC–ADR (United Kingdom)		3,185,609		88,687,355
Total Common Stocks & Other Equity Interests (Cost $8,468,961,200)				8,148,046,809
Money Market Funds–2.36%
Liquid Assets Portfolio–Institutional Class(c)		98,345,651		98,345,651
Premier Portfolio–Institutional Class(c)		98,345,652		98,345,652
Total Money Market Funds (Cost $196,691,303)				196,691,303
TOTAL INVESTMENTS–100.03% (Cost $8,665,652,503)				8,344,738,112
OTHER ASSETS LESS LIABILITIES–(0.03)%				(2,835,981	)
NET ASSETS–100.00%			$	8,341,902,131

Investment Abbreviation:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

6        Invesco Van Kampen Comstock Fund

Portfolio Composition

By sector, based on Net Assets

As of October 31, 2011

Financials	20.3	%
Consumer Discretionary	15.7
Energy	12.3
Health Care	12.2
Information Technology	11.2
Consumer Staples	9.0
Industrials	6.2
Materials	4.0
Telecommunication Services	3.9
Utilities	2.9
Money Market Funds Plus Other Assets Less Liabilities	2.3

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

7        Invesco Van Kampen Comstock Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $8,468,961,200)	$	8,148,046,809
Investments in affiliated money market funds, at value and cost		196,691,303
Total investments, at value (Cost $8,665,652,503)		8,344,738,112
Receivable for:
Investments sold		9,744,660
Fund shares sold		9,164,974
Dividends		10,028,269
Investment for trustee deferred compensation and retirement plans		75,141
Other assets		146,890
Total assets		8,373,898,046
Liabilities:
Payable for:
Investments purchased		7,776,218
Fund shares reacquired		16,821,035
Accrued fees to affiliates		6,466,913
Accrued other operating expenses		701,682
Trustee deferred compensation and retirement plans		230,067
Total liabilities		31,995,915
Net assets applicable to shares outstanding	$	8,341,902,131
Net assets consist of:
Shares of beneficial interest	$	10,109,037,180
Undistributed net investment income		14,938,105
Undistributed net realized gain (loss)		(1,461,158,763	)
Unrealized appreciation (depreciation)		(320,914,391	)
	$	8,341,902,131
Net Assets:
Class A	$	5,120,992,952
Class B	$	383,509,056
Class C	$	433,863,011
Class R	$	182,123,772
Class Y	$	1,938,596,618
Institutional Class	$	282,816,722
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		336,207,579
Class B		25,177,825
Class C		28,486,220
Class R		11,958,165
Class Y		127,270,172
Institutional Class		18,569,462
Class A:
Net asset value per share	$	15.23
Maximum offering price per share (Net asset value of $15.23 divided by 94.50%)	$	16.12
Class B:
Net asset value and offering price per share	$	15.23
Class C:
Net asset value and offering price per share	$	15.23
Class R:
Net asset value and offering price per share	$	15.23
Class Y:
Net asset value and offering price per share	$	15.23
Institutional Class:
Net asset value and offering price per share	$	15.23

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

8        Invesco Van Kampen Comstock Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,528,833)	$	101,119,260
Dividends from affiliated money market funds		78,474
Total investment income		101,197,734
Expenses:
Advisory fees		16,397,048
Administrative services fees		378,985
Custodian fees		31,113
Distribution fees:
Class A		6,761,291
Class B		545,934
Class C		2,319,862
Class R		459,012
Transfer agent fees — A, B, C, R and Y		10,784,120
Transfer agent fees — Institutional		4,497
Trustees’ and officers’ fees and benefits		137,129
Other		(717,594	)
Total expenses		37,101,397
Less: Fees waived and expense offset arrangement(s)		(137,825	)
Net expenses		36,963,572
Net investment income		64,234,162
Realized and unrealized gain (loss) from:
Net realized gain from investment securities (includes net gains from securities sold to affiliates of $1,796,212)		269,712,959
Change in net unrealized appreciation (depreciation) of investment securities		(1,334,491,443	)
Net realized and unrealized gain (loss)		(1,064,778,484	)
Net increase (decrease) in net assets resulting from operations	$	(1,000,544,322	)

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

9        Invesco Van Kampen Comstock Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the period January 1, 2011 to April 30, 2011 and the year ended December 31, 2010

(Unaudited)

	Six months ended			Four months ended			Year ended
	October 31,			April 30,			December 31,
	2011			2011			2010
Operations:
Net investment income	$	64,234,162		$	35,199,844		$	113,153,134
Net realized gain		269,712,959			204,614,367			293,180,587
Change in net unrealized appreciation (depreciation)		(1,334,491,443	)		590,608,061			788,017,622
Net increase (decrease) in net assets resulting from operations		(1,000,544,322	)		830,422,272			1,194,351,343
Distributions to shareholders from net investment income:
Class A		(36,814,888	)		(18,862,166	)		(80,694,827	)
Class B		(2,975,190	)		(1,710,658	)		(8,731,269	)
Class C		(1,424,460	)		(681,230	)		(3,665,887	)
Class R		(1,015,380	)		(490,405	)		(2,071,686	)
Class Y		(14,709,465	)		(6,385,755	)		(22,478,529	)
Institutional Class		(1,647,746	)		(671,089	)		(1,244,823	)
Total distributions from net investment income		(58,587,129	)		(28,801,303	)		(118,887,021	)
Share transactions–net:
Class A		(266,402,931	)		(196,690,160	)		(717,064,306	)
Class B		(83,623,865	)		(69,281,758	)		(283,232,032	)
Class C		(30,595,930	)		(27,590,259	)		(95,819,927	)
Class R		5,706,033			(2,737,192	)		(2,479,997	)
Class Y		365,455,854			93,673,279			179,854,507
Institutional Class		128,605,567			(11,741,262	)		137,799,814
Net increase (decrease) in net assets resulting from share transactions		119,144,728			(214,367,352	)		(780,941,941	)
Net increase (decrease) in net assets		(939,986,723	)		587,253,617			294,522,381
Net assets:
Beginning of period		9,281,888,854			8,694,635,237			8,400,112,856
End of period (includes undistributed net investment income of $14,938,105, $9,291,072 and $2,892,531, respectively)	$	8,341,902,131		$	9,281,888,854		$	8,694,635,237

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to seek capital growth and income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks.

  The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Institutional Class. 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 R, Class Y and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other

10        Invesco Van Kampen Comstock Fund

Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

11        Invesco Van Kampen Comstock Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 the Institutional Class 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. Prior to the Reorganization, incremental transfer agency fees which are unique to each class of shares of the Acquired Fund were charged to the operations of such class.
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 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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	.50%
Next $1 billion		0	.45%
Next $1 billion		0	.40%
Over $3 billion		0	.35%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, Class R, Class Y and Institutional Class shares to 0.89%, 1.64%, 1.64%, 1.14%, 0.64% and 0.64% respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended October 31, 2011, the Adviser waived advisory fees of $133,372.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

12        Invesco Van Kampen Comstock Fund

  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 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, 2011, 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 B, 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% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

  With respect to Class B and 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 B and 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $258,817 in front-end sales commissions from the sale of Class A shares and $191, $192,545 and $5,278 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	8,277,412,708	$	67,325,404	$	—	$	8,344,738,112

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $5,298,604 and securities sales of $4,378,891, which resulted in net realized gains of $1,796,212.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,453.

13        Invesco Van Kampen Comstock Fund

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $7,105 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2016	$	502,721,429
April 30, 2017		1,215,153,460
Total capital loss carryforward	$	1,717,874,889

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $904,163,869 and $1,038,304,908, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	776,249,717
Aggregate unrealized (depreciation) of investment securities		(1,110,313,505	)
Net unrealized appreciation (depreciation) of investment securities	$	(334,063,788	)
Cost of investments for tax purposes is $8,678,801,900.

14        Invesco Van Kampen Comstock Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Four months ended						Year ended
	October 31, 2011(a)						April 30, 2011						December 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		15,047,171		$	231,922,259			11,667,337		$	192,263,341			38,551,688		$	556,413,934
Class B		126,842			2,054,830			105,462			1,732,762			1,854,262		��	26,227,224
Class C		560,185			8,815,182			615,165			10,136,719			1,440,492			20,664,843
Class R		2,159,820			33,147,135			1,383,642			22,744,177			3,375,858			48,026,521
Class Y		35,985,550			534,795,524			11,855,227			195,169,957			41,292,215			586,527,561
Institutional Class		9,673,293			141,912,644			45,232			742,493			13,636,920			182,662,007
Issued as reinvestment of dividends:
Class A		2,211,686			33,663,331			1,198,716			19,131,516			5,411,360			76,300,880
Class B		179,445			2,735,042			108,889			1,737,878			591,072			8,320,963
Class C		79,115			1,200,244			42,529			679,616			214,596			3,024,170
Class R		65,757			999,645			30,705			490,365			141,414			1,996,890
Class Y		923,634			14,012,123			408,318			6,516,756			1,478,340			20,886,323
Institutional Class		108,618			1,647,630			42,071			671,038			84,733			1,244,771
Issued in connection with acquisitions:(b)
Class A		7,328,363			122,829,460			—			—			—			—
Class B		403,540			6,766,085			—			—			—			—
Class C		554,316			9,284,997			—			—			—			—
Class R		108,762			1,821,636			—			—			—			—
Class Y		4,939,741			82,789,108			—			—			—			—
Institutional Class		42,555			713,103			—			—			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		3,118,886			48,474,411			2,145,518			35,759,307			6,973,316			98,797,748
Class B		(3,118,859	)		(48,474,411	)		(2,146,367	)		(35,759,307	)		(6,973,316	)		(98,797,748	)
Reacquired:
Class A		(45,774,361	)		(703,292,392	)		(26,943,439	)		(443,844,324	)		(101,907,916	)		(1,448,576,868	)
Class B		(3,010,774	)		(46,705,411	)		(2,246,954	)		(36,993,091	)		(15,490,819	)		(218,982,471	)
Class C		(3,230,075	)		(49,896,353	)		(2,333,684	)		(38,406,594	)		(8,407,387	)		(119,508,940	)
Class R		(1,964,612	)		(30,262,383	)		(1,581,031	)		(25,971,734	)		(3,708,182	)		(52,503,408	)
Class Y		(17,608,465	)		(266,140,901	)		(6,555,310	)		(108,013,434	)		(31,019,923	)		(427,559,377	)
Institutional Class		(1,012,018	)		(15,667,810	)		(803,280	)		(13,154,793	)		(3,248,662	)		(46,106,964	)
Net increase (decrease) in share activity		7,898,115		$	119,144,728			(12,961,254	)	$	(214,367,352	)		(55,709,939	)	$	(780,941,941	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

As of the opening of business on May 23, 2011, the Fund acquired all the net assets of Invesco Large Cap Basic Value Fund and Invesco Value II Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Large Cap Basic Value Fund and Invesco Value II, respectively on April 14, 2011. The acquisition was accomplished by a tax- free exchange of 13,377,277 shares of the Fund for 7,828,863 shares outstanding of Invesco Large Cap Basic Value Fund and 8,473,367 shares outstanding of Invesco Value II Fund as of the close of business on May 20, 2011. Each class of shares of Invesco Large Cap Basic Value Fund and Invesco Value II Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Large Cap Basic Value Fund and Invesco Value II Fund to the net asset value of the Fund on the close of business, May 20, 2011. Invesco Large Cap Basic Value Fund’s net assets as of the close of business on May 20, 2011 of $85,450,496 including $18,438,726 of unrealized appreciation and Invesco Value II Fund’s net assets as of the close of business on May 20, 2011 of $138,753,893 including $21,433,501 of unrealized appreciation, were combined with the net assets of the Fund. The net assets of the Fund immediately before the acquisition were $9,011,495,941. The net assets of the Fund immediately following the reorganization were $9,235,700,330.

15        Invesco Van Kampen Comstock Fund

NOTE 11—Financial Highlights

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

																											Ratio of			Ratio of
					Net gains																						expenses			expenses
					(losses) on																						to average			to average net			Ratio of net
	Net asset				securities						Dividends			Distributions													net assets			assets without			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			distributions			of period		return			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 10/31/11	$	17.20	$	0.12	$	(1.98	)	$	(1.86	)	$	(0.11	)	$	—		$	(0.11	)	$	15.23		(10.84	)%(c)	$	5,120,993		0.89	%(d)		0.89	%(d)		1.49	%(d)		11	%
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		—			(0.05	)		17.20		9.71	(c)		6,092,190		0.84			0.84			1.18			10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		—			(0.21	)		15.73		15.60	(c)		5,760,670		0.86			0.86			1.39			18
Year ended 12/31/09		10.85		0.19		2.95			3.14			(0.18	)		—			(0.18	)		13.81		29.45	(e)		5,759,425		0.89			0.89			1.63			14
Year ended 12/31/08		17.48		0.32		(6.48	)		(6.16	)		(0.32	)		(0.15	)		(0.47	)		10.85		(35.89	)(e)		5,798,794		0.84			0.84			2.16			19
Year ended 12/31/07		19.26		0.36		(0.69	)		(0.33	)		(0.37	)		(1.08	)		(1.45	)		17.48		(1.89	)(e)		12,091,921		0.78			0.78			1.82			22
Year ended 12/31/06		17.81		0.35		2.43			2.78			(0.38	)		(0.95	)		(1.33	)		19.26		16.06	(e)		13,686,078		0.80			0.80			1.92			26
Class B
Six months ended 10/31/11		17.20		0.12		(1.98	)		(1.86	)		(0.11	)		—			(0.11	)		15.23		(10.84	)(c)(f)		383,509		0.89	(d)(f)		0.89	(d)(f)		1.49	(d)(f)		11
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		—			(0.05	)		17.20		9.71	(c)(f)		526,168		0.84	(f)		0.84	(f)		1.18	(f)		10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		—			(0.21	)		15.73		15.60	(c)(f)		547,060		0.86	(f)		0.86	(f)		1.39	(f)		18
Year ended 12/31/09		10.85		0.19		2.95			3.14			(0.18	)		—			(0.18	)		13.81		29.45	(g)(h)		756,515		0.89	(g)		0.89	(g)		1.64	(g)		14
Year ended 12/31/08		17.49		0.32		(6.49	)		(6.17	)		(0.32	)		(0.15	)		(0.47	)		10.85		(35.93	)(g)(h)		906,301		0.84	(g)		0.84	(g)		2.16	(g)		19
Year ended 12/31/07		19.26		0.23		(0.68	)		(0.45	)		(0.24	)		(1.08	)		(1.32	)		17.49		(2.46	)(g)(h)		1,991,609		1.41	(g)		1.41	(g)		1.19	(g)		22
Year ended 12/31/06		17.81		0.21		2.43			2.64			(0.24	)		(0.95	)		(1.19	)		19.26		15.21	(h)		2,518,352		1.55			1.55			1.17			26
Class C
Six months ended 10/31/11		17.20		0.06		(1.98	)		(1.92	)		(0.05	)		—			(0.05	)		15.23		(11.17	)(c)		433,863		1.64	(d)		1.64	(d)		0.74	(d)		11
Four months ended 04/30/11		15.74		0.02		1.46			1.48			(0.02	)		—			(0.02	)		17.20		9.43	(c)		524,840		1.59			1.59			0.43			10
Year ended 12/31/10		13.81		0.09		1.94			2.03			(0.10	)		—			(0.10	)		15.74		14.82	(c)		506,742		1.61			1.61			0.64			18
Year ended 12/31/09		10.86		0.10		2.94			3.04			(0.09	)		—			(0.09	)		13.81		28.37	(i)		538,048		1.64			1.64			0.87			14
Year ended 12/31/08		17.49		0.21		(6.48	)		(6.27	)		(0.21	)		(0.15	)		(0.36	)		10.86		(36.35	)(i)		544,631		1.59			1.59			1.41			19
Year ended 12/31/07		19.27		0.21		(0.69	)		(0.48	)		(0.22	)		(1.08	)		(1.30	)		17.49		(2.63	)(i)		1,243,097		1.53			1.53			1.07			22
Year ended 12/31/06		17.82		0.21		2.43			2.64			(0.24	)		(0.95	)		(1.19	)		19.27		15.20	(i)		1,495,779		1.55			1.55			1.17			26
Class R
Six months ended 10/31/11		17.19		0.10		(1.97	)		(1.87	)		(0.09	)		—			(0.09	)		15.23		(10.90	)(c)		182,124		1.14	(d)		1.14	(d)		1.24	(d)		11
Four months ended 04/30/11		15.73		0.05		1.45			1.50			(0.04	)		—			(0.04	)		17.19		9.57	(c)		199,254		1.09			1.09			0.93			10
Year ended 12/31/10		13.81		0.16		1.93			2.09			(0.17	)		—			(0.17	)		15.73		15.32	(c)		184,927		1.11			1.11			1.14			18
Year ended 12/31/09		10.85		0.15		2.96			3.11			(0.15	)		—			(0.15	)		13.81		29.13	(j)		164,959		1.14			1.14			1.35			14
Year ended 12/31/08		17.49		0.28		(6.49	)		(6.21	)		(0.28	)		(0.15	)		(0.43	)		10.85		(36.09	)(j)		130,746		1.09			1.09			1.91			19
Year ended 12/31/07		19.26		0.31		(0.68	)		(0.37	)		(0.32	)		(1.08	)		(1.40	)		17.49		(2.09	)(j)		296,167		1.03			1.03			1.56			22
Year ended 12/31/06		17.81		0.30		2.43			2.73			(0.33	)		(0.95	)		(1.28	)		19.26		15.78	(j)		274,266		1.05			1.05			1.67			26
Class Y(k)
Six months ended 10/31/11		17.20		0.13		(1.98	)		(1.85	)		(0.12	)		—			(0.12	)		15.23		(10.72	)(c)		1,938,597		0.64	(d)		0.64	(d)		1.74	(d)		11
Four months ended 04/30/11		15.73		0.08		1.45			1.53			(0.06	)		—			(0.06	)		17.20		9.78	(c)		1,771,697		0.59			0.59			1.43			10
Year ended 12/31/10		13.80		0.23		1.94			2.17			(0.24	)		—			(0.24	)		15.73		15.97	(c)		1,530,636		0.61			0.61			1.65			18
Year ended 12/31/09		10.85		0.21		2.95			3.16			(0.21	)		—			(0.21	)		13.80		29.67	(l)		1,181,166		0.64			0.64			1.85			14
Year ended 12/31/08		17.48		0.35		(6.48	)		(6.13	)		(0.35	)		(0.15	)		(0.50	)		10.85		(35.73	)(l)		896,154		0.59			0.59			2.41			19
Year ended 12/31/07		19.25		0.40		(0.68	)		(0.28	)		(0.41	)		(1.08	)		(1.49	)		17.48		(1.59	)(l)		1,857,415		0.53			0.53			2.07			22
Year ended 12/31/06		17.80		0.40		2.43			2.83			(0.43	)		(0.95	)		(1.38	)		19.25		16.36	(l)		1,858,227		0.55			0.55			2.16			26
Institutional Class
Six months ended 10/31/11		17.19		0.15		(1.97	)		(1.82	)		(0.14	)		—			(0.14	)		15.23		(10.58	)(c)		282,817		0.39	(d)		0.39	(d)		1.99	(d)		11
Four months ended 04/30/11		15.72		0.09		1.45			1.54			(0.07	)		—			(0.07	)		17.19		9.82	(c)		167,740		0.36			0.36			1.66			10
Year ended 12/31/10(m)		13.33		0.14		2.44			2.58			(0.19	)		—			(0.19	)		15.72		19.53	(c)		164,600		0.49	(n)		0.49	(n)		1.68	(n)		18

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $180,889,411 and sold of $56,511,988 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Large Cap Basic Value Fund and Invesco Value II Fund into the Fund.
(c)	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.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $5,392,578, $438,213, $461,451, $182,607, $1,796,758, and $190,069 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(f)	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 0.25%.
(g)	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 1.00%.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(i)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(j)	Assumes reinvestment of all distributions for the period. These returns include combined Rule 12b-1 fees and service fees of up to 0.50% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(k)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(l)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(m)	Commencement date of June 1, 2010.
(n)	Annualized.

16        Invesco Van Kampen Comstock Fund

NOTE 12—Proposed Reorganization

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco Value Fund (the “Target Fund”) in exchange for shares of the Fund.

  The Target Fund’s shareholders approved the Agreement on November 28, 2011 and the reorganization is expected to be consummated on December 19, 2011. Upon closing of the reorganization, shareholders of the Target Fund will receive a corresponding share class of the Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

17        Invesco Van Kampen 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	891.60	$	4.23	$	1,020.66	$	4.52		0.89	%
B		1,000.00		891.60		4.23		1,020.66		4.52		0.89
C		1,000.00		888.30		7.78		1,016.89		8.31		1.64
R		1,000.00		891.00		5.42		1,019.41		5.79		1.14
Y		1,000.00		892.80		3.05		1,021.92		3.25		0.64
Institutional		1,000.00		894.20		1.96		1,023.18		1.98		0.39

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, 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 Van Kampen Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Van Kampen Comstock Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Large Cap Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of

19        Invesco Van Kampen Comstock Fund

the performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of two mutual funds with comparable investment strategies and below the total account level fee of eight mutual funds sub-advised by Invesco Advisers with comparable investment strategies. The Board did not consider a comparison of fees to an off-shore fund to be apt as the fee includes more than the advisory fee.

  The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients solely for investment management services. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to other client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended. Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fees charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts were often more comparable. The Board concluded that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients, and the Board not place significant weight on these fee comparisons.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

20        Invesco Van Kampen Comstock Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

VK-COM-SAR-1           Invesco Distributors, Inc.

Invesco Van Kampen Mid Cap Growth Fund
Semiannual Report to Shareholders § October 31, 2011

Nasdaq:
A: VGRAX § B: VGRBX § C: VGRCX § R: VGRRX § Y: VGRDX § Institutional: VGRJX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-15.77	%
Class B Shares	-15.80
Class C Shares	-16.10
Class R Shares	-15.88
Class Y Shares	-15.65
Institutional Class Shares	-15.58
S&P 500 Index▼(Broad Market Index)	-7.12
Russell Midcap Growth Index▼(Style-Specific Index)	-10.22
Lipper Mid-Cap Growth Funds Index▼(Peer Group Index)	-12.51

Source(s): ^▼Lipper Inc.

The Fund recently adopted a three-tier benchmark structure to compare its performance to broad market, style-specific and peer group market measures.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

     The Lipper Mid-Cap Growth Funds Index is an unmanaged index considered representative of mid-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the index(es) defined 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.

2 Invesco Van Kampen Mid Cap Growth Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (12/27/95)			11.17	%
	10	Years	6.65
	5	Years	3.44
	1	Year	-3.42
Class B Shares
Inception (12/27/95)			11.18	%
	10	Years	6.71
	5	Years	3.93
	1	Year	-2.88
Class C Shares
Inception (12/27/95)			10.77	%
	10	Years	6.46
	5	Years	3.84
	1	Year	0.48
Class R Shares
Inception (7/11/08)			4.61	%
	1	Year	1.95
Class Y Shares
Inception (8/12/05)			5.92	%
	5	Years	4.89
	1	Year	2.49
Institutional Class Shares
	10	Years	7.30	%
	5	Years	4.70
	1	Year	2.71

Effective June 1, 2010, Class A, Class B, Class C, Class R and Class I shares of the predecessor fund, Van Kampen Mid Cap Growth Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C, Class R and Class Y shares, respectively, of Invesco Van Kampen Mid Cap Growth Fund. Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Mid Cap Growth Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Institutional Class shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share performance reflects any applicable fee waivers or expense reimbursements.

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Incept		ion (12/27/95)	10.33	%
	10	Years	5.82
	5	Years	1.60
	1	Year	-12.13
Class B Shares
Inception (12/27/95)			10.34	%
	10	Years	5.87
	5	Years	2.06
	1	Year	-11.75
Class C Shares
Inception (12/27/95)			9.94	%
	10	Years	5.63
	5	Years	2.00
	1	Year	-8.61
Class R Shares
Inception (7/11/08)			0.67	%
	1	Year	-7.19
Class Y Shares
Inception (8/12/05)			3.81	%
	5	Years	3.03
	1	Year	-6.72
Institutional Class Shares
	10	Years	6.45	%
	5	Years	2.83
	1	Year	-6.76

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares was 1.29%, 1.36%, 2.04%, 1.54%, 1.04% and 0.82%,

respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Institutional Class 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.

3 Invesco Van Kampen Mid Cap Growth Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals — a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 — and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus — investment management — that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals — meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks–96.52%
Advertising–0.00%
Interpublic Group of Cos., Inc. (The)		2,193	$	20,790
Air Freight & Logistics–1.48%
C.H. Robinson Worldwide, Inc.		312,971		21,729,577
Apparel Retail–2.63%
Abercrombie & Fitch Co.–Class A		518,995		38,613,228
Apparel, Accessories & Luxury Goods–1.69%
Coach, Inc.		382,505		24,889,600
Application Software–1.40%
Citrix Systems, Inc.(b)		281,504		20,501,936
Asset Management & Custody Banks–0.94%
Affiliated Managers Group, Inc.(b)		148,967		13,795,834
Auto Parts & Equipment–3.46%
BorgWarner, Inc.(b)		310,844		23,776,457
Gentex Corp.		900,165		27,112,970
				50,889,427
Automobile Manufacturers–0.75%
Tesla Motors, Inc.(b)(c)		375,094		11,016,511
Biotechnology–2.18%
BioMarin Pharmaceutical Inc.(b)		509,580		17,381,774
United Therapeutics Corp.(b)		334,474		14,626,548
				32,008,322
Broadcasting–1.98%
Discovery Communications, Inc.–Class A(b)		669,737		29,106,770
Communications Equipment–1.66%
F5 Networks, Inc.(b)		133,880		13,916,826
Juniper Networks, Inc.(b)		50,620		1,238,671
Sycamore Networks, Inc.		483,057		9,284,356
				24,439,853
Construction & Engineering–0.45%
MasTec Inc.(b)		303,852		6,569,280
Construction & Farm Machinery & Heavy Trucks–2.61%
AGCO Corp.(b)		456,159		19,993,449
Navistar International Corp.(b)		437,252		18,395,192
				38,388,641
Consumer Finance–1.49%
Discover Financial Services		928,431		21,873,834
Electrical Components & Equipment–1.45%
Cooper Industries PLC (Ireland)		406,026		21,300,124
Electronic Components–2.08%
Amphenol Corp.–Class A		643,651		30,566,986
Fertilizers & Agricultural Chemicals–1.61%
Intrepid Potash, Inc.(b)		852,351		23,720,928
Footwear–2.74%
Crocs, Inc.(b)		747,740		13,212,566
Deckers Outdoor Corp.(b)		234,022		26,968,695
				40,181,261
General Merchandise Stores–1.49%
Dollar Tree, Inc.(b)		272,938		21,824,122
Health Care Equipment–1.30%
CareFusion Corp.(b)		744,953		19,070,797
Health Care Facilities–2.52%
Brookdale Senior Living Inc.(b)		690,253		11,444,395
Universal Health Services, Inc.–Class B		640,611		25,605,221
				37,049,616
Health Care Services–3.90%
DaVita, Inc.(b)		425,020		29,751,400
Express Scripts, Inc.(b)		479,430		21,924,334
HMS Holdings Corp.(b)		228,347		5,580,801
				57,256,535
Health Care Technology–1.44%
Allscripts Healthcare Solutions, Inc.(b)		1,104,277		21,146,905
Hotels, Resorts & Cruise Lines–1.57%
Starwood Hotels & Resorts Worldwide, Inc.		461,507		23,126,116
Household Products–1.81%
Church & Dwight Co., Inc.		602,028		26,597,597
Human Resource & Employment Services–1.33%
Robert Half International, Inc.		740,532		19,572,261
Industrial Gases–2.16%
Airgas, Inc.		459,176		31,660,185
Industrial Machinery–3.20%
Flowserve Corp.		215,247		19,951,245
Gardner Denver Inc.		349,458		27,023,587
				46,974,832

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

5        Invesco Van Kampen Mid Cap Growth Fund

	Shares		Value
Internet Retail–1.20%
Shutterfly, Inc.(b)(c)		424,576	$	17,692,082
Internet Software & Services–1.23%
Equinix, Inc.(b)		188,366		18,085,020
IT Consulting & Other Services–2.33%
Cognizant Technology Solutions Corp.–Class A(b)		275,288		20,027,202
Gartner, Inc.(b)		369,752		14,242,847
				34,270,049
Life Sciences Tools & Services–0.29%
Illumina, Inc.(b)		139,658		4,276,328
Managed Health Care–3.29%
Aetna Inc.		775,409		30,830,262
Cigna Corp.		394,842		17,507,294
				48,337,556
Movies & Entertainment–1.36%
Cinemark Holdings, Inc.		969,799		20,045,745
Oil & Gas Drilling–1.05%
Patterson-UTI Energy, Inc.		760,599		15,455,372
Oil & Gas Equipment & Services–4.65%
Cameron International Corp.(b)		689,061		33,860,458
Complete Production Services, Inc.(b)		278,313		9,128,666
Key Energy Services, Inc.(b)		791,252		10,230,888
Weatherford International Ltd.(b)		973,584		15,090,552
				68,310,564
Oil & Gas Exploration & Production–3.52%
Cabot Oil & Gas Corp.		342,688		26,633,711
Whiting Petroleum Corp.(b)		537,683		25,029,144
				51,662,855
Packaged Foods & Meats–2.36%
Green Mountain Coffee Roasters, Inc.(b)(c)		249,850		16,245,247
H.J. Heinz Co.		344,858		18,429,211
				34,674,458
Railroads–2.11%
Kansas City Southern(b)		490,651		30,994,424
Restaurants–1.52%
Panera Bread Co.–Class A(b)		166,912		22,314,465
Semiconductor Equipment–2.93%
KLA-Tencor Corp.		456,360		21,489,992
Lam Research Corp.(b)		502,350		21,596,027
				43,086,019
Semiconductors–2.69%
Avago Technologies Ltd. (Singapore)		547,716		18,496,369
Linear Technology Corp.		648,315		20,947,058
				39,443,427
Specialized Consumer Services–0.54%
Coinstar, Inc.(b)(c)		164,620		7,858,959
Specialty Chemicals–2.41%
Albemarle Corp.		383,797		20,452,542
LyondellBasell Industries N.V.–Class A (Netherlands)		453,159		14,890,805
				35,343,347
Specialty Stores–5.20%
Dick’s Sporting Goods, Inc.(b)		674,966		26,384,421
PetSmart, Inc.		536,822		25,203,793
Ulta Salon, Cosmetics & Fragrance, Inc.(b)		368,713		24,810,698
				76,398,912
Systems Software–1.01%
Check Point Software Technologies Ltd. (Israel)(b)		256,437		14,778,464
Technology Distributors–1.07%
Avnet, Inc.(b)		517,870		15,696,640
Trucking–1.50%
J.B. Hunt Transport Services, Inc.		518,997		21,958,763
Wireless Telecommunication Services–2.94%
NII Holdings Inc.(b)		705,625		16,603,356
SBA Communications Corp.–Class A(b)		696,368		26,524,657
				43,128,013
Total Common Stocks (Cost $1,378,090,425)				1,417,703,330
Money Market Funds–3.96%
Liquid Assets Portfolio–Institutional Class(d)		29,078,193		29,078,193
Premier Portfolio–Institutional Class(d)		29,078,193		29,078,193
Total Money Market Funds (Cost $58,156,386)				58,156,386
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.48% (Cost $1,436,246,811)				1,475,859,716
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.68%
Liquid Assets Portfolio–Institutional Class (Cost $24,727,128)(d)(e)		24,727,128		24,727,128
TOTAL INVESTMENTS–102.16% (Cost $1,460,973,939)				1,500,586,844
OTHER ASSETS LESS LIABILITIES–(2.16)%				(31,780,463	)
NET ASSETS–100.00%			$	1,468,806,381

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

6        Invesco Van Kampen Mid Cap Growth 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, 2011.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.
(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Consumer Discretionary	26.2	%
Information Technology	16.4
Health Care	14.9
Industrials	14.1
Energy	9.2
Materials	6.2
Consumer Staples	4.2
Telecommunication Services	2.9
Financials	2.4
Money Market Funds Plus Other Assets Less Liabilities	3.5

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

7        Invesco Van Kampen Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $1,378,090,425)*	$	1,417,703,330
Investments in affiliated money market funds, at value and cost		82,883,514
Total investments, at value (Cost $1,460,973,939)		1,500,586,844
Receivable for:
Investments sold		10,834,313
Fund shares sold		1,431,239
Dividends		77,237
Investment for trustee deferred compensation and retirement plans		6,076
Other assets		30,149
Total assets		1,512,965,858
Liabilities:
Payable for:
Investments purchased		14,912,575
Fund shares reacquired		2,969,129
Collateral upon return of securities loaned		24,727,128
Accrued fees to affiliates		1,330,015
Accrued other operating expenses		185,845
Trustee deferred compensation and retirement plans		34,785
Total liabilities		44,159,477
Net assets applicable to shares outstanding	$	1,468,806,381
Net assets consist of:
Shares of beneficial interest	$	1,412,724,453
Undistributed net investment income (loss)		(6,846,749	)
Undistributed net realized gain		23,315,772
Unrealized appreciation		39,612,905
	$	1,468,806,381
Net Assets:
Class A	$	1,186,617,420
Class B	$	119,727,530
Class C	$	101,496,317
Class R	$	12,388,128
Class Y	$	47,193,855
Institutional Class	$	1,383,131
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		42,487,764
Class B		4,882,700
Class C		4,224,422
Class R		447,000
Class Y		1,661,699
Institutional Class		48,700
Class A:
Net asset value per share	$	27.93
Maximum offering price per share (Net asset value of $27.93 divided by 94.50%)	$	29.56
Class B:
Net asset value and offering price per share	$	24.52
Class C:
Net asset value and offering price per share	$	24.03
Class R:
Net asset value and offering price per share	$	27.71
Class Y:
Net asset value and offering price per share	$	28.40
Institutional Class:
Net asset value and offering price per share	$	28.40

*  At October 31, 2011, securities with an aggregate value of $23,374,590 were on loan to brokers.

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

8        Invesco Van Kampen Mid Cap Growth Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $21,816)	$	3,871,614
Dividends from affiliated money market funds (includes securities lending income of $27,139)		38,741
Total investment income		3,910,355
Expenses:
Advisory fees		5,586,555
Administrative services fees		204,737
Custodian fees		12,206
Distribution fees:
Class A		1,625,687
Class B		172,043
Class C		548,111
Class R		30,257
Transfer agent fees — A, B, C, R and Y		2,474,984
Transfer agent fees — Institutional		109
Trustees’ and officers’ fees and benefits		35,845
Other		82,953
Total expenses		10,773,487
Less: Fees waived and expense offset arrangement(s)		(40,025	)
Net expenses		10,733,462
Net investment income (loss)		(6,823,107	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $3,678,915)		(49,740,959	)
Change in net unrealized appreciation (depreciation) of investment securities		(237,829,002	)
Net realized and unrealized gain (loss)		(287,569,961	)
Net increase (decrease) in net assets resulting from operations	$	(294,393,068	)

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

9        Invesco Van Kampen Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the period April 1, 2011 through April 30, 2011 and the year ended March 31, 2011

(Unaudited)

	Six months ended			One month ended			Year ended
	October 31,			April 30,			March 31,
	2011			2011			2011
Operations:
Net investment income (loss)	$	(6,823,107	)	$	(1,742,066	)	$	(11,841,576	)
Net realized gain (loss)		(49,740,959	)		50,575,686			474,030,387
Change in net unrealized appreciation (depreciation)		(237,829,002	)		29,306,615			(26,578,193	)
Net increase (decrease) in net assets resulting from operations		(294,393,068	)		78,140,235			435,610,618
Share transactions–net:
Class A		(114,349,709	)		(9,283,118	)		(297,781,417	)
Class B		(22,640,037	)		(4,902,612	)		(108,856,610	)
Class C		(10,789,411	)		(1,044,676	)		(13,107,629	)
Class R		2,162,139			193,567			5,636,014
Class Y		7,554,235			2,978,168			(109,778,400	)
Institutional Class		1,212,457			—			(3,596,781	)
Net increase (decrease) in net assets resulting from share transactions		(136,850,326	)		(12,058,671	)		(527,484,823	)
Net increase (decrease) in net assets		(431,243,394	)		66,081,564			(91,874,205	)
Net assets:
Beginning of period		1,900,049,775			1,833,968,211			1,925,842,416
End of period (includes undistributed net investment income (loss) of $(6,846,749), $(23,642) and $(21,219), respectively)	$	1,468,806,381		$	1,900,049,775		$	1,833,968,211

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Mid Cap Growth 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  Prior to June 1, 2010, the Fund operated as Van Kampen Mid Cap Growth Fund (the “Acquired Fund”), an investment portfolio of Van Kampen Equity Trust. The Acquired Fund was reorganized on June 1, 2010 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

  Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class B, Class C, Class R and Class I shares received Class A, Class B, Class C, Class R and Class Y shares, respectively, of the Fund.

  Information for the Acquired Fund’s Class I shares prior to the Reorganization is included with Class Y shares of the Fund throughout this report.

  On April 30, 2011, the Fund’s fiscal year-end changed from March 31 to April 30.

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

  The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Institutional Class. 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 R, Class Y and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

10        Invesco Van Kampen Mid Cap Growth Fund

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

11        Invesco Van Kampen Mid Cap Growth Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 the Institutional Class 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. Prior to the Reorganization, incremental transfer agency fees which are unique to each class of shares of the Acquired Fund were charged to the operations of such class.
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 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 money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
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 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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

12        Invesco Van Kampen Mid Cap Growth Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $500 million		0	.75%
Next $500 million		0	.70%
Over $1 billion		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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, Class R, Class Y and Institutional Class shares to 1.40%, 2.15%, 2.15%, 1.65%, 1.15% and 1.15%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, 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, 2011, the Adviser waived advisory fees of $38,310.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 shares, Class B shares, Class C shares 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% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

  With respect to Class B and 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 B and 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $84,182 in front-end sales commissions from the sale of Class A shares and $1,175, $75,030 and $2,317 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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

13        Invesco Van Kampen Mid Cap Growth Fund

(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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	1,500,586,844	$	—	$	—	$	1,500,586,844

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $1,619,171 and securities sales of $21,311,053, which resulted in net realized gains of $3,678,915.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,715.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $1,986 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

14        Invesco Van Kampen Mid Cap Growth Fund

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2016	$	31,689,462

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $933,139,833 and $1,080,594,870, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	115,746,148
Aggregate unrealized (depreciation) of investment securities		(78,350,871	)
Net unrealized appreciation of investment securities	$	37,395,277
Cost of investments for tax purposes is $1,463,191,567.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						One month ended						Year ended
	October 31, 2011(a)						April 30, 2011						March 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		2,801,660		$	80,989,851			623,028		$	19,990,379			10,192,879		$	280,117,192
Class B		40,149			1,010,604			10,915			305,642			803,937			18,197,823
Class C		322,425			7,886,998			44,323			1,219,970			706,566			16,745,538
Class R		148,763			4,364,663			9,054			289,233			295,109			8,161,464
Class Y		592,010			16,850,723			114,986			3,730,838			1,618,803			43,462,222
Institutional Class		50,190			1,265,046			—			—			1,466,561			34,445,733
Automatic conversion of Class B shares to Class A shares:
Class A		421,898			12,333,199			98,227			3,243,207			902,573			24,809,978
Class B		(480,590	)		(12,333,199	)		(111,882	)		(3,243,207	)		(1,027,289	)		(24,809,978	)
Reacquired:
Class A		(7,184,530	)		(207,672,759	)		(1,013,549	)		(32,516,704	)		(22,827,450	)		(602,708,587	)
Class B		(446,880	)		(11,317,442	)		(69,814	)		(1,965,047	)		(4,189,140	)		(102,244,455	)
Class C		(739,554	)		(18,676,409	)		(82,017	)		(2,264,646	)		(1,276,284	)		(29,853,167	)
Class R		(79,512	)		(2,202,524	)		(2,980	)		(95,666	)		(91,171	)		(2,525,450	)
Class Y		(322,583	)		(9,296,488	)		(23,242	)		(752,670	)		(6,058,529	)		(153,240,622	)
Institutional Class		(1,900	)		(52,589	)		—			—			(1,466,151	)		(38,042,514	)
Net increase (decrease) in share activity	$	(4,878,454	)	$	(136,850,326	)		(402,951	)	$	(12,058,671	)		(20,949,586	)	$	(527,484,823	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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 these shares owned of record by these entities are also owned beneficially.

15        Invesco Van Kampen Mid Cap Growth Fund

NOTE 11—Financial Highlights

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

																									Ratio of			Ratio of
						Net gains																			expenses			expenses
						(losses) on																			to average			to average net			Ratio of net
	Net asset		Net			securities						Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			gains			Distributions			of period		Return			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 10/31/11	$	33.15	$	(0.12	)	$	(5.10	)	$	(5.22	)	$	—		$	—		$	27.93		(15.75	)%(c)	$	1,186,617		1.30	%(d)		1.30	%(d)		(0.81	)%(d)		58	%
One month ended 04/30/11		31.79		(0.03	)		1.39			1.36			—			—			33.15		4.28	(c)		1,539,895		1.28	(e)		1.28	(e)		(1.10	)(e)		21
Year ended 03/31/11		24.65		(0.16	)		7.30			7.14			—			—			31.79		28.97	(c)		1,485,888		1.29			1.29			(0.61	)		162
Year ended 03/31/10		14.37		(0.10	)		10.38			10.28			—			—			24.65		71.54	(f)		1,441,286		1.24			1.31			(0.49	)		25
Year ended 03/31/09		25.07		(0.11	)		(10.43	)		(10.54	)		(0.16	)		(0.16	)(g)		14.37		(42.02	)(f)		848,832		1.19			1.40			(0.58	)		29
Year ended 03/31/08		26.68		(0.03	)		1.48			1.45			(3.06	)		(3.06	)		25.07		3.87	(f)		1,154,865		1.21			1.21			(0.09	)		60
Year ended 03/31/07		27.26		(0.06	)		0.85			0.79			(1.37	)		(1.37	)		26.68		2.99	(f)		1,025,386		1.26			1.26			(0.25	)		61
Class B
Six months ended 10/31/11		29.11		(0.10	)		(4.49	)		(4.59	)		—			—			24.52		(15.77	)(c)		119,728		1.30	(d)		1.30	(d)		(0.81	)(d)		58
One month ended 04/30/11		27.91		(0.03	)		1.23			1.20			—			—			29.11		4.30	(c)(h)		167,947		1.35	(e)(h)		1.35	(e)(h)		(1.17	)(e)(h)		21
Year ended 03/31/11		21.69		(0.20	)		6.42			6.22			—			—			27.91		28.68	(c)(i)		165,822		1.53	(i)		1.53	(i)		(0.85	)(i)		162
Year ended 03/31/10		12.68		(0.13	)		9.14			9.01			—			—			21.69		71.06	(j)(k)		224,558		1.50	(j)		1.57	(j)		(0.74	)(j)		25
Year ended 03/31/09		22.24		(0.16	)		(9.24	)		(9.40	)		(0.16	)		(0.16	)(g)		12.68		(42.24	)(j)(k)		168,132		1.58	(j)		1.81	(j)		(0.94	)(j)		29
Year ended 03/31/08		24.07		(0.16	)		1.39			1.23			(3.06	)		(3.06	)		22.24		3.36	(j)(k)		164,016		1.73	(j)		1.73	(j)		(0.60	)(j)		60
Year ended 03/31/07		24.92		(0.24	)		0.76			0.52			(1.37	)		(1.37	)		24.07		2.18	(k)		175,041		2.02			2.02			(1.02	)		61
Class C
Six months ended 10/31/11		28.63		(0.20	)		(4.40	)		(4.60	)		—			—			24.03		(16.07	)(c)		101,496		2.05	(d)		2.05	(d)		(1.56	)(d)		58
One month ended 04/30/11		27.47		(0.04	)		1.20			1.16			—			—			28.63		4.22	(c)		132,885		2.03	(e)		2.03	(e)		(1.85	)(e)		21
Year ended 03/31/11		21.45		(0.32	)		6.34			6.02			—			—			27.47		28.07	(c)		128,536		2.04			2.04			(1.36	)		162
Year ended 03/31/10		12.60		(0.23	)		9.08			8.85			—			—			21.45		70.24	(l)		112,608		1.99			2.06			(1.24	)		25
Year ended 03/31/09		22.19		(0.23	)		(9.20	)		(9.43	)		(0.16	)		(0.16	)(g)		12.60		(42.47	)(l)		69,522		1.94			2.15			(1.33	)		29
Year ended 03/31/08		24.08		(0.22	)		1.39			1.17			(3.06	)		(3.06	)		22.19		3.10	(l)		103,250		1.97			1.97			(0.84	)		60
Year ended 03/31/07		24.92		(0.24	)		0.77			0.53			(1.37	)		(1.37	)		24.08		2.22	(l)		91,174		2.02			2.02			(1.01	)		61
Class R
Six months ended 10/31/11		32.94		(0.15	)		(5.08	)		(5.23	)		—			—			27.71		(15.88	)(c)		12,388		1.55	(d)		1.55	(d)		(1.06	)(d)		58
One month ended 04/30/11		31.59		(0.04	)		1.39			1.35			—			—			32.94		4.27	(c)		12,443		1.53	(e)		1.53	(e)		(1.35	)(e)		21
Year ended 03/31/11		24.55		(0.24	)		7.28			7.04			—			—			31.59		28.68	(c)		11,742		1.54			1.54			(0.86	)		162
Year ended 03/31/10		14.35		(0.22	)		10.42			10.20			—			—			24.55		71.08	(m)		4,118		1.49			1.56			(0.96	)		25
Period ended 03/31/09(n)		24.15		(0.08	)		(9.56	)		(9.64	)		(0.16	)		(0.16	)		14.35		(39.89	)(m)(o)		99		1.44	(e)		1.76	(e)		(0.66	)(e)		29
Class Y(p)
Six months ended 10/31/11		33.66		(0.08	)		(5.18	)		(5.26	)		—			—			28.40		(15.63	)(c)		47,194		1.05	(d)		1.05	(d)		(0.56	)(d)		58
One month ended 04/30/11		32.27		(0.02	)		1.41			1.39			—			—			33.66		4.31	(c)		46,867		1.03	(e)		1.03	(e)		(0.85	)(e)		21
Year ended 03/31/11		24.96		(0.09	)		7.40			7.31			—			—			32.27		29.29	(c)		41,968		1.04			1.04			(0.36	)		162
Year ended 03/31/10		14.52		(0.05	)		10.49			10.44			—			—			24.96		71.90	(q)		143,273		0.99			1.06			(0.24	)		25
Year ended 03/31/09		25.26		(0.06	)		(10.52	)		(10.58	)		(0.16	)		(0.16	)(g)		14.52		(41.86	)(q)		84,681		0.94			1.15			(0.31	)		29
Year ended 03/31/08		26.80		0.04			1.48			1.52			(3.06	)		(3.06	)		25.26		4.12	(q)		89,448		0.98			0.98			0.14			60
Year ended 03/31/07		27.30		0.01			0.86			0.87			(1.37	)		(1.37	)		26.80		3.28	(q)		10,240		1.02			1.02			0.05			61
Institutional Class
Six months ended 10/31/11		33.64		(0.05	)		(5.19	)		(5.24	)		—			—			28.40		(15.58	)(c)		1,383		0.84	(d)		0.84	(d)		(0.35	)(d)		58
One month ended 04/30/11		32.24		(0.02	)		1.42			1.40			—			—			33.64		4.34	(c)		14		0.85	(e)		0.85	(e)		(0.67	)(e)		21
Period ended 03/31/11(n)		24.57		(0.05	)		7.72			7.67			—			—			32.24		31.22	(c)		13		0.82	(e)		0.82	(e)		(0.26	)(e)		162

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	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.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,293,481, $136,867, $109,027, $12,037, $42,585 and $217 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(g)	Includes return of capital distributions of less than $0.01.
(h)	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 0.32%.
(i)	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 0.49%.
(j)	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 less than 1%.
(k)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(l)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(m)	Assumes reinvestment of all distributions for the period. These returns include combined Rule 12b-1 fees and service fees of up to 0.50% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(n)	Commencement date of July 11, 2008 and June 1, 2010 for Class R Shares and Institutional Class Shares, respectively.
(o)	Non-Annualized.
(p)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(q)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

16        Invesco Van Kampen Mid Cap Growth 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2		Ratio
A	$	1,000.00	$	842.30	$	6.02	$	1,018.60	$	6.60		1.30	%
B		1,000.00		842.00		6.02		1,018.60		6.60		1.30
C		1,000.00		839.00		9.48		1,014.83		10.38		2.05
R		1,000.00		841.20		7.17		1,017.34		7.86		1.55
Y		1,000.00		843.50		4.87		1,019.86		5.33		1.05
Institutional		1,000.00		844.20		4.22		1,020.91		4.27		0.84

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

17        Invesco Van Kampen Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Van Kampen Mid Cap Growth Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

18        Invesco Van Kampen Mid Cap Growth Fund

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Mid-Cap Growth Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of the performance universe for the one year period, the second quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rates of two mutual funds and above the rate of one mutual fund.

  Other than the mutual funds described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Van Kampen Mid Cap Growth Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

     A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.
     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

VK-MCG-SAR-1      Invesco Distributors, Inc.

Invesco Van Kampen Small Cap Value Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: VSCAX § B: VSMBX § C: VSMCX § Y: VSMIX §

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-14.71	%
Class B Shares	-14.79
Class C Shares	-15.01
Class Y Shares	-14.54
S&P 500 Index▼ (Broad Market Index)	-7.12
Russell 2000 Value Index▼ (Style-Specific Index)	-13.94
Lipper Small-Cap Value Funds Index▼ (Peer Group Index)	-13.47

Source(s): ^▼Lipper Inc.

The Fund recently adopted a three-tier benchmark structure to compare its performance to broad market, style-specific and peer group market measures.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. 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) defined 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.

2 Invesco Van Kampen Small Cap Value Fund

Average Annual Total Returns
As of 10/31/11, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	8.71	%
10 Years	8.42
5 Years	2.83
1 Year	-0.07
Class B Shares
Inception (6/21/99)	8.67	%
10 Years	8.50
5 Years	3.35
1 Year	0.65
Class C Shares
Inception (6/21/99)	8.39	%
10 Years	8.22
5 Years	3.23
1 Year	4.01
Class Y Shares
Inception (8/12/05)	6.36	%
5 Years	4.26
1 Year	6.08

Effective June 1, 2010, Class A, Class B, 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 B, Class C and Class Y shares, respectively, of Invesco Van Kampen Small Cap Value Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Small Cap Value Fund. Share class returns will differ from the predecessor fund because of different expenses.

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

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date

Average Annual Total Returns
As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	7.16	%
10 Years	6.68
5 Years	0.13
1 Year	-13.96
Class B Shares
Inception (6/21/99)	7.12	%
10 Years	6.77
5 Years	0.64
1 Year	-13.41
Class C Shares
Inception (6/21/99)	6.85	%
10 Years	6.50
5 Years	0.52
1 Year	-10.43
Class Y Shares
Inception (8/12/05)	3.31	%
5 Years	1.53
1 Year	-8.65

of this report for Class A, Class B, Class C and Class Y shares was 1.03%, 1.40%, 1.78% and 0.78%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.13%, 1.88%, 1.88% and 0.88%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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.

     Had the adviser not waived fees and/ or expenses on Class B shares, performance would have been lower.

     A redemption fee of 2% is imposed on certain redemptions or exchanges out of the Fund within 31 days of purchase. Exceptions to the redemption fee are listed in the Fund’s prospectus. Effective January 1, 2012, after the close of the reporting period, the Fund will eliminate the redemption fee, if applicable, assessed on shares of the Fund redeemed or exchanged within 31 days of purchase.

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2012. See current prospectus for more information.
2	Total annual Fund operating expenses after any contractual fee waivers by the distributor in effect through at least June 30, 2012. See current prospectus for more information.

3 Invesco Van Kampen Small Cap Value Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks–96.90%
Aerospace & Defense–4.32%
AAR Corp.		1,630,698	$	32,499,811
AerCap Holdings N.V. (Netherlands)(b)		5,168,177		61,294,579
				93,794,390
Air Freight & Logistics–1.84%
Forward Air Corp.		208,700		6,834,925
UTI Worldwide, Inc.		2,258,300		32,993,763
				39,828,688
Apparel, Accessories & Luxury Goods–4.30%
Jones Group Inc. (The)		2,657,600		29,685,392
Liz Claiborne, Inc.(b)(c)		6,757,300		54,125,973
Maidenform Brands, Inc.(b)		384,425		9,449,166
				93,260,531
Asset Management & Custody Banks–1.34%
Janus Capital Group Inc.		4,449,000		29,185,440
Building Products–1.69%
A.O. Smith Corp.		331,400		12,314,824
Masco Corp.		2,541,300		24,396,480
				36,711,304
Computer Storage & Peripherals–2.21%
Synaptics Inc.(b)		1,421,800		48,042,622
Construction & Engineering–1.55%
Aegion Corp.(b)		1,522,552		22,518,544
Orion Marine Group, Inc.(b)(c)		1,642,992		11,155,916
				33,674,460
Construction & Farm Machinery & Heavy Trucks–4.53%
Terex Corp.(b)		2,482,400		41,307,136
WABCO Holdings Inc.(b)		1,134,800		56,978,308
				98,285,444
Construction Materials–0.88%
Eagle Materials Inc.		927,800		19,094,124
Consumer Electronics–3.57%
Harman International Industries, Inc.		1,796,341		77,530,078
Data Processing & Outsourced Services–2.99%
Alliance Data Systems Corp.(b)		61,100		6,259,084
Euronet Worldwide, Inc.(b)		1,815,100		35,158,487
Heartland Payment Systems, Inc.		1,083,746		23,582,313
				64,999,884
Education Services–1.10%
Grand Canyon Education, Inc.(b)		1,459,409		23,802,961
Electrical Components & Equipment–2.89%
Belden Inc.		1,943,153		62,724,979
Electronic Components–1.44%
Rogers Corp.(b)		726,264		31,352,817
Electronic Equipment & Instruments–0.51%
Checkpoint Systems, Inc.(b)		829,286		10,988,039
Electronic Manufacturing Services–5.52%
Jabil Circuit, Inc.		2,810,400		57,781,824
Methode Electronics, Inc.(c)		2,560,881		23,790,584
Sanmina- SCI Corp.(b)(c)		4,351,444		38,336,222
				119,908,630
Gas Utilities–1.01%
UGI Corp.		763,600		21,892,412
Health Care Facilities–3.53%
HealthSouth Corp.(b)		646,500		11,417,190
Select Medical Holdings Corp.(b)		4,454,289		38,752,314
VCA Antech, Inc.(b)		1,305,800		26,533,856
				76,703,360
Health Care Services–0.80%
AMN Healthcare Services, Inc.(b)(c)		3,660,244		17,349,557
Health Care Supplies–3.58%
Alere, Inc.(b)		1,438,885		37,497,343
Cooper Cos., Inc. (The)		579,665		40,170,785
				77,668,128
Home Entertainment Software–0.66%
THQ Inc.(b)(c)		6,715,718		14,304,479
Homebuilding–3.00%
PulteGroup Inc.(b)		6,950,100		36,001,518
Ryland Group, Inc. (The)		2,153,453		29,071,615
				65,073,133
Industrial Machinery–1.51%
Snap-On Inc.		609,100		32,690,397
Investment Banking & Brokerage–0.57%
FBR Capital Markets Corp.(b)(c)		5,981,300		12,441,104

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

5        Invesco Van Kampen Small Cap Value Fund

	Shares		Value
IT Consulting & Other Services–3.75%
Acxiom Corp.(b)		2,615,531	$	34,498,854
CIBER, Inc.(b)(c)		5,531,700		19,250,316
MAXIMUS, Inc.		685,830		27,666,382
				81,415,552
Life & Health Insurance–1.53%
CNO Financial Group, Inc.(b)		5,298,188		33,113,675
Life Sciences Tools & Services–0.40%
Bio-Rad Laboratories, Inc.–Class A(b)		88,031		8,763,486
Managed Health Care–0.31%
Triple-S Management Corp.–Class B (Puerto Rico)(b)		354,500		6,735,500
Office Services & Supplies–2.82%
Acco Brands Corp.(b)(c)		5,618,113		38,596,436
Interface, Inc.–Class A		1,734,161		22,613,460
				61,209,896
Oil & Gas Equipment & Services–4.19%
Global Geophysical Services, Inc.(b)		1,053,000		10,045,620
ION Geophysical Corp.(b)		4,939,400		37,638,228
Superior Energy Services, Inc.(b)		1,539,880		43,301,426
				90,985,274
Oil & Gas Exploration & Production–1.16%
Goodrich Petroleum Corp.(b)		1,582,100		25,076,285
Paper Packaging–1.50%
Sealed Air Corp.		1,834,900		32,661,220
Property & Casualty Insurance–4.27%
AmTrust Financial Services, Inc.		1,844,284		46,807,928
Argo Group International Holdings, Ltd. (Bermuda)		955,000		28,831,450
Employers Holdings, Inc.		1,054,502		17,104,022
				92,743,400
Real Estate Development–0.25%
Forestar Group, Inc.(b)		420,151		5,461,963
Regional Banks–3.93%
TCF Financial Corp.		3,897,200		41,466,208
Zions Bancorp.		2,524,900		43,832,264
				85,298,472
Reinsurance–5.18%
Alterra Capital Holdings Ltd.		838,740		18,183,883
Platinum Underwriters Holdings, Ltd. (Bermuda)		1,075,500		37,244,565
Reinsurance Group of America, Inc.		418,000		21,832,140
Transatlantic Holdings, Inc.		676,700		35,215,468
				112,476,056
Research & Consulting Services–1.30%
Resources Connection Inc.(c)		2,542,614		28,197,589
Restaurants–2.22%
Denny’s Corp.(b)		4,494,850		16,181,460
Sonic Corp.(b)(c)		4,326,422		32,058,787
				48,240,247
Semiconductor Equipment–2.93%
Brooks Automation, Inc.		2,035,026		21,266,022
Novellus Systems, Inc.(b)		1,225,100		42,327,205
				63,593,227
Semiconductors–1.57%
Microsemi Corp.(b)		1,850,000		34,151,000
Specialized Consumer Services–2.08%
H&R Block, Inc.		2,958,000		45,227,820
Specialty Chemicals–0.92%
Zep, Inc.(c)		1,308,428		19,940,443
Trading Companies & Distributors–1.25%
Watsco, Inc.		438,600		27,044,076
Total Common Stocks (Cost $1,921,680,073)				2,103,642,142
Money Market Funds–3.33%
Liquid Assets Portfolio–Institutional Class(d)		36,138,296		36,138,296
Premier Portfolio–Institutional Class(d)		36,138,296		36,138,296
Total Money Market Funds (Cost $72,276,592)				72,276,592
TOTAL INVESTMENTS–100.23% (Cost $1,993,956,665)				2,175,918,734
OTHER ASSETS LESS LIABILITIES–(0.23)%				(4,986,798	)
NET ASSETS–100.00%			$	2,170,931,936

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of October 31, 2011 was $309,547,406, which represented 14.26% of the Fund’s Net Assets. See Note 4.
(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

6        Invesco Van Kampen Small Cap Value Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Information Technology	21.6	%
Industrials	21.1
Consumer Discretionary	18.9
Financials	17.1
Health Care	8.6
Energy	5.3
Materials	3.3
Utilities	1.0
Money Market Funds Plus Other Assets Less Liabilities	3.1

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

7        Invesco Van Kampen Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $1,571,316,594)	$	1,794,094,736
Investments in affiliates, at value (Cost $422,640,071)		381,823,998
Total investments, at value (Cost $1,993,956,665)		2,175,918,734
Receivable for:
Investments sold		4,876,060
Fund shares sold		1,523,184
Dividends		981,943
Fund expenses absorbed		12,719
Investment for trustee deferred compensation and retirement plans		15,028
Other assets		69,033
Total assets		2,183,396,701
Liabilities:
Payable for:
Investments purchased		3,490,536
Fund shares reacquired		6,484,323
Accrued fees to affiliates		1,860,490
Accrued other operating expenses		574,171
Trustee deferred compensation and retirement plans		55,245
Total liabilities		12,464,765
Net assets applicable to shares outstanding	$	2,170,931,936
Net assets consist of:
Shares of beneficial interest	$	1,834,612,271
Undistributed net investment income (loss)		(2,307,654	)
Undistributed net realized gain		156,665,250
Unrealized appreciation		181,962,069
	$	2,170,931,936
Net Assets:
Class A	$	1,302,206,337
Class B	$	41,445,076
Class C	$	144,352,936
Class Y	$	682,927,587
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		77,406,135
Class B		2,714,407
Class C		9,617,160
Class Y		40,085,979
Class A:
Net asset value per share	$	16.82
Maximum offering price per share
(Net asset value of $16.82 divided by 94.50%)	$	17.80
Class B:
Net asset value and offering price per share	$	15.27
Class C:
Net asset value and offering price per share	$	15.01
Class Y:
Net asset value and offering price per share	$	17.04

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

8        Invesco Van Kampen Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends	$	8,180,086
Dividends from affiliates		711,597
Total investment income		8,891,683
Expenses:
Advisory fees		6,979,455
Administrative services fees		232,882
Custodian fees		30,149
Distribution fees:
Class A		1,665,086
Class B		190,600
Class C		773,265
Transfer agent fees		2,621,182
Trustees’ and officers’ fees and benefits		43,305
Other		202,688
Total expenses		12,738,612
Less: Fees waived and expense offset arrangement(s)		(1,555,245	)
Net expenses		11,183,367
Net investment income (loss)		(2,291,684	)
Realized and unrealized gain (loss) from:
Net realized gain from investment securities (includes net gains from securities sold to affiliates of $1,230,014)		108,590,900
Change in net unrealized appreciation (depreciation) of investment securities		(485,571,494	)
Net realized and unrealized gain (loss)		(376,980,594	)
Net increase (decrease) in net assets resulting from operations	$	(379,272,278	)

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

9        Invesco Van Kampen Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the period April 1, 2011 through April 30, 2011 and year ended March 31, 2011

(Unaudited)

	Six months ended			One month ended			Year ended
	October 31,			April 30,			March 31,
	2011			2011			2011
Operations:
Net investment income (loss)	$	(2,291,684	)	$	(1,026,774	)	$	(2,874,589	)
Net realized gain		108,590,900			18,399,924			101,125,792
Change in net unrealized appreciation (depreciation)		(485,571,494	)		22,917,071			154,919,814
Net increase (decrease) in net assets resulting from operations		(379,272,278	)		40,290,221			253,171,017
Distributions to shareholders from net realized gains:
Class A		—			—			(30,666,764	)
Class B		—			—			(1,521,239	)
Class C		—			—			(5,006,116	)
Class Y		—			—			(5,451,254	)
Total distributions from net realized gains		—			—			(42,645,373	)
Share transactions–net:
Class A		466,267,245			(8,004,987	)		213,801,699
Class B		9,365,495			(1,396,299	)		(15,304,348	)
Class C		23,604,155			(2,058,199	)		15,292,070
Class Y		602,401,696			8,392,186			23,278,951
Net increase (decrease) in net assets resulting from share transactions		1,101,638,591			(3,067,299	)		237,068,372
Net increase in net assets		722,366,313			37,222,922			447,594,016
Net assets:
Beginning of period		1,448,565,623			1,411,342,701			963,748,685
End of period (includes undistributed net investment income (loss) of $(2,307,655), $(15,970) and $(14,350), respectively)	$	2,170,931,936		$	1,448,565,623		$	1,411,342,701

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is capital appreciation.

  The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. 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 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

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

10        Invesco Van Kampen Small Cap Value Fund

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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.

11        Invesco Van Kampen Small Cap Value Fund

D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. Prior to the Reorganization, incremental transfer agency fees which are unique to each class of shares of the Acquired Fund were charged to the operations of such class.
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 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.	Redemption Fees — The Fund has a 2% redemption fee that is to be retained by the Fund to offset transaction costs and other expenses associated with short-term redemptions and exchanges. The fee, subject to certain exceptions, is imposed on certain redemptions or exchanges of shares within 31 days of purchase. The redemption fee is recorded as an increase in shareholder capital and is allocated among the share classes based on the relative net assets of each class. Effective January 1, 2012, the Fund will eliminate the 2% redemption fee, if applicable, assessed on shares of the Fund redeemed or exchanged within 31 days of purchase.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $500 million		0	.67%
Next $500 million		0	.645%
Over $1 billion		0	.62%

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

    Effective May 23, 2011, the Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, and Class Y shares to 1.03%, 1.40% (after Rule 12b-1 fee limit), 1.78%, and 0.78%, respectively, of average daily net assets. Prior to May 23, 2011, 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 B, Class C, and Class Y shares to 1.34%, 2.09% (after Rule 12b-1 fee limit), 2.09%, and 1.09%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012.

    Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended October 31, 2011, the Adviser waived advisory fees of $1,478,152.

    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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

12        Invesco Van Kampen Small Cap Value Fund

    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 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, 2011, 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 shares, Class B shares and Class C 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 and up to 1.00% each of Class B and Class C average daily net assets.

    Effective May 23, 2011, IDI has contractually agreed to limit Rule 12b-1 plan fees on Class B to 0.62% of average daily net assets, through at least June 30, 2012.

    With respect to Class B and 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 B and 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.

    Expenses under the Plans before fee waivers are shown as distribution fees in the Statement of Operations as distribution fees. For the six months ended October 31, 2011, 12b-1 fees for Class B shares were $115,282 after fee waivers of $75,318.

    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, 2011, IDI advised the Fund that IDI retained $12,979 in front-end sales commissions from the sale of Class A shares and $6,803, $24,327 and $8,968 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, Invesco Ltd., 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, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	2,175,918,734	$	—	$	—	$	2,175,918,734

NOTE 4—Investments in Other Affiliates

The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The following is a summary of the investments in affiliates for the six months ended October 31, 2011.

13        Invesco Van Kampen Small Cap Value Fund

								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation			Realized			Value		Dividend
	04/30/11		at Cost		from Sales			(Depreciation)			Gain (Loss)			10/31/11		Income
ACCO Brands Corp.	$	28,735,007	$	17,925,869	$	—		$	(8,064,440	)	$	—		$	38,596,436	$	—
AMN Healthcare Services, Inc.		8,025,382		19,110,008		—			(9,785,833	)		—			17,349,557		—
CIBER, Inc.		—		19,635,438		—			(385,122	)		—			19,250,316		—
FBR Capital Markets Corp.		10,036,800		11,350,588		—			(8,946,284	)		—			12,441,104		—
Liz Claiborne, Inc.		36,954,379		29,285,257		(33,475,102	)		13,943,497			7,417,942			54,125,973		—
Methode Electronics, Inc.		16,222,154		11,222,594		—			(3,654,164	)		—			23,790,584		358,523
Orion Marine Group, Inc.		9,046,745		9,461,959		—			(7,352,788	)		—			11,155,916		—
Resources Connection, Inc.		14,303,646		21,359,121		—			(7,465,178	)		—			28,197,589		211,155
Sanmina- SCI Corp.		19,325,108		29,122,592		—			(10,111,478	)		—			38,336,222		—
Sonic Corp.		25,807,593		18,802,448		—			(12,551,254	)		—			32,058,787		—
THQ, Inc.		—		24,950,657		—			(10,646,178	)		—			14,304,479		—
Zep, Inc.		14,280,229		9,228,554		(1,554,988	)		(1,690,818	)		(322,534	)		19,940,443		112,244
Total	$	182,737,043	$	221,455,085	$	(35,030,090	)	$	(66,710,040	)	$	7,095,408		$	309,547,406	$	681,922

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2011, the Fund engaged in securities purchases of $11,393,786 and securities sales of $4,524,634, which resulted in net realized gains of $1,230,014.

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangements are comprised of (1) transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions and (2) custodian credits which result from periodic overnight cash balances at the custodian. For the six months ended October 31, 2011, the Fund received credits from these arrangements, which resulted in the reduction of the Fund’s total expenses of $1,775.

NOTE 7—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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $1,858 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 9—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 generally accepted accounting principles. 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.

  The Fund did not have a capital loss carryforward as of April 30, 2011.

14        Invesco Van Kampen Small Cap Value Fund

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $372,270,958 and $325,652,669, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	338,023,939
Aggregate unrealized (depreciation) of investment securities		(159,426,060	)
Net unrealized appreciation of investment securities	$	178,597,879
Cost of investments for tax purposes is $1,997,320,855.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended						One month ended						Year ended
	October 31, 2011(a)						April 30, 2011						March 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		10,874,341		$	188,296,863			1,315,045		$	25,233,222			28,909,954		$	483,429,596
Class B		—			—			3,205			55,394			462,662			6,841,904
Class C		310,158			4,426,841			67,067			1,149,714			2,650,688			39,891,283
Class Y(b)		4,108,030			73,648,894			668,712			12,934,920			9,894,690			165,142,963
Issued as reinvestment of dividends:
Class A		—			—			—			—			1,603,901			28,613,600
Class B		—			—			—			—			88,839			1,440,077
Class C		—			—			—			—			295,178			4,728,753
Class Y(b)		—			—			—			—			287,477			5,180,323
Issued in connection with acquisitions:(c)
Class A		28,565,022			546,905,635			—			—			—			—
Class B		1,395,411			24,277,773			—			—			—			—
Class C		2,655,889			45,515,921			—			—			—			—
Class Y		34,418,470			666,710,807			—			—			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		535,665			9,162,821			41,460			816,315			581,832			9,661,325
Class B		(589,862	)		(9,162,821	)		(45,657	)		(816,315	)		(638,208	)		(9,661,325	)
Reacquired:(d)
Class A		(16,711,638	)		(278,098,074	)		(1,770,998	)		(34,054,524	)		(18,638,960	)		(307,902,822	)
Class B		(336,828	))		(5,749,457	)		(36,524	)		(635,378	)		(933,978	)		(13,925,004	)
Class C		(1,768,275	)		(26,338,607	)		(186,223	)		(3,207,913	)		(1,958,635	)		(29,327,966	)
Class Y(b)		(8,093,016	)		(137,958,005	)		(234,161	)		(4,542,734	)		(8,919,305	)		(147,044,335	)
Net increase (decrease) in share activity		55,363,367		$	1,101,638,591			(178,074	)	$	(3,067,299	)		13,686,135		$	237,068,372

(a)	There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(c)	As of the open of business on May 23, 2011, the Fund acquired all the net assets of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2010 and by the shareholders of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 67,034,792 shares of the Fund for 28,177,350, 7,763,887, 29,315,528 and 1,571,735 shares outstanding of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund as of the close of business on May 20, 2011. Each class of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund to the net asset value of the Fund on the close of business, May 20, 2011. Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund net assets at that date of $390,180,913, $94,779,328, $783,803,191 and 14,646,704 including $314,608,982 of unrealized appreciation, was combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,450,891,862. The net assets of the Fund immediately following the acquisition were $2,734,301,998.
(d)	Net of redemption fees of $47,058 and $8,934 allocated among the classes based on relative net assets of each class for the period ended October 31, 2011 and the period April 1, 2011 through April 30, 2011, respectively.

15        Invesco Van Kampen Small Cap Value Fund

NOTE 12—Financial Highlights

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			Ratio of net
	Net asset		Net			(losses) on						Dividends			Distributions														net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			from net						Net asset						Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end			Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period			Return			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 10/31/11	$	19.71	$	(0.02	)	$	(2.87	)	$	(2.89	)	$	—		$	—		$	—		$	16.82	(c)		(14.66	)%(d)	$	1,302,206		1.04	%(e)		1.17	%(e)		(0.23	)%(e)		26	%
One month ended 04/30/11		19.17		(0.01	)		0.55			0.54			—			—			—			19.71	(c)		2.82	(d)		1,067,286		1.33	(f)		1.36	(f)		(0.84	)(f)		5
Year ended 03/31/11		16.06		(0.03	)		3.75			3.72			—			(0.61	)		(0.61	)		19.17	(c)		23.46	(d)		1,045,598		1.18			1.19			(0.19	)		67
Year ended 03/31/10		9.56		(0.05	)		6.55			6.50			(0.00	)(g)		—			(0.00	)(g)		16.06			68.04	(h)		675,936		1.25			1.25			(0.38	)		28
Year ended 03/31/09		14.41		0.05			(4.83	)		(4.78	)		(0.03	)		(0.04	)		(0.07	)		9.56			(33.21	)(h)		225,016		1.34			1.34			0.40			63
Year ended 03/31/08		17.57		(0.03	)		(1.49	)		(1.52	)		—			(1.64	)		(1.64	)		14.41			(9.31	)(h)		248,178		1.29			1.29			(0.21	)		46
Year ended 03/31/07		18.23		(0.03	)		2.91			2.88			—			(3.54	)		(3.54	)		17.57			16.70	(h)		192,729		1.32			1.32			(0.16	)		53
Class B
Six months ended 10/31/11		17.91		(0.04	)		(2.60	)		(2.64	)		—			—			—			15.27	(c)		(14.74	)(d)		41,445		1.28	(e)		1.73	(e)		(0.47	)(e)		26
One month ended 04/30/11		17.42		(0.01	)		0.50			0.49			—			—			—			17.91	(c)		2.81	(d)(i)		40,226		1.33	(f)(i)		1.36	(f)(i)		(0.84	)(f)(i)		5
Year ended 03/31/11		14.69		(0.09	)		3.43			3.34			—			(0.61	)		(0.61	)		17.42	(c)		23.07	(d)(i)		40,485		1.56	(i)		1.57	(i)		(0.57	)(i)		67
Year ended 03/31/10		8.77		(0.09	)		6.01			5.92			—			—			—			14.69			67.50	(j)(k)		49,140		1.62	(k)		1.62	(k)		(0.78	)(k)		28
Year ended 03/31/09		13.24		0.02			(4.44	)		(4.42	)		(0.01	)		(0.04	)		(0.05	)		8.77			(33.39	)(j)(k)		37,961		1.51	(k)		1.51	(k)		0.16	(k)		63
Year ended 03/31/08		16.35		(0.11	)		(1.36	)		(1.47	)		—			(1.64	)		(1.64	)		13.24			(9.64	)(j)(k)		78,649		1.73	(k)		1.73	(k)		(0.68	)(k)		46
Year ended 03/31/07		17.30		(0.16	)		2.75			2.59			—			(3.54	)		(3.54	)		16.35			15.81	(j)		115,090		2.08			2.08			(0.92	)		53
Class C
Six months ended 10/31/11		17.65		(0.07	)		(2.57	)		(2.64	)		—			—			—			15.01	(c)		(14.96	)(d)		144,353		1.79	(e)		1.92	(e)		(0.98	)(e)		26
One month ended 04/30/11		17.17		(0.02	)		0.50			0.48			—			—			—			17.65	(c)		2.80	(d)		148,624		2.08	(f)		2.11	(f)		(1.59	)(f)		5
Year ended 03/31/11		14.55		(0.14	)		3.37			3.23			—			(0.61	)		(0.61	)		17.17	(c)		22.52	(d)		146,633		1.93			1.94			(0.94	)		67
Year ended 03/31/10		8.72		(0.14	)		5.97			5.83			—			—			—			14.55			66.86	(l)		109,871		2.00			2.00			(1.14	)		28
Year ended 03/31/09		13.23		(0.04	)		(4.43	)		(4.47	)		—			(0.04	)		(0.04	)		8.72			(33.76	)(l)		50,495		2.10			2.10			(0.36	)		63
Year ended 03/31/08		16.38		(0.15	)		(1.36	)		(1.51	)		—			(1.64	)		(1.64	)		13.23			(9.95	)(l)		64,492		2.04			2.04			(0.95	)		46
Year ended 03/31/07		17.33		(0.16	)		2.75			2.59			—			(3.54	)		(3.54	)		16.38			15.78	(k)(l)		42,704		2.07	(k)		2.07	(k)		(0.91	)(k)		53
Class Y(m)
Six months ended 10/31/11		19.94		0.00			(2.90	)		(2.90	)		—			—			—			17.04	(c)		(14.54	)(d)		682,928		0.79	(e)		0.92	(e)		0.02	(e)		26
One month ended 04/30/11		19.38		(0.01	)		0.57			0.56			—			—			—			19.94	(c)		2.89	(d)		192,429		1.08	(f)		1.11	(f)		(0.59	)(f)		5
Year ended 03/31/11		16.19		0.01			3.79			3.80			—			(0.61	)		(0.61	)		19.38	(c)		23.77	(d)		178,627		0.93			0.94			0.06			67
Year ended 03/31/10		9.63		(0.02	)		6.61			6.59			(0.03	)		—			(0.03	)		16.19			68.43	(n)		128,802		1.00			1.00			(0.13	)		28
Year ended 03/31/09		14.53		0.08			(4.88	)		(4.80	)		(0.06	)		(0.04	)		(0.10	)		9.63			(33.09	)(n)		32,407		1.09			1.09			0.63			63
Year ended 03/31/08		17.66		0.02			(1.51	)		(1.49	)		—			(1.64	)		(1.64	)		14.53			(9.03	)(n)		34,486		1.06			1.06			0.12			46
Year ended 03/31/07		18.26		0.01			2.93			2.94			—			(3.54	)		(3.54	)		17.66			16.96	(n)		8,846		1.07			1.07			0.08			53

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $983,090,206 and sold of $280,948,732 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Special Value Fund, Invesco Small — Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small/Mid Cap Value Fund into the Fund.
(c)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.
(d)	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.
(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,324,829, $47,144, $153,813 and $652,931 for Class A, Class B, Class C and Class Y, respectively.
(f)	Annualized.
(g)	Amount is less than $0.01 per share.
(h)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(i)	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 0.25% and 0.63% for the period April 1, 2011 to April 30, 2011 and the year ended March 31, 2011, respectively.
(j)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(k)	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 less than 1%.
(l)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(m)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(n)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.

16        Invesco Van Kampen 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, and redemption fees, 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, 2011 through October 31, 2011.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2,4		(10/31/11)		Period2,5		Ratio3
A	$	1,000.00	$	852.90	$	4.84	$	1,019.91	$	5.28		1.04	%
B		1,000.00		852.10		5.96		1,018.70		6.50		1.28
C		1,000.00		849.90		8.32		1,016.14		9.07		1.79
Y		1,000.00		854.60		3.68		1,021.17		4.01		0.79

1	The actual ending account value is based on the actual total return of the Fund for the period May 1, 2011 through October 31, 2011, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.
3	Effective May 23, 2011, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expense of Class A, Class B, Class C and Class Y shares to 1.03%, 1.40%, 1.78% and 0.78% 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 1.03%, 1.27%, 1.78% and 0.78% for Class A, Class B, Class C and Class Y shares, respectively.
4	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.80, $5.91, $8.28 and $3.64 for Class A, Class B, Class C and Class Y shares, respectively.
5	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $5.23, $6.44, $9.02 and $3.96 for Class A, Class B, Class C and Class Y shares, respectively.

17        Invesco Van Kampen Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Van Kampen Small Cap Value Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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

18        Invesco Van Kampen Small Cap Value Fund

nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Small Cap Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of the performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other mutual funds or client accounts in a manner substantially similar to the management of the Fund.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Van Kampen Small Cap Value Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

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

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

VK-SCV-SAR-1 Invesco Distributors, Inc.

Invesco Van Kampen Value Opportunities Fund
Semiannual Report to Shareholders § October 31, 2011
Nasdaq:
A: VVOAX § B: VVOBX § C: VVOCX § R: VVORX § Y: VVOIX § Institutional: VVONX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Agreements

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, 4/30/11 to 10/31/11, 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	-11.00	%
Class B Shares	-11.06
Class C Shares	-11.30
Class R Shares*	-11.11
Class Y Shares	-10.95
Institutional Class Shares*	-10.74
S&P 500 Index▼ (Broad Market Index)	-7.12
Russell 1000 Value Index▼ (Style-Specific Index)	-9.49
Lipper Large-Cap Value Funds Index▼ (Peer Group Index)	-10.49

Source(s): ▼Lipper Inc.
*	Share classes incepted during the reporting period. See page 3 for a detailed explanation of Fund performance.

The S&P 500^® Index is an unmanaged index considered representative of the U.S. stock market.

     The Russell 1000^® Value Index is an unmanaged index considered representative of large-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 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 index(es) defined 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.

2 Invesco Van Kampen Value Opportunities Fund

Average Annual Total Returns

As of 10/31/11, including maximum applicable sales charges

Class A Shares
Inception (6/25/01)			1.63	%
	10	Years	2.85
	5	Years	-4.68
	1	Year	-3.59
Class B Shares
Inception (6/25/01)			1.59	%
	10	Years	2.81
	5	Years	-4.55
	1	Year	-3.18
Class C Shares
Inception (6/25/01)			1.45	%
	10	Years	2.69
	5	Years	-4.28
	1	Year	0.32
Class R Shares
	10	Years	3.18	%
	5	Years	-3.84
	1	Year	1.75
Class Y Shares
Inception (3/23/05)			0.20	%
	5	Years	-3.38
	1	Year	2.30
Institutional Class Shares
	10	Years	3.47	%
	5	Years	-3.54
	1	Year	2.30

Effective June 1, 2010, Class A, Class B, 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 B, Class C and Class Y shares, respectively, of Invesco Van Kampen Value Opportunities Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Van Kampen Value Opportunities Fund. Share class returns will differ from the predecessor fund because of different expenses.

     Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of the predecessor fund’s Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A share performance reflects any applicable fee waivers or expense reimbursements.

Average Annual Total Returns

As of 9/30/11, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (6/25/01)			0.49	%
	10	Years	2.03
	5	Years	-6.53
	1	Year	-11.81
Class B Shares
Inception (6/25/01)			0.46	%
	10	Years	1.98
	5	Years	-6.42
	1	Year	-11.57
Class C Shares
Inception (6/25/01)			0.32	%
	10	Years	1.87
	5	Years	-6.12
	1	Year	-8.04
Class R Shares
	10	Years	2.35	%
	5	Years	-5.71
	1	Year	-6.92
Class Y Shares
Inception (3/23/05)			-1.58	%
	5	Years	-5.26
	1	Year	-6.42
Institutional Class Shares
	10	Years	2.63	%
	5	Years	-5.43
	1	Year	-6.51

     Institutional Class shares incepted on May 23, 2011. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share performance reflects any applicable fee waivers or expense reimbursements.

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares was 1.37%, 1.43%, 2.04%, 1.62%, 1.12% and 0.86%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Institutional Class 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.

3 Invesco Van Kampen Value Opportunities Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these uncertain times, investors face risks that could make it more difficult to achieve their long-term financial goals – a secure retirement, home ownership, a child’s college education. Although the markets are complex and dynamic, there are ways to simplify the process and potentially increase your odds of achieving your goals. The best approach is to create a solid financial plan that helps you save and invest in ways that anticipate your needs over the long term.

     Your financial adviser can help you define your financial plan and help you better understand your tolerance for risk. Your financial adviser also can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach “intentional investing.” It means thinking carefully, planning thoughtfully and acting deliberately.

     While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the performance of Invesco’s funds as part of our Investor First orientation. We continue to oversee the funds with the same strong sense of responsibility for your money and your continued trust that we’ve always maintained.

     Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product line following our acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments. When completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and I hope our shareholders haven’t been too inconvenienced by the process.

     As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

Enclosed is important information about your Fund and its performance. I encourage you to read this report to learn more about your Fund’s short- and long-term performance.

     The start of a new year is always a good time to catch up with your financial adviser. Looking ahead to the new year and evaluating your individual situation, your financial adviser can provide valuable insight into whether your investments are still appropriate for your individual needs, goals and risk tolerance. This may provide reassurance in times of economic uncertainty and market volatility such as we saw in 2011 – and are likely to see again in 2012.

     On our website, invesco.com/us, we provide timely market updates and commentary from many of our fund managers and other investment professionals. Also on our website, you can obtain information about your account at any hour of the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.

     Across our broad array of investment products, investment excellence is our ultimate goal. Each of our funds is managed by specialized teams of investment professionals, and as a company, we maintain a single focus – investment management – that allows our fund managers to concentrate on doing what they do best: managing your money.

     Our adherence to stated investment objectives and strategies allows your financial adviser to build a diversified portfolio that meets your individual risk tolerance and financial goals – meaning that when your goals change, your financial adviser will be able to find an Invesco fund that’s appropriate for your needs.

     If you have questions about your account, please contact one of our client service representatives at 800 959 4246. If you have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

4 Invesco Van Kampen Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2011

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.07%
Advertising–5.82%
Omnicom Group, Inc.		1,211,516	$	53,888,232
Aerospace & Defense–1.74%
Honeywell International Inc.		307,165		16,095,446
Asset Management & Custody Banks–1.78%
Bank of New York Mellon Corp. (The)		773,979		16,470,273
Automobile Manufacturers–1.94%
Renault S.A. (France)		431,228		17,983,281
Brewers–3.70%
Molson Coors Brewing Co., Class B		810,538		34,318,179
Cable & Satellite–6.33%
Comcast Corp., Class A		833,678		19,549,749
Time Warner Cable Inc.		613,834		39,095,088
				58,644,837
Computer Hardware–6.12%
Apple Inc.(b)		52,977		21,444,030
Dell Inc.(b)		794,063		12,554,136
Hewlett-Packard Co.		853,156		22,702,481
				56,700,647
Data Processing & Outsourced Services–1.01%
Western Union Co. (The)		537,247		9,385,705
Department Stores–3.58%
Macy’s, Inc.		1,085,158		33,129,874
Diversified Banks–5.55%
Comerica Inc.		367,563		9,391,235
U.S. Bancorp		609,485		15,596,721
Wells Fargo & Co.		1,021,344		26,463,023
				51,450,979
General Merchandise Stores–2.15%
Target Corp.		363,394		19,895,822
Homebuilding–1.33%
Ryland Group, Inc. (The)		909,858		12,283,083
Household Products–2.99%
Procter & Gamble Co. (The)		432,659		27,685,849
Hypermarkets & Super Centers–3.28%
Wal-Mart Stores, Inc.		535,713		30,385,641
Industrial Conglomerates–1.60%
General Electric Co.		885,237		14,792,310
Integrated Oil & Gas–13.14%
Chevron Corp.		387,310		40,686,916
Exxon Mobil Corp.		244,324		19,079,261
Petroleo Brasileiro S.A.–ADR (Brazil)		658,547		17,787,354
Royal Dutch Shell PLC–ADR (United Kingdom)		623,131		44,186,219
				121,739,750
Investment Banking & Brokerage–2.69%
Goldman Sachs Group, Inc. (The)		101,622		11,132,690
Morgan Stanley		783,161		13,814,960
				24,947,650
Life & Health Insurance–1.59%
MetLife, Inc.		419,039		14,733,411
Managed Health Care–2.05%
UnitedHealth Group Inc.		396,709		19,038,065
Oil & Gas Drilling–1.12%
Noble Corp.(b)		288,062		10,352,948
Other Diversified Financial Services–7.26%
Bank of America Corp.		1,675,478		11,443,515
Citigroup Inc.		566,442		17,893,903
JPMorgan Chase & Co.		1,089,657		37,876,477
				67,213,895
Pharmaceuticals–4.12%
Bristol-Myers Squibb Co.		423,007		13,362,791
Pfizer Inc.		1,290,088		24,847,095	��
				38,209,886
Property & Casualty Insurance–14.68%
Allied World Assurance Co. Holdings AG (Switzerland)		295,393		17,162,333
Allstate Corp. (The)		748,520		19,716,017
Aspen Insurance Holdings Ltd.		925,688		24,521,475
Chubb Corp. (The)		859,348		57,619,283
Travelers Cos., Inc. (The)		291,782		17,025,480
				136,044,588
Steel–1.28%
POSCO–ADR (South Korea)		138,248		11,878,268
Wireless Telecommunication Services–2.22%
Vodafone Group PLC–ADR (United Kingdom)		740,003		20,601,684
Total Common Stocks & Other Equity Interests (Cost $836,811,667)				917,870,303

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

5        Invesco Van Kampen Value Opportunities Fund

	Shares		Value
Money Market Funds–1.23%
Liquid Assets Portfolio–Institutional Class(c)		5,687,242	$	5,687,242
Premier Portfolio–Institutional Class(c)		5,687,242		5,687,242
Total Money Market Funds (Cost $11,374,484)				11,374,484
TOTAL INVESTMENTS–100.30% (Cost $848,186,151)				929,244,787
OTHER ASSETS LESS LIABILITIES–(0.30)%				(2,808,942	)
NET ASSETS–100.00%			$	926,435,845

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2011

Financials	33.6	%
Consumer Discretionary	21.1
Energy	14.3
Consumer Staples	10.0
Information Technology	7.1
Health Care	6.2
Industrials	3.3
Telecommunication Services	2.2
Materials	1.3
Money Market Funds Plus Other Assets Less Liabilities	0.9

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

6        Invesco Van Kampen Value Opportunities Fund

Statement of Assets and Liabilities

October 31, 2011

(Unaudited)

Assets:
Investments, at value (Cost $836,811,667)	$	917,870,303
Investments in affiliated money market funds, at value and cost		11,374,484
Total investments, at value (Cost $848,186,151)		929,244,787
Foreign currencies, at value (Cost $123,262)		124,272
Receivable for:
Fund shares sold		177,809
Dividends		514,448
Investment for trustee deferred compensation and retirement plans		91,961
Other assets		42,050
Total assets		930,195,327
Liabilities:
Payable for:
Fund shares reacquired		2,041,565
Accrued fees to affiliates		907,382
Accrued other operating expenses		297,897
Trustee deferred compensation and retirement plans		512,638
Total liabilities		3,759,482
Net assets applicable to shares outstanding	$	926,435,845
Net assets consist of:
Shares of beneficial interest	$	874,100,177
Undistributed net investment income		3,080,964
Undistributed net realized gain (loss)		(31,804,942	)
Unrealized appreciation		81,059,646
	$	926,435,845
Net Assets:
Class A	$	712,815,071
Class B	$	80,023,763
Class C	$	100,523,833
Class R	$	18,003,726
Class Y	$	11,621,113
Institutional Class	$	3,448,339
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		78,714,804
Class B		8,964,117
Class C		11,339,994
Class R		1,989,620
Class Y		1,287,268
Institutional Class		381,195
Class A:
Net asset value per share	$	9.06
Maximum offering price per share (Net asset value of $9.06 ¸ 94.50%)	$	9.59
Class B:
Net asset value and offering price per share	$	8.93
Class C:
Net asset value and offering price per share	$	8.86
Class R:
Net asset value and offering price per share	$	9.05
Class Y:
Net asset value and offering price per share	$	9.03
Institutional Class:
Net asset value and offering price per share	$	9.05

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

7        Invesco Van Kampen Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2011

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $210,751)	$	9,487,680
Dividends from affiliated money market funds		6,470
Total investment income		9,494,150
Expenses:
Advisory fees		2,894,023
Administrative services fees		125,233
Custodian fees		12,573
Distribution fees:
Class A		828,542
Class B		100,878
Class C		460,776
Class R		40,367
Transfer Agent Fees — A, B, C, R and Y		1,826,678
Transfer agent fees — Institutional		2,600
Trustees’ and officers’ fees and benefits		23,925
Other		195,992
Total expenses		6,511,587
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(30,095	)
Net expenses		6,481,492
Net investment income		3,012,658
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		28,404,317
Foreign currencies		5,373
		28,409,690
Change in net unrealized appreciation (depreciation) of:
Investment securities		(128,598,615	)
Foreign currencies		3,057
		(128,595,558	)
Net realized and unrealized gain (loss)		(100,185,868	)
Net increase (decrease) in net assets resulting from operations	$	(97,173,210	)

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

8        Invesco Van Kampen Value Opportunities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2011, the period April 1 through April 30, 2011 and the year ended March 31, 2011

(Unaudited)

	Six months ended			One month ended			Year ended
	October 31,			April 30,			March 31,
	2011			2011			2011
Operations:
Net investment income (loss)	$	3,012,658		$	(30,445	)	$	500,713
Net realized gain		28,409,690			562,759			3,333,466
Change in net unrealized appreciation (depreciation)		(128,595,558	)		765,545			639,142
Net increase (decrease) in net assets resulting from operations		(97,173,210	)		1,297,859			4,473,321
Distributions to shareholders from net investment income:
Class A		—			—			(428,216	)
Class C		—			—			(5,018	)
Class Y		—			—			(58,989	)
Total distributions from net investment income		—			—			(492,223	)
Share transactions–net:
Class A		740,690,206			(420,284	)		(14,378,002	)
Class B		82,395,851			(210,154	)		(2,052,927	)
Class C		103,690,196			(169,064	)		(2,140,953	)
Class R		19,771,473			—			—
Class Y		8,286,329			(28,744	)		(43,797,772	)
Institutional Class		4,269,472			—			—
Net increase (decrease) in net assets resulting from share transactions		959,103,527			(828,246	)		(62,369,654	)
Net increase (decrease) in net assets		861,930,317			469,613			(58,388,556	)
Net assets:
Beginning of period		64,505,528			64,035,915			122,424,471
End of period (includes undistributed net investment income of $3,080,964, $68,306 and $65,125, respectively)	$	926,435,845		$	64,505,528		$	64,035,915

Notes to Financial Statements

October 31, 2011

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen 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 consisting of thirteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is capital growth and income.

  The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Institutional Class. 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 R, Class Y and Institutional Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

9        Invesco Van Kampen Value Opportunities Fund

  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 bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 trade is not the current value as of the close of the NYSE. Foreign securities 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 economical 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 are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
	The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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

10        Invesco Van Kampen Value Opportunities Fund

	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 income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 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 and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. Prior to the Reorganization, incremental transfer agency fees which are unique to each class of shares of the Acquired Fund were charged to the operations of such class.
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 performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
J.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

11        Invesco Van Kampen Value Opportunities Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 23, 2011, under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $250 million		0	.695%
Next $250 million		0	.67%
Next $500 million		0	.645%
Next $1.5 billion		0	.62%
Next $2.5 billion		0	.595%
Next $2.5 billion		0	.57%
Next $2.5 billion		0	.545%
Over $10 billion		0	.52%

Prior to May 23, 2011, the Fund paid an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $500 million		0	.75%
Next $500 million		0	.70%
Over $1 billion		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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 Sub-Adviser(s).

  The Adviser has contractually agreed, through at least June 30, 2012, 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 B, Class C, Class R, Class Y and Institutional Class shares to 1.41%, 2.16%, 2.16%, 1.66%, 1.16% and 1.16%, respectively, of 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; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012.

  Further, the Adviser has contractually agreed, through at least June 30, 2012, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended October 31, 2011, the Adviser waived advisory fees of $11,001 and reimbursed class level expenses of $15,225 for Class A, Class B, Class C, Class R, Class Y and Investor Class shares in proportion to the relative net assets of such classes.

  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, 2011, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  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 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, 2011, 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 B, 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% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

  With respect to Class B and 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 B and 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, 2011, 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, 2011, IDI advised the Fund that IDI retained $23,076 in front-end sales commissions from the sale of Class A shares and $4, $33,725 and $1,232 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

12        Invesco Van Kampen Value Opportunities Fund

NOTE 3—Additional Valuation Information

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

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

  The following is a summary of the tiered valuation input levels, as of October 31, 2011. 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.

  During the six months ended October 31, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	911,261,506	$	17,983,281	$	—	$	929,244,787

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2011, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,869.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended October 31, 2011, the Fund paid legal fees of $909 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A partner of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

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

13        Invesco Van Kampen Value Opportunities Fund

  The Fund had a capital loss carryforward as of April 30, 2011, which expires as follows:

	Capital Loss
Expiration	Carryforward*
April 30, 2016	$	46,573,323
April 30, 2017		13,630,436
Total capital loss carryforward	$	60,203,759

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. To the extent that unrealized gains of May 23, 2011, the date of the reorganization of Invesco Basic Value Fund, into the Fund are realized on securities held in the Fund at such date of reorganization, the capital loss carryforward may be further limited for up to five years from the date of the reorganization.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2011 was $61,650,645 and $22,515,966, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	161,432,428
Aggregate unrealized (depreciation) of investment securities		(80,384,666	)
Net unrealized appreciation of investment securities	$	81,047,762
Cost of investments for tax purposes is $848,197,025.

14        Invesco Van Kampen Value Opportunities Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						One month ended						Year ended
	October 31, 2011(a)						April 30, 2011						March 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		1,743,288		$	15,082,815			32,560		$	325,446			389,146		$	3,553,178
Class B		59,160			948,986			1,590			15,675			33,412			288,919
Class C		178,848			2,061,990			3,403			33,523			57,077			499,158
Class R(b)		197,803			1,829,320			—			—			—			—
Class Y		96,602			817,594			2,219			22,066			1,346,579			11,555,073
Institutional Class(b)		26,013			162,274			—			—			—			—
Issued as reinvestment of dividends:
Class A		—			—			—			—			42,206			393,786
Class C		—			—			—			—			506			4,648
Class Y		—			—			—			—			5,909			54,837
Issued in connection with acquisitions:(c)
Class A		81,789,030			808,828,507			—			—			—			—
Class B		10,498,963			102,352,547			—			—			—			—
Class C		11,653,261			113,178,199			—			—			—			—
Class R(b)		2,088,804			20,662,849			—			—			—			—
Class Y		1,124,328			11,072,165			—			—			—			—
Institutional Class(b)		915,800			9,022,329			—			—			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		1,354,128			12,433,240			10,772			109,116			69,693			634,358
Class B		(1,373,213	)		(12,433,240	)		(10,923	)		(109,116	)		(70,977	)		(634,358	)
Reacquired:
Class A		(10,525,564	)		(95,654,356	)		(85,435	)		(854,846	)		(2,133,967	)		(18,959,324	)
Class B		(950,894	)		(8,472,442	)		(11,848	)		(116,713	)		(192,402	)		(1,707,488	)
Class C		(1,294,273	)		(11,549,993	)		(20,681	)		(202,587	)		(302,241	)		(2,644,759	)
Class R(b)		(296,987	)		(2,720,696	)		—			—			—			—
Class Y		(409,727	)		(3,603,430	)		(5,123	)		(50,810	)		(6,518,129	)		(55,407,682	)
Institutional Class(b)		(560,618	)		(4,915,131	)		—			—			—			—
Net increase (decrease) in share activity		96,314,752		$	959,103,527			(83,466	)	$	(828,246	)		(7,273,188	)	$	(62,369,654	)

(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.
(b)	Commencement date of May 20, 2011.
(c)	As of the open of business on May 23, 2011 the Fund acquired all the net assets of Invesco Basic Value Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on November 10, 2011 and by the shareholders of Invesco Basic Value Fund on April 14, 2011. The acquisition was accomplished by a tax-free exchange of 108,070,186 shares of the Fund for 49,783,080 shares outstanding of Invesco Basic Value Fund as of the close of business on May 20, 2011. Each class of Invesco Basic Value Fund was exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Basic Value Fund to the net asset value of the Fund at the close of business on May 20, 2011. Invesco Basic Value Fund’s net assets at that date of $1,065,116,596, including $204,658,708 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $62,948,257, and were $1,128,064,853 immediately after the acquisition.

15        Invesco Van Kampen Value Opportunities Fund

NOTE 10—Financial Highlights

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

																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses) on																						to average			to average net			Ratio of net
	Net asset		Net			securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period		Return			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 10/31/11	$	10.18	$	0.03		$	(1.15	)	$	(1.12	)	$	—		$	—		$	—		$	9.06		(11.00	)%(c)	$	712,815		1.41	%(d)		1.42	%(d)		0.77	%(d)		31	%
One month ended 04/30/11		9.98		(0.00	)		0.20			0.20			—			—			—			10.18		2.00	(c)		44,328		1.40	(e)		1.98	(e)		(0.51	)(e)		2
Year ended 03/31/11		8.95		0.06			1.06			1.12			(0.09	)		—			(0.09	)		9.98		12.61	(c)		43,855		1.42			1.47			0.68			80
Year ended 03/31/10		5.84		0.06			3.12			3.18			(0.07	)		—			(0.07	)		8.95		54.55	(f)		53,983		1.44			1.44			0.72			13
Year ended 03/31/09		9.77		0.09			(3.94	)		(3.85	)		(0.08	)		—			(0.08	)		5.84		(39.47	)(f)		43,175		1.41			1.41			1.11			34
Year ended 03/31/08		13.11		0.09			(2.29	)		(2.20	)		(0.07	)		(1.07	)		(1.14	)		9.77		(18.06	)(f)		112,133		1.28			1.28			0.69			54
Year ended 03/31/07		12.45		0.13			1.47			1.60			(0.13	)		(0.81	)		(0.94	)		13.11		13.02	(f)		206,306		1.28			1.28			1.05			60
Class B
Six months ended 10/31/11		10.04		0.03			(1.14	)		(1.11	)		—			—			—			8.93		(11.06	)(c)(g)		80,024		1.41	(d)(g)		1.42	(d)(g)		0.77	(d)(g)		31
One month ended 04/30/11		9.84		(0.00	)		0.20			0.20			—			—			—			10.04		2.03	(c)(g)		7,331		1.46	(e)(g)		2.04	(e)(g)		(0.57	)(e)(g)		2
Year ended 03/31/11		8.79		0.01			1.04			1.05			—			—			—			9.84		11.95	(c)(h)		7,392		1.99	(h)		2.04	(h)		0.11	(h)		80
Year ended 03/31/10		5.73		—			3.06			3.06			—			—			—			8.79		53.40	(i)		8,629		2.19			2.19			(0.03	)		13
Year ended 03/31/09		9.54		0.03			(3.84	)		(3.81	)		—			—			—			5.73		(39.94	)(i)		9,097		2.17			2.17			0.34			34
Year ended 03/31/08		12.85		(0.01	)		(2.23	)		(2.24	)		—			(1.07	)		(1.07	)		9.54		(18.70	)(i)		24,583		2.04			2.04			(0.05	)		54
Year ended 03/31/07		12.22		0.04			1.44			1.48			(0.04	)		(0.81	)		(0.85	)		12.85		12.24	(i)		34,441		2.04			2.04			0.30			60
Class C
Six months ended 10/31/11		10.00		0.00			(1.14	)		(1.14	)		—			—			—			8.86		(11.40	)(c)(g)		100,524		2.14	(d)(g)		2.15	(d)(g)		0.04	(d)(g)		31
One month ended 04/30/11		9.80		(0.01	)		0.21			0.20			—			—			—			10.00		2.04	(c)(g)		8,021		2.07	(e)(g)		2.65	(e)(g)		(1.18	)(e)(g)		2
Year ended 03/31/11		8.77		0.01			1.03			1.04			(0.01	)		—			(0.01	)		9.80		11.81	(c)(h)		8,033		2.06	(h)		2.11	(h)		0.04	(h)		80
Year ended 03/31/10		5.73		0.00			3.06			3.06			(0.02	)		—			(0.02	)		8.77		53.42	(j)(k)		9,337		2.18	(k)		2.18	(k)		(0.02	)(k)		13
Year ended 03/31/09		9.55		0.03			(3.84	)		(3.81	)		(0.01	)		—			(0.01	)		5.73		(39.90	)(j)(k)		7,791		2.10	(k)		2.10	(k)		0.43	(k)		34
Year ended 03/31/08		12.86		0.00			(2.24	)		(2.24	)		—			(1.07	)		(1.07	)		9.55		(18.69	)(j)(k)		19,118		2.03	(k)		2.03	(k)		(0.04	)(k)		54
Year ended 03/31/07		12.22		0.04			1.44			1.48			(0.03	)		(0.81	)		(0.84	)		12.86		12.24	(j)		30,468		2.04			2.04			0.29			60
Class R
Six months ended 10/31/11(l)		9.89		0.02			(0.86	)		(0.84	)		—			—			—			9.05		(11.11	)(c)		18,004		1.66	(d)		1.67	(d)		0.52	(d)		31
Class Y(m)
Six months ended 10/31/11		10.14		0.03			(1.14	)		(1.11	)		—			—			—			9.03		(10.95	)(c)		11,621		1.16	(d)		1.17	(d)		1.02	(d)		31
One month ended 04/30/11		9.93		(0.00	)		0.21			0.21			—			—			—			10.14		2.11	(c)		4,826		1.15	(e)		1.73	(e)		(0.26	)(e)		2
Year ended 03/31/11		8.94		0.08			1.05			1.13			(0.14	)		—			(0.14	)		9.93		12.75	(c)		4,757		1.17			1.22			0.93			80
Year ended 03/31/10		5.83		0.07			3.13			3.20			(0.09	)		—			(0.09	)		8.94		54.98	(n)		50,475		1.19			1.19			0.96			13
Year ended 03/31/09		9.77		0.11			(3.94	)		(3.83	)		(0.11	)		—			(0.11	)		5.83		(39.30	)(n)		35,805		1.17			1.17			1.41			34
Year ended 03/31/08		13.13		0.11			(2.28	)		(2.17	)		(0.12	)		(1.07	)		(1.19	)		9.77		(17.91	)(n)		50,817		1.07	(o)		1.07	(o)		1.03			54
Year ended 03/31/07		12.46		0.17			1.46			1.63			(0.15	)		(0.81	)		(0.96	)		13.13		13.28	(n)		191		1.08			1.08			1.39			60
Institutional Class
Six months ended 10/31/11(l)		9.85		0.05			(0.85	)		(0.80	)		—			—			—			9.05		(10.74	)(c)		3,448		0.84	(d)		0.84	(d)		1.34	(d)		31

(a)	Calculated using average shares outstanding.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $846,280,438 and sold of $133,030,927 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Basic Value Fund into the Fund.
(c)	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.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $659,232, $79,913, $93,489, $16,059, $11,789 and $5,189 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)	Annualized.
(f)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.75% or contingent deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions made within eighteen months of purchase. If the sales charges were included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(g)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual rule 12b-1 fees of 0.25% for Class B shares and 0.98% for Class C shares for the six months end October 31, 2011 and 0.31% for Class B shares and 0.92% for Class C shares for the period April 1, 2011 to April 30, 2011 respectively.
(h)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual rule 12b-1 fees of 0.82% for Class B shares and 0.89% for Class C shares for the year ended March 31, 2011.
(i)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 5%, charged on certain redemptions made within one year of purchase and declining to 0% after the fifth year. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(j)	Assumes reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns include combined Rule 12b-1 fees and service fees of up to 1% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(k)	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 less than 1%.
(l)	Commencement date of May 20, 2011.
(m)	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.
(n)	Assumes reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption on Fund shares.
(o)	The Ratio of Expenses to Average Net Assets does not reflect credits earned on cash balances. If these credits were reflected as a reduction of expenses, the ration would decrease by 0.01% for the year ended March 31, 2008.

16        Invesco Van Kampen 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, and redemption fees, 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. With the exception of the actual ending account value and expenses of the Class R and Institutional Class shares, 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, 2011, through October 31, 2011. The actual ending account value and expenses of the Class R and Institutional Class shares in the example below are based on an investment of $1,000 invested as of close of business May 20, 2011 (commencement date) and held through October 31, 2011.

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 (as of close of business May 20, 2011 through October 31, 2011 for the Class R and Institutional Class shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class S shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month 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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(05/01/11)		(10/31/11)1		Period2		(10/31/11)		Period2,3		Ratio
A	$	1,000.00	$	890.00	$	6.70	$	1,018.05	$	7.15		1.41	%
B		1,000.00		889.40		6.70		1,018.05		7.15		1.41
C		1,000.00		887.00		10.15		1,014.38		10.84		2.14
R		1,000.00		915.10		7.17		1,016.79		8.42		1.66
Y		1,000.00		890.50		5.51		1,019.30		5.89		1.16
Institutional		1,000.00		918.80		3.63		1,020.91		4.27		0.84

1	The actual ending account value is based on the actual total return of the Funds for the period May 1, 2011, through October 31, 2011 (as of close of business May 20, 2011, through October 31, 2011 for the Class R and Institutional Class shares), 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 each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. For the Class R and Institutional Class shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 165 (as of close of business May 20, 2011, through October 31, 2011)/366. Because the Class R and Institutional Class shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.
3	Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in Class R and Institutional Class shares of each Fund and other funds because such data is based on a full six month period.

17        Invesco Van Kampen Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of AIM Sector Funds (Invesco Sector Funds) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Invesco Van Kampen Value Opportunities Fund (the Fund) investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 14-15, 2011, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2011. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is responsible for overseeing the management of a number of the series portfolios of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

  During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The Trustees also receive an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. The independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and counsel.

  In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund acquisitions approved by the Trustees to rationalize the Invesco Funds product range following the acquisition of the retail mutual fund business of Morgan Stanley (the Morgan Stanley Transaction). The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees inherited from Morgan Stanley and Van Kampen funds acquired in the Morgan Stanley Transaction. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information differently than another Trustee.

  The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 15, 2011, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Board met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

  In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

  The Board reviewed the services 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 that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund invests and make recommendations on securities of companies located in such countries. The Board concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B.  Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Multi-Cap Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of the performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period

18        Invesco Van Kampen Value Opportunities Fund

(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 there had been portfolio manager changes to the Fund in June 2010 and the first quarter of 2011. Invesco Advisers advised the Board that the Fund has historically been more value and larger cap oriented than its peers. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.  Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual advisory fee rate for Class A shares of the Fund was below the median contractual advisory fee rate of funds in the expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

  The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other mutual funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was below the rate of one mutual fund with comparable investment strategies.

  The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other client accounts with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients solely for investment management services. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to other client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of annual registration statement updates and financial information and regulatory compliance under the Investment Company Act of 1940, as amended. Invesco Advisers also reviewed generally the higher frequency of shareholder purchases and redemptions in the Invesco Funds relative to the flow of assets for other client accounts. Invesco Advisers advised the Board that advance notice of redemptions is often provided to Invesco Advisers by institutional clients. The Board did note that sub-advisory fees charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts were often more comparable. The Board concluded that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients, and the Board not place significant weight on these fee comparisons.

  The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least June 30, 2012 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 at the current expense ratio for the Fund, this expense waiver does not have any impact.

  The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

  Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D.  Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers.

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 profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

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 their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

  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 shift the payment obligation for research and execution services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and therefore may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board concluded that the soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of the Invesco Funds, these arrangements are consistent with regulatory requirements.

  The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19        Invesco Van Kampen Value Opportunities Fund

Invesco mailing information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-03826 and 002-85905.

     A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.
     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. The 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 U.S. 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.

VK-VOPP-SAR-1      Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this 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 15, 2011 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that

	material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
(b)	There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.	EXHIBITS.
12(a) (1)	Not applicable.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: AIM Sector Funds (Invesco Sector Funds)

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

Date: January 9, 2012

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

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

Date: January 9, 2012

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

Date: January 9, 2012

EXHIBIT INDEX

12(a) (1)	Not applicable.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.