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 1000     Houston, Texas 77046

(Address of principal executive offices)        (Zip code)

Philip A. Taylor     11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code:	(713) 626-1919
Date of fiscal year end:        4/30
Date of reporting period:      10/31/15

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	October 31, 2015
	Invesco American Value Fund
	Nasdaq: A: MSAVX  n  B: MGAVX  n  C: MSVCX  n  R: MSARX  n  Y: MSAIX   n  R5: MSAJX  n  R6: MSAFX

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 Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, 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	-6.36	%
Class B Shares	-6.36
Class C Shares	-6.72
Class R Shares	-6.48
Class Y Shares	-6.25
Class R5 Shares	-6.20
Class R6 Shares	-6.18
S&P 500 Indexq (Broad Market Index)	0.77
Russell Midcap Value Indexq (Style-Specific Index)	-3.24
Lipper Mid-Cap Value Funds Indexn (Peer Group Index)	-4.20

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

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

    The Russell Midcap^® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco American Value Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	9.36	%
10 Years	7.91
5 Years	11.25
1 Year	-6.61
Class B Shares
Inception (8/1/95)	9.32	%
10 Years	8.41
5 Years	12.26
1 Year	-5.63
Class C Shares
Inception (10/18/93)	8.85	%
10 Years	7.73
5 Years	11.69
1 Year	-2.80
Class R Shares
Inception (3/20/07)	6.52	%
5 Years	12.22
1 Year	-1.44
Class Y Shares
Inception (2/7/06)	8.22	%
5 Years	12.78
1 Year	-0.94
Class R5 Shares
10 Years	8.75	%
5 Years	12.95
1 Year	-0.83
Class R6 Shares
10 Years	8.67	%
5 Years	12.82
1 Year	-0.75

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 (renamed Invesco 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 American Value Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 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 R6 shares incepted on September 24, 2012. Performance

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	9.14	%
10 Years	7.12
5 Years	10.91
1 Year	-8.76
Class B Shares
Inception (8/1/95)	9.08	%
10 Years	7.61
5 Years	11.92
1 Year	-7.79
Class C Shares
Inception (10/18/93)	8.63	%
10 Years	6.94
5 Years	11.36
1 Year	-5.02
Class R Shares
Inception (3/20/07)	5.94	%
5 Years	11.89
1 Year	-3.69
Class Y Shares
Inception (2/7/06)	7.71	%
5 Years	12.44
1 Year	-3.20
Class R5 Shares
10 Years	7.96	%
5 Years	12.60
1 Year	-3.12
Class R6 Shares
10 Years	7.87	%
5 Years	12.47
1 Year	-3.02

shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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 of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.28%, 1.28%, 2.01%, 1.53%, 1.03%, 0.91% and 0.82%, 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 R, Class Y, Class R5 and Class R6 shares was 1.29%, 1.29%, 2.02%, 1.54%, 1.04%, 0.92% and 0.83%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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, 2017. See current prospectus for more information.

3                         Invesco American Value Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco American Value Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.27%
Aerospace & Defense–4.32%
BWX Technologies, Inc.		1,391,866	$	39,389,808
Textron Inc.		1,314,868		55,447,983
				94,837,791
Alternative Carriers–2.42%
Level 3 Communications, Inc.(b)		1,041,667		53,072,934
Apparel Retail–1.96%
Ascena Retail Group, Inc.(b)		3,230,875		43,035,255
Apparel, Accessories & Luxury Goods–1.84%
Fossil Group, Inc.(b)		740,023		40,264,651
Application Software–3.96%
Cadence Design Systems, Inc.(b)		1,120,136		24,889,422
Citrix Systems, Inc.(b)		753,981		61,901,840
				86,791,262
Asset Management & Custody Banks–4.05%
American Capital Ltd.(b)		3,285,841		42,025,906
Northern Trust Corp.		664,350		46,763,597
				88,789,503
Auto Parts & Equipment–5.22%
Dana Holding Corp.		2,588,389		43,484,935
Johnson Controls, Inc.		1,571,939		71,020,204
				114,505,139
Broadcasting–2.27%
TEGNA Inc.		1,837,779		49,693,544
Building Products–4.93%
Masco Corp.		1,823,757		52,888,953
Owens Corning		1,213,036		55,229,529
				108,118,482
Communications Equipment–2.65%
Ciena Corp.(b)		2,405,071		58,058,414
Construction Materials–1.77%
Eagle Materials Inc.		589,312		38,912,271
Diversified Banks–2.37%
Comerica Inc.		1,199,521		52,059,211
Diversified Chemicals–2.31%
Eastman Chemical Co.		701,765		50,646,380
Education Services–1.84%
DeVry Education Group Inc.		1,711,651		40,326,498
Electric Utilities–1.79%
Edison International		648,774		39,263,803

	Shares		Value
Electronic Equipment & Instruments–0.99%
Keysight Technologies, Inc.(b)		655,114	$	21,671,171
Environmental & Facilities Services–2.00%
Clean Harbors, Inc.(b)		942,057		43,796,230
Health Care Facilities–5.87%
Brookdale Senior Living Inc.(b)		961,453		20,103,982
HealthSouth Corp.		1,531,896		53,355,938
Universal Health Services, Inc.–Class B		453,443		55,360,856
				128,820,776
Heavy Electrical Equipment–0.93%
Babcock & Wilcox Enterprises, Inc.(b)		1,204,859		20,458,506
Industrial Machinery–2.13%
Ingersoll-Rand PLC		787,961		46,694,569
Insurance Brokers–6.06%
Arthur J. Gallagher & Co.		1,054,758		46,124,568
Marsh & McLennan Cos., Inc.		502,046		27,984,044
Willis Group Holdings PLC		1,319,297		58,853,839
				132,962,451
Investment Banking & Brokerage–2.21%
Stifel Financial Corp.(b)		1,091,900		48,513,117
IT Consulting & Other Services–1.93%
Teradata Corp.(b)		1,504,952		42,304,201
Life Sciences Tools & Services–2.22%
PerkinElmer, Inc.		940,605		48,572,842
Multi-Utilities–0.73%
CenterPoint Energy, Inc.		858,246		15,920,463
Oil & Gas Equipment & Services–3.64%
Amec Foster Wheeler PLC (United Kingdom)		3,200,822		34,974,991
Amec Foster Wheeler PLC–ADR (United Kingdom)		143,068		1,562,302
Baker Hughes Inc.		821,382		43,270,404
				79,807,697
Oil & Gas Exploration & Production–1.15%
Devon Energy Corp.		601,410		25,217,121
Oil & Gas Storage & Transportation–1.84%
Williams Cos., Inc. (The)		1,024,082		40,389,794
Packaged Foods & Meats–2.81%
ConAgra Foods, Inc.		1,517,453		61,532,719
Property & Casualty Insurance–2.56%
FNF Group		1,592,755		56,192,396

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

5                         Invesco American Value Fund

	Shares		Value
Real Estate Operating Companies–2.84%
Forest City Enterprises, Inc.–Class A(b)		2,814,529	$	62,201,091
Regional Banks–6.28%
BB&T Corp.		1,453,791		54,008,336
Wintrust Financial Corp.		1,007,994		50,893,617
Zions Bancorp.		1,137,765		32,733,499
				137,635,452
Specialty Chemicals–2.20%
W.R. Grace & Co.(b)		481,116		48,255,935
Technology Hardware, Storage & Peripherals–3.31%
Diebold, Inc.		900,001		33,183,037
NetApp, Inc.		1,160,336		39,451,424
				72,634,461

	Shares		Value
Trucking–0.87%
Swift Transportation Co.(b)		1,218,700	$	19,048,281
Total Common Stocks & Other Equity Interests (Cost $1,941,185,957)				2,111,004,411
Money Market Funds–3.78%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		41,477,677		41,477,677
Premier Portfolio–Institutional Class, 0.12%(c)		41,477,677		41,477,677
Total Money Market Funds (Cost $82,955,354)				82,955,354
TOTAL INVESTMENTS–100.05% (Cost $2,024,141,311)				2,193,959,765
OTHER ASSETS LESS LIABILITIES–(0.05)%				(1,157,480	)
NET ASSETS–100.00%			$	2,192,802,285

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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2015

Financials	26.4	%
Industrials	15.2
Consumer Discretionary	13.1
Information Technology	12.9
Health Care	8.1
Energy	6.6
Materials	6.3
Consumer Staples	2.8
Utilities	2.5
Telecommunication Services	2.4
Money Market Funds Plus Other Assets Less Liabilities	3.7

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

6                         Invesco American Value Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $1,941,185,957)	$	2,111,004,411
Investments in affiliated money market funds, at value and cost		82,955,354
Total investments, at value (Cost $2,024,141,311)		2,193,959,765
Foreign currencies, at value (Cost $761)		775
Receivable for:
Investments sold		6,959,908
Fund shares sold		4,250,716
Dividends		1,323,361
Investment for trustee deferred compensation and retirement plans		162,644
Other assets		89,456
Total assets		2,206,746,625
Liabilities:
Payable for:
Investments purchased		8,238,671
Fund shares reacquired		3,596,017
Accrued fees to affiliates		1,318,154
Accrued trustees’ and officers’ fees and benefits		3,347
Accrued other operating expenses		146,214
Trustee deferred compensation and retirement plans		183,041
Unrealized depreciation on forward foreign currency contracts outstanding		458,896
Total liabilities		13,944,340
Net assets applicable to shares outstanding	$	2,192,802,285
Net assets consist of:
Shares of beneficial interest	$	1,880,841,219
Undistributed net investment income		1,043,889
Undistributed net realized gain		141,557,605
Net unrealized appreciation		169,359,572
	$	2,192,802,285

Net Assets:
Class A	$	1,203,245,495
Class B	$	17,895,939
Class C	$	118,362,039
Class R	$	70,082,051
Class Y	$	539,808,582
Class R5	$	95,067,150
Class R6	$	148,341,029
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		31,786,044
Class B		528,393
Class C		3,630,692
Class R		1,860,018
Class Y		14,186,070
Class R5		2,497,371
Class R6		3,895,287
Class A:
Net asset value per share	$	37.85
Maximum offering price per share
(Net asset value of $37.85 ¸ 94.50%)	$	40.05
Class B:
Net asset value and offering price per share	$	33.87
Class C:
Net asset value and offering price per share	$	32.60
Class R:
Net asset value and offering price per share	$	37.68
Class Y:
Net asset value and offering price per share	$	38.05
Class R5:
Net asset value and offering price per share	$	38.07
Class R6:
Net asset value and offering price per share	$	38.08

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

7                         Invesco American Value Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends	$	14,779,217
Dividends from affiliated money market funds		45,795
Total investment income		14,825,012
Expenses:
Advisory fees		7,681,154
Administrative services fees		237,099
Custodian fees		28,589
Distribution fees:
Class A		1,550,674
Class B		26,763
Class C		617,433
Class R		184,470
Transfer agent fees — A, B, C, R and Y		1,993,038
Transfer agent fees — R5		45,498
Transfer agent fees — R6		5,915
Trustees’ and officers’ fees and benefits		22,776
Other		228,548
Total expenses		12,621,957
Less: Fees waived and expense offset arrangement(s)		(74,452	)
Net expenses		12,547,505
Net investment income		2,277,507
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		37,992,586
Foreign currencies		21,478
Forward foreign currency contracts		(1,115,272	)
		36,898,792
Change in net unrealized appreciation (depreciation) of:
Investment securities		(186,940,255	)
Foreign currencies		(4	)
Forward foreign currency contracts		872,680
		(186,067,579	)
Net realized and unrealized gain (loss)		(149,168,787	)
Net increase (decrease) in net assets resulting from operations	$	(146,891,280	)

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

8                         Invesco American Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	2,277,507		$	1,199,106
Net realized gain		36,898,792			201,995,974
Change in net unrealized appreciation (depreciation)		(186,067,579	)		15,886,720
Net increase (decrease) in net assets resulting from operations		(146,891,280	)		219,081,800
Distributions to shareholders from net investment income:
Class A		(267,252	)		(613,761	)
Class B		(4,958	)		(16,516	)
Class Y		(467,049	)		(1,319,645	)
Class R5		(104,916	)		(325,932	)
Class R6		(206,950	)		(554,270	)
Total distributions from net investment income		(1,051,125	)		(2,830,124	)
Distributions to shareholders from net realized gains:
Class A		—			(106,124,825	)
Class B		—			(2,811,537	)
Class C		—			(12,501,109	)
Class R		—			(6,792,137	)
Class Y		—			(45,549,460	)
Class R5		—			(7,953,682	)
Class R6		—			(11,526,107	)
Total distributions from net realized gains		—			(193,258,857	)
Share transactions–net:
Class A		42,258,399			138,903,115
Class B		(5,029,542	)		(8,153,887	)
Class C		1,686,176			14,522,097
Class R		(1,578,477	)		8,342,862
Class Y		30,498,382			88,784,244
Class R5		5,477,468			21,493,373
Class R6		14,525,454			57,856,637
Net increase in net assets resulting from share transactions		87,837,860			321,748,441
Net increase (decrease) in net assets		(60,104,545	)		344,741,260
Net assets:
Beginning of period		2,252,906,830			1,908,165,570
End of period (includes undistributed net investment income of $1,043,889 and $(182,493), respectively)	$	2,192,802,285		$	2,252,906,830

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco American Value Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten 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 total return through growth of capital and current income.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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

9                         Invesco American Value Fund

contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the

10                         Invesco American Value Fund

Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

11                         Invesco American Value Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $500 million		0	.72%
Next $535 million		0	.715%
Next $31.965 billion		0	.65%
Over $33 billion		0	.64%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.68%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, 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, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% 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 waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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, 2017, 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, 2015, the Adviser waived advisory fees of $72,431.

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, 2015, 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, 2015, 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, 2015, 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, 2015, IDI advised the Fund that IDI retained $274,804 in front-end sales commissions from the sale of Class A shares and $4,108, $2,168 and $3,022 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

12                         Invesco American Value Fund

For the six months ended October 31, 2015, the Fund incurred $8,240 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Equity Securities	$	2,158,984,774	$	34,974,991		$	—	$	2,193,959,765
Forward Foreign Currency Contracts*		—		(458,896	)		—		(458,896	)
Total Investments	$	2,158,984,774	$	34,516,095		$	—	$	2,193,500,869

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	—	$	(458,896	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized depreciation on forward foreign currency contracts outstanding.

Effect of Derivative Investments for the six months ended October 31, 2015

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

	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain (Loss):
Currency risk	$	(1,115,272	)
Change in Unrealized Appreciation:
Currency risk		872,680
Total	$	(242,592	)

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	39,465,255

13                         Invesco American Value Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/06/15	Bank of New York Mellon (The)		GBP	8,732,808		USD	13,232,998	$	13,463,581	$	(230,583	)
11/06/15	State Street Bank and Trust Co.		GBP	8,732,857		USD	13,235,343		13,463,656		(228,313	)
Total Forward Foreign Currency Contracts — Currency Risk										$	(458,896	)

Currency Abbreviations:

GBP	– British Pound Sterling
USD	– U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount
			Financial Instruments		Collateral Pledged
					Non-Cash		Cash
Bank of New York Mellon (The)	$	230,583	$	—	$	—	$	—	$	230,583
State Street Bank and Trust Co.		228,313		—		—		—		228,313
Total	$	458,896	$	—	$	—	$	—	$	458,896

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,021.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be

14                         Invesco American Value Fund

used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2015.

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, 2015 was $338,851,800 and $249,426,139, 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	$	315,671,669
Aggregate unrealized (depreciation) of investment securities		(146,531,799	)
Net unrealized appreciation of investment securities	$	169,139,870

Cost of investments for tax purposes is $2,024,819,895.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,651,911		$	143,803,701			7,226,440		$	296,023,552
Class B		9,242			329,678			19,476			720,125
Class C		381,279			12,990,527			632,344			22,658,243
Class R		345,800			13,569,012			928,011			37,908,590
Class Y		2,282,675			90,755,748			5,227,488			216,514,762
Class R5		652,678			25,468,992			842,999			34,561,483
Class R6		707,368			28,298,446			1,650,850			68,103,596
Issued as reinvestment of dividends:
Class A		6,044			251,923			2,706,420			101,988,957
Class B		130			4,842			80,954			2,729,314
Class C		—			—			363,182			11,854,250
Class R		—			—			180,809			6,791,196
Class Y		9,733			407,403			1,067,984			40,468,846
Class R5		2,500			104,639			218,268			8,276,970
Class R6		4,943			206,932			318,423			12,079,078
Automatic conversion of Class B shares to Class A shares:
Class A		95,732			3,734,631			190,640			7,816,260
Class B		(106,998	)		(3,734,631	)		(211,957	)		(7,816,260	)
Reacquired:
Class A		(2,692,279	)		(105,531,856	)		(6,486,291	)		(266,925,654	)
Class B		(45,649	)		(1,629,431	)		(102,261	)		(3,787,066	)
Class C		(332,806	)		(11,304,351	)		(561,259	)		(19,990,396	)
Class R		(386,674	)		(15,147,489	)		(891,108	)		(36,356,924	)
Class Y		(1,533,224	)		(60,664,769	)		(4,108,659	)		(168,199,364	)
Class R5		(497,920	)		(20,096,163	)		(527,549	)		(21,345,080	)
Class R6		(355,439	)		(13,979,924	)		(549,307	)		(22,326,037	)
Net increase in share activity		2,199,046		$	87,837,860			8,215,897		$	321,748,441

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                         Invesco American Value Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15		$	40.44		$	0.03			$	(2.61	)		$	(2.58	)		$	(0.01	)		$	–			$	(0.01	)		$	37.85		(6.39	)%		$	1,203,245		1.16	%(d)		1.17	%(d)		0.15	%(d)		12	%
Year ended 04/30/15			40.11			0.00				4.23				4.23				(0.02	)			(3.88	)			(3.90	)			40.44		11.27				1,242,480		1.19			1.20			0.01			34
Year ended 04/30/14			35.77			0.06				7.14				7.20				(0.12	)			(2.74	)			(2.86	)			40.11		20.62				1,086,506		1.19			1.20			0.15			46
Year ended 04/30/13			30.90			0.17				4.86				5.03				(0.16	)			–				(0.16	)			35.77		16.35				846,516		1.22			1.23			0.54			28
Year ended 04/30/12			29.86			0.14				0.98				1.12				(0.08	)			–				(0.08	)			30.90		3.80				700,857		1.31			1.32			0.52			30
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
Class B
Six months ended 10/31/15			36.18			0.03				(2.33	)			(2.30	)			(0.01	)			–				(0.01	)			33.87		(6.36	)(f)			17,896		1.16	(d)(f)		1.17	(d)(f)		0.15	(d)(f)		12
Year ended 04/30/15			36.28			0.00				3.80				3.80				(0.02	)			(3.88	)			(3.90	)			36.18		11.27	(f)			24,302		1.19	(f)		1.20	(f)		0.01	(f)		34
Year ended 04/30/14			32.58			0.05				6.50				6.55				(0.11	)			(2.74	)			(2.85	)			36.28		20.63	(f)			32,127		1.19	(f)		1.20	(f)		0.15	(f)		46
Year ended 04/30/13			28.15			0.16				4.42				4.58				(0.15	)			–				(0.15	)			32.58		16.33	(f)			36,720		1.22	(f)		1.23	(f)		0.54	(f)		28
Year ended 04/30/12			27.19			0.14				0.90				1.04				(0.08	)			–				(0.08	)			28.15		3.84	(f)			43,561		1.27	(f)		1.28	(f)		0.56	(f)		30
Ten months ended 04/30/11			20.23			0.04				6.93				6.97				(0.01	)			–				(0.01	)			27.19		34.45	(f)			37,780		1.38	(e)(f)		1.39	(e)(f)		0.22	(e)(f)		28
Year ended 06/30/10			15.89			0.05				4.37				4.42				(0.08	)			–				(0.08	)			20.23		27.82	(f)			33,933		1.55	(f)		1.55	(f)		0.26	(f)		50
Class C
Six months ended 10/31/15			34.95			(0.10	)			(2.25	)			(2.35	)			–				–				–				32.60		(6.72	)(g)			118,362		1.91	(d)(g)		1.92	(d)(g)		(0.60	)(d)(g)		12
Year ended 04/30/15			35.41			(0.26	)			3.68				3.42				–				(3.88	)			(3.88	)			34.95		10.44	(g)			125,201		1.92	(g)		1.93	(g)		(0.72	)(g)		34
Year ended 04/30/14			32.00			(0.20	)			6.37				6.17				(0.02	)			(2.74	)			(2.76	)			35.41		19.76	(g)			111,455		1.91	(g)		1.92	(g)		(0.57	)(g)		46
Year ended 04/30/13			27.70			(0.06	)			4.36				4.30				–				–				–				32.00		15.52				88,519		1.97			1.98			(0.21	)		28
Year ended 04/30/12			26.89			(0.05	)			0.86				0.81				–				–				–				27.70		3.01	(g)			76,053		2.03	(g)		2.04	(g)		(0.20	)(g)		30
Ten months ended 04/30/11			20.11			(0.07	)			6.85				6.78				–				–				–				26.89		33.72	(g)			46,700		1.97	(e)(g)		1.98	(e)(g)		(0.37	)(e)(g)		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
Class R
Six months ended 10/31/15			40.29			(0.02	)			(2.59	)			(2.61	)			–				–				–				37.68		(6.48	)			70,082		1.41	(d)		1.42	(d)		(0.10	)(d)		12
Year ended 04/30/15			40.06			(0.10	)			4.21				4.11				–				(3.88	)			(3.88	)			40.29		10.97				76,594		1.44			1.45			(0.24	)		34
Year ended 04/30/14			35.74			(0.04	)			7.15				7.11				(0.05	)			(2.74	)			(2.79	)			40.06		20.34				67,420		1.44			1.45			(0.10	)		46
Year ended 04/30/13			30.87			0.10				4.86				4.96				(0.09	)			–				(0.09	)			35.74		16.08				58,086		1.47			1.48			0.29			28
Year ended 04/30/12			29.84			0.08				0.97				1.05				(0.02	)			–				(0.02	)			30.87		3.51				36,695		1.56			1.57			0.27			30
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
Class Y
Six months ended 10/31/15			40.62			0.08				(2.62	)			(2.54	)			(0.03	)			–				(0.03	)			38.05		(6.25	)			539,809		0.91	(d)		0.92	(d)		0.40	(d)		12
Year ended 04/30/15			40.26			0.11				4.24				4.35				(0.11	)			(3.88	)			(3.99	)			40.62		11.55				545,456		0.94			0.95			0.26			34
Year ended 04/30/14			35.90			0.16				7.16				7.32				(0.22	)			(2.74	)			(2.96	)			40.26		20.91				452,580		0.94			0.95			0.40			46
Year ended 04/30/13			31.01			0.25				4.88				5.13				(0.24	)			–				(0.24	)			35.90		16.65				285,560		0.97			0.98			0.79			28
Year ended 04/30/12			29.98			0.21				0.97				1.18				(0.15	)			–				(0.15	)			31.01		4.01				259,308		1.06			1.07			0.77			30
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(h)			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
Class R5
Six months ended 10/31/15			40.63			0.10				(2.61	)			(2.51	)			(0.05	)			–				(0.05	)			38.07		(6.20	)			95,067		0.82	(d)		0.83	(d)		0.49	(d)		12
Year ended 04/30/15			40.28			0.15				4.24				4.39				(0.16	)			(3.88	)			(4.04	)			40.63		11.66				95,082		0.82			0.83			0.38			34
Year ended 04/30/14			35.91			0.20				7.18				7.38				(0.27	)			(2.74	)			(3.01	)			40.28		21.06				72,753		0.84			0.85			0.50			46
Year ended 04/30/13			31.02			0.29				4.89				5.18				(0.29	)			–				(0.29	)			35.91		16.81				26,519		0.86			0.87			0.90			28
Year ended 04/30/12			29.98			0.28				0.97				1.25				(0.21	)			–				(0.21	)			31.02		4.26				12,340		0.87			0.88			0.96			30
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(i)			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
Class R6
Six months ended 10/31/15			40.64			0.12				(2.62	)			(2.50	)			(0.06	)			–				(0.06	)			38.08		(6.18	)			148,341		0.72	(d)		0.73	(d)		0.59	(d)		12
Year ended 04/30/15			40.28			0.19				4.25				4.44				(0.20	)			(3.88	)			(4.08	)			40.64		11.77				143,793		0.73			0.74			0.47			34
Year ended 04/30/14			35.90			0.23				7.18				7.41				(0.29	)			(2.74	)			(3.03	)			40.28		21.19				85,325		0.75			0.76			0.59			46
Year ended 04/30/13(i)			31.40			0.22				4.45				4.67				(0.17	)			–				(0.17	)			35.90		14.92				53,538		0.75	(e)		0.76	(e)		1.01	(e)		28

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $397,951,008 and sold of $108,111,947 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Mid-Cap Value Fund, Invesco Mid Cap Basic Value Fund and Invesco U.S. Mid Cap Value Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,233,797, $21,471, $123,024, $73,387, $550,416, $90,502 and $150,645 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25%, 0.21%, 0.37% and 0.49% for the six months ended October 31, 2015, the years ended April 30, 2015, 2014, 2013, 2012, the ten months ended April, 30 2011 and the year ended June 30, 2010, respectively.

^(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 0.99%, 0.98%, 0.98%, 0.97% and 0.96% for the six months ended October 31, 2015, the years ended April 30, 2015, 2014, 2012 and the ten months ended April 30, 2011.

^(h)  On June 1, 2010, the Fund’s former Class I shares of Van Kampen American Value Fund were reorganized into Class Y shares.

⁽ⁱ⁾  Commencement date of June 1, 2010 and September 24, 2012 for Class R5 and Class R6 shares, respectively.

16                         Invesco American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	936.40	$	5.65	$	1,019.30	$	5.89		1.16	%
B		1,000.00		936.40		5.65		1,019.30		5.89		1.16
C		1,000.00		932.80		9.28		1,015.53		9.68		1.91
R		1,000.00		935.20		6.86		1,018.05		7.15		1.41
Y		1,000.00		937.50		4.43		1,020.56		4.62		0.91
R5		1,000.00		938.00		3.99		1,021.01		4.17		0.82
R6		1,000.00		938.20		3.51		1,021.52		3.66		0.72

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 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 Invesco American Value Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period, 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

18                         Invesco American Value Fund

shares of the Fund was above the performance of the Index for the one year and five year periods and below the performance of the Index for the three year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 effective advisory fee rate of one mutual fund advised by Invesco Advisers. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of five mutual funds sub-advised by Invesco Advisers. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts using an investment process substantially similar to the investment process used for the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any

securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

19                         Invesco American Value Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Comstock Fund
	Nasdaq: A: ACSTX  n  B: ACSWX  n  C: ACSYX  n  R: ACSRX  n  Y: ACSDX   n  R5: ACSHX  n  R6: ICSFX

2           Fund Performance

4           Letters to Shareholders

5           Schedule of Investments

8           Financial Statements

10         Notes to Financial Statements

18         Financial Highlights

19         Fund Expenses

20         Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data 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, 4/30/15 to 10/31/15, 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	-5.01	%
Class B Shares	-5.01
Class C Shares	-5.35
Class R Shares	-5.12
Class Y Shares	-4.89
Class R5 Shares	-4.84
Class R6 Shares	-4.80
S&P 500 Indexq (Broad Market Index)	0.77
Russell 1000 Value Indexq (Style-Specific Index)	-2.29
Lipper Large-Cap Value Funds Indexn (Peer Group Index)	-2.91

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

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

    The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                          Invesco Comstock Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.76	%
10 Years	6.10
5 Years	11.00
1 Year	-6.47
Class B Shares
Inception (10/19/92)	9.72	%
10 Years	6.50
5 Years	11.91
1 Year	-5.89
Class C Shares
Inception (10/26/93)	9.03	%
10 Years	5.90
5 Years	11.41
1 Year	-2.70
Class R Shares
Inception (10/1/02)	8.96	%
10 Years	6.43
5 Years	11.98
1 Year	-1.24
Class Y Shares
Inception (10/29/04)	7.06	%
10 Years	6.96
5 Years	12.54
1 Year	-0.78
Class R5 Shares
10 Years	6.91	%
5 Years	12.69
1 Year	-0.65
Class R6 Shares
10 Years	6.85	%
5 Years	12.56
1 Year	-0.59

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 (renamed Invesco 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 Comstock Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 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.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.59	%
10 Years	5.16
5 Years	10.12
1 Year	-13.57
Class B Shares
Inception (10/19/92)	9.38	%
10 Years	5.55
5 Years	11.04
1 Year	-13.03
Class C Shares
Inception (10/26/93)	8.67	%
10 Years	4.97
5 Years	10.56
1 Year	-10.08
Class R Shares
Inception (10/1/02)	8.35	%
10 Years	5.50
5 Years	11.10
1 Year	-8.77
Class Y Shares
Inception (10/29/04)	6.33	%
10 Years	6.03
5 Years	11.67
1 Year	-8.30
Class R5 Shares
10 Years	5.96	%
5 Years	11.82
1 Year	-8.23
Class R6 Shares
10 Years	5.90	%
5 Years	11.68
1 Year	-8.14

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

    The performance data quoted represent past performance and cannot guarantee 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 of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.83%, 0.83%, 1.58%, 1.08%, 0.58%, 0.50% and 0.40%, 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 R, Class Y, Class R5 and Class R6 shares was 0.84%, 0.84%, 1.59%, 1.09%, 0.59%, 0.51% and 0.41%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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, 2017. See current prospectus for more information.

3                          Invesco Comstock Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.40%
Aerospace & Defense–1.14%
Textron Inc.		3,466,768	$	146,193,607
Aluminum–0.59%
Alcoa Inc.		8,513,402		76,024,680
Apparel, Accessories & Luxury Goods–0.26%
Fossil Group, Inc.(b)		616,040		33,518,736
Application Software–1.21%
Autodesk, Inc.(b)		555,492		30,657,603
Citrix Systems, Inc.(b)		1,530,830		125,681,143
				156,338,746
Asset Management & Custody Banks–3.15%
Bank of New York Mellon Corp. (The)		4,873,398		202,977,027
State Street Corp.		2,941,448		202,959,912
				405,936,939
Auto Parts & Equipment–1.83%
Johnson Controls, Inc.		5,220,369		235,856,271
Automobile Manufacturers–1.83%
General Motors Co.		6,753,231		235,755,294
Biotechnology–0.84%
AbbVie Inc.		1,819,088		108,326,690
Broadcasting–0.40%
CBS Corp.–Class B		1,118,994		52,055,601
Cable & Satellite–2.65%
Comcast Corp.–Class A		3,418,417		214,061,273
Time Warner Cable Inc.		674,513		127,752,762
				341,814,035
Communications Equipment–2.31%
Cisco Systems, Inc.		10,297,494		297,082,702
Construction Machinery & Heavy Trucks–0.99%
Caterpillar Inc.		1,746,710		127,492,363
Consumer Finance–0.90%
Ally Financial Inc.(b)		5,833,535		116,204,017
Data Processing & Outsourced Services–0.91%
PayPal Holdings, Inc.(b)		3,271,780		117,816,798
Department Stores–1.13%
Kohl’s Corp.		3,161,737		145,819,310
Diversified Banks–13.84%
Bank of America Corp.		22,047,474		369,956,614
Citigroup Inc.		12,013,581		638,762,102
JPMorgan Chase & Co.		7,356,197		472,635,657
U.S. Bancorp		1,194,277		50,374,604

	Shares		Value
Diversified Banks–(continued)
Wells Fargo & Co.		4,649,637	$	251,731,347
				1,783,460,324
Drug Retail–0.46%
CVS Health Corp.		594,373		58,712,165
Electric Utilities–0.41%
FirstEnergy Corp.		1,690,018		52,728,562
Electrical Components & Equipment–1.28%
Emerson Electric Co.		3,483,451		164,523,391
Electronic Components–0.64%
Corning Inc.		4,460,740		82,969,764
General Merchandise Stores–1.11%
Target Corp.		1,851,726		142,916,213
Health Care Equipment–0.70%
Medtronic PLC		1,220,399		90,211,894
Health Care Services–0.85%
Express Scripts Holding Co.(b)		1,273,074		109,968,132
Hotels, Resorts & Cruise Lines–2.83%
Carnival Corp.		6,751,227		365,106,356
Housewares & Specialties–0.82%
Newell Rubbermaid Inc.		2,486,142		105,487,005
Hypermarkets & Super Centers–0.82%
Wal-Mart Stores, Inc.		1,856,094		106,242,821
Industrial Conglomerates–2.88%
General Electric Co.		12,805,732		370,341,769
Industrial Machinery–0.59%
Ingersoll-Rand PLC		1,292,932		76,619,150
Integrated Oil & Gas–8.13%
BP PLC–ADR (United Kingdom)		6,159,304		219,887,153
Chevron Corp.		1,853,498		168,445,898
Occidental Petroleum Corp.		1,595,478		118,926,930
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		4,692,779		246,183,187
Suncor Energy, Inc. (Canada)		9,892,274		294,097,306
				1,047,540,474
Integrated Telecommunication Services–0.76%
Frontier Communications Corp.		18,918,212		97,239,610
Internet Software & Services–1.84%
eBay Inc.(b)		5,898,611		164,571,247
Yahoo! Inc.(b)		2,036,695		72,547,076
				237,118,323

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

5                         Invesco Comstock Fund

	Shares		Value
Investment Banking & Brokerage–2.48%
Goldman Sachs Group, Inc. (The)		669,883	$	125,603,062
Morgan Stanley		5,868,383		193,480,588
				319,083,650
Leisure Products–0.31%
Mattel, Inc.		1,645,234		40,439,852
Life & Health Insurance–2.49%
Aflac, Inc.		2,147,985		136,934,044
MetLife, Inc.		3,639,156		183,340,679
				320,274,723
Managed Health Care–0.92%
Anthem, Inc.		851,302		118,458,673
Movies & Entertainment–2.86%
Time Warner Inc.		774,968		58,386,089
Twenty-First Century Fox, Inc.–Class B		4,860,975		150,106,908
Viacom Inc.–Class B		3,232,420		159,390,630
				367,883,627
Multi-Utilities–0.62%
PG&E Corp.		1,502,213		80,218,174
Oil & Gas Drilling–0.55%
Noble Corp. PLC		5,238,978		70,569,034
Oil & Gas Equipment & Services–2.66%
Halliburton Co.		2,944,412		113,006,533
Weatherford International PLC(b)		22,405,455		229,431,859
				342,438,392
Oil & Gas Exploration & Production–2.91%
Devon Energy Corp.		2,994,902		125,576,241
Hess Corp.		1,290,596		72,544,401
Murphy Oil Corp.		3,176,677		90,312,927
QEP Resources Inc.		5,580,163		86,269,320
				374,702,889
Packaged Foods & Meats–2.55%
ConAgra Foods, Inc.		5,402,126		219,056,210
Mondelez International Inc.–Class A		2,360,708		108,970,281
				328,026,491
Paper Products–0.77%
International Paper Co.		2,331,810		99,544,969
Personal Products–0.47%
Unilever N.V.–New York Shares (United Kingdom)		1,350,925		60,764,606
Pharmaceuticals–7.60%
GlaxoSmithKline PLC–ADR (United Kingdom)		1,173,612		50,535,733
Merck & Co., Inc.		4,531,064		247,667,958
Novartis AG (Switzerland)		1,951,284		176,941,983
Pfizer Inc.		6,356,920		214,991,035
Roche Holding AG–ADR (Switzerland)		3,022,160		102,820,834

	Shares		Value
Pharmaceuticals–(continued)
Sanofi–ADR (France)		3,685,736	$	185,539,950
				978,497,493
Property & Casualty Insurance–1.24%
Allstate Corp. (The)		2,586,993		160,083,127
Regional Banks–3.63%
Citizens Financial Group Inc.		3,765,007		91,489,670
Fifth Third Bancorp		9,163,163		174,558,255
PNC Financial Services Group, Inc. (The)		2,227,534		201,057,219
				467,105,144
Semiconductors–0.94%
Intel Corp.		3,569,847		120,875,019
Soft Drinks–1.55%
Coca-Cola Co. (The)		4,718,326		199,821,106
Systems Software–3.01%
Microsoft Corp.		4,052,526		213,324,968
Symantec Corp.		8,459,558		174,266,895
				387,591,863
Technology Hardware, Storage & Peripherals–2.74%
Hewlett-Packard Co.(b)		5,940,198		160,147,738
NetApp, Inc.		5,673,739		192,907,126
				353,054,864
Total Common Stocks & Other Equity Interests (Cost $10,924,419,411)				12,676,855,438
Money Market Funds–1.34%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		86,192,077		86,192,077
Premier Portfolio–Institutional Class, 0.12%(c)		86,192,076		86,192,076
Total Money Market Funds (Cost $172,384,153)				172,384,153
TOTAL INVESTMENTS–99.74% (Cost $11,096,803,564)				12,849,239,591
OTHER ASSETS LESS LIABILITIES–0.26%				33,086,916
NET ASSETS–100.00%			$	12,882,326,507

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

6                         Invesco Comstock Fund

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2015

Financials	27.7	%
Consumer Discretionary	16.0
Energy	14.2
Information Technology	13.6
Health Care	10.9
Industrials	6.9
Consumer Staples	5.9
Materials	1.4
Utilities	1.0
Telecommunication Services	0.8
Money Market Funds Plus Other Assets Less Liabilities	1.6

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

7                         Invesco Comstock Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $10,924,419,411)	$	12,676,855,438
Investments in affiliated money market funds, at value and cost		172,384,153
Total investments, at value (Cost $11,096,803,564)		12,849,239,591
Foreign currencies, at value (Cost $118)		115
Receivable for:
Investments sold		24,106,741
Fund shares sold		11,158,091
Dividends		14,555,170
Investment for trustee deferred compensation and retirement plans		802,500
Unrealized appreciation on forward foreign currency contracts outstanding		21,596,247
Other assets		224,220
Total assets		12,921,682,675
Liabilities:
Payable for:
Investments purchased		13,388,909
Fund shares reacquired		14,176,912
Accrued fees to affiliates		7,485,120
Accrued trustees’ and officers’ fees and benefits		13,731
Accrued other operating expenses		361,989
Trustee deferred compensation and retirement plans		934,512
Unrealized depreciation on forward foreign currency contracts outstanding		2,994,995
Total liabilities		39,356,168
Net assets applicable to shares outstanding	$	12,882,326,507
Net assets consist of:
Shares of beneficial interest	$	10,094,126,650
Undistributed net investment income		30,185,338
Undistributed net realized gain		987,129,061
Net unrealized appreciation		1,770,885,458
	$	12,882,326,507

Net Assets:
Class A	$	7,106,947,850
Class B	$	95,946,871
Class C	$	589,609,763
Class R	$	453,056,114
Class Y	$	3,215,839,245
Class R5	$	792,986,084
Class R6	$	627,940,580
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		289,140,201
Class B		3,904,657
Class C		23,996,398
Class R		18,435,704
Class Y		130,819,443
Class R5		32,267,432
Class R6		25,556,162
Class A:
Net asset value per share	$	24.58
Maximum offering price per share
(Net asset value of $24.58 ¸ 94.50%)	$	26.01
Class B:
Net asset value and offering price per share	$	24.57
Class C:
Net asset value and offering price per share	$	24.57
Class R:
Net asset value and offering price per share	$	24.57
Class Y:
Net asset value and offering price per share	$	24.58
Class R5:
Net asset value and offering price per share	$	24.58
Class R6:
Net asset value and offering price per share	$	24.57

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

8                         Invesco Comstock Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,948,403)	$	150,559,056
Dividends from affiliated money market funds		191,853
Total investment income		150,750,909
Expenses:
Advisory fees		24,723,177
Administrative services fees		440,297
Custodian fees		118,086
Distribution fees:
Class A		9,159,706
Class B		139,675
Class C		2,955,422
Class R		1,157,937
Transfer agent fees — A, B, C, R and Y		11,225,988
Transfer agent fees — R5		408,428
Transfer agent fees — R6		11,451
Trustees’ and officers’ fees and benefits		90,149
Other		572,908
Total expenses		51,003,224
Less: Fees waived and expense offset arrangement(s)		(379,632	)
Net expenses		50,623,592
Net investment income		100,127,317
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		359,964,451
Foreign currencies		(8,607	)
Forward foreign currency contracts		(20,469,985	)
		339,485,859
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,187,444,412	)
Foreign currencies		(135,520	)
Forward foreign currency contracts		59,425,807
		(1,128,154,125	)
Net realized and unrealized gain (loss)		(788,668,266	)
Net increase (decrease) in net assets resulting from operations	$	(688,540,949	)

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

9                         Invesco Comstock Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	100,127,317		$	177,442,667
Net realized gain		339,485,859			1,111,773,592
Change in net unrealized appreciation (depreciation)		(1,128,154,125	)		(150,243,228	)
Net increase (decrease) in net assets resulting from operations		(688,540,949	)		1,138,973,031
Distributions to shareholders from net investment income:
Class A		(46,330,903	)		(122,928,936	)
Class B		(704,505	)		(2,579,547	)
Class C		(1,623,143	)		(5,461,975	)
Class R		(2,349,649	)		(6,136,587	)
Class Y		(24,928,735	)		(60,976,835	)
Class R5		(6,524,924	)		(14,742,092	)
Class R6		(5,244,527	)		(10,738,658	)
Total distributions from net investment income		(87,706,386	)		(223,564,630	)
Share transactions–net:
Class A		(159,315,683	)		(182,893,310	)
Class B		(25,091,548	)		(67,873,903	)
Class C		(12,190,098	)		4,767,420
Class R		(6,304,215	)		120,809,421
Class Y		(15,000,378	)		259,556,453
Class R5		10,788,371			147,522,534
Class R6		67,043,389			201,723,595
Net increase (decrease) in net assets resulting from share transactions		(140,070,162	)		483,612,210
Net increase (decrease) in net assets		(916,317,497	)		1,399,020,611
Net assets:
Beginning of period		13,798,644,004			12,399,623,393
End of period (includes undistributed net investment income of $30,185,338 and $17,764,407, respectively)	$	12,882,326,507		$	13,798,644,004

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Comstock Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten 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 total return through growth of capital and current income.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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, Class R5 and Class R6 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a

10                         Invesco Comstock Fund

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets,

11                         Invesco Comstock Fund

the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

12                         Invesco Comstock 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 $1 billion		0.50%
Next $1 billion		0.45%
Next $1 billion		0.40%
Over $3 billion		0.35%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.37%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, 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, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% 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 waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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, 2017, 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, 2015, the Adviser waived advisory fees of $372,837.

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, 2015, 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, 2015, 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, 2015, 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, 2015, IDI advised the Fund that IDI retained $634,954 in front-end sales commissions from the sale of Class A shares and $7,270, $4,752 and $8,888 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $18,430 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

13                         Invesco Comstock Fund

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	12,569,476,774	$	279,762,817	$	—	$	12,849,239,591
Forward Foreign Currency Contracts*		—		18,601,252		—		18,601,252
Total Investments	$	12,569,476,774	$	298,364,069	$	—	$	12,867,840,843

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	21,596,247	$	(2,994,995	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

Effect of Derivative Investments for the six months ended October 31, 2015

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

	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain (Loss):
Currency risk	$	(20,469,985	)
Change in Net Unrealized Appreciation:
Currency risk		59,425,807
Total	$	38,955,822

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	1,206,053,921

14                         Invesco Comstock Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
11/19/15	Barclays Bank PLC		EUR	74,426,420		USD	84,721,454	$	81,869,558	$	2,851,896
11/19/15	Canadian Imperial Bank of Commerce		CAD	77,410,904		USD	59,188,079		59,187,264		815
11/19/15	Canadian Imperial Bank of Commerce		CHF	55,500,728		USD	57,994,491		56,189,916		1,804,575
11/19/15	Canadian Imperial Bank of Commerce		EUR	74,426,419		USD	84,729,640		81,869,557		2,860,083
11/19/15	Canadian Imperial Bank of Commerce		GBP	36,681,515		USD	55,798,637		56,547,612		(748,975	)
11/19/15	Deutsche Bank Securities Inc.		CAD	77,410,905		USD	59,209,130		59,187,265		21,865
11/19/15	Deutsche Bank Securities Inc.		CHF	55,499,629		USD	57,963,180		56,188,803		1,774,377
11/19/15	Goldman Sachs International		EUR	74,771,896		USD	85,109,110		82,249,584		2,859,526
11/19/15	Deutsche Bank Securities Inc.		GBP	36,680,873		USD	55,797,770		56,546,622		(748,852	)
11/19/15	Goldman Sachs International		CAD	77,410,905		USD	59,182,875		59,187,264		(4,389	)
11/19/15	Goldman Sachs International		CHF	55,499,629		USD	58,005,162		56,188,803		1,816,359
11/19/15	Deutsche Bank Securities Inc.		EUR	74,426,419		USD	84,728,747		81,869,557		2,859,190
11/19/15	Goldman Sachs International		GBP	36,681,515		USD	55,809,641		56,547,612		(737,971	)
11/19/15	RBC Capital Markets Corp.		CAD	77,410,245		USD	59,291,299		59,186,760		104,539
11/19/15	RBC Capital Markets Corp.		CHF	55,499,628		USD	57,957,005		56,188,802		1,768,203
11/19/15	RBC Capital Markets Corp.		EUR	74,426,418		USD	84,744,375		81,869,556		2,874,819
11/19/15	RBC Capital Markets Corp.		GBP	36,681,516		USD	55,792,806		56,547,614		(754,808	)
Total Open Forward Foreign Currency Contracts — Currency Risk										$	18,601,252

Currency Abbreviations:

CAD	– Canadian Dollar
CHF	– Swiss Franc

EUR	– Euro
GBP	– British Pound Sterling

USD – U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on its financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Barclays Bank PLC	$	2,851,896	$	—		$	—	$	—	$	2,851,896
Canadian Imperial Bank of Commerce		4,665,473		(748,975	)		—		—		3,916,498
Deutsche Bank Securities Inc.		4,655,432		(748,852	)		—		—		3,906,580
Goldman Sachs International		4,675,885		(742,360	)		—		—		3,933,525
RBC Capital Markets Corp.		4,747,561		(754,808	)		—		—		3,992,753
Total	$	21,596,247	$	(2,994,995	)	$	—	$	—	$	18,601,252
Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Canadian Imperial Bank of Commerce	$	748,975	$	(748,975	)	$	—	$	—	$	—
Deutsche Bank Securities Inc.		748,852		(748,852	)		—		—		—
Goldman Sachs International		742,360		(742,360	)		—		—		—
RBC Capital Markets Corp.		754,808		(754,808	)		—		—		—
Total	$	2,994,995	$	(2,994,995	)	$	—	$	—	$	—

15                         Invesco Comstock Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,795.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	7,067,186	$	—	$	7,067,186
April 30, 2018		6,626,068		—		6,626,068
	$	13,693,254	$	—	$	13,693,254

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

NOTE 9—Investment 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, 2015 was $968,070,738 and $659,885,422, 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	$	2,638,280,551
Aggregate unrealized (depreciation) of investment securities		(893,851,507	)
Net unrealized appreciation of investment securities	$	1,744,429,044

Cost of investments for tax purposes is $11,104,810,547.

16                         Invesco Comstock Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		15,998,087		$	397,942,152			42,805,803		$	1,078,465,439
Class B		16,737			416,061			75,814			1,913,667
Class C		1,221,854			30,448,427			3,116,176			78,520,220
Class R		2,641,596			65,689,718			10,116,917			254,005,100
Class Y		12,701,617			315,820,153			36,967,146			932,318,975
Class R5		3,159,226			79,610,104			14,008,268			353,583,208
Class R6		5,297,015			132,367,165			10,727,401			269,985,707
Issued as reinvestment of dividends:
Class A		1,728,150			42,977,687			4,545,606			114,046,134
Class B		27,128			676,100			98,425			2,469,863
Class C		59,035			1,461,484			197,867			4,936,679
Class R		94,560			2,349,643			244,796			6,132,336
Class Y		949,858			23,623,700			2,318,380			58,209,277
Class R5		262,277			6,520,669			586,740			14,740,866
Class R6		211,060			5,244,527			428,023			10,738,658
Automatic conversion of Class B shares to Class A shares:
Class A		728,528			18,053,390			1,987,034			50,499,220
Class B		(728,629	)		(18,053,390	)		(1,987,504	)		(50,499,220	)
Reacquired:
Class A		(24,950,828	)		(618,288,912	)		(56,569,461	)		(1,425,904,103	)
Class B		(326,744	)		(8,130,319	)		(864,629	)		(21,758,213	)
Class C		(1,778,057	)		(44,100,009	)		(3,117,313	)		(78,689,479	)
Class R		(2,972,161	)		(74,343,576	)		(5,507,490	)		(139,328,015	)
Class Y		(14,240,707	)		(354,444,231	)		(28,950,685	)		(730,971,799	)
Class R5		(3,054,907	)		(75,342,402	)		(8,709,350	)		(220,801,540	)
Class R6		(2,815,049	)		(70,568,303	)		(3,126,203	)		(79,000,770	)
Net increase (decrease) in share activity		(5,770,354	)	$	(140,070,162	)		19,391,761		$	483,612,210

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17                         Invesco Comstock Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	26.04	$	0.18	$	(1.48	)	$	(1.30	)	$	(0.16	)	$	24.58		(5.01	)%	$	7,106,948		0.82	%(d)		0.83	%(d)		1.45	%(d)		5	%
Year ended 04/30/15		24.29		0.32		1.84			2.16			(0.41	)		26.04		8.98			7,698,790		0.82			0.83			1.30			17
Year ended 04/30/14		20.25		0.36		3.96			4.32			(0.28	)		24.29		21.47			7,356,633		0.81			0.82			1.59			11
Year ended 04/30/13		16.93		0.27		3.32			3.59			(0.27	)		20.25		21.46			6,034,792		0.86			0.86			1.56			12
Year ended 04/30/12		17.20		0.25		(0.30	)		(0.05	)		(0.22	)		16.93		(0.19	)		5,473,149		0.88			0.88			1.55			17
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		17.20		9.71			6,092,190		0.84	(e)		0.84	(e)		1.18	(e)		10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		15.73		15.60			5,760,670		0.86			0.86			1.39			18
Class B
Six months ended 10/31/15		26.03		0.18		(1.48	)		(1.30	)		(0.16	)		24.57		(5.01	)(f)		95,947		0.82	(d)(f)		0.83	(d)(f)		1.45	(d)(f)		5
Year ended 04/30/15		24.28		0.32		1.84			2.16			(0.41	)		26.03		8.98	(f)		127,988		0.82	(f)		0.83	(f)		1.30	(f)		17
Year ended 04/30/14		20.23		0.32		3.97			4.29			(0.24	)		24.28		21.31	(f)		184,409		0.96	(f)		0.97	(f)		1.44	(f)		11
Year ended 04/30/13		16.93		0.23		3.30			3.53			(0.23	)		20.23		21.11			248,404		1.09			1.61			1.33			12
Year ended 04/30/12		17.20		0.25		(0.30	)		(0.05	)		(0.22	)		16.93		(0.19	)(f)		343,166		0.88	(f)		0.88	(f)		1.55	(f)		17
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		17.20		9.71	(f)		526,168		0.84	(e)(f)		0.84	(e)(f)		1.18	(e)(f)		10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		15.73		15.60	(f)		547,060		0.86	(f)		0.86	(f)		1.39	(f)		18
Class C
Six months ended 10/31/15		26.03		0.09		(1.48	)		(1.39	)		(0.07	)		24.57		(5.35	)(f)		589,610		1.54	(d)(f)		1.55	(d)(f)		0.73	(d)(f)		5
Year ended 04/30/15		24.28		0.13		1.84			1.97			(0.22	)		26.03		8.17			637,579		1.57			1.58			0.55			17
Year ended 04/30/14		20.24		0.19		3.96			4.15			(0.11	)		24.28		20.57			589,910		1.56			1.57			0.84			11
Year ended 04/30/13		16.93		0.14		3.31			3.45			(0.14	)		20.24		20.52			469,962		1.61			1.61			0.81			12
Year ended 04/30/12		17.20		0.13		(0.30	)		(0.17	)		(0.10	)		16.93		(0.94	)		448,866		1.63			1.63			0.80			17
Four months ended 04/30/11		15.74		0.02		1.46			1.48			(0.02	)		17.20		9.43			524,840		1.59	(e)		1.59	(e)		0.43	(e)		10
Year ended 12/31/10		13.81		0.09		1.94			2.03			(0.10	)		15.74		14.82			506,742		1.61			1.61			0.64			18
Class R
Six months ended 10/31/15		26.04		0.15		(1.49	)		(1.34	)		(0.13	)		24.57		(5.16	)		453,056		1.07	(d)		1.08	(d)		1.20	(d)		5
Year ended 04/30/15		24.29		0.26		1.84			2.10			(0.35	)		26.04		8.71			486,154		1.07			1.08			1.05			17
Year ended 04/30/14		20.24		0.30		3.97			4.27			(0.22	)		24.29		21.22			335,562		1.06			1.07			1.34			11
Year ended 04/30/13		16.93		0.23		3.31			3.54			(0.23	)		20.24		21.11			220,443		1.11			1.11			1.31			12
Year ended 04/30/12		17.19		0.20		(0.28	)		(0.08	)		(0.18	)		16.93		(0.38	)		191,685		1.13			1.13			1.30			17
Four months ended 04/30/11		15.73		0.05		1.45			1.50			(0.04	)		17.19		9.57			199,254		1.09	(e)		1.09	(e)		0.93	(e)		10
Year ended 12/31/10		13.81		0.16		1.93			2.09			(0.17	)		15.73		15.32			184,927		1.11			1.11			1.14			18
Class Y(g)
Six months ended 10/31/15		26.04		0.21		(1.48	)		(1.27	)		(0.19	)		24.58		(4.89	)		3,215,839		0.57	(d)		0.58	(d)		1.70	(d)		5
Year ended 04/30/15		24.29		0.39		1.84			2.23			(0.48	)		26.04		9.26			3,422,401		0.57			0.58			1.55			17
Year ended 04/30/14		20.25		0.41		3.97			4.38			(0.34	)		24.29		21.77			2,941,152		0.56			0.57			1.84			11
Year ended 04/30/13		16.93		0.32		3.31			3.63			(0.31	)		20.25		21.76			2,151,816		0.61			0.61			1.81			12
Year ended 04/30/12		17.20		0.28		(0.29	)		(0.01	)		(0.26	)		16.93		0.06			2,135,728		0.63			0.63			1.80			17
Four months ended 04/30/11		15.73		0.08		1.45			1.53			(0.06	)		17.20		9.78			1,771,697		0.59	(e)		0.59	(e)		1.43	(e)		10
Year ended 12/31/10		13.80		0.23		1.94			2.17			(0.24	)		15.73		15.97			1,530,636		0.61			0.61			1.65			18
Class R5
Six months ended 10/31/15		26.04		0.22		(1.48	)		(1.26	)		(0.20	)		24.58		(4.84	)		792,986		0.48	(d)		0.49	(d)		1.79	(d)		5
Year ended 04/30/15		24.29		0.41		1.84			2.25			(0.50	)		26.04		9.36			830,574		0.49			0.50			1.63			17
Year ended 04/30/14		20.24		0.43		3.97			4.40			(0.35	)		24.29		21.92			631,780		0.49			0.50			1.91			11
Year ended 04/30/13		16.93		0.34		3.31			3.65			(0.34	)		20.24		21.85			398,311		0.49			0.49			1.93			12
Year ended 04/30/12		17.19		0.31		(0.28	)		0.03			(0.29	)		16.93		0.33			397,292		0.44			0.44			1.99			17
Four months ended 04/30/11		15.72		0.09		1.45			1.54			(0.07	)		17.19		9.82			167,740		0.36	(e)		0.36	(e)		1.66	(e)		10
Year ended 12/31/10(h)		13.33		0.14		2.44			2.58			(0.19	)		15.72		19.53			164,600		0.49	(e)		0.49	(e)		1.68	(e)		18
Class R6
Six months ended 10/31/15		26.03		0.24		(1.49	)		(1.25	)		(0.21	)		24.57		(4.80	)		627,941		0.38	(d)		0.39	(d)		1.89	(d)		5
Year ended 04/30/15		24.28		0.44		1.83			2.27			(0.52	)		26.03		9.46			595,160		0.39			0.40			1.73			17
Year ended 04/30/14		20.25		0.45		3.95			4.40			(0.37	)		24.28		21.92			360,178		0.40			0.41			2.00			11
Year ended 04/30/13(h)		17.67		0.22		2.54			2.76			(0.18	)		20.25		15.73			148,859		0.41	(e)		0.41	(e)		2.01	(e)		12

^(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 April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $279,205,287 and sold of $89,253,686 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Large Cap Basic Value Fund, Invesco Value Fund and Invesco Value II Fund into the Fund.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $7,305,473, $111,133, $605,147, $460,658, $3,282,114, $811,072, and $618,010 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Annualized.

^(f) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25% for the six months ended October 31, 2015 and the year ended April 30, 2015, 0.40% for the year ended April 30, 2014, 0.25% for the year ended April 30, 2012, the four months ended April 30, 2011 and the year ended December 31, 2010 for Class B shares and 0.97% for the six months ended October 31, 2015 for Class C shares.

^(g) On June 1, 2010, Van Kampen Comstock Fund’s Class I shares were reorganized into Class Y shares.

^(h)  Commencement date of June 1, 2010 and September 24, 2012 for Class R5 and Class R6 shares, respectively.

18                         Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	949.90	$	4.02	$	1,021.01	$	4.17		0.82	%
B		1,000.00		949.90		4.02		1,021.01		4.17		0.82
C		1,000.00		946.50		7.53		1,017.39		7.81		1.54
R		1,000.00		948.80		5.24		1,019.76		5.43		1.07
Y		1,000.00		951.10		2.80		1,022.27		2.90		0.57
R5		1,000.00		951.60		2.35		1,022.72		2.44		0.48
R6		1,000.00		952.00		1.86		1,023.23		1.93		0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

19                         Invesco 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 Invesco Comstock Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee, throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and

fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. 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. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment process oversight, independent credit analysis

and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 fourth quintile of its performance universe for the one year period, and was in the second quintile of its performance universe for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares

20                         Invesco Comstock Fund

of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual fund and below the rate of an offshore fund advised by Invesco Advisers using a similar investment process. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of seven mutual funds sub-advised by Invesco Advisers.

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. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to the Invesco Funds relative to certain other types of 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 fee rates charged by the Affiliated Sub-Advisers to manage the Invesco Funds and to manage other client accounts tended to be similar, reflecting a similar scope of services. The information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

21                         Invesco Comstock Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Dividend Income Fund
	Nasdaq: A: IAUTX  n  B: IBUTX  n  C: IUTCX  n  Y: IAUYX  n  Investor: FSTUX  n  R5: FSIUX  n R6: IFUTX
	2           Fund Performance
	4           Letters to Shareholders
	5           Schedule of Investments
	7           Financial Statements
	9           Notes to Financial Statements
	17         Financial Highlights
	18         Fund Expenses
	19         Approval of Investment Advisory and Sub-Advisory Contracts
	For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
	NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, 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	3.67	%
Class B Shares	3.33
Class C Shares	3.30
Class Y Shares	3.82
Investor Class Shares	3.70
Class R5 Shares	3.81
Class R6 Shares	3.86
S&P 500 Indexq (Broad Market Index)	0.77
Dow Jones U.S. Select Dividend Indexq (Style-Specific Index)	0.04
Russell 1000 Value Indexq (Style-Specific Index)	-2.29
Lipper Equity Income Funds Indexn (Peer-Group Index)	-2.19

Source(s): ^q FactSet Research Systems Inc.; ⁿLipper Inc.

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

    The Dow Jones U.S. Select Dividend™ Index represents the country’s leading stocks by dividend yield.

    The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Equity Income Funds Index is an unmanaged index considered representative of equity income funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Dividend Income Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.17	%
10 Years	7.55
5 Years	11.04
1 Year	1.68
Class B Shares
Inception (3/28/02)	8.16	%
10 Years	7.52
5 Years	11.20
1 Year	1.81
Class C Shares
Inception (2/14/00)	2.97	%
10 Years	7.36
5 Years	11.46
1 Year	5.76
Class Y Shares
10 Years	8.35	%
5 Years	12.58
1 Year	7.90
Investor Class Shares
Inception (6/2/86)	8.59	%
10 Years	8.16
5 Years	12.30
1 Year	7.63
Class R5 Shares
Inception (10/25/05)	8.66	%
10 Years	8.61
5 Years	12.70
1 Year	7.88
Class R6 Shares
10 Years	8.27	%
5 Years	12.52
1 Year	7.97

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.

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

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

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.85	%
10 Years	6.35
5 Years	10.49
1 Year	0.43
Class B Shares
Inception (3/28/02)	7.83	%
10 Years	6.31
5 Years	10.65
1 Year	0.45
Class C Shares
Inception (2/14/00)	2.68	%
10 Years	6.16
5 Years	10.92
1 Year	4.46
Class Y Shares
10 Years	7.14	%
5 Years	12.03
1 Year	6.53
Investor Class Shares
Inception (6/2/86)	8.44	%
10 Years	6.96
5 Years	11.75
1 Year	6.27
Class R5 Shares
Inception (10/25/05)	8.23	%
5 Years	12.16
1 Year	6.56
Class R6 Shares
10 Years	7.06	%
5 Years	11.97
1 Year	6.63

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, Class Y, Investor Class, Class R5 and Class R6 shares was 1.14%, 1.89%, 1.89%, 0.89%, 1.14%, 0.83% and 0.79%, 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, Class Y,

Investor Class, Class R5 and Class R6 shares was 1.24%, 1.99%, 1.99%, 0.99%, 1.24%, 0.85% and 0.81%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least August 31, 2016. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

3                         Invesco Dividend Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–90.41%
Aerospace & Defense–4.45%
General Dynamics Corp.		75,481	$	11,214,967
Lockheed Martin Corp.		94,551		20,785,146
				32,000,113
Air Freight & Logistics–0.73%
United Parcel Service, Inc.–Class B		51,066		5,260,819
Asset Management & Custody Banks–2.98%
Federated Investors, Inc.–Class B		475,972		14,626,619
Waddell & Reed Financial, Inc.–Class A		183,605		6,782,369
				21,408,988
Auto Parts & Equipment–0.65%
Johnson Controls, Inc.		104,280		4,711,370
Department Stores–1.17%
Marks & Spencer Group PLC (United Kingdom)		1,070,109		8,449,653
Drug Retail–1.43%
Walgreens Boots Alliance, Inc.		121,827		10,316,310
Electric Utilities–9.29%
American Electric Power Co., Inc.		87,326		4,947,018
Duke Energy Corp.		192,528		13,759,976
Exelon Corp.		220,592		6,158,929
Pepco Holdings, Inc.		428,264		11,404,671
Pinnacle West Capital Corp.		211,504		13,432,619
Portland General Electric Co.		246,902		9,155,126
Xcel Energy, Inc.		222,494		7,927,461
				66,785,800
Electrical Components & Equipment–1.77%
ABB Ltd. (Switzerland)		401,094		7,555,714
Emerson Electric Co.		108,747		5,136,121
				12,691,835
Food Distributors–1.78%
Sysco Corp.		309,768		12,777,930
Gas Utilities–4.48%
AGL Resources Inc.		158,720		9,920,000
Southwest Gas Corp.		142,833		8,778,516
WGL Holdings Inc.		217,618		13,542,368
				32,240,884
General Merchandise Stores–1.57%
Target Corp.		146,146		11,279,548
Household Products–2.77%
Kimberly-Clark Corp.		71,058		8,506,353
Procter & Gamble Co. (The)		149,438		11,414,075
				19,920,428

	Shares		Value
Integrated Oil & Gas–5.53%
Exxon Mobil Corp.		107,273	$	8,875,768
Royal Dutch Shell PLC–Class B (United Kingdom)		247,789		6,473,104
Suncor Energy, Inc. (Canada)		407,972		12,139,015
TOTAL S.A. (France)		252,730		12,247,710
				39,735,597
Integrated Telecommunication Services–7.35%
AT&T Inc.		449,534		15,063,884
CenturyLink Inc.		314,435		8,870,212
Deutsche Telekom AG (Germany)		500,216		9,354,239
Verizon Communications Inc.		417,264		19,561,336
				52,849,671
Multi-Utilities–9.35%
CMS Energy Corp.		309,981		11,181,015
Dominion Resources, Inc.		117,730		8,409,454
DTE Energy Co.		117,585		9,593,760
National Grid PLC (United Kingdom)		571,600		8,136,512
Public Service Enterprise Group Inc.		317,801		13,122,003
Sempra Energy		47,207		4,834,469
TECO Energy, Inc.		443,344		11,970,288
				67,247,501
Packaged Foods & Meats–8.90%
Campbell Soup Co.		395,948		20,110,199
General Mills, Inc.		368,746		21,427,830
Kraft Heinz Co. (The)		287,434		22,411,229
				63,949,258
Paper Packaging–1.60%
Sonoco Products Co.		268,950		11,481,476
Pharmaceuticals–6.87%
Bristol-Myers Squibb Co.		149,427		9,854,711
Eli Lilly and Co.		187,222		15,271,699
Johnson & Johnson		122,510		12,377,185
Merck & Co., Inc.		216,950		11,858,487
				49,362,082
Property & Casualty Insurance–0.79%
Travelers Cos., Inc. (The)		50,182		5,665,046
Regional Banks–2.59%
Cullen/Frost Bankers, Inc.		130,640		8,941,002
M&T Bank Corp.		80,624		9,662,786
				18,603,788
Restaurants–3.58%
Darden Restaurants, Inc.		177,201		10,966,970
McDonald’s Corp.		131,477		14,758,293
				25,725,263

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

5                         Invesco Dividend Income Fund

	Shares		Value
Semiconductors–2.44%
Linear Technology Corp.		170,780	$	7,586,048
Microchip Technology Inc.		206,148		9,954,887
				17,540,935
Soft Drinks–2.49%
Coca-Cola Co. (The)		422,057		17,874,114
Specialized REIT’s–1.31%
Plum Creek Timber Co., Inc.		230,508		9,390,896
Tobacco–4.54%
Altria Group, Inc.		340,111		20,566,512
Philip Morris International Inc.		136,378		12,055,815
				32,622,327
Total Common Stocks & Other Equity Interests (Cost $505,798,750)				649,891,632

	Shares		Value
Money Market Funds–9.94%
Liquid Assets Portfolio–Institutional Class, 0.16%(b)		35,746,601	$	35,746,601
Premier Portfolio–Institutional Class, 0.12%(b)		35,746,601		35,746,601
Total Money Market Funds (Cost $71,493,202)				71,493,202
TOTAL INVESTMENTS–100.35% (Cost $577,291,952)				721,384,834
OTHER ASSETS LESS LIABILITIES–(0.35)%				(2,534,887	)
NET ASSETS–100.00%			$	718,849,947

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By sector, based on Net Assets as of October 31, 2015

Utilities	23.1	%
Consumer Staples	21.9
Financials	7.7
Telecommunication Services	7.4
Consumer Discretionary	7.0
Health Care	6.9
Industrials	6.9
Energy	5.5
Information Technology	2.4
Materials	1.6
Money Market Funds Plus Other Assets Less Liabilities	9.6

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

6                         Invesco Dividend Income Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $505,798,750)	$	649,891,632
Investments in affiliated money market funds, at value and cost		71,493,202
Total investments, at value (Cost $577,291,952)		721,384,834
Foreign currencies, at value (Cost $177,993)		191,713
Receivable for:
Investments sold		206,353
Fund shares sold		4,267,535
Dividends		1,483,138
Investment for trustee deferred compensation and retirement plans		123,238
Unrealized appreciation on forward foreign currency contracts outstanding		284,689
Other assets		52,054
Total assets		727,993,554
Liabilities:
Payable for:
Investments purchased		8,229,500
Fund shares reacquired		417,793
Accrued fees to affiliates		348,012
Accrued trustees’ and officers’ fees and benefits		2,172
Accrued other operating expenses		9,900
Trustee deferred compensation and retirement plans		136,230
Total liabilities		9,143,607
Net assets applicable to shares outstanding	$	718,849,947
Net assets consist of:
Shares of beneficial interest	$	557,767,783
Undistributed net investment income		527,289
Undistributed net realized gain		16,200,745
Net unrealized appreciation		144,354,130
	$	718,849,947

Net Assets:
Class A	$	467,623,970
Class B	$	8,065,683
Class C	$	66,198,555
Class Y	$	43,142,366
Investor Class	$	75,256,672
Class R5	$	270,742
Class R6	$	58,291,959
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		21,655,835
Class B		372,462
Class C		3,029,253
Class Y		1,979,844
Investor Class		3,454,230
Class R5		12,534
Class R6		2,697,046
Class A:
Net asset value per share	$	21.59
Maximum offering price per share
(Net asset value of $21.59 ¸ 94.50%)	$	22.85
Class B:
Net asset value and offering price per share	$	21.66
Class C:
Net asset value and offering price per share	$	21.85
Class Y:
Net asset value and offering price per share	$	21.79
Investor Class:
Net asset value and offering price per share	$	21.79
Class R5:
Net asset value and offering price per share	$	21.60
Class R6:
Net asset value and offering price per share	$	21.61

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

7                         Invesco Dividend Income Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $58,613)	$	11,072,808
Dividends from affiliated money market funds		25,486
Total investment income		11,098,294
Expenses:
Advisory fees		2,362,271
Administrative services fees		92,444
Custodian fees		8,037
Distribution fees:
Class A		534,079
Class B		44,387
Class C		313,823
Investor Class		92,110
Transfer agent fees — A, B, C, Y and Investor		544,628
Transfer agent fees — R5		32
Transfer agent fees — R6		383
Trustees’ and officers’ fees and benefits		13,434
Other		94,455
Total expenses		4,100,083
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(195,439	)
Net expenses		3,904,644
Net investment income		7,193,650
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		12,301,298
Foreign currencies		(4,001	)
Forward foreign currency contracts		(327,416	)
		11,969,881
Change in net unrealized appreciation of:
Investment securities		5,341,383
Foreign currencies		12,957
Forward foreign currency contracts		547,037
		5,901,377
Net realized and unrealized gain		17,871,258
Net increase in net assets resulting from operations	$	25,064,908

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

8                         Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	7,193,650		$	11,822,636
Net realized gain		11,969,881			9,346,785
Change in net unrealized appreciation		5,901,377			30,844,284
Net increase in net assets resulting from operations		25,064,908			52,013,705
Distributions to shareholders from net investment income:
Class A		(4,213,515	)		(7,691,634	)
Class B		(54,599	)		(145,819	)
Class C		(384,640	)		(668,968	)
Class Y		(507,511	)		(1,103,554	)
Investor Class		(724,977	)		(1,482,212	)
Class R5		(1,043	)		(12,438	)
Class R6		(644,005	)		(974,628	)
Total distributions from net investment income		(6,530,290	)		(12,079,253	)
Distributions to shareholders from net realized gains:
Class A		—			(3,958,525	)
Class B		—			(111,515	)
Class C		—			(544,173	)
Class Y		—			(566,808	)
Investor Class		—			(738,661	)
Class R5		—			(7,723	)
Class R6		—			(422,224	)
Total distributions from net realized gains		—			(6,349,629	)
Share transactions–net:
Class A		41,791,956			56,814,324
Class B		(1,722,427	)		(3,557,779	)
Class C		2,652,779			16,828,623
Class Y		(11,933,467	)		28,741,315
Investor Class		(1,600,571	)		26,285
Class R5		237,796			(690,850	)
Class R6		5,660,535			15,039,004
Net increase in net assets resulting from share transactions		35,086,601			113,200,922
Net increase in net assets		53,621,219			146,785,745
Net assets:
Beginning of period		665,228,728			518,442,983
End of period (includes undistributed net investment income of $527,289 and $(136,071), respectively)	$	718,849,947		$	665,228,728

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Dividend Income Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten 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 current income and long-term growth of capital.

9                         Invesco Dividend Income Fund

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6. 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, Class R5 and Class R6 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10                         Invesco Dividend Income Fund

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

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

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

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

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

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

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

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

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

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. 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. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

11                         Invesco Dividend Income Fund

physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.70%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least August 31, 2016, 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, Class R5 and Class R6 shares to 1.14%, 1.89%, 1.89%, 0.89%, 1.14%, 0.89% and 0.89%, 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2016. The fee waiver agreement cannot be terminated during its term. 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 the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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, 2015, the Adviser waived advisory fees of $37,793 and reimbursed class level expenses of $107,798, $2,240, $15,835, $11,396, $18,591 of Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2015, 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, 2015, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class 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

12                         Invesco Dividend Income Fund

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, 2015, expenses incurred under the Plan 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, 2015, IDI advised the Fund that IDI retained $94,196 in front-end sales commissions from the sale of Class A shares and $2,523, $576 and $2,978 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $405 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	678,522,141	$	42,862,693	$	—	$	721,384,834
Forward Foreign Currency Contracts*		—		284,689		—		284,689
Total Investments	$	678,522,141	$	43,147,382	$	—	$	721,669,523

* Unrealized appreciation.

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2015:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	284,689	$	—

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized appreciation on forward foreign currency contracts outstanding.

Effect of Derivative Investments for the six months ended October 31, 2015

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

	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain (Loss):
Currency risk	$	(327,416	)
Change in Net Unrealized Appreciation:
Currency risk		547,037
Total	$	219,621

13                         Invesco Dividend Income Fund

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	9,865,567

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation
		Deliver			Receive
11/20/15	Citigroup Global Markets Inc.		EUR	2,948,080		USD	3,338,214	$	3,242,953	$	95,261
11/20/15	Deutsche Bank Securities Inc.		EUR	2,948,068		USD	3,337,906		3,242,940		94,966
11/20/15	Goldman Sachs International		EUR	2,948,068		USD	3,337,402		3,242,940		94,462
Total Open Forward Foreign Currency Contracts — Currency Risk										$	284,689

Currency Abbreviations:

EUR	– Euro
USD	– U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount
			Financial Instruments		Collateral Received
					Non-Cash		Cash
Citigroup Global Markets Inc.	$	95,261	$	—	$	—	$	—	$	95,261
Deutsche Bank Securities Inc.		94,966		—		—		—		94,966
Goldman Sachs International		94,462		—		—		—		94,462
Total	$	284,689	$	—	$	—	$	—	$	284,689

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,786.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

14                         Invesco Dividend Income Fund

NOTE 8—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2015.

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, 2015 was $64,278,500 and $43,736,806, 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	$	153,413,643
Aggregate unrealized (depreciation) of investment securities		(9,323,871	)
Net unrealized appreciation of investment securities	$	144,089,772

Cost of investments for tax purposes is $577,295,062.

15                         Invesco Dividend Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,499,743		$	73,653,800			5,806,802		$	119,134,915
Class B		7,798			165,093			48,043			997,548
Class C		430,857			9,172,517			1,245,063			25,967,572
Class Y		478,831			10,263,835			3,596,311			74,966,881
Investor Class		153,870			3,295,526			257,131			5,363,104
Class R5		12,151			251,231			3,933			79,231
Class R6		239,929			5,016,835			844,134			17,372,957
Issued as reinvestment of dividends:
Class A		171,807			3,649,246			498,025			10,190,879
Class B		2,303			49,085			11,523			236,070
Class C		15,228			327,472			49,988			1,036,129
Class Y		18,536			397,761			60,330			1,252,805
Investor Class		31,678			678,946			100,627			2,085,579
Class R5		49			1,027			991			20,115
Class R6		30,297			644,005			68,137			1,396,852
Automatic conversion of Class B shares to Class A shares:
Class A		67,979			1,429,406			148,152			3,060,361
Class B		(67,780	)		(1,429,406	)		(147,719	)		(3,060,361	)
Reacquired:
Class A		(1,765,516	)		(36,940,496	)		(3,668,065	)		(75,571,831	)
Class B		(24,012	)		(507,199	)		(83,740	)		(1,731,036	)
Class C		(321,277	)		(6,847,210	)		(486,102	)		(10,175,078	)
Class Y		(1,056,627	)		(22,595,063	)		(2,248,908	)		(47,478,371	)
Investor Class		(264,049	)		(5,575,043	)		(358,337	)		(7,422,398	)
Class R5		(686	)		(14,462	)		(37,665	)		(790,196	)
Class R6		(14	)		(305	)		(182,547	)		(3,730,805	)
Net increase in share activity		1,661,095		$	35,086,601			5,526,107		$	113,200,922

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 28% 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.

    In addition, 8% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

16                         Invesco Dividend Income Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains on securities (both realized and unrealized)			Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	21.03	$	0.23	$	0.54		$	0.77	$	(0.21	)	$	—		$	(0.21	)	$	21.59		3.67	%	$	467,624		1.13	%(d)		1.19	%(d)		2.17	%(d)		7	%
Year ended 04/30/15		19.88		0.41		1.37			1.78		(0.42	)		(0.21	)		(0.63	)		21.03		9.07			413,896		1.12			1.22			1.99			4
Year ended 04/30/14		18.02		0.41		2.16			2.57		(0.48	)		(0.23	)		(0.71	)		19.88		14.66			335,837		1.09			1.29			2.22			4
Year ended 04/30/13		16.93		0.50		2.21			2.71		(0.52	)		(1.10	)		(1.62	)		18.02		16.83			262,332		1.26			1.34			2.87			66
Year ended 04/30/12		16.18		0.43		0.73			1.16		(0.41	)		—			(0.41	)		16.93		7.31			241,103		1.32			1.37			2.66			14
Year ended 04/30/11		14.28		0.40		1.87			2.27		(0.37	)		—			(0.37	)		16.18		16.24			132,403		1.45			1.46			2.75			17
Class B
Six months ended 10/31/15		21.09		0.15		0.55			0.70		(0.13	)		—			(0.13	)		21.66		3.33			8,066		1.88	(d)		1.94	(d)		1.42	(d)		7
Year ended 04/30/15		19.93		0.25		1.38			1.63		(0.26	)		(0.21	)		(0.47	)		21.09		8.30			9,578		1.87			1.97			1.24			4
Year ended 04/30/14		18.07		0.27		2.16			2.43		(0.34	)		(0.23	)		(0.57	)		19.93		13.76			12,479		1.84			2.04			1.47			4
Year ended 04/30/13		16.97		0.37		2.21			2.58		(0.38	)		(1.10	)		(1.48	)		18.07		15.92			15,099		2.01			2.09			2.12			66
Year ended 04/30/12		16.22		0.31		0.73			1.04		(0.29	)		—			(0.29	)		16.97		6.50			18,620		2.07			2.12			1.91			14
Year ended 04/30/11		14.31		0.29		1.88			2.17		(0.26	)		—			(0.26	)		16.22		15.42			13,669		2.20			2.21			2.00			17
Class C
Six months ended 10/31/15		21.28		0.15		0.55			0.70		(0.13	)		—			(0.13	)		21.85		3.30			66,199		1.88	(d)		1.94	(d)		1.42	(d)		7
Year ended 04/30/15		20.11		0.26		1.39			1.65		(0.27	)		(0.21	)		(0.48	)		21.28		8.29			61,818		1.87			1.97			1.24			4
Year ended 04/30/14		18.24		0.27		2.17			2.44		(0.34	)		(0.23	)		(0.57	)		20.11		13.71			42,150		1.84			2.04			1.47			4
Year ended 04/30/13		17.11		0.37		2.24			2.61		(0.38	)		(1.10	)		(1.48	)		18.24		15.99			27,793		2.01			2.09			2.12			66
Year ended 04/30/12		16.36		0.31		0.73			1.04		(0.29	)		—			(0.29	)		17.11		6.46			26,511		2.07			2.12			1.91			14
Year ended 04/30/11		14.43		0.30		1.90			2.20		(0.27	)		—			(0.27	)		16.36		15.45			13,433		2.20			2.21			2.00			17
Class Y
Six months ended 10/31/15		21.22		0.26		0.55			0.81		(0.24	)		—			(0.24	)		21.79		3.82			43,142		0.88	(d)		0.94	(d)		2.42	(d)		7
Year ended 04/30/15		20.06		0.47		1.37			1.84		(0.47	)		(0.21	)		(0.68	)		21.22		9.34			53,878		0.87			0.97			2.24			4
Year ended 04/30/14		18.18		0.46		2.17			2.63		(0.52	)		(0.23	)		(0.75	)		20.06		14.95			22,690		0.84			1.04			2.47			4
Year ended 04/30/13		17.07		0.54		2.24			2.78		(0.57	)		(1.10	)		(1.67	)		18.18		17.16			5,146		1.01			1.09			3.12			66
Year ended 04/30/12		16.32		0.48		0.73			1.21		(0.46	)		—			(0.46	)		17.07		7.54			5,622		1.07			1.12			2.91			14
Year ended 04/30/11		14.40		0.44		1.89			2.33		(0.41	)		—			(0.41	)		16.32		16.56			1,393		1.20			1.21			3.00			17
Investor Class
Six months ended 10/31/15		21.22		0.23		0.55			0.78		(0.21	)		—			(0.21	)		21.79		3.70			75,257		1.13	(d)		1.19	(d)		2.17	(d)		7
Year ended 04/30/15		20.05		0.41		1.39			1.80		(0.42	)		(0.21	)		(0.63	)		21.22		9.11			74,957		1.12			1.22			1.99			4
Year ended 04/30/14		18.18		0.41		2.17			2.58		(0.48	)		(0.23	)		(0.71	)		20.05		14.61			70,853		1.09			1.29			2.22			4
Year ended 04/30/13		17.07		0.50		2.23			2.73		(0.52	)		(1.10	)		(1.62	)		18.18		16.84			67,130		1.26			1.34			2.87			66
Year ended 04/30/12		16.32		0.44		0.73			1.17		(0.42	)		—			(0.42	)		17.07		7.28			62,707		1.32			1.37			2.66			14
Year ended 04/30/11		14.40		0.41		1.89			2.30		(0.38	)		—			(0.38	)		16.32		16.27			60,196		1.45			1.46			2.75			17
Class R5
Six months ended 10/31/15		21.04		0.26		0.54			0.80		(0.24	)		—			(0.24	)		21.60		3.81			271		0.83	(d)		0.84	(d)		2.47	(d)		7
Year ended 04/30/15		19.88		0.46		1.39			1.85		(0.48	)		(0.21	)		(0.69	)		21.04		9.44			21		0.82			0.83			2.29			4
Year ended 04/30/14		18.03		0.45		2.15			2.60		(0.52	)		(0.23	)		(0.75	)		19.88		14.87			671		0.84			0.87			2.47			4
Year ended 04/30/13		16.94		0.56		2.22			2.78		(0.59	)		(1.10	)		(1.69	)		18.03		17.32			680		0.87			0.88			3.26			66
Year ended 04/30/12		16.19		0.51		0.72			1.23		(0.48	)		—			(0.48	)		16.94		7.77			8,692		0.85			0.86			3.13			14
Year ended 04/30/11		14.28		0.48		1.88			2.36		(0.45	)		—			(0.45	)		16.19		16.94			7,820		0.93			0.94			3.27			17
Class R6
Six months ended 10/31/15		21.05		0.27		0.54			0.81		(0.25	)		—			(0.25	)		21.61		3.86			58,292		0.76	(d)		0.77	(d)		2.54	(d)		7
Year ended 04/30/15		19.89		0.48		1.38			1.86		(0.49	)		(0.21	)		(0.70	)		21.05		9.49			51,080		0.78			0.79			2.33			4
Year ended 04/30/14		18.04		0.46		2.15			2.61		(0.53	)		(0.23	)		(0.76	)		19.89		14.89			33,762		0.82			0.83			2.49			4
Year ended 04/30/13(f)		17.55		0.34		1.58	��		1.92		(0.33	)		(1.10	)		(1.43	)		18.04		11.58			21,141		0.89	(e)		0.89	(e)		3.24	(e)		66

^(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 April 30, 2012, 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.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $424,941, $8,829, $62,424, $44,921, $73,288, $85 and $54,568 for Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date of September 24, 2012 for Class R6 shares.

17                         Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15) 1		Expenses Paid During Period 2		Ending Account Value (10/31/15)		Expenses Paid During Period 2
A	$	1,000.00	$	1,036.70	$	5.79	$	1,019.46	$	5.74		1.13	%
B		1,000.00		1,033.30		9.61		1,015.69		9.53		1.88
C		1,000.00		1,033.00		9.61		1,015.69		9.53		1.88
Y		1,000.00		1,038.20		4.51		1,020.71		4.47		0.88
Investor		1,000.00		1,037.00		5.79		1,019.46		5.74		1.13
R5		1,000.00		1,038.10		4.25		1,020.96		4.22		0.83
R6		1,000.00		1,038.60		3.89		1,021.32		3.86		0.76

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 Dividend Income 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 Invesco Dividend Income Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. 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. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 Equity Income Funds Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fifth 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).

19                         Invesco Dividend Income Fund

The Board noted that performance of Class A Shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was minimally above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through at least August 31, 2016 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

20                         Invesco Dividend Income Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Energy Fund
	Nasdaq: A: IENAX  n  B: IENBX  n  C: IEFCX  n  Y: IENYX  n  Investor: FSTEX  n  R5: IENIX

2           Fund Performance

4           Letters to Shareholders

5           Schedule of Investments

6           Financial Statements

8           Notes to Financial Statements

14         Financial Highlights

15         Fund Expenses

16         Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, 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	-23.30	%
Class B Shares	-23.57
Class C Shares	-23.59
Class Y Shares	-23.21
Investor Class Shares	-23.28
Class R5 Shares	-23.15
S&P 500 Indexq (Broad Market Index)	0.77
MSCI World Energy Indexq (Style-Specific Index)	-17.23
Lipper Natural Resource Funds Indexn(Peer Group Index)	-20.38

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock 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 index is computed using the net return, which withholds applicable taxes for non-resident investors.

    The Lipper Natural Resource Funds Index is an unmanaged index considered representative of natural resource funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Energy Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	6.64	%
10 Years	1.44
5 Years	-3.35
1 Year	-32.98
Class B Shares
Inception (3/28/02)	6.63	%
10 Years	1.41
5 Years	-3.32
1 Year	-32.63
Class C Shares
Inception (2/14/00)	7.88	%
10 Years	1.26
5 Years	-2.99
1 Year	-30.21
Class Y Shares
10 Years	2.20	%
5 Years	-2.01
1 Year	-28.91
Investor Class Shares
Inception (1/19/84)	7.94	%
10 Years	2.02
5 Years	-2.25
1 Year	-29.07
Class R5 Shares
Inception(1/31/06)	0.35	%
5 Years	-1.90
1 Year	-28.80

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.75	%
10 Years	-0.55
5 Years	-4.88
1 Year	-44.92
Class B Shares
Inception (3/28/02)	5.73	%
10 Years	-0.59
5 Years	-4.85
1 Year	-44.64
Class C Shares
Inception (2/14/00)	7.11	%
10 Years	-0.73
5 Years	-4.52
1 Year	-42.64
Class Y Shares
10 Years	0.18	%
5 Years	-3.56
1 Year	-41.57
Investor Class Shares
Inception (1/19/84)	7.55	%
10 Years	0.01
5 Years	-3.80
1 Year	-41.72
Class R5 Shares
Inception (1/31/06)	-0.88	%
5 Years	-3.46
1 Year	-41.48

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.

    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

of this report for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares was 1.17%, 1.92%, 1.92%, 0.92%, 1.17% and 0.80%, 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 Class R5 shares was 1.18%, 1.93%, 1.93%, 0.93%, 1.18% and 0.81%, 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 Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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, 2017. See current prospectus for more information.

3                         Invesco Energy Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.93%
Integrated Oil & Gas–26.33%
BP PLC–ADR (United Kingdom)		951,386	$	33,964,480
Cenovus Energy Inc. (Canada)		1,436,338		21,396,241
Chevron Corp.		337,138		30,639,101
Exxon Mobil Corp.		358,047		29,624,809
Occidental Petroleum Corp.		710,476		52,958,881
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		732,801		38,442,741
Suncor Energy, Inc. (Canada)		1,300,254		38,688,448
				245,714,701
Oil & Gas Drilling–4.35%
Ensco PLC–Class A		1,217,925		20,254,093
Helmerich & Payne, Inc.		361,610		20,347,794
				40,601,887
Oil & Gas Equipment & Services–13.61%
Core Laboratories N.V.		241,463		28,089,391
Halliburton Co.		340,473		13,067,354
Schlumberger Ltd.		485,237		37,926,124
Superior Energy Services, Inc.		724,908		10,264,697
Tidewater Inc.		697,196		8,610,370
Weatherford International PLC(b)		2,836,224		29,042,934
				127,000,870
Oil & Gas Exploration & Production–49.31%
Anadarko Petroleum Corp.		511,644		34,218,751
Apache Corp.		888,454		41,872,837
Cabot Oil & Gas Corp.		863,741		18,751,817
Canadian Natural Resources Ltd. (Canada)		1,493,107		34,618,799
Cobalt International Energy, Inc.(b)		3,445,291		26,425,382

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Concho Resources Inc.(b)		319,816	$	37,069,872
Devon Energy Corp.		906,526		38,010,635
EOG Resources, Inc.		444,959		38,199,730
Hess Corp.		498,103		27,998,370
Marathon Oil Corp.		1,219,336		22,411,396
Noble Energy, Inc.		895,590		32,097,946
Oasis Petroleum Inc.(b)		2,031,342		23,624,507
PrairieSky Royalty Ltd. (Canada)		812,826		15,992,975
Range Resources Corp.		788,929		24,014,999
Tullow Oil PLC (United Kingdom)(b)		5,907,771		18,392,457
Ultra Petroleum Corp.(b)		1,429,727		7,834,904
Whiting Petroleum Corp.(b)		1,082,492		18,651,337
				460,186,714
Oil & Gas Refining & Marketing–3.33%
Phillips 66		349,427		31,116,474
Total Common Stocks & Other Equity Interests (Cost $1,096,425,117)				904,620,646
Money Market Funds–3.31%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		15,445,480		15,445,480
Premier Portfolio–Institutional Class, 0.12%(c)		15,445,479		15,445,479
Total Money Market Funds (Cost $30,890,959)				30,890,959
TOTAL INVESTMENTS–100.24% (Cost $1,127,316,076)				935,511,605
OTHER ASSETS LESS LIABILITIES–(0.24)%				(2,195,249	)
NET ASSETS–100.00%			$	933,316,356

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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2015

Oil & Gas Exploration & Production	49.3	%
Integrated Oil & Gas	26.3
Oil & Gas Equipment & Services	13.6
Oil & Gas Drilling	4.4
Oil & Gas Refining & Marketing	3.3
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.

5                         Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $1,096,425,117)	$	904,620,646
Investments in affiliated money market funds, at value and cost		30,890,959
Total investments, at value (Cost $1,127,316,076)		935,511,605
Foreign currencies, at value (Cost $54,991)		55,798
Receivable for:
Fund shares sold		1,684,903
Dividends		649,298
Investment for trustee deferred compensation and retirement plans		232,750
Other assets		62,261
Total assets		938,196,615
Liabilities:
Payable for:
Investments purchased		1,625,328
Fund shares reacquired		2,083,542
Accrued fees to affiliates		806,905
Accrued trustees’ and officers’ fees and benefits		2,439
Accrued other operating expenses		93,432
Trustee deferred compensation and retirement plans		268,613
Total liabilities		4,880,259
Net assets applicable to shares outstanding	$	933,316,356
Net assets consist of:
Shares of beneficial interest	$	1,122,776,244
Undistributed net investment income		8,648,171
Undistributed net realized gain (loss)		(6,298,169	)
Net unrealized appreciation (depreciation)		(191,809,890	)
	$	933,316,356

Net Assets:
Class A	$	491,161,920
Class B	$	11,009,484
Class C	$	153,453,677
Class Y	$	47,455,003
Investor Class	$	214,311,380
Class R5	$	15,924,892
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		18,086,843
Class B		460,741
Class C		6,609,119
Class Y		1,742,654
Investor Class		7,924,191
Class R5		571,758
Class A:
Net asset value per share	$	27.16
Maximum offering price per share
(Net asset value of $27.16 ¸ 94.50%)	$	28.74
Class B:
Net asset value and offering price per share	$	23.90
Class C:
Net asset value and offering price per share	$	23.22
Class Y:
Net asset value and offering price per share	$	27.23
Investor Class:
Net asset value and offering price per share	$	27.05
Class R5:
Net asset value and offering price per share	$	27.85

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

6                         Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $519,064)	$	11,372,442
Dividends from affiliated money market funds		22,192
Total investment income		11,394,634
Expenses:
Advisory fees		3,330,736
Administrative services fees		129,779
Custodian fees		28,661
Distribution fees:
Class A		656,329
Class B		69,601
Class C		819,910
Investor Class		298,613
Transfer agent fees — A, B, C, Y and Investor		1,307,239
Transfer agent fees — R5		10,962
Trustees’ and officers’ fees and benefits		15,950
Other		189,485
Total expenses		6,857,265
Less: Fees waived and expense offset arrangement(s)		(40,761	)
Net expenses		6,816,504
Net investment income		4,578,130
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,449,669
Foreign currencies		(193,112	)
		1,256,557
Change in net unrealized appreciation (depreciation) of:
Investment securities		(295,393,620	)
Foreign currencies		(8,206	)
		(295,401,826	)
Net realized and unrealized gain (loss)		(294,145,269	)
Net increase (decrease) in net assets resulting from operations	$	(289,567,139	)

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

7                         Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	4,578,130		$	7,298,598
Net realized gain		1,256,557			63,943,084
Change in net unrealized appreciation (depreciation)		(295,401,826	)		(308,271,951	)
Net increase (decrease) in net assets resulting from operations		(289,567,139	)		(237,030,269	)
Distributions to shareholders from net investment income:
Class A		—			(1,567,388	)
Class Y		—			(353,959	)
Investor Class		—			(947,439	)
Class R5		—			(216,937	)
Total distributions from net investment income		—			(3,085,723	)
Distributions to shareholders from net realized gains:
Class A		—			(53,578,369	)
Class B		—			(2,736,290	)
Class C		—			(16,754,031	)
Class Y		—			(6,004,285	)
Investor Class		—			(32,386,576	)
Class R5		—			(3,036,417	)
Total distributions from net realized gains		—			(114,495,968	)
Share transactions–net:
Class A		10,011,351			130,777,969
Class B		(3,684,399	)		(9,321,046	)
Class C		5,047,674			63,007,305
Class Y		(14,846,381	)		32,944,379
Investor Class		(12,652,910	)		(17,924,737	)
Class R5		(9,107,902	)		9,429,760
Net increase (decrease) in net assets resulting from share transactions		(25,232,567	)		208,913,630
Net increase (decrease) in net assets		(314,799,706	)		(145,698,330	)
Net assets:
Beginning of period		1,248,116,062			1,393,814,392
End of period (includes undistributed net investment income of $8,648,171 and $4,070,041, respectively)	$	933,316,356		$	1,248,116,062

Notes to Financial Statements

October 31, 2015

(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 ten 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 Class R5. 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 Class R5 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 to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other

8                         Invesco Energy Fund

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net

9                         Invesco Energy Fund

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

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

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

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

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

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

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

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

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

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

I. 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. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation)

10                         Invesco Energy Fund

until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.65%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, 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 Class R5 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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 the end of each fiscal year. 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, 2017, 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, 2015, the Adviser waived advisory fees of $38,337.

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, 2015, 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, 2015, 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 Class R5 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, 2015, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

11                         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, 2015, IDI advised the Fund that IDI retained $241,141 in front-end sales commissions from the sale of Class A shares and $1,039, $6,043 and $9,150 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, 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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	917,119,148	$	18,392,457	$	—	$	935,511,605

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,424.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to

12                         Invesco Energy Fund

utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2015.

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, 2015 was $139,851,748 and $134,574,493, 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	$	93,487,999
Aggregate unrealized (depreciation) of investment securities		(290,874,062	)
Net unrealized appreciation (depreciation) of investment securities	$	(197,386,063	)

Cost of investments for tax purposes is $1,132,897,668.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,179,924		$	91,630,972			8,233,243		$	302,703,943
Class B		10,882			271,174			49,033			1,651,530
Class C		1,055,599			26,199,540			2,994,541			89,192,120
Class Y		380,935			11,089,651			1,650,206			65,388,372
Investor Class		729,620			21,553,945			1,776,163			72,747,502
Class R5		213,626			6,487,414			529,293			21,836,667
Issued as reinvestment of dividends:
Class A		—			—			1,705,931			51,450,867
Class B		—			—			93,126			2,488,334
Class C		—			—			600,184			15,580,769
Class Y		—			—			190,031			5,735,139
Investor Class		—			—			1,072,245			32,210,251
Class R5		—			—			105,347			3,246,798
Automatic conversion of Class B shares to Class A shares:
Class A		68,023			1,937,118			158,498			6,720,540
Class B		(77,168	)		(1,937,118	)		(177,481	)		(6,720,540	)
Reacquired:
Class A		(2,907,709	)		(83,556,739	)		(5,642,291	)		(230,097,381	)
Class B		(78,502	)		(2,018,455	)		(189,189	)		(6,740,370	)
Class C		(859,113	)		(21,151,866	)		(1,231,719	)		(41,765,584	)
Class Y		(851,029	)		(25,936,032	)		(929,983	)		(38,179,132	)
Investor Class		(1,179,004	)		(34,206,855	)		(2,910,301	)		(122,882,490	)
Class R5		(526,063	)		(15,595,316	)		(377,140	)		(15,653,705	)
Net increase (decrease) in share activity		(839,979	)	$	(25,232,567	)		7,699,737		$	208,913,630

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

13                         Invesco Energy Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net  assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	35.41	$	0.15		$	(8.40	)	$	(8.25	)	$	—		$	—		$	—		$	27.16		(23.30	)%	$	491,162		1.23	%(d)		1.24	%(d)		1.01	%(d)		14	%
Year ended 04/30/15		49.87		0.29			(10.33	)		(10.04	)		(0.13	)		(4.29	)		(4.42	)		35.41		(18.60	)		628,443		1.16			1.17			0.69			27
Year ended 04/30/14		40.52		0.19			9.57			9.76			(0.20	)		(0.21	)		(0.41	)		49.87		24.23			662,813		1.15			1.15			0.43			14
Year ended 04/30/13		39.00		0.14			1.38			1.52			—			—			—			40.52		3.90			619,826		1.15			1.16			0.37			56
Year ended 04/30/12		47.26		0.01	��		(8.27	)		(8.26	)		—			—			—			39.00		(17.48	)		723,304		1.12			1.13			0.03			61
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
Class B
Six months ended 10/31/15		31.28		0.03			(7.41	)		(7.38	)		—			—			—			23.90		(23.59	)		11,009		1.98	(d)		1.99	(d)		0.26	(d)		14
Year ended 04/30/15		44.93		(0.02	)		(9.34	)		(9.36	)		—			(4.29	)		(4.29	)		31.28		(19.20	)		18,940		1.91			1.92			(0.06	)		27
Year ended 04/30/14		36.63		(0.13	)		8.64			8.51			—			(0.21	)		(0.21	)		44.93		23.31			37,293		1.90			1.90			(0.32	)		14
Year ended 04/30/13		35.52		(0.13	)		1.24			1.11			—			—			—			36.63		3.12			50,241		1.90			1.91			(0.38	)		56
Year ended 04/30/12		43.37		(0.26	)		(7.59	)		(7.85	)		—			—			—			35.52		(18.10	)		73,896		1.87			1.88			(0.72	)		61
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
Class C
Six months ended 10/31/15		30.39		0.03			(7.20	)		(7.17	)		—			—			—			23.22		(23.59	)		153,454		1.98	(d)		1.99	(d)		0.26	(d)		14
Year ended 04/30/15		43.83		(0.02	)		(9.13	)		(9.15	)		—			(4.29	)		(4.29	)		30.39		(19.21	)		194,893		1.91			1.92			(0.06	)		27
Year ended 04/30/14		35.74		(0.13	)		8.43			8.30			—			(0.21	)		(0.21	)		43.83		23.31			177,502		1.90			1.90			(0.32	)		14
Year ended 04/30/13		34.66		(0.13	)		1.21			1.08			—			—			—			35.74		3.12			164,978		1.90			1.91			(0.38	)		56
Year ended 04/30/12		42.32		(0.26	)		(7.40	)		(7.66	)		—			—			—			34.66		(18.10	)		202,489		1.87			1.88			(0.72	)		61
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
Class Y
Six months ended 10/31/15		35.47		0.19			(8.43	)		(8.24	)		—			—			—			27.23		(23.23	)		47,455		0.98	(d)		0.99	(d)		1.26	(d)		14
Year ended 04/30/15		50.00		0.38			(10.37	)		(9.99	)		(0.25	)		(4.29	)		(4.54	)		35.47		(18.38	)		78,476		0.91			0.92			0.94			27
Year ended 04/30/14		40.70		0.30			9.60			9.90			(0.39	)		(0.21	)		(0.60	)		50.00		24.54			65,123		0.90			0.90			0.68			14
Year ended 04/30/13		39.07		0.23			1.40			1.63			—			—			—			40.70		4.17			55,196		0.90			0.91			0.62			56
Year ended 04/30/12		47.23		0.11			(8.27	)		(8.16	)		—			—			—			39.07		(17.28	)		74,126		0.87			0.88			0.28			61
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
Investor Class
Six months ended 10/31/15		35.27		0.15			(8.37	)		(8.22	)		—			—			—			27.05		(23.31	)		214,311		1.23	(d)		1.24	(d)		1.01	(d)		14
Year ended 04/30/15		49.69		0.29			(10.29	)		(10.00	)		(0.13	)		(4.29	)		(4.42	)		35.27		(18.59	)		295,318		1.16			1.17			0.69			27
Year ended 04/30/14		40.38		0.19			9.53			9.72			(0.20	)		(0.21	)		(0.41	)		49.69		24.22			419,142		1.15			1.15			0.43			14
Year ended 04/30/13		38.86		0.14			1.38			1.52			—			—			—			40.38		3.91			363,981		1.15			1.16			0.37			56
Year ended 04/30/12		47.09		0.01			(8.24	)		(8.23	)		—			—			—			38.86		(17.48	)		428,174		1.12			1.13			0.03			61
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
Class R5
Six months ended 10/31/15		36.24		0.22			(8.61	)		(8.39	)		—			—			—			27.85		(23.15	)		15,925		0.82	(d)		0.83	(d)		1.42	(d)		14
Year ended 04/30/15		50.97		0.44			(10.57	)		(10.13	)		(0.31	)		(4.29	)		(4.60	)		36.24		(18.30	)		32,046		0.79			0.80			1.06			27
Year ended 04/30/14		41.51		0.35			9.80			10.15			(0.48	)		(0.21	)		(0.69	)		50.97		24.68			31,942		0.79			0.79			0.79			14
Year ended 04/30/13		39.81		0.29			1.41			1.70			—			—			—			41.51		4.27			24,693		0.78			0.79			0.74			56
Year ended 04/30/12		48.07		0.16			(8.42	)		(8.26	)		—			—			—			39.81		(17.18	)		19,996		0.76			0.77			0.39			61
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

^(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 $522,210, $13,845, $163,091, $55,169, $237,592 and $21,779 for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

14                         Invesco Energy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	767.00	$	5.46	$	1,018.95	$	6.24		1.23	%
B		1,000.00		764.30		8.78		1,015.18		10.03		1.98
C		1,000.00		764.10		8.78		1,015.18		10.03		1.98
Y		1,000.00		767.90		4.36		1,020.21		4.98		0.98
Investor		1,000.00		767.20		5.46		1,018.95		6.24		1.23
R5		1,000.00		768.50		3.65		1,021.01		4.17		0.82

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

15                         Invesco 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 Invesco Energy Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Board receives comparative performance and

fee data regarding the Invesco Funds prepared by Invesco Advisers and Lipper Inc. (Lipper), an independent provider of investment company data. The Board also receives a report and this independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board

also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. currently manages assets of the Fund.

The Board compared the Fund’s 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 Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Trustees noted that Invesco Canada Ltd. and a portfolio manager from the Affiliated Sub-Adviser began managing

16                         Invesco Energy Fund

the assets of the Fund in February 2013. Invesco Advisers advised the Trustees that the Lipper Natural Resources category includes many funds that have other natural resource mandates beyond energy making relative performance comparisons difficult. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual fund. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be

invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

17                         Invesco Energy Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Gold & Precious Metals Fund
	Nasdaq: A: IGDAX  n  B: IGDBX  n  C: IGDCX  n  Y: IGDYX  n  Investor: FGLDX

2           Fund Performance

4           Letters to Shareholders

5           Schedule of Investments

6           Financial Statements

8           Notes to Financial Statements

14         Financial Highlights

15         Fund Expenses

16         Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, 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	-22.25	%
Class B Shares	-22.43
Class C Shares	-22.47
Class Y Shares	-22.11
Investor Class Shares	-22.14
S&P 500 Indexq (Broad Market Index)	0.77
Philadelphia Gold & Silver Index (price only)q (Style-Specific Index)	-29.39
Lipper Precious Metals Equity Funds Indexn(Peer Group Index)	-20.72

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US 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 mining gold and silver.

    The Lipper Precious Metals Equity 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) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Gold & Precious Metals Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.54	%
10 Years	-1.29
5 Years	-19.78
1 Year	-19.01
Class B Shares
Inception (3/28/02)	3.63	%
10 Years	-1.34
5 Years	-19.75
1 Year	-19.04
Class C Shares
Inception (2/14/00)	5.13	%
10 Years	-1.47
5 Years	-19.46
1 Year	-15.76
Class Y Shares
10 Years	-0.57	%
5 Years	-18.71
1 Year	-14.09
Investor Class Shares
Inception (1/19/84)	-0.78	%
10 Years	-0.74
5 Years	-18.88
1 Year	-14.25

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.03	%
10 Years	-2.63
5 Years	-20.47
1 Year	-37.36
Class B Shares
Inception (3/28/02)	3.12	%
10 Years	-2.67
5 Years	-20.45
1 Year	-37.43
Class C Shares
Inception (2/14/00)	4.69	%
10 Years	-2.82
5 Years	-20.15
1 Year	-34.82
Class Y Shares
10 Years	-1.94	%
5 Years	-19.42
1 Year	-33.71
Investor Class Shares
Inception (1/19/84)	-1.00	%
10 Years	-2.09
5 Years	-19.57
1 Year	-33.64

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.

    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 of this report for Class A, Class B, Class C, Class Y and Investor Class

shares was 1.49%, 2.24%, 2.24%, 1.24% and 1.49%, 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 and Investor Class shares was 1.50%, 2.25%, 2.25%, 1.25% and 1.50%, 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.

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

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, 2017. See current prospectus for more information.

3                         Invesco Gold & Precious Metals Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Gold & Precious Metals Fund

Schedule of Investments

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.13%
Brazil–1.94%
Yamana Gold Inc.		1,759,130	$	3,852,495
Canada–69.32%
Agnico Eagle Mines Ltd.		360,747		10,205,533
Alamos Gold Inc.–Class A		891,055		3,427,397
B2Gold Corp.(a)		4,669,795		5,035,108
Barrick Gold Corp.		946,831		7,281,130
Belo Sun Mining Corp.(a)		9,002,717		1,858,785
Continental Gold Inc.(a)		3,933,892		4,903,452
Detour Gold Corp.(a)		965,117		10,730,902
Eldorado Gold Corp.		2,077,441		7,260,003
Franco-Nevada Corp.		248,724		12,614,037
Goldcorp, Inc.		699,416		8,966,513
Ivanhoe Mines Ltd.–Class A(a)		4,107,436		2,198,673
Ivanhoe Mines Ltd.–Wts. expiring 12/10/15(a)		2,088,713		7,986
Kinross Gold Corp.(a)		2,767,338		5,565,572
Lydian International, Ltd.(a)		4,805,606		1,065,708
New Gold Inc.(a)		3,042,651		7,538,571
Platinum Group Metals Ltd.(a)		9,520,375		2,293,277
Pretium Resources Inc.(a)		668,668		4,003,724
Primero Mining Corp.(a)		1,563,620		3,599,064
Rubicon Minerals Corp.(a)		5,778,395		2,562,873
Sandstorm Gold Ltd.(a)		762,808		2,000,789
SEMAFO Inc.(a)		1,793,640		4,073,649
Silver Wheaton Corp.		541,828		7,363,443
Torex Gold Resources Inc.(a)		13,399,126		12,705,449
True Gold Mining Inc.(a)		6,053,136		1,110,922
Turquoise Hill Resources Ltd.(a)		3,292,437		8,912,768
				137,285,328

	Shares		Value
Mali–4.78%
Randgold Resources Ltd.–ADR		141,535	$	9,464,445
Mexico–3.09%
Fresnillo PLC		544,479		6,114,663
South Africa–1.35%
Gold Fields Ltd.–ADR		555,522		1,405,471
Petra Diamonds Ltd.		1,101,030		1,267,235
				2,672,706
United States–16.65%
Argonaut Gold, Inc.(a)		993,214		1,025,341
Boart Longyear Ltd.(a)		8,395,242		598,665
iShares® Gold Trust–ETF(a)		689,800		7,601,596
Newmont Mining Corp.		333,551		6,490,902
SPDR® Gold Trust–ETF(a)		86,100		9,410,730
Tahoe Resources Inc.		938,440		7,836,480
				32,963,714
Total Common Stocks & Other Equity Interests (Cost $312,523,738)				192,353,351
Money Market Funds–3.24%
Liquid Assets Portfolio–Institutional Class, 0.16%(b)		3,211,992		3,211,992
Premier Portfolio–Institutional Class, 0.12%(b)		3,211,992		3,211,992
Total Money Market Funds (Cost $6,423,984)				6,423,984
TOTAL INVESTMENTS–100.37% (Cost $318,947,722)				198,777,335
OTHER ASSETS LESS LIABILITIES–(0.37)%				(740,993	)
NET ASSETS–100.00%			$	198,036,342

Investment Abbreviations:

ADR	– American Depositary Receipt
ETF	– Exchange-Traded Fund

SPDR	– Standard & Poor’s Depositary Receipt
Wts.	– Warrants

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2015

Gold	69.5	%
Precious Metals & Minerals	8.8
Investment Companies — Exchange Traded Funds	8.6
Diversified Metals & Mining	6.2
Silver	3.7
Construction & Engineering	0.3
Money Market Funds Plus Other Assets Less Liabilities	2.9

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

5                         Invesco Gold & Precious Metals Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $312,523,738)	$	192,353,351
Investments in affiliated money market funds, at value and cost		6,423,984
Total investments, at value (Cost $318,947,722)		198,777,335
Foreign currencies, at value (Cost $1,363)		1,778
Receivable for:
Fund shares sold		312,765
Dividends		14,938
Investment for trustee deferred compensation and retirement plans		91,330
Other assets		30,319
Total assets		199,228,465
Liabilities:
Payable for:
Investments purchased		50,839
Fund shares reacquired		765,527
Accrued fees to affiliates		206,685
Accrued trustees’ and officers’ fees and benefits		1,638
Accrued other operating expenses		64,005
Trustee deferred compensation and retirement plans		103,429
Total liabilities		1,192,123
Net assets applicable to shares outstanding	$	198,036,342
Net assets consist of:
Shares of beneficial interest	$	482,327,602
Undistributed net investment income (loss)		(14,455,316	)
Undistributed net realized gain (loss)		(149,665,310	)
Net unrealized appreciation (depreciation)		(120,170,634	)
	$	198,036,342

Net Assets:
Class A	$	91,949,056
Class B	$	3,483,016
Class C	$	21,213,925
Class Y	$	18,925,008
Investor Class	$	62,465,337
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		29,531,677
Class B		1,186,763
Class C		6,763,054
Class Y		5,969,211
Investor Class		19,953,893
Class A:
Net asset value per share	$	3.11
Maximum offering price per share
(Net asset value of $3.11 ¸ 94.50%)	$	3.29
Class B:
Net asset value and offering price per share	$	2.93
Class C:
Net asset value and offering price per share	$	3.14
Class Y:
Net asset value and offering price per share	$	3.17
Investor Class:
Net asset value and offering price per share	$	3.13

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

6                         Invesco Gold & Precious Metals Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $91,879)	$	799,806
Dividends from affiliated money market funds		3,523
Total investment income		803,329
Expenses:
Advisory fees		810,691
Administrative services fees		25,137
Custodian fees		18,131
Distribution fees:
Class A		123,997
Class B		21,291
Class C		117,865
Investor Class		87,926
Transfer agent fees		419,576
Trustees’ and officers’ fees and benefits		10,124
Other		96,834
Total expenses		1,731,572
Less: Fees waived and expense offset arrangement(s)		(6,288	)
Net expenses		1,725,284
Net investment income (loss)		(921,955	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,791,267	)
Foreign currencies		2,888
		(1,788,379	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(52,311,887	)
Foreign currencies		(9,709	)
		(52,321,596	)
Net realized and unrealized gain (loss)		(54,109,975	)
Net increase (decrease) in net assets resulting from operations	$	(55,031,930	)

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

7                         Invesco Gold & Precious Metals Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income (loss)	$	(921,955	)	$	(2,854,600	)
Net realized gain (loss)		(1,788,379	)		(49,195,805	)
Change in net unrealized appreciation (depreciation)		(52,321,596	)		(4,807,432	)
Net increase (decrease) in net assets resulting from operations		(55,031,930	)		(56,857,837	)
Share transactions–net:
Class A		3,046,835			(4,185,709	)
Class B		(702,148	)		(3,085,126	)
Class C		90,617			483,953
Class Y		3,997,561			(6,234,566	)
Investor Class		(1,907,080	)		(2,668,843	)
Net increase (decrease) in net assets resulting from share transactions		4,525,785			(15,690,291	)
Net increase (decrease) in net assets		(50,506,145	)		(72,548,128	)
Net assets:
Beginning of period		248,542,487			321,090,615
End of period (includes undistributed net investment income (loss) of $(14,455,316) and $(13,533,361), respectively)	$	198,036,342		$	248,542,487

Notes to Financial Statements

October 31, 2015

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect

8                         Invesco Gold & Precious Metals Fund

appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain

9                         Invesco Gold & Precious Metals Fund

tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

K. 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.

10                         Invesco Gold & Precious Metals 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%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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 the end of each fiscal year. 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, 2017, 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, 2015, the Adviser waived advisory fees of $4,992.

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, 2015, 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, 2015, 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 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, 2015, 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, 2015, IDI advised the Fund that IDI retained $30,556 in front-end sales commissions from the sale of Class A shares and $24, $1,737 and $3,157 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, IIS and/or IDI.

11                         Invesco Gold & Precious Metals 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, 2015. 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, 2015, there were transfers from Level 1 to Level 2 of $6,122,649, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Brazil	$	3,852,495	$	—	$	—	$	3,852,495
Canada		137,277,342		7,986		—		137,285,328
Mali		9,464,445		—		—		9,464,445
Mexico		—		6,114,663		—		6,114,663
South Africa		2,672,706		—		—		2,672,706
United States		39,387,698		—		—		39,387,698
Total Investments	$	192,654,686	$	6,122,649	$	—	$	198,777,335

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,296.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be

12                         Invesco Gold & Precious Metals Fund

used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	9,397,725	$	124,450,314	$	133,848,039

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

NOTE 8—Investment 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, 2015 was $23,658,867 and $18,573,904, 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	$	20,731,733
Aggregate unrealized (depreciation) of investment securities		(167,372,263	)
Net unrealized appreciation (depreciation) of investment securities	$	(146,640,530	)

Cost of investments for tax purposes is $345,417,865.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		5,948,173		$	19,793,129			10,792,049		$	47,372,962
Class B		34,925			105,288			117,850			488,018
Class C		1,060,734			3,638,609			2,072,697			9,328,283
Class Y		2,336,208			8,037,358			7,336,254			36,671,015
Investor Class		1,429,989			4,798,502			5,210,081			22,030,831
Automatic conversion of Class B shares to Class A shares:
Class A		108,853			362,456			374,350			1,664,909
Class B		(115,333	)		(362,456	)		(394,128	)		(1,664,909	)
Reacquired:
Class A		(4,987,227	)		(17,108,750	)		(12,462,930	)		(53,223,580	)
Class B		(136,544	)		(444,980	)		(471,222	)		(1,908,235	)
Class C		(1,058,632	)		(3,547,992	)		(2,061,928	)		(8,844,330	)
Class Y		(1,167,281	)		(4,039,797	)		(10,077,241	)		(42,905,581	)
Investor Class		(1,983,191	)		(6,705,582	)		(5,900,833	)		(24,699,674	)
Net increase (decrease) in share activity		1,470,674		$	4,525,785			(5,465,001	)	$	(15,690,291	)

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

13                         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.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of  period(b)		Total return(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Six months ended 10/31/15	$	4.00	$	(0.01	)	$	(0.88	)	$	(0.89	)	$	—		$	—		$	—		$	3.11		(22.25	)%	$	91,949		1.53	%(e)		1.53	%(e)		(0.78	)%(e)		9	%
Year ended 04/30/15		4.75		(0.04	)		(0.71	)		(0.75	)		—			—			—			4.00		(15.79	)		113,862		1.45			1.46			(0.89	)		35
Year ended 04/30/14		5.44		(0.02	)		(0.67	)		(0.69	)		—			—			—			4.75		(12.68	)		141,237		1.45			1.46			(0.47	)		18
Year ended 04/30/13		7.78		(0.02	)		(2.17	)		(2.19	)		—			(0.15	)		(0.15	)		5.44		(28.65	)		131,605		1.32			1.32			(0.21	)		25
Year ended 04/30/12		11.22		(0.04	)		(2.69	)		(2.73	)		(0.23	)		(0.48	)		(0.71	)		7.78		(25.24	)		198,717		1.27			1.27			(0.39	)		14
Year ended 04/30/11		8.64		(0.06	)		2.97			2.91			(0.33	)		—			(0.33	)		11.22		33.86			274,558		1.23			1.23			(0.65	)		30
Class B
Six months ended 10/31/15		3.79		(0.02	)		(0.84	)		(0.86	)		—			—			—			2.93		(22.69	)		3,483		2.28	(e)		2.28	(e)		(1.53	)(e)		9
Year ended 04/30/15		4.52		(0.07	)		(0.66	)		(0.73	)		—			—			—			3.79		(16.15	)		5,314		2.20			2.21			(1.64	)		35
Year ended 04/30/14		5.24		(0.06	)		(0.66	)		(0.72	)		—			—			—			4.52		(13.74	)		9,733		2.20			2.21			(1.22	)		18
Year ended 04/30/13		7.54		(0.07	)		(2.08	)		(2.15	)		—			(0.15	)		(0.15	)		5.24		(29.03	)		16,834		2.07			2.07			(0.96	)		25
Year ended 04/30/12		10.95		(0.11	)		(2.61	)		(2.72	)		(0.21	)		(0.48	)		(0.69	)		7.54		(25.82	)		32,217		2.02			2.02			(1.14	)		14
Year ended 04/30/11		8.46		(0.13	)		2.89			2.76			(0.27	)		—			(0.27	)		10.95		32.73			55,497		1.98			1.98			(1.40	)		30
Class C
Six months ended 10/31/15		4.05		(0.03	)		(0.88	)		(0.91	)		—			—			—			3.14		(22.47	)		21,214		2.28	(e)		2.28	(e)		(1.53	)(e)		9
Year ended 04/30/15		4.84		(0.07	)		(0.72	)		(0.79	)		—			—			—			4.05		(16.32	)		27,351		2.20			2.21			(1.64	)		35
Year ended 04/30/14		5.60		(0.06	)		(0.70	)		(0.76	)		—			—			—			4.84		(13.57	)		32,640		2.20			2.21			(1.22	)		18
Year ended 04/30/13		8.05		(0.07	)		(2.23	)		(2.30	)		—			(0.15	)		(0.15	)		5.60		(29.05	)		34,820		2.07			2.07			(0.96	)		25
Year ended 04/30/12		11.63		(0.11	)		(2.78	)		(2.89	)		(0.21	)		(0.48	)		(0.69	)		8.05		(25.77	)		51,017		2.02			2.02			(1.14	)		14
Year ended 04/30/11		8.97		(0.14	)		3.07			2.93			(0.27	)		—			(0.27	)		11.63		32.77			80,280		1.98			1.98			(1.40	)		30
Class Y
Six months ended 10/31/15		4.07		(0.01	)		(0.89	)		(0.90	)		—			—			—			3.17		(22.11	)		18,925		1.28	(e)		1.28	(e)		(0.53	)(e)		9
Year ended 04/30/15		4.82		(0.03	)		(0.72	)		(0.75	)		—			—			—			4.07		(15.56	)		19,530		1.20			1.21			(0.64	)		35
Year ended 04/30/14		5.52		(0.01	)		(0.69	)		(0.70	)		—			—			—			4.82		(12.68	)		36,328		1.20			1.21			(0.22	)		18
Year ended 04/30/13		7.86		(0.00	)		(2.19	)		(2.19	)		—			(0.15	)		(0.15	)		5.52		(28.35	)		17,777		1.07			1.07			0.04			25
Year ended 04/30/12		11.32		(0.01	)		(2.73	)		(2.74	)		(0.24	)		(0.48	)		(0.72	)		7.86		(25.14	)		20,131		1.02			1.02			(0.14	)		14
Year ended 04/30/11		8.71		(0.04	)		3.00			2.96			(0.35	)		—			(0.35	)		11.32		34.19			15,493		0.98			0.98			(0.40	)		30
Investor Class
Six months ended 10/31/15		4.02		(0.01	)		(0.88	)		(0.89	)		—			—			—			3.13		(22.14	)		62,465		1.53	(e)		1.53	(e)		(0.78	)(e)		9
Year ended 04/30/15		4.77		(0.04	)		(0.71	)		(0.75	)		—			—			—			4.02		(15.72	)		82,486		1.45			1.46			(0.89	)		35
Year ended 04/30/14		5.48		(0.02	)		(0.69	)		(0.71	)		—			—			—			4.77		(12.96	)		101,153		1.45			1.46			(0.47	)		18
Year ended 04/30/13		7.83		(0.02	)		(2.18	)		(2.20	)		—			(0.15	)		(0.15	)		5.48		(28.59	)		124,703		1.32			1.32			(0.21	)		25
Year ended 04/30/12		11.28		(0.04	)		(2.70	)		(2.74	)		(0.23	)		(0.48	)		(0.71	)		7.83		(25.20	)		188,933		1.27			1.27			(0.39	)		14
Year ended 04/30/11		8.69		(0.06	)		2.98			2.92			(0.33	)		—			(0.33	)		11.28		33.78			279,686		1.23			1.23			(0.65	)		30

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for the fiscal years ended April 30, 2012 and prior.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $98,659, $4,235, $23,445, $18,712 and $69,959 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

14                         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, 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, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	777.50	$	6.84	$	1,017.44	$	7.76		1.53	%
B		1,000.00		775.70		10.18		1,013.67		11.54		2.28
C		1,000.00		775.30		10.17		1,013.67		11.54		2.28
Y		1,000.00		778.90		5.72		1,018.70		6.50		1.28
Investor		1,000.00		778.60		6.84		1,017.44		7.76		1.53

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

15                         Invesco 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 Invesco Gold & Precious Metals Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. currently manages assets of the Fund.

The Board compared the Fund’s 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 Equity Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the

16                         Invesco Gold & Precious Metals Fund

Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

17                         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.

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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Mid Cap Growth Fund
	Nasdaq: A: VGRAX  n  B: VGRBX  n  C: VGRCX  n  R: VGRRX  n  Y: VGRDX  n  R5: VGRJX  n  R6: VGRFX

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 Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-2.74	%
Class B Shares	-2.72
Class C Shares	-3.11
Class R Shares	-2.87
Class Y Shares	-2.61
Class R5 Shares	-2.57
Class R6 Shares	-2.54
S&P 500 Indexq (Broad Market Index)	0.77
Russell Midcap Growth Indexq (Style-Specific Index)	-2.63
Lipper Mid-Cap Growth Funds Indexn (Peer Group Index)	-3.11

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US 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) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Mid Cap Growth Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	11.58	%
10 Years	8.07
5 Years	9.68
1 Year	-0.39
Class B Shares
Inception (12/27/95)	11.59	%
10 Years	8.43
5 Years	10.68
1 Year	0.71
Class C Shares
Inception (12/27/95)	11.10	%
10 Years	7.88
5 Years	10.13
1 Year	3.73
Class R Shares
Inception (7/11/08)	9.10	%
5 Years	10.66
1 Year	5.14
Class Y Shares
Inception (8/12/05)	8.83	%
10 Years	8.96
5 Years	11.22
1 Year	5.69
Class R5 Shares
10 Years	8.89	%
5 Years	11.38
1 Year	5.77
Class R6 Shares
10 Years	8.79	%
5 Years	11.14
1 Year	5.86

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 (renamed Invesco Mid Cap Growth). 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 Mid Cap Growth Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 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.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	11.29	%
10 Years	7.29
5 Years	9.11
1 Year	-3.63
Class B Shares
Inception (12/27/95)	11.30	%
10 Years	7.64
5 Years	10.09
1 Year	-2.58
Class C Shares
Inception (12/27/95)	10.81	%
10 Years	7.10
5 Years	9.55
1 Year	0.32
Class R Shares
Inception (7/11/08)	8.31	%
5 Years	10.09
1 Year	1.73
Class Y Shares
Inception (8/12/05)	8.26	%
10 Years	8.17
5 Years	10.64
1 Year	2.22
Class R5 Shares
10 Years	8.10	%
5 Years	10.76
1 Year	2.32
Class R6 Shares
10 Years	8.00	%
5 Years	10.56
1 Year	2.40

    Class R6 shares incepted on July 15, 2013. Performance shown prior to that date is that of the fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. 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, Class R5 and Class R6 shares was 1.19%, 1.19%, 1.91%, 1.44%, 0.94%, 0.81% and 0.72%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                         Invesco Mid Cap Growth Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.93%
Airlines–2.25%
Southwest Airlines Co.		692,103	$	32,037,448
United Continental Holdings Inc.(b)		532,111		32,091,614
				64,129,062
Apparel Retail–1.10%
L Brands, Inc.		328,543		31,533,557
Apparel, Accessories & Luxury Goods–1.82%
Under Armour, Inc.–Class A(b)		545,019		51,820,407
Application Software–4.57%
Cadence Design Systems, Inc.(b)		2,280,149		50,664,911
Mobileye N.V.(b)(c)		652,095		29,683,364
SolarWinds, Inc.(b)		566,354		32,865,522
Tyler Technologies, Inc.(b)		100,838		17,178,762
				130,392,559
Asset Management & Custody Banks–0.82%
WisdomTree Investments, Inc.		1,213,894		23,343,182
Auto Parts & Equipment–1.06%
Gentherm Inc.(b)		616,781		30,320,954
Automobile Manufacturers–0.92%
Tesla Motors, Inc.(b)		126,703		26,218,652
Automotive Retail–2.66%
Advance Auto Parts, Inc.		177,157		35,153,263
O’Reilly Automotive, Inc.(b)		147,710		40,806,365
				75,959,628
Biotechnology–4.33%
Alexion Pharmaceuticals, Inc.(b)		295,199		51,955,024
BioMarin Pharmaceutical Inc.(b)		357,485		41,840,044
Medivation Inc.(b)		709,209		29,829,331
				123,624,399
Building Products–4.61%
A.O. Smith Corp.		559,756		43,000,456
Allegion PLC		280,252		18,264,023
Lennox International Inc.		332,225		44,122,802
Owens Corning		572,740		26,076,852
				131,464,133
Communications Equipment–2.01%
Palo Alto Networks, Inc.(b)		355,497		57,235,017
Construction Machinery & Heavy Trucks–0.83%
WABCO Holdings Inc.(b)		211,820		23,772,559
Consumer Electronics–1.53%
Harman International Industries, Inc.		398,280		43,794,869

	Shares		Value
Data Processing & Outsourced Services–1.62%
Alliance Data Systems Corp.(b)		82,782	$	24,611,916
Fidelity National Information Services, Inc.		297,953		21,726,733
				46,338,649
Distillers & Vintners–2.42%
Constellation Brands, Inc.–Class A		511,926		69,007,625
Diversified Support Services–1.29%
KAR Auction Services Inc.		962,100		36,944,640
Electrical Components & Equipment–0.98%
Acuity Brands, Inc.		127,982		27,976,865
Electronic Components–1.62%
Amphenol Corp.–Class A		850,813		46,131,081
General Merchandise Stores–1.60%
Burlington Stores, Inc.(b)		950,819		45,715,378
Health Care Equipment–3.81%
Boston Scientific Corp.(b)		2,328,532		42,565,565
DexCom Inc.(b)		309,955		25,825,450
Hologic, Inc.(b)		1,036,467		40,277,108
				108,668,123
Health Care Facilities–2.29%
Universal Health Services, Inc.–Class B		306,609		37,433,893
VCA, Inc.(b)		510,905		27,982,267
				65,416,160
Health Care Services–1.06%
Team Health Holdings, Inc.(b)		508,829		30,361,826
Health Care Supplies–0.45%
Penumbra, Inc.(b)(c)		349,862		12,955,390
Hotels, Resorts & Cruise Lines–1.62%
Royal Caribbean Cruises Ltd.		468,658		46,092,514
Household Appliances–0.80%
Whirlpool Corp.		141,870		22,719,062
Housewares & Specialties–1.27%
Jarden Corp.(b)		811,352		36,348,570
Industrial Conglomerates–1.45%
Carlisle Cos. Inc.		474,176		41,253,312
Industrial Machinery–1.61%
Stanley Black & Decker Inc.		432,391		45,824,798
Internet Software & Services–2.18%
Akamai Technologies, Inc.(b)		190,993		11,616,194
CoStar Group Inc.(b)		74,128		15,053,173

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

5                         Invesco Mid Cap Growth Fund

	Shares		Value
Internet Software & Services–(continued)
LinkedIn Corp.–Class A(b)		147,152	$	35,444,502
				62,113,869
Investment Banking & Brokerage–2.98%
E*TRADE Financial Corp.(b)		2,107,479		60,084,226
Lazard Ltd.–Class A		535,861		24,821,082
				84,905,308
IT Consulting & Other Services–0.83%
Gartner, Inc.(b)		262,509		23,801,691
Leisure Products–1.90%
Brunswick Corp.		1,008,866		54,287,079
Life Sciences Tools & Services–2.42%
Illumina, Inc.(b)		158,944		22,773,496
VWR Corp.(b)		1,686,284		46,389,673
				69,163,169
Managed Health Care–1.01%
Centene Corp.(b)		486,943		28,963,370
Metal & Glass Containers–1.12%
Berry Plastics Group Inc.(b)		955,141		31,997,223
Movies & Entertainment–1.49%
Cinemark Holdings, Inc.		1,196,793		42,414,344
Oil & Gas Exploration & Production–1.78%
Concho Resources Inc.(b)		149,660		17,347,090
Diamondback Energy Inc.(b)		189,602		14,000,212
EQT Corp.		293,643		19,400,993
				50,748,295
Packaged Foods & Meats–1.48%
Hain Celestial Group, Inc. (The)(b)		426,950		21,283,457
WhiteWave Foods Co. (The)(b)		510,566		20,922,995
				42,206,452
Pharmaceuticals–1.80%
Allergan PLC(b)		72,969		22,508,748
Pacira Pharmaceuticals, Inc.(b)(c)		579,577		28,949,871
				51,458,619
Real Estate Services–0.99%
Realogy Holdings Corp.(b)		725,715		28,375,456
Regional Banks–0.21%
SVB Financial Group(b)		48,157		5,878,525
Research & Consulting Services–0.84%
IHS Inc.–Class A(b)		199,945		23,901,425
Restaurants–1.08%
Domino’s Pizza, Inc.		289,609		30,892,592
Semiconductors–4.03%
Cavium Inc.(b)		698,394		49,551,055

	Shares		Value
Semiconductors–(continued)
NXP Semiconductors N.V. (Netherlands)(b)		618,429	$	48,453,912
Qorvo, Inc.(b)		384,627		16,896,664
				114,901,631
Soft Drinks–1.42%
Monster Beverage Corp.(b)		298,012		40,624,996
Specialized Finance–3.54%
Intercontinental Exchange, Inc.		212,221		53,564,581
McGraw Hill Financial, Inc.		513,138		47,537,104
				101,101,685
Specialized REIT’s–1.23%
Equinix, Inc.		118,000		35,008,240
Specialty Chemicals–1.92%
PPG Industries, Inc.		352,708		36,773,336
Valspar Corp. (The)		222,915		18,044,969
				54,818,305
Specialty Stores–3.96%
Signet Jewelers Ltd.		404,343		61,031,532
Tractor Supply Co.		561,830		51,907,474
				112,939,006
Systems Software–1.95%
ServiceNow, Inc.(b)		680,134		55,532,941
Technology Hardware, Storage & Peripherals–0.71%
Western Digital Corp.		304,007		20,313,748
Thrifts & Mortgage Finance–1.23%
MGIC Investment Corp.(b)		3,729,544		35,057,714
Trucking–0.47%
Old Dominion Freight Line, Inc.(b)		214,797		13,304,526
Wireless Telecommunication Services–1.96%
SBA Communications Corp.–Class A(b)		469,868		55,923,689
Total Common Stocks & Other Equity Interests (Cost $2,254,337,024)				2,765,996,869
Money Market Funds–3.71%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		52,873,513		52,873,513
Premier Portfolio–Institutional Class, 0.12%(d)		52,873,514		52,873,514
Total Money Market Funds (Cost $105,747,027)				105,747,027
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.64% (Cost $2,360,084,051)				2,871,743,896

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

6                         Invesco Mid Cap Growth Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.13%
Liquid Assets Portfolio–Institutional Class, 0.16% (Cost $32,322,235)(d)(e)		32,322,235	$	32,322,235
TOTAL INVESTMENTS–101.77% (Cost $2,392,406,286)				2,904,066,131
OTHER ASSETS LESS LIABILITIES–(1.77)%				(50,423,670	)
NET ASSETS–100.00%			$	2,853,642,461

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at October 31, 2015.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(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, 2015

Consumer Discretionary	22.8	%
Information Technology	19.0
Health Care	17.2
Industrials	14.8
Financials	11.0
Consumer Staples	5.3
Materials	3.0
Telecommunication Services	2.0
Energy	1.8
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 Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $2,254,337,024)*	$	2,765,996,869
Investments in affiliated money market funds, at value and cost		138,069,262
Total investments, at value (Cost $2,392,406,286)		2,904,066,131
Receivable for:
Investments sold		28,148,742
Fund shares sold		1,154,998
Dividends		1,679,781
Investment for trustee deferred compensation and retirement plans		601,440
Other assets		424,403
Total assets		2,936,075,495
Liabilities:
Payable for:
Investments purchased		44,882,997
Fund shares reacquired		2,612,267
Collateral upon return of securities loaned		32,322,235
Accrued fees to affiliates		1,802,484
Accrued trustees’ and officers’ fees and benefits		4,197
Accrued other operating expenses		121,566
Trustee deferred compensation and retirement plans		687,288
Total liabilities		82,433,034
Net assets applicable to shares outstanding	$	2,853,642,461
Net assets consist of:
Shares of beneficial interest	$	2,201,846,122
Undistributed net investment income (loss)		(12,052,035	)
Undistributed net realized gain		152,188,529
Net unrealized appreciation		511,659,845
	$	2,853,642,461

Net Assets:
Class A	$	2,363,962,491
Class B	$	59,643,999
Class C	$	168,479,574
Class R	$	32,601,458
Class Y	$	84,997,017
Class R5	$	91,500,645
Class R6	$	52,457,277
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		62,733,368
Class B		1,856,377
Class C		5,566,372
Class R		883,006
Class Y		2,186,164
Class R5		2,339,252
Class R6		1,338,372
Class A:
Net asset value per share	$	37.68
Maximum offering price per share
(Net asset value of $37.68 ¸ 94.50%)	$	39.87
Class B:
Net asset value and offering price per share	$	32.13
Class C:
Net asset value and offering price per share	$	30.27
Class R:
Net asset value and offering price per share	$	36.92
Class Y:
Net asset value and offering price per share	$	38.88
Class R5:
Net asset value and offering price per share	$	39.12
Class R6:
Net asset value and offering price per share	$	39.19

* At October 31, 2015, securities with an aggregate value of $31,846,301 were on loan to brokers.

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

8                         Invesco Mid Cap Growth Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends	$	10,719,239
Dividends from affiliated money market funds (includes securities lending income of $79,715)		124,127
Total investment income		10,843,366
Expenses:
Advisory fees		10,064,930
Administrative services fees		284,249
Custodian fees		28,835
Distribution fees:
Class A		3,082,495
Class B		86,041
Class C		880,091
Class R		86,415
Transfer agent fees — A, B, C, R and Y		3,033,622
Transfer agent fees — R5		45,136
Transfer agent fees — R6		2,129
Trustees’ and officers’ fees and benefits		27,570
Other		240,594
Total expenses		17,862,107
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(184,825	)
Net expenses		17,677,282
Net investment income (loss)		(6,833,916	)
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		106,163,534
Change in net unrealized appreciation (depreciation) of investment securities		(180,972,230	)
Net realized and unrealized gain (loss)		(74,808,696	)
Net increase (decrease) in net assets resulting from operations	$	(81,642,612	)

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

9                         Invesco Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income (loss)	$	(6,833,916	)	$	(11,810,488	)
Net realized gain		106,163,534			377,353,435
Change in net unrealized appreciation (depreciation)		(180,972,230	)		28,592,561
Net increase (decrease) in net assets resulting from operations		(81,642,612	)		394,135,508
Distributions to shareholders from net realized gains:
Class A		—			(213,815,087	)
Class B		—			(8,627,414	)
Class C		—			(18,432,412	)
Class R		—			(3,017,818	)
Class Y		—			(6,274,837	)
Class R5		—			(7,131,010	)
Class R6		—			(7,707,726	)
Total distributions from net realized gains		—			(265,006,304	)
Share transactions–net:
Class A		(51,719,694	)		(10,819,916	)
Class B		(13,074,698	)		(25,880,669	)
Class C		(2,356,073	)		2,709,487
Class R		(1,366,035	)		(2,571,907	)
Class Y		6,461,225			15,134,287
Class R5		7,849,896			2,542,369
Class R6		(6,543,686	)		(21,555,552	)
Net increase (decrease) in net assets resulting from share transactions		(60,749,065	)		(40,441,901	)
Net increase (decrease) in net assets		(142,391,677	)		88,687,303
Net assets:
Beginning of period		2,996,034,138			2,907,346,835
End of period (includes undistributed net investment income (loss) of $(12,052,035) and $(5,218,119), respectively)	$	2,853,642,461		$	2,996,034,138

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco 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 ten 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.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. 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, Class R5 and Class R6 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 to Class A shares. 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 to Class A shares. 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 the 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.

10                         Invesco Mid Cap Growth Fund

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

11                         Invesco Mid Cap Growth Fund

derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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 $500 million		0.75%
Next $500 million		0.70%
Over $1 billion		0.65%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.68%.

12                         Invesco Mid Cap Growth Fund

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

Effective August 1, 2015, the Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets. Prior to August 1, 2015, 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, Class R5 and Class R6 shares to 1.15%, 1.90%, 1.90%, 1.40%, 0.90%, 0.90% and 0.90%, 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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, 2017, 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, 2015, the Adviser waived advisory fees of $49,220 and reimbursed class level expenses of $110,851, $3,094, $7,947, $1,554 and $3,756 of Class A, Class B, Class C, Class R and Class Y shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2015, 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, 2015, 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, 2015, 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, 2015, IDI advised the Fund that IDI retained $199,368 in front-end sales commissions from the sale of Class A shares and $1,807, $2,976 and $2,233 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $7,162 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

13                         Invesco Mid Cap Growth Fund

As of October 31, 2015, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,403.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	111,449,050	$	—	$	111,449,050

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

NOTE 8—Investment 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, 2015 was $932,381,494 and $1,046,145,855, 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	$	608,333,941
Aggregate unrealized (depreciation) of investment securities		(98,543,858	)
Net unrealized appreciation of investment securities	$	509,790,083

Cost of investments for tax purposes is $2,394,276,048.

14                         Invesco Mid Cap Growth Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		2,871,431		$	110,425,947			4,472,728		$	172,326,832
Class B		14,696			488,603			25,992			860,089
Class C		419,840			13,138,077			455,692			14,278,859
Class R		118,144			4,477,425			214,821			8,113,261
Class Y		366,629			14,529,552			759,712			30,295,433
Class R5		384,818			15,356,565			581,281			22,860,017
Class R6		90,360			3,655,734			642,983			25,333,447
Issued as reinvestment of dividends:
Class A		—			—			5,752,418			203,520,549
Class B		—			—			279,199			8,423,448
Class C		—			—			610,921			17,472,357
Class R		—			—			86,844			3,016,968
Class Y		—			—			146,681			5,342,124
Class R5		—			—			194,159			7,108,153
Class R6		—			—			210,104			7,702,412
Automatic conversion of Class B shares to Class A shares:
Class A		249,000			9,589,897			620,832			24,083,301
Class B		(292,031	)		(9,589,897	)		(721,805	)		(24,083,301	)
Reacquired:
Class A		(4,458,313	)		(171,735,538	)		(10,706,855	)		(410,750,598	)
Class B		(120,449	)		(3,973,404	)		(333,993	)		(11,080,905	)
Class C		(502,299	)		(15,494,150	)		(922,805	)		(29,041,729	)
Class R		(154,506	)		(5,843,460	)		(367,164	)		(13,702,136	)
Class Y		(202,720	)		(8,068,327	)		(516,107	)		(20,503,270	)
Class R5		(190,065	)		(7,506,669	)		(703,806	)		(27,425,801	)
Class R6		(269,858	)		(10,199,420	)		(1,349,956	)		(54,591,411	)
Net increase (decrease) in share activity		(1,675,323	)	$	(60,749,065	)		(568,124	)	$	(40,441,901	)

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

15                         Invesco Mid Cap Growth Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	38.74	$	(0.09	)	$	(0.97	)	$	(1.06	)	$	—		$	37.68		(2.74	)%	$	2,363,962		1.17	%(d)		1.18	%(d)		(0.44	)%(d)		33	%
Year ended 04/30/15		37.30		(0.15	)		5.18			5.03			(3.59	)		38.74		14.39			2,482,328		1.14			1.19			(0.38	)		61
Year ended 04/30/14		31.09		(0.16	)		7.27			7.11			(0.90	)		37.30		22.99			2,384,362		1.16			1.21			(0.44	)		95
Year ended 04/30/13		28.15		(0.03	)(e)		2.97			2.94			—			31.09		10.44			1,491,997		1.29			1.29			(0.11	)(e)		88
Year ended 04/30/12		33.15		(0.16	)		(2.82	)		(2.98	)		(2.02	)		28.15		(8.37	)		1,199,482		1.31			1.31			(0.57	)		109
One month ended 04/30/11		31.79		(0.03	)		1.39			1.36			—			33.15		4.28			1,539,895		1.28	(f)		1.28	(f)		(1.10	)(f)		21
Year ended 03/31/11		24.65		(0.16	)		7.30			7.14			—			31.79		28.97			1,485,888		1.29			1.29			(0.61	)		162
Class B
Six months ended 10/31/15		33.03		(0.07	)		(0.83	)		(0.90	)		—			32.13		(2.72	)(g)		59,644		1.17	(d)(g)		1.18	(d)(g)		(0.44	)(d)(g)		33
Year ended 04/30/15		32.30		(0.13	)		4.45			4.32			(3.59	)		33.03		14.42	(g)		74,463		1.14	(g)		1.19	(g)		(0.38	)(g)		61
Year ended 04/30/14		27.03		(0.14	)		6.31			6.17			(0.90	)		32.30		22.96	(g)		97,068		1.16	(g)		1.21	(g)		(0.44	)(g)		95
Year ended 04/30/13		24.47		(0.03	)(e)		2.59			2.56			—			27.03		10.46	(g)		106,586		1.29	(g)		1.29	(g)		(0.11	)(e)(g)		88
Year ended 04/30/12		29.11		(0.11	)		(2.51	)		(2.62	)		(2.02	)		24.47		(8.29	)(g)		109,449		1.21	(g)		1.21	(g)		(0.47	)(g)		109
One month ended 04/30/11		27.91		(0.03	)		1.23			1.20			—			29.11		4.30	(h)		167,947		1.35	(f)(h)		1.35	(f)(h)		(1.17	)(f)(h)		21
Year ended 03/31/11		21.69		(0.20	)		6.42			6.22			—			27.91		28.68	(h)		165,822		1.53	(h)		1.53	(h)		(0.85	)(h)		162
Class C
Six months ended 10/31/15		31.24		(0.19	)		(0.78	)		(0.97	)		—			30.27		(3.11	)(i)		168,480		1.91	(d)(i)		1.92	(d)(i)		(1.18	)(d)(i)		33
Year ended 04/30/15		30.95		(0.35	)		4.23			3.88			(3.59	)		31.24		13.59	(i)		176,447		1.86	(i)		1.91	(i)		(1.10	)(i)		61
Year ended 04/30/14		26.11		(0.34	)		6.08			5.74			(0.90	)		30.95		22.12	(i)		170,355		1.88	(i)		1.93	(i)		(1.16	)(i)		95
Year ended 04/30/13		23.82		(0.20	)(e)		2.49			2.29			—			26.11		9.62			134,484		2.04			2.04			(0.86	)(e)		88
Year ended 04/30/12		28.63		(0.32	)		(2.47	)		(2.79	)		(2.02	)		23.82		(9.06	)		95,998		2.06			2.06			(1.32	)		109
One month ended 04/30/11		27.47		(0.04	)		1.20			1.16			—			28.63		4.22			132,885		2.03	(f)		2.03	(f)		(1.85	)(f)		21
Year ended 03/31/11		21.45		(0.32	)		6.34			6.02			—			27.47		28.07			128,536		2.04			2.04			(1.36	)		162
Class R
Six months ended 10/31/15		38.01		(0.13	)		(0.96	)		(1.09	)		—			36.92		(2.87	)		32,601		1.42	(d)		1.43	(d)		(0.69	)(d)		33
Year ended 04/30/15		36.74		(0.24	)		5.10			4.86			(3.59	)		38.01		14.14			34,942		1.39			1.44			(0.63	)		61
Year ended 04/30/14		30.72		(0.24	)		7.16			6.92			(0.90	)		36.74		22.64			36,184		1.41			1.46			(0.69	)		95
Year ended 04/30/13		27.88		(0.10	)(e)		2.94			2.84			—			30.72		10.19			31,410		1.54			1.54			(0.36	)(e)		88
Year ended 04/30/12		32.94		(0.23	)		(2.81	)		(3.04	)		(2.02	)		27.88		(8.62	)		16,080		1.56			1.56			(0.82	)		109
One month ended 04/30/11		31.59		(0.04	)		1.39			1.35			—			32.94		4.27			12,443		1.53	(f)		1.53	(f)		(1.35	)(f)		21
Year ended 03/31/11		24.55		(0.24	)		7.28			7.04			—			31.59		28.68			11,742		1.54			1.54			(0.86	)		162
Class Y
Six months ended 10/31/15		39.92		(0.04	)		(1.00	)		(1.04	)		—			38.88		(2.61	)		84,997		0.92	(d)		0.93	(d)		(0.19	)(d)		33
Year ended 04/30/15		38.23		(0.05	)		5.33			5.28			(3.59	)		39.92		14.70			80,736		0.89			0.94			(0.13	)		61
Year ended 04/30/14		31.78		(0.07	)		7.42			7.35			(0.90	)		38.23		23.24			62,398		0.91			0.96			(0.19	)		95
Year ended 04/30/13		28.70		0.04	(e)		3.04			3.08			—			31.78		10.73			48,115		1.04			1.04			0.14	(e)		88
Year ended 04/30/12		33.66		(0.09	)		(2.85	)		(2.94	)		(2.02	)		28.70		(8.12	)		52,408		1.06			1.06			(0.32	)		109
One month ended 04/30/11		32.27		(0.02	)		1.41			1.39			—			33.66		4.31			46,867		1.03	(f)		1.03	(f)		(0.85	)(f)		21
Year ended 03/31/11(j)		24.96		(0.09	)		7.40			7.31			—			32.27		29.29			41,968		1.04			1.04			(0.36	)		162
Class R5
Six months ended 10/31/15		40.14		(0.02	)		(1.00	)		(1.02	)		—			39.12		(2.54	)		91,501		0.81	(d)		0.81	(d)		(0.08	)(d)		33
Year ended 04/30/15		38.39		(0.02	)		5.36			5.34			(3.59	)		40.14		14.80			86,090		0.81			0.81			(0.05	)		61
Year ended 04/30/14		31.87		(0.04	)		7.46			7.42			(0.90	)		38.39		23.40			79,584		0.83			0.83			(0.11	)		95
Year ended 04/30/13		28.73		0.10	(e)		3.04			3.14			—			31.87		10.93			19,881		0.84			0.84			0.34	(e)		88
Year ended 04/30/12		33.64		(0.03	)		(2.86	)		(2.89	)		(2.02	)		28.73		(7.97	)		2,656		0.85			0.85			(0.11	)		109
One month ended 04/30/11		32.24		(0.02	)		1.42			1.40			—			33.64		4.34			14		0.85	(f)		0.85	(f)		(0.67	)(f)		21
Year ended 03/31/11(k)		24.57		(0.05	)		7.72			7.67			—			32.24		31.22			13		0.82	(f)		0.82	(f)		(0.26	)(f)		162
Class R6
Six months ended 10/31/15		40.21		0.00			(1.02	)		(1.02	)		—			39.19		(2.54	)		52,457		0.72	(d)		0.72	(d)		0.01	(d)		33
Year ended 04/30/15		38.41		0.02			5.37			5.39			(3.59	)		40.21		14.93			61,029		0.72			0.72			0.04			61
Year ended 04/30/14(k)		34.50		(0.01	)		4.82			4.81			(0.90	)		38.41		14.05			77,395		0.73	(f)		0.73	(f)		(0.01	)(f)		95

^(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 years ended April 30, 2014 and 2013, the portfolio turnover calculation excludes the value of securities purchased of $641,584,142 and $463,100,189 and sold of $469,954,370 and $427,869,406 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Dynamics Fund and Invesco Capital Development Fund, respectively, into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,452,594, $68,458, $175,828, $34,378, $83,111, $89,839 and $60,477 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include significant cash dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividends are $(0.18) and (0.63)%, $(0.15) and (0.63)%, $(0.32) and (1.38)%, $(0.24) and (0.88)%, $(0.11) and (0.38)% and $(0.05) and (0.18)% for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(f)  Annualized.

^(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 0.25%, 0.25%, 0.25%, 0.25% and 0.15% for the six months ended October 31, 2015 and the years ended April 30, 2015, 2014, 2013 and 2012, 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 12b-1 fees of 0.32% and 0.49% for the one month ended April 30, 2011 and the year ended March 31, 2011, respectively.

⁽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 0.99%, 0.97% and 0.96% for the six months ended October 31, 2015 and the years ended April 30, 2015 and 2014, respectively.

^(j)  On June 1, 2010, Class I shares of Van Kampen Mid Cap Growth Fund were reorganized into Class Y shares of the Fund.

^(k)  Commencement date of June 1, 2010 and July 15, 2013 for Class R5 and Class R6 shares, respectively.

16                         Invesco 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, 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, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	972.60	$	5.80	$	1,019.25	$	5.94		1.17	%
B		1,000.00		972.80		5.80		1,019.25		5.94		1.17
C		1,000.00		968.90		9.45		1,015.53		9.68		1.91
R		1,000.00		971.30		7.04		1,018.00		7.20		1.42
Y		1,000.00		973.90		4.56		1,020.51		4.67		0.92
R5		1,000.00		974.30		4.02		1,021.06		4.12		0.81
R6		1,000.00		974.60		3.57		1,021.52		3.66		0.72

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 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 Invesco Mid Cap Growth Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 Growth Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the 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 Class A

18                         Invesco Mid Cap Growth Fund

shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. Invesco Advisers noted that abrupt market changes over the past three years created a challenging environment for the trend driven process employed by the portfolio management team. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

19                         Invesco Mid Cap Growth Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Small Cap Value Fund
	Nasdaq: A: VSCAX  n  B: VSMBX  n  C: VSMCX  n  Y: VSMIX

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 Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-7.58	%
Class B Shares	-7.92
Class C Shares	-7.94
Class Y Shares	-7.44
S&P 500 Indexq (Broad Market Index)	0.77
Russell 2000 Value Indexq (Style-Specific Index)	-4.83
Lipper Small-Cap Value Funds Indexn (Peer Group Index)	-4.60
Source(s): qFactSet Research Systems Inc.; nLipper Inc.

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

    The Russell 2000^® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                          Invesco Small Cap Value Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	10.34	%
10 Years	9.70
5 Years	12.23
1 Year	-4.71
Class B Shares
Inception (6/21/99)	10.31	%
10 Years	9.92
5 Years	12.61
1 Year	-4.00
Class C Shares
Inception (6/21/99)	9.89	%
10 Years	9.50
5 Years	12.67
1 Year	-0.76
Class Y Shares
Inception (8/12/05)	9.96	%
10 Years	10.60
5 Years	13.79
1 Year	1.06

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 (renamed Invesco 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 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.

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	9.97	%
10 Years	8.58
5 Years	11.57
1 Year	-9.73
Class B Shares
Inception (6/21/99)	9.94	%
10 Years	8.79
5 Years	11.96
1 Year	-9.11
Class C Shares
Inception (6/21/99)	9.53	%
10 Years	8.39
5 Years	12.03
1 Year	-5.91
Class Y Shares
Inception (8/12/05)	9.36	%
10 Years	9.47
5 Years	13.14
1 Year	-4.24

    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 Y shares was 1.14%, 1.89%, 1.87% 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. 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.

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

3                          Invesco Small Cap Value Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks–95.40%
Advertising–3.34%
MDC Partners Inc.–Class A(b)		5,145,422	$	106,921,869
Agricultural & Farm Machinery–0.82%
AGCO Corp.		544,341		26,340,661
Apparel Retail–4.24%
Abercrombie & Fitch Co.–Class A		3,214,774		68,121,061
Chico’s FAS, Inc.		643,815		8,897,523
Guess?, Inc.		2,800,636		58,953,388
				135,971,972
Apparel, Accessories & Luxury Goods–0.24%
Fossil Group, Inc.(c)		138,700		7,546,667
Asset Management & Custody Banks–0.39%
Virtus Investment Partners Inc.		77,500		9,070,600
Waddell & Reed Financial, Inc.–Class A		90,700		3,350,458
				12,421,058
Auto Parts & Equipment–5.63%
Dana Holding Corp.		5,071,735		85,205,148
Gentex Corp.		4,669,600		76,534,744
Modine Manufacturing Co.(c)		2,246,126		18,800,075
				180,539,967
Automobile Manufacturers–1.49%
Winnebago Industries, Inc.(b)		2,281,061		47,879,470
Building Products–2.77%
Owens Corning		1,583,094		72,078,270
Ply Gem Holdings Inc.(c)		1,420,630		16,791,846
				88,870,116
Construction & Engineering–3.52%
AECOM(c)		3,749,399		110,494,789
Aegion Corp.(c)		113,528		2,189,955
				112,684,744
Construction Machinery & Heavy Trucks–0.64%
Terex Corp.		866,500		17,381,990
WABCO Holdings Inc.(c)		27,900		3,131,217
				20,513,207
Diversified Metals & Mining–0.47%
Globe Specialty Metals Inc.		1,203,948		15,193,824
Education Services–2.73%
DeVry Education Group Inc.(b)		3,709,385		87,393,111
Electronic Components–5.11%
Belden Inc.		2,033,353		130,195,593
Vishay Intertechnology, Inc.		3,169,800		33,599,880
				163,795,473

	Shares		Value
Electronic Equipment & Instruments–1.42%
FLIR Systems, Inc.		1,707,300	$	45,533,691
Electronic Manufacturing Services–2.71%
Flextronics International Ltd.(c)		6,718,000		76,518,020
KEMET Corp.(b)(c)		3,744,102		10,408,603
				86,926,623
Health Care Facilities–1.95%
Hanger, Inc.(b)(c)		4,333,711		62,492,113
Health Care Supplies–4.28%
Alere, Inc.(c)		2,975,222		137,217,239
Homebuilding–0.51%
Installed Building Products Inc.(c)		737,592		16,337,663
Human Resource & Employment Services–6.00%
Kelly Services, Inc.–Class A(b)		2,615,795		41,329,561
Kforce Inc.(b)		1,837,298		51,646,447
ManpowerGroup Inc.		1,082,203		99,324,591
				192,300,599
Industrial Machinery–2.25%
Briggs & Stratton Corp.		152,100		2,702,817
Chart Industries, Inc.(c)		713,300		12,261,627
Kennametal Inc.		2,036,900		57,277,628
				72,242,072
Investment Banking & Brokerage–8.42%
E*TRADE Financial Corp.(c)		4,809,200		137,110,292
LPL Financial Holdings, Inc.		3,113,553		132,637,358
				269,747,650
IT Consulting & Other Services–0.76%
Ciber, Inc.(b)(c)		6,808,657		24,306,905
Leisure Products–2.26%
Arctic Cat Inc.(b)		1,657,198		34,038,847
Callaway Golf Co.		3,861,086		38,417,806
				72,456,653
Life & Health Insurance–1.49%
CNO Financial Group, Inc.		2,481,888		47,677,068
Movies & Entertainment–0.09%
SFX Entertainment, Inc.(c)		2,975,604		2,767,609
Oil & Gas Equipment & Services–3.72%
C&J Energy Services Ltd.(c)		1,536,700		7,668,133
Forum Energy Technologies Inc.(c)		2,189,500		29,010,875
Helix Energy Solutions Group Inc.(c)		3,004,500		17,366,010
Weatherford International PLC(c)		6,348,000		65,003,520
				119,048,538

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

5                         Invesco Small Cap Value Fund

	Shares		Value
Personal Products–5.20%
Elizabeth Arden, Inc.(b)(c)		5,362,021	$	67,239,743
Nu Skin Enterprises, Inc.–Class A		2,603,389		99,475,494
				166,715,237
Property & Casualty Insurance–3.24%
AmTrust Financial Services, Inc.		1,521,595		103,803,211
Regional Banks–6.18%
First Horizon National Corp.		6,639,467		94,147,642
First Niagara Financial Group, Inc.		733,112		7,587,709
Zions Bancorp.		3,345,700		96,255,789
				197,991,140
Reinsurance–1.46%
Reinsurance Group of America, Inc.		412,494		37,223,459
Validus Holdings, Ltd.		214,200		9,489,060
				46,712,519
Research & Consulting Services–2.99%
FTI Consulting, Inc.(c)		80,218		2,728,214
Navigant Consulting, Inc.(c)		1,810,515		31,140,858
Resources Connection Inc.(b)		3,446,770		61,869,522
				95,738,594
Semiconductor Equipment–1.02%
Brooks Automation, Inc.		2,665,784		29,430,255
Lam Research Corp.		41,517		3,179,787
				32,610,042

	Shares		Value
Semiconductors–3.19%
Lattice Semiconductor Corp.(c)		1,119,250	$	5,126,165
ON Semiconductor Corp.(c)		8,813,500		96,948,500
				102,074,665
Steel–3.25%
Allegheny Technologies, Inc.		2,682,500		39,432,750
Carpenter Technology Corp.		1,939,078		64,590,688
				104,023,438
Trading Companies & Distributors–1.62%
DXP Enterprises, Inc.(c)		557,900		16,882,054
MRC Global Inc.(c)		2,941,868		35,008,229
				51,890,283
Total Common Stocks (Cost $2,760,644,519)				3,056,685,691
Money Market Funds–4.72%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		75,625,289		75,625,289
Premier Portfolio–Institutional Class, 0.12%(d)		75,625,289		75,625,289
Total Money Market Funds (Cost $151,250,578)				151,250,578
TOTAL INVESTMENTS–100.12% (Cost $2,911,895,097)				3,207,936,269
OTHER ASSETS LESS LIABILITIES–(0.12)%				(4,000,678	)
NET ASSETS–100.00%			$	3,203,935,591

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)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance 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, 2015 was $595,526,191, which represented 18.59% of the Fund’s Net Assets. See Note 4.

^(c)  Non-income producing security.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2015

Financials	21.2	%
Industrials	20.6
Consumer Discretionary	20.5
Information Technology	14.2
Health Care	6.3
Consumer Staples	5.2
Materials	3.7
Energy	3.7
Money Market Funds Plus Other Assets Less Liabilities	4.6

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

6                         Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $2,093,130,664)	$	2,461,159,500
Investments in affiliates, at value (Cost $818,764,433)		746,776,769
Total investments, at value (Cost $2,911,895,097)		3,207,936,269
Receivable for:
Fund shares sold		4,647,397
Dividends		897,682
Investment for trustee deferred compensation and retirement plans		225,936
Other assets		61,899
Total assets		3,213,769,183
Liabilities:
Payable for:
Investments purchased		624,129
Fund shares reacquired		6,428,839
Accrued fees to affiliates		2,356,102
Accrued trustees’ and officers’ fees and benefits		4,246
Accrued other operating expenses		160,514
Trustee deferred compensation and retirement plans		259,762
Total liabilities		9,833,592
Net assets applicable to shares outstanding	$	3,203,935,591
Net assets consist of:
Shares of beneficial interest	$	2,610,133,584
Undistributed net investment income		3,849,218
Undistributed net realized gain		293,911,617
Net unrealized appreciation		296,041,172
	$	3,203,935,591

Net Assets:
Class A	$	1,517,311,740
Class B	$	17,256,513
Class C	$	131,007,834
Class Y	$	1,538,359,504
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		80,763,926
Class B		1,115,781
Class C		8,756,997
Class Y		79,265,919
Class A:
Net asset value per share	$	18.79
Maximum offering price per share
(Net asset value of $18.79 ¸ 94.50%)	$	19.88
Class B:
Net asset value and offering price per share	$	15.47
Class C:
Net asset value and offering price per share	$	14.96
Class Y:
Net asset value and offering price per share	$	19.41

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

7                         Invesco Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $195,976)	$	19,254,695
Dividends from affiliated underlying funds		2,892,773
Total investment income		22,147,468
Expenses:
Advisory fees		10,724,523
Administrative services fees		284,751
Custodian fees		39,948
Distribution fees:
Class A		2,053,907
Class B		99,942
Class C		708,815
Transfer agent fees		3,148,105
Trustees’ and officers’ fees and benefits		29,343
Other		268,907
Total expenses		17,358,241
Less: Fees waived and expense offset arrangement(s)		(79,235	)
Net expenses		17,279,006
Net investment income		4,868,462
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $15,452,593)		126,464,434
Foreign currencies		(13,864	)
		126,450,570
Change in net unrealized appreciation (depreciation) of investment securities		(400,632,993	)
Net realized and unrealized gain (loss)		(274,182,423	)
Net increase (decrease) in net assets resulting from operations	$	(269,313,961	)

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

8                         Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	4,868,462		$	1,682,750
Net realized gain		126,450,570			518,761,263
Change in net unrealized appreciation (depreciation)		(400,632,993	)		(340,211,606	)
Net increase (decrease) in net assets resulting from operations		(269,313,961	)		180,232,407
Distributions to shareholders from net realized gains:
Class A		—			(251,728,848	)
Class B		—			(4,288,875	)
Class C		—			(27,405,603	)
Class Y		—			(210,688,817	)
Total distributions from net realized gains		—			(494,112,143	)
Share transactions–net:
Class A		(103,651,403	)		3,102,028
Class B		(3,595,734	)		(3,533,885	)
Class C		(8,473,234	)		6,296,273
Class Y		50,020,095			357,348,180
Net increase (decrease) in net assets resulting from share transactions		(65,700,276	)		363,212,596
Net increase (decrease) in net assets		(335,014,237	)		49,332,860
Net assets:
Beginning of period		3,538,949,828			3,489,616,968
End of period (includes undistributed net investment income of $3,849,218 and $(1,019,244), respectively)	$	3,203,935,591		$	3,538,949,828

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Small Cap Value Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten 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 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

9                         Invesco Small Cap Value Fund

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s

10                         Invesco Small Cap Value Fund

taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund 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 June 1, 2010, incremental transfer agency fees which were unique to each class of shares 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $500 million		0	.67%
Next $500 million		0	.645%
Over $1 billion		0	.62%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.63%.

11                         Invesco Small Cap Value Fund

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Class A, Class B, Class C, and Class Y shares to 2.00%, 2.75%, 2.75% 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 waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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 the end of each fiscal year. 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, 2017, 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, 2015, the Adviser waived advisory fees of $78,604.

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, 2015, 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, 2015, 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.

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, 2015, expenses incurred under these arrangements 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, 2015, IDI advised the Fund that IDI retained $11,319 in front-end sales commissions from the sale of Class A shares and $10,775, $1,332 and $1,513 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $70,078 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

12                         Invesco Small Cap Value Fund

As of October 31, 2015, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the six months ended October 31, 2015.

	Value 04/30/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/15		Dividend Income
Arctic Cat Inc.	$	—	$	41,354,245	$	—		$	(7,315,398	)	$	—		$	34,038,847	$	82,900
Callaway Golf Co.(a)		46,183,648		—		(8,265,066	)		(1,272,354	)		1,771,578			38,417,806		95,421
Ciber, Inc.		23,832,089		185,055		—			289,761			—			24,306,905		—
DeVry Education Group Inc.		—		106,077,396		—			(18,684,285	)		—			87,393,111		204,786
Elizabeth Arden, Inc.		69,623,228		4,194,970		—			(6,578,455	)		—			67,239,743		—
Hanger, Inc.		84,094,931		9,364,320		—			(30,967,138	)		—			62,492,113		—
Installed Building Products Inc.(a)		39,793,798		—		(32,767,361	)		(9,034,581	)		18,345,807			16,337,663		—
Kelly Services, Inc. — Class A		30,408,050		10,953,945		—			(32,434	)		—			41,329,561		195,914
KEMET Corp.		16,174,521		—		—			(5,765,918	)		—			10,408,603		—
Kforce Inc.		41,780,156		—		—			9,866,291			—			51,646,447		404,206
MDC Partners Inc. — Class A		19,932,786		80,439,382		—			6,549,701			—			106,921,869		1,110,530
Quicksilver, Inc.(a)		49,755,293		—		(345,987	)		49,233,480			(98,642,786	)		—		—
Resources Connection Inc.		57,172,079		—		(3,079,185	)		7,569,805			206,823			61,869,522		652,981
Winnebago Industries, Inc.		26,175,369		21,166,897		—			537,204			—			47,879,470		186,598
Total	$	504,925,948	$	273,736,210	$	(44,457,599	)	$	(5,604,321	)	$	(78,318,578	)	$	650,281,660	$	2,933,336

^(a)  As of October 31, 2015, this security is no longer considered an affiliate of the Fund.

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, 2015, the Fund engaged in securities sales of $28,110,425, which resulted in net realized gains of $15,452,593.

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $631.

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 were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 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. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

13                         Invesco Small Cap Value Fund

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	1,005,022	$	—	$	1,005,022

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

NOTE 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, 2015 was $727,421,636 and $816,143,745, 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	$	615,000,093
Aggregate unrealized (depreciation) of investment securities		(320,468,365	)
Net unrealized appreciation of investment securities	$	294,531,728

Cost of investments for tax purposes is $2,913,404,541.

14                         Invesco Small Cap Value Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		7,536,124		$	146,449,376			18,314,715		$	390,577,358
Class B		5,119			86,658			11,967			223,954
Class C		147,406			2,288,047			420,804			7,461,287
Class Y		12,068,902			243,588,262			30,754,496			677,067,815
Issued as reinvestment of dividends:
Class A		—			—			12,521,989			232,032,465
Class B		—			—			265,185			4,073,242
Class C		—			—			1,737,561			25,802,775
Class Y		—			—			10,000,421			191,008,045
Automatic conversion of Class B shares to Class A shares:
Class A		101,504			1,957,135			191,845			4,085,268
Class B		(123,102	)		(1,957,135	)		(227,934	)		(4,085,268	)
Reacquired:
Class A		(13,012,220	)		(252,057,914	)		(28,813,185	)		(623,593,063	)
Class B		(107,196	)		(1,725,257	)		(208,295	)		(3,745,813	)
Class C		(695,014	)		(10,761,281	)		(1,553,548	)		(26,967,789	)
Class Y		(9,760,007	)		(193,568,167	)		(23,257,507	)		(510,727,680	)
Net increase (decrease) in share activity		(3,838,484	)	$	(65,700,276	)		20,158,514		$	363,212,596

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% 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.

15                         Invesco 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.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of  period(b)		Total return(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Six months ended 10/31/15	$	20.33	$	0.02		$	(1.56	)	$	(1.54	)	$	—		$	18.79		(7.58	)%	$	1,517,312		1.10	%(e)		1.10	%(e)		0.20	%(e)		22	%
Year ended 04/30/15		22.75		(0.00	)		0.95			0.95			(3.37	)		20.33		5.59			1,751,109		1.13			1.13			(0.02	)		44
Year ended 04/30/14		18.53		(0.06	)		6.11			6.05			(1.83	)		22.75		33.78			1,909,149		1.11			1.11			(0.29	)		33
Year ended 04/30/13		17.80		(0.02	)(f)		3.17			3.15			(2.42	)		18.53		20.27			1,454,001		1.12			1.15			(0.13	)(f)		35
Year ended 04/30/12		19.71		(0.04	)		(0.75	)		(0.79	)		(1.12	)		17.80		(3.18	)		1,326,668		1.03			1.17			(0.24	)		50
One month ended 04/30/11		19.17		(0.01	)		0.55			0.54			—			19.71		2.82			1,067,286		1.33	(g)		1.36	(g)		(0.84	)(g)		5
Year ended 03/31/11		16.06		(0.03	)		3.75			3.72			(0.61	)		19.17		23.46			1,045,598		1.19			1.18			(0.19	)		67
Class B
Six months ended 10/31/15		16.80		(0.04	)		(1.29	)		(1.33	)		—			15.47		(7.92	)		17,257		1.85	(e)		1.85	(e)		(0.55	)(e)		22
Year ended 04/30/15		19.54		(0.14	)		0.77			0.63			(3.37	)		16.80		4.81			22,527		1.88			1.88			(0.77	)		44
Year ended 04/30/14		16.25		(0.19	)		5.31			5.12			(1.83	)		19.54		32.75			29,312		1.86			1.86			(1.04	)		33
Year ended 04/30/13		16.01		(0.13	)(f)		2.79			2.66			(2.42	)		16.25		19.44			28,408		1.81			1.90			(0.82	)(f)		35
Year ended 04/30/12		17.91		(0.08	)		(0.70	)		(0.78	)		(1.12	)		16.01		(3.45	)		34,194		1.33			1.81			(0.54	)		50
One month ended 04/30/11		17.42		(0.01	)		0.50			0.49			—			17.91		2.81	(h)		40,226		1.33	(g)(h)		1.36	(g)(h)		(0.84	)(g)(h)		5
Year ended 03/31/11		14.69		(0.09	)		3.43			3.34			(0.61	)		17.42		23.07	(h)		40,485		1.57	(h)		1.56	(h)		(0.57	)(h)		67
Class C
Six months ended 10/31/15		16.25		(0.04	)		(1.25	)		(1.29	)		—			14.96		(7.94	)		131,008		1.85	(e)(h)		1.85	(e)(h)		(0.55	)(e)(h)		22
Year ended 04/30/15		19.02		(0.13	)		0.73			0.60			(3.37	)		16.25		4.80	(h)		151,196		1.86	(h)		1.86	(h)		(0.75	)(h)		44
Year ended 04/30/14		15.86		(0.19	)		5.18			4.99			(1.83	)		19.02		32.75			165,438		1.86			1.86			(1.04	)		33
Year ended 04/30/13		15.69		(0.13	)(f)		2.72			2.59			(2.42	)		15.86		19.39			138,382		1.87			1.90			(0.88	)(f)		35
Year ended 04/30/12		17.65		(0.15	)		(0.69	)		(0.84	)		(1.12	)		15.69		(3.85	)		140,342		1.76			1.90			(0.97	)		50
One month ended 04/30/11		17.17		(0.02	)		0.50			0.48			—			17.65		2.80			148,624		2.08	(g)		2.11	(g)		(1.59	)(g)		5
Year ended 03/31/11		14.55		(0.14	)		3.37			3.23			(0.61	)		17.17		22.52			146,633		1.94			1.93			(0.94	)		67
Class Y(i)
Six months ended 10/31/15		20.97		0.05			(1.61	)		(1.56	)		—			19.41		(7.44	)		1,538,360		0.85	(e)		0.85	(e)		0.45	(e)		22
Year ended 04/30/15		23.31		0.05			0.98			1.03			(3.37	)		20.97		5.81			1,614,118		0.88			0.88			0.23			44
Year ended 04/30/14		18.90		(0.01	)		6.25			6.24			(1.83	)		23.31		34.13			1,385,718		0.86			0.86			(0.04	)		33
Year ended 04/30/13		18.07		0.02	(f)		3.23			3.25			(2.42	)		18.90		20.54			885,327		0.87			0.90			0.12	(f)		35
Year ended 04/30/12		19.94		0.00			(0.75	)		(0.75	)		(1.12	)		18.07		(2.93	)		744,163		0.78			0.92			0.01			50
One month ended 04/30/11		19.38		(0.01	)		0.57			0.56			—			19.94		2.89			192,429		1.08	(g)		1.11	(g)		(0.59	)(g)		5
Year ended 03/31/11		16.19		0.01			3.79			3.80			(0.61	)		19.38		23.77			178,627		0.94			0.93			0.06			67

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for fiscal years ended prior to December 31, 2012.

^(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)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $983,090,206 and sold of $586,342,254 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.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,634,195, $19,880, $140,993 and $1,585,170 for Class A, Class B, Class C and Class Y shares, respectively.

^(f)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.06) and (0.35)%, $(0.17) and (1.04)%, $(0.17) and (1.10)% and $(0.02) and (0.10)% for Class A, Class B, Class C and Class Y, respectively.

^(g)  Annualized.

^(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 for Class B Shares, of 0.25% and 0.63% for the period April 1, 2011 to April 30, 2011 and the year ended March 31, 2011, and for Class C Shares of 0.98% for the six months ended October 31, 2015 and 0.99% for the year ended April 30, 2015.

⁽ⁱ⁾  On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.

16                         Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	924.20	$	5.32	$	1,019.61	$	5.58		1.10	%
B		1,000.00		920.80		8.93		1,015.84		9.37		1.85
C		1,000.00		920.60		8.93		1,015.84		9.37		1.85
Y		1,000.00		925.60		4.11		1,020.86		4.32		0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 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 Invesco Small Cap Value Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. 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. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was

18                         Invesco Small Cap Value Fund

above the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds and client accounts advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not advise other mutual funds, but do advise a client account using an investment process substantially similar to the investment process used for the Fund.

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 information received by the Board demonstrated that the aggregate services provided to the Invesco Funds were sufficiently different from those provided to institutional clients to support the difference in fees.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements.

The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

19                         Invesco Small Cap Value Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Technology Fund
	Nasdaq: A: ITYAX  n  B: ITYBX  n  C: ITHCX  n  Y: ITYYX  n  Investor: FTCHX   n  R5: FTPIX
	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 Contracts
	For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
	NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, at net asset value (NAV). Performance
shown does not include applicable contingent deferred sales charges (CDSC) or
front-end sales charges, which would have reduced performance.

Class A Shares	4.65	%
Class B Shares	4.27
Class C Shares	4.27
Class Y Shares	4.78
Investor Class Shares	4.68
Class R5 Shares	4.91
Nasdaq Composite Indexq (Broad Market/Style-Specific Index)*	2.86
S&P 500 Indexq (Former Broad Market Index)*	0.77
BofA Merrill Lynch 100 Technology Index (price only)¢ (Former Style-Specific Index)*	0.48
Lipper Science & Technology Funds Indext (Peer Group Index)	1.03

Source(s): ^qFactSet Research Systems Inc. ^¢BloombergLP; ^tLipper Inc.

* The Fund has elected to use the Nasdaq Composite Index to represent its broad market/style specific benchmark rather than the S&P 500 Index and the BofA Merrill Lynch 100 Technology Index because the Nasdaq Composite Index more closely reflects the performance of the types of securities in which the Fund invests.

The Nasdaq Composite Index is a broad-based, capitalization-weighted total return index of all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market.

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

    The BofA Merrill Lynch 100 Technology Index (price only) is an unmanaged, 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) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Technology Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.53	%
10 Years	7.03
5 Years	10.30
1 Year	2.31
Class B Shares
Inception (3/28/02)	3.50	%
10 Years	7.00
5 Years	10.48
1 Year	2.87
Class C Shares
Inception (2/14/00)	-4.37	%
10 Years	6.84
5 Years	10.73
1 Year	6.56
Class Y Shares
10 Years	7.83	%
5 Years	11.84
1 Year	8.55
Investor Class Shares
Inception (1/19/84)	9.89	%
10 Years	7.69
5 Years	11.64
1 Year	8.36
Class R5 Shares
Inception (12/21/98)	3.79	%
10 Years	8.34
5 Years	12.22
1 Year	8.82

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	2.75	%
10 Years	5.70
5 Years	9.31
1 Year	-5.34
Class B Shares
Inception (3/28/02)	2.72	%
10 Years	5.67
5 Years	9.48
1 Year	-4.86
Class C Shares
Inception (2/14/00)	-5.03	%
10 Years	5.51
5 Years	9.74
1 Year	-1.46
Class Y Shares
10 Years	6.48	%
5 Years	10.84
1 Year	0.38
Investor Class Shares
Inception (1/19/84)	9.56	%
10 Years	6.35
5 Years	10.64
1 Year	0.24
Class R5 Shares
Inception (12/21/98)	3.16	%
10 Years	6.99
5 Years	11.22
1 Year	0.65

first year after purchase. Class Y, Investor Class and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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.

    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 Y, Investor Class and Class R5 shares was 1.40%, 2.15%, 2.15%, 1.15%, 1.30% and 0.87%, 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

3                         Invesco Technology Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.     Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM)

allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.22%
Aerospace & Defense–0.99%
Raytheon Co.		63,312	$	7,432,829
Application Software–4.88%
Autodesk, Inc.(b)		61,454		3,391,646
salesforce.com, inc.(b)		427,993		33,259,336
				36,650,982
Biotechnology–16.31%
Alexion Pharmaceuticals, Inc.(b)		40,684		7,160,384
Alkermes PLC(b)		342,686		24,645,977
Amgen Inc.		121,534		19,224,248
Biogen Inc.(b)		23,089		6,707,585
Celgene Corp.(b)		200,694		24,627,161
Gilead Sciences, Inc.		277,295		29,983,908
Vertex Pharmaceuticals Inc.(b)		82,416		10,280,572
				122,629,835
Cable & Satellite–3.40%
DISH Network Corp.–Class A(b)		341,744		21,519,620
Time Warner Cable Inc.		21,420		4,056,948
				25,576,568
Communications Equipment–3.08%
Cisco Systems, Inc.		421,491		12,160,015
Palo Alto Networks, Inc.(b)		68,203		10,980,683
				23,140,698
Consumer Electronics–4.13%
Harman International Industries, Inc.		180,997		19,902,430
Sony Corp. (Japan)		393,400		11,157,072
				31,059,502
Data Processing & Outsourced Services–6.77%
First Data Corp.–Class A(b)		372,500		5,900,400
MasterCard, Inc.–Class A		267,155		26,445,674
Visa Inc.–Class A		239,171		18,554,886
				50,900,960
Fertilizers & Agricultural Chemicals–0.90%
Monsanto Co.		72,844		6,790,518
Health Care Equipment–1.48%
Medtronic PLC		150,001		11,088,074
Home Entertainment Software–0.98%
Electronic Arts Inc.(b)		102,445		7,383,211
Internet Retail–9.11%
Amazon.com, Inc.(b)		60,799		38,054,094
Netflix Inc.(b)		130,368		14,129,284
Priceline Group Inc. (The)(b)		11,194		16,278,762
				68,462,140

	Shares		Value
Internet Software & Services–15.67%
Alibaba Group Holding Ltd.–ADR (China)(b)		74,932	$	6,281,550
Alphabet Inc.–Class A(b)		57,742		42,578,373
Alphabet Inc.–Class C(b)		21,222		15,084,810
Facebook Inc.–Class A(b)		415,437		42,362,111
LinkedIn Corp.–Class A(b)		47,745		11,500,338
				117,807,182
Investment Banking & Brokerage–1.94%
Charles Schwab Corp. (The)		478,375		14,600,005
Life Sciences Tools & Services–1.29%
Thermo Fisher Scientific, Inc.		73,955		9,671,835
Pharmaceuticals–5.83%
Allergan PLC(b)		89,238		27,527,246
Bristol-Myers Squibb Co.		189,810		12,517,970
Eli Lilly and Co.		45,946		3,747,815
				43,793,031
Semiconductors–6.11%
Avago Technologies Ltd. (Singapore)		117,419		14,457,801
NXP Semiconductors N.V. (Netherlands)(b)		186,830		14,638,131
ON Semiconductor Corp.(b)		387,027		4,257,297
Skyworks Solutions, Inc.		163,090		12,597,072
				45,950,301
Systems Software–5.90%
Check Point Software Technologies Ltd. (Israel)(b)		185,028		15,716,278
Microsoft Corp.		141,213		7,433,452
ServiceNow, Inc.(b)		259,919		21,222,387
				44,372,117
Technology Hardware, Storage & Peripherals–8.62%
Apple Inc.		542,361		64,812,139
Wireless Telecommunication Services–1.83%
Sprint Corp.(b)(c)		2,904,995		13,740,626
Total Common Stocks & Other Equity Interests (Cost $484,054,503)				745,862,553
Money Market Funds–1.72%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		6,486,593		6,486,593
Premier Portfolio–Institutional Class, 0.12%(d)		6,486,592		6,486,592
Total Money Market Funds (Cost $12,973,185)				12,973,185
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.94% (Cost $497,027,688)				758,835,738

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

5                         Invesco Technology Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.45%
Liquid Assets Portfolio–Institutional Class, 0.16% (Cost $10,883,730)(d)(e)		10,883,730	$	10,883,730
TOTAL INVESTMENTS–102.39% (Cost $507,911,418)				769,719,468
OTHER ASSETS LESS LIABILITIES–(2.39)%				(17,988,386	)
NET ASSETS–100.00%			$	751,731,082

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 2015.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(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, 2015

Information Technology	52.0	%
Health Care	24.9
Consumer Discretionary	16.6
Financials	2.0
Telecommunication Services	1.8
Industrials	1.0
Materials	0.9
Money Market Funds Plus Other Assets Less Liabilities	0.8

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, 2015

(Unaudited)

Assets:
Investments, at value (Cost $484,054,503)*	$	745,862,553
Investments in affiliated money market funds, at value and cost		23,856,915
Total investments, at value (Cost $507,911,418)		769,719,468
Foreign currencies, at value (Cost $18,552)		17,838
Receivable for:
Investments sold		10,592,569
Fund shares sold		579,015
Dividends		143,483
Investment for trustee deferred compensation and retirement plans		209,443
Other assets		42,286
Total assets		781,304,102
Liabilities:
Payable for:
Investments purchased		17,219,557
Fund shares reacquired		480,378
Collateral upon return of securities loaned		10,883,730
Accrued fees to affiliates		625,319
Accrued trustees’ and officers’ fees and benefits		2,083
Accrued other operating expenses		127,741
Trustee deferred compensation and retirement plans		234,212
Total liabilities		29,573,020
Net assets applicable to shares outstanding	$	751,731,082
Net assets consist of:
Shares of beneficial interest	$	445,806,528
Undistributed net investment income (loss)		(5,116,818	)
Undistributed net realized gain		49,234,060
Net unrealized appreciation		261,807,312
	$	751,731,082

Net Assets:
Class A	$	314,659,820
Class B	$	8,117,626
Class C	$	32,017,516
Class Y	$	10,015,106
Investor Class	$	385,077,650
Class R5	$	1,843,364
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		7,941,783
Class B		230,854
Class C		944,098
Class Y		251,292
Investor Class		9,783,421
Class R5		41,105
Class A:
Net asset value per share	$	39.62
Maximum offering price per share
(Net asset value of $39.62 ¸ 94.50%)	$	41.93
Class B:
Net asset value and offering price per share	$	35.16
Class C:
Net asset value and offering price per share	$	33.91
Class Y:
Net asset value and offering price per share	$	39.85
Investor Class:
Net asset value and offering price per share	$	39.36
Class R5:
Net asset value and offering price per share	$	44.85

* At October 31, 2015, securities with an aggregate value of $10,296,009 were on loan to brokers.

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

7                         Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,263)	$	2,196,974
Dividends from affiliated money market funds (includes securities lending income of $29,888)		34,658
Total investment income		2,231,632
Expenses:
Advisory fees		2,574,934
Administrative services fees		98,173
Custodian fees		21,729
Distribution fees:
Class A		388,203
Class B		44,394
Class C		155,681
Investor Class		332,918
Transfer agent fees — A, B, C, Y and Investor		1,339,362
Transfer agent fees — R5		812
Trustees’ and officers’ fees and benefits		13,776
Other		161,356
Total expenses		5,131,338
Less: Fees waived and expense offset arrangement(s)		(13,125	)
Net expenses		5,118,213
Net investment income (loss)		(2,886,581	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		843,931
Foreign currencies		4,570
		848,501
Change in net unrealized appreciation (depreciation) of:
Investment securities		34,998,271
Foreign currencies		(1,175	)
		34,997,096
Net realized and unrealized gain		35,845,597
Net increase in net assets resulting from operations	$	32,959,016

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, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income (loss)	$	(2,886,581	)	$	(6,454,194	)
Net realized gain		848,501			91,116,418
Change in net unrealized appreciation		34,997,096			19,567,221
Net increase in net assets resulting from operations		32,959,016			104,229,445
Distributions to shareholders from net realized gains:
Class A		—			(38,747,261	)
Class B		—			(1,542,107	)
Class C		—			(4,285,234	)
Class Y		—			(986,633	)
Investor Class		—			(48,973,514	)
Class R5		—			(267,544	)
Total distributions from net realized gains		—			(94,802,293	)
Share transactions–net:
Class A		(10,346,088	)		20,722,994
Class B		(1,763,494	)		(3,175,078	)
Class C		64,910			3,201,412
Class Y		564,708			3,102,651
Investor Class		(16,064,449	)		11,677,663
Class R5		809,154			(460,031	)
Net increase (decrease) in net assets resulting from share transactions		(26,735,259	)		35,069,611
Net increase in net assets		6,223,757			44,496,763
Net assets:
Beginning of period		745,507,325			701,010,562
End of period (includes undistributed net investment income of $(5,116,818) and $(2,230,237), respectively)	$	751,731,082		$	745,507,325

Notes to Financial Statements

October 31, 2015

(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 ten 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 Class R5. 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 Class R5 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they

9                         Invesco Technology Fund

may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11                         Invesco Technology Fund

physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

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

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class Y, Investor Class and Class R5 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, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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, 2017, 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, 2015, the Adviser waived advisory fees of $7,871.

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, 2015, 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, 2015, 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 Class R5 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

12                         Invesco Technology Fund

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, 2015, 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, 2015, IDI advised the Fund that IDI retained $20,625 in front-end sales commissions from the sale of Class A shares and $466, $742 and $562 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $6,919 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	758,562,396	$	11,157,072	$	—	$	769,719,468

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,254.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

13                         Invesco Technology 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2015.

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, 2015 was $157,220,361 and $180,223,508, 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	$	271,789,095
Aggregate unrealized (depreciation) of investment securities		(10,467,216	)
Net unrealized appreciation of investment securities	$	261,321,879

Cost of investments for tax purposes is $508,397,589.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		457,472		$	17,653,475			1,010,582		$	39,883,670
Class B		1,373			45,834			9,412			334,523
Class C		85,241			2,803,246			138,902			4,757,541
Class Y		46,715			1,803,212			118,993			4,755,522
Investor Class		167,505			6,339,030			364,139			14,261,281
Class R5		30,583			1,317,146			21,948			963,801
Issued as reinvestment of dividends:
Class A		—			—			1,006,748			36,625,492
Class B		—			—			46,348			1,506,291
Class C		—			—			130,249			4,083,317
Class Y		—			—			25,004			912,901
Investor Class		—			—			1,301,690			47,004,027
Class R5		—			—			6,484			265,851
Automatic conversion of Class B shares to Class A shares:
Class A		31,301			1,208,071			81,722			3,245,390
Class B		(35,208	)		(1,208,071	)		(90,724	)		(3,245,390	)
Reacquired:
Class A		(778,409	)		(29,207,634	)		(1,505,018	)		(59,031,558	)
Class B		(17,574	)		(601,257	)		(49,525	)		(1,770,502	)
Class C		(83,131	)		(2,738,336	)		(165,484	)		(5,639,446	)
Class Y		(32,344	)		(1,238,504	)		(62,366	)		(2,565,772	)
Investor Class		(587,876	)		(22,403,479	)		(1,264,395	)		(49,587,645	)
Class R5		(12,047	)		(507,992	)		(40,858	)		(1,689,683	)
Net increase (decrease) in share activity		(726,399	)	$	(26,735,259	)		1,083,851		$	35,069,611

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 9% 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.

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NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio��of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net  assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	37.86	$	(0.15	)	$	1.91		$	1.76		$	—		$	—		$	—		$	39.62		4.65	%	$	314,660		1.38	%(d)		1.38	%(d)		(0.78	)%(d)		22	%
Year ended 04/30/15		37.61		(0.35	)		5.88			5.53			—			(5.28	)		(5.28	)		37.86		15.27			311,682		1.40			1.40			(0.89	)		67
Year ended 04/30/14		34.19		(0.30	)		7.07			6.77			—			(3.35	)		(3.35	)		37.61		20.22			287,236		1.45			1.45			(0.80	)		69
Year ended 04/30/13		37.33		(0.24	)(e)		(1.57	)(f)		(1.81	)		(0.27	)		(1.06	)		(1.33	)		34.19		(4.70	)(f)		253,013		1.52			1.52			(0.70	)(e)		41
Year ended 04/30/12		35.86		(0.36	)		1.83			1.47			—			—			—			37.33		4.10			312,389		1.55			1.56			(1.06	)		48
Year ended 04/30/11		28.53		(0.22	)		7.55	(g)		7.33			—			—			—			35.86		25.69			229,174		1.55			1.55			(0.73	)		42
Class B
Six months ended 10/31/15		33.73		(0.26	)		1.69			1.43			—			—			—			35.16		4.24			8,118		2.13	(d)		2.13	(d)		(1.53	)(d)		22
Year ended 04/30/15		34.27		(0.58	)		5.32			4.74			—			(5.28	)		(5.28	)		33.73		14.41			9,521		2.15			2.15			(1.64	)		67
Year ended 04/30/14		31.64		(0.54	)		6.52			5.98			—			(3.35	)		(3.35	)		34.27		19.32			12,567		2.20			2.20			(1.55	)		69
Year ended 04/30/13		34.61		(0.46	)(e)		(1.45	)(f)		(1.91	)		—			(1.06	)		(1.06	)		31.64		(5.39	)(f)		14,979		2.27			2.27			(1.45	)(e)		41
Year ended 04/30/12		33.47		(0.57	)		1.71			1.14			—			—			—			34.61		3.41			23,803		2.30			2.31			(1.81	)		48
Year ended 04/30/11		26.83		(0.41	)		7.05	(g)		6.64			—			—			—			33.47		24.75			16,253		2.30			2.30			(1.48	)		42
Class C
Six months ended 10/31/15		32.53		(0.25	)		1.63			1.38			—			—			—			33.91		4.24			32,018		2.13	(d)		2.13	(d)		(1.53	)(d)		22
Year ended 04/30/15		33.22		(0.56	)		5.15			4.59			—			(5.28	)		(5.28	)		32.53		14.40			30,645		2.15			2.15			(1.64	)		67
Year ended 04/30/14		30.76		(0.53	)		6.34			5.81			—			(3.35	)		(3.35	)		33.22		19.32			27,846		2.20			2.20			(1.55	)		69
Year ended 04/30/13		33.68		(0.45	)(e)		(1.41	)(f)		(1.86	)		—			(1.06	)		(1.06	)		30.76		(5.39	)(f)		24,716		2.27			2.27			(1.45	)(e)		41
Year ended 04/30/12		32.58		(0.55	)		1.65			1.10			—			—			—			33.68		3.38			31,836		2.30			2.31			(1.81	)		48
Year ended 04/30/11		26.12		(0.41	)		6.87	(g)		6.46			—			—			—			32.58		24.73			21,875		2.30			2.30			(1.48	)		42
Class Y
Six months ended 10/31/15		38.04		(0.10	)		1.91			1.81			—			—			—			39.85		4.76			10,015		1.13	(d)		1.13	(d)		(0.53	)(d)		22
Year ended 04/30/15		37.67		(0.25	)		5.90			5.65			—			(5.28	)		(5.28	)		38.04		15.58			9,013		1.15			1.15			(0.64	)		67
Year ended 04/30/14		34.16		(0.21	)		7.07			6.86			—			(3.35	)		(3.35	)		37.67		20.51			5,850		1.20			1.20			(0.55	)		69
Year ended 04/30/13		37.31		(0.16	)(e)		(1.57	)(f)		(1.73	)		(0.36	)		(1.06	)		(1.42	)		34.16		(4.46	)(f)		3,716		1.27			1.27			(0.45	)(e)		41
Year ended 04/30/12		35.74		(0.27	)		1.84			1.57			—			—			—			37.31		4.39			4,937		1.30			1.31			(0.81	)		48
Year ended 04/30/11		28.37		(0.14	)		7.51	(g)		7.37			—			—			—			35.74		25.98			3,683		1.30			1.30			(0.48	)		42
Investor Class
Six months ended 10/31/15		37.60		(0.13	)		1.89			1.76			—			—			—			39.36		4.68	(h)		385,078		1.30	(d)(h)		1.30	(d)(h)		(0.70	)(d)(h)		22
Year ended 04/30/15		37.34		(0.31	)		5.85			5.54			—			(5.28	)		(5.28	)		37.60		15.41	(h)		383,681		1.30	(h)		1.30	(h)		(0.79	)(h)		67
Year ended 04/30/14		33.94		(0.27	)		7.02			6.75			—			(3.35	)		(3.35	)		37.34		20.31	(h)		366,054		1.36	(h)		1.36	(h)		(0.71	)(h)		69
Year ended 04/30/13		37.06		(0.22	)(e)		(1.56	)(f)		(1.78	)		(0.28	)		(1.06	)		(1.34	)		33.94		(4.64	)(f)(h)		342,287		1.48	(h)		1.48	(h)		(0.66	)(e)(h)		41
Year ended 04/30/12		35.58		(0.35	)		1.83			1.48			—			—			—			37.06		4.16			414,003		1.52			1.53			(1.03	)		48
Year ended 04/30/11		28.29		(0.19	)		7.48	(g)		7.29			—			—			—			35.58		25.77			434,078		1.46			1.46			(0.64	)		42
Class R5
Six months ended 10/31/15		42.75		(0.06	)		2.16			2.10			—			—			—			44.85		4.91			1,843		0.87	(d)		0.87	(d)		(0.27	)(d)		22
Year ended 04/30/15		41.63		(0.16	)		6.56			6.40			—			(5.28	)		(5.28	)		42.75		15.91			965		0.87			0.87			(0.36	)		67
Year ended 04/30/14		37.33		(0.10	)		7.75			7.65			—			(3.35	)		(3.35	)		41.63		20.89			1,457		0.89			0.89			(0.24	)		69
Year ended 04/30/13		40.64		(0.03	)(e)		(1.70	)(f)		(1.73	)		(0.52	)		(1.06	)		(1.58	)		37.33		(4.08	)(f)		1,194		0.89			0.89			(0.07	)(e)		41
Year ended 04/30/12		38.77		(0.14	)		2.01			1.87			—			—			—			40.64		4.82			1,038		0.88			0.89			(0.39	)		48
Year ended 04/30/11		30.64		(0.02	)		8.15	(g)		8.13			—			—			—			38.77		26.53			635		0.89			0.89			(0.07	)		42

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $90,282,548 and sold of $44,478,217 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 $308,875, $8,831, $30,967, $9,341, $380,720 and $1,608 for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.34) and (1.00)%, $(0.56) and (1.75)%, $(0.54) and (1.75)%, $(0.26) and (0.75)%, $(0.33) and (0.96)% and $(0.14) and (0.37)% for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

^(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 for the year ended April 30, 2013 would have been $(1.74), $(1.62), $(1.58), $(1.74), $(1.73) and $(1.87) for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively and total returns would have been lower.

^(g)  Net gains (losses) on securities (both realized and unrealized) include 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 the 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 Class R5 shares, 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 12b-1 fees of 0.17%, 0.15%, 0.16% and 0.20% for the six months ended October 31, 2015 and the years ended April 30, 2015, April 30, 2014 and April 30, 2013, respectively.

15                         Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	1,046.50	$	7.10	$	1,018.20	$	7.00		1.38	%
B		1,000.00		1,042.70		10.94		1,014.43		10.79		2.13
C		1,000.00		1,042.70		10.94		1,014.43		10.79		2.13
Y		1,000.00		1,047.80		5.82		1,019.46		5.74		1.13
Investor		1,000.00		1,046.80		6.69		1,018.60		6.60		1.30
R5		1,000.00		1,049.10		4.48		1,020.76		4.42		0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                         Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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 Invesco Technology Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 Science & Technology Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period, the fifth quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A

17                         Invesco Technology Fund

shares of the Fund was below the performance of the Index for the one, three and five year periods. Invesco Advisers advised the Board that the portfolio management team had recently changed and that the revised portfolio will be more concentrated with a focus on new growth areas in the health care and technology sectors. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual fund and above the rate of one such mutual fund. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of another mutual fund sub-advised by Invesco Advisers.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

18                         Invesco Technology Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Technology Sector Fund
	Nasdaq: A: IFOAX  n  B: IFOBX n  C: IFOCX  n  Y: IFODX
	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 Contracts
	For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
	NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	4.35	%
Class B Shares	3.92
Class C Shares	3.91
Class Y Shares	4.39
Nasdaq Composite Indexq (Broad Market/Style-Specific Index)*	2.86
S&P 500 Indexq (Former Broad Market Index)*	0.77
BofA Merrill Lynch 100 Technology Index (price only)n (Former Style-Specific Index)*	0.48
Lipper Science & Technology Funds Indext (Peer Group Index)	1.03

Source(s): ^qFactSet Research Systems Inc.; ⁿBloomberg LP; ^tLipper Inc.

* The Fund has elected to use the Nasdaq Composite Index to represent its broad market/style specific benchmark rather than the S&P 500 Index and the BofA Merrill Lynch 100 Technology Index (price only) because the Nasdaq Composite Index more closely reflects the performance of the types of securities in which the Fund invests.

The Nasdaq Composite Index is a broad-based, capitalization-weighted total return index of all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market.

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

    The BofA Merrill Lynch 100 Technology Index (price only) is an unmanaged, 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) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                         Invesco Technology Sector Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.54	%
10 Years	5.11
5 Years	10.55
1 Year	2.22
Class B Shares
Inception (11/28/95)	4.91	%
10 Years	5.05
5 Years	10.69
1 Year	2.31
Class C Shares
Inception (7/28/97)	4.08	%
10 Years	4.91
5 Years	10.97
1 Year	6.30
Class Y Shares
Inception (7/28/97)	5.11	%
10 Years	5.96
5 Years	12.07
1 Year	8.35

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	3.96	%
10 Years	3.82
5 Years	9.42
1 Year	-5.52
Class B Shares
Inception (11/28/95)	4.38	%
10 Years	3.78
5 Years	9.56
1 Year	-5.76
Class C Shares
Inception (7/28/97)	3.50	%
10 Years	3.62
5 Years	9.84
1 Year	-1.79
Class Y Shares
Inception (7/28/97)	4.53	%
10 Years	4.66
5 Years	10.94
1 Year	0.24

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Morgan Stanley Technology Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Technology Sector Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Technology Sector 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 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 1.58%, 2.33%, 2.32% 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 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.

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

3                         Invesco Technology Sector Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment

strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.     Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM)

allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                         Invesco Technology Sector Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.15%
Aerospace & Defense–0.99%
Raytheon Co.		7,852	$	921,825
Application Software–4.84%
Autodesk, Inc.(b)		7,611		420,051
salesforce.com, inc.(b)		52,900		4,110,859
				4,530,910
Biotechnology–16.34%
Alexion Pharmaceuticals, Inc.(b)		5,079		893,904
Alkermes PLC(b)		42,673		3,069,042
Amgen Inc.		15,172		2,399,907
Biogen Inc.(b)		2,882		837,250
Celgene Corp.(b)		25,080		3,077,567
Gilead Sciences, Inc.		34,478		3,728,106
Vertex Pharmaceuticals Inc.(b)		10,288		1,283,325
				15,289,101
Cable & Satellite–3.41%
DISH Network Corp.–Class A(b)		42,688		2,688,063
Time Warner Cable Inc.		2,657		503,236
				3,191,299
Communications Equipment–3.08%
Cisco Systems, Inc.		52,616		1,517,972
Palo Alto Networks, Inc.(b)		8,481		1,365,441
				2,883,413
Consumer Electronics–4.14%
Harman International Industries, Inc.		22,365		2,459,256
Sony Corp. (Japan)		49,800		1,412,359
				3,871,615
Data Processing & Outsourced Services–6.74%
First Data Corp.–Class A(b)		46,236		732,378
MasterCard, Inc.–Class A		33,112		3,277,757
Visa Inc.–Class A		29,614		2,297,454
				6,307,589
Fertilizers & Agricultural Chemicals–0.90%
Monsanto Co.		9,075		845,972
Health Care Equipment–1.47%
Medtronic PLC		18,535		1,370,107
Home Entertainment Software–0.98%
Electronic Arts Inc.(b)		12,706		915,721
Internet Retail–9.10%
Amazon.com, Inc.(b)		7,569		4,737,437
Netflix Inc.(b)		16,253		1,761,500
Priceline Group Inc. (The)(b)		1,387		2,017,031
				8,515,968

	Shares		Value
Internet Software & Services–15.71%
Alibaba Group Holding Ltd.–ADR (China)(b)		9,331	$	782,218
Alphabet Inc.–Class A(b)		7,221		5,324,693
Alphabet Inc.–Class C(b)		2,656		1,887,911
Facebook Inc.–Class A(b)		51,725		5,274,398
LinkedIn Corp.–Class A(b)		5,948		1,432,695
				14,701,915
Investment Banking & Brokerage–1.94%
Charles Schwab Corp. (The)		59,434		1,813,926
Life Sciences Tools & Services–1.28%
Thermo Fisher Scientific, Inc.		9,160		1,197,945
Pharmaceuticals–5.80%
Allergan PLC(b)		11,066		3,413,529
Bristol-Myers Squibb Co.		23,464		1,547,451
Eli Lilly and Co.		5,736		467,885
				5,428,865
Semiconductors–6.11%
Avago Technologies Ltd. (Singapore)		14,562		1,793,019
NXP Semiconductors N.V. (Netherlands)(b)		23,323		1,827,357
ON Semiconductor Corp.(b)		48,212		530,332
Skyworks Solutions, Inc.		20,315		1,569,131
				5,719,839
Systems Software–5.90%
Check Point Software Technologies Ltd. (Israel)(b)		23,092		1,961,435
Microsoft Corp.		17,628		927,938
ServiceNow, Inc.(b)		32,236		2,632,069
				5,521,442
Technology Hardware, Storage & Peripherals–8.59%
Apple Inc.		67,263		8,037,928
Wireless Telecommunication Services–1.83%
Sprint Corp.(b)(c)		362,235		1,713,372
Total Common Stocks & Other Equity Interests (Cost $73,608,367)				92,778,752
Money Market Funds–0.93%
Liquid Assets Portfolio–Institutional Class, 0.16%(d)		433,142		433,142
Premier Portfolio–Institutional Class, 0.12%(d)		433,143		433,143
Total Money Market Funds (Cost $866,285)				866,285
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.08% (Cost $74,474,652)				93,645,037

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

5                         Invesco Technology Sector Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.47%
Liquid Assets Portfolio–Institutional Class (Cost $1,374,975)(d)(e)		1,374,975	$	1,374,975
TOTAL INVESTMENTS–101.55% (Cost $75,849,627)				95,020,012
OTHER ASSETS LESS LIABILITIES–(1.55)%				(1,447,486	)
NET ASSETS–100.00%			$	93,572,526

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at October 31, 2015.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

^(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, 2015

Information Technology	52.0	%
Health Care	24.9
Consumer Discretionary	16.7
Financials	1.9
Telecommunication Services	1.8
Industrials	1.0
Materials	0.9
Money Market Funds Plus Other Assets Less Liabilities	0.8

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

6                         Invesco Technology Sector Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $73,608,367)*	$	92,778,752
Investments in affiliated money market funds, at value and cost		2,241,260
Total investments, at value (Cost $75,849,627)		95,020,012
Foreign currencies, at value (Cost $1,443)		1,426
Receivable for:
Investments sold		2,363,007
Fund shares sold		39,489
Dividends		17,990
Investment for trustee deferred compensation and retirement plans		27,872
Other assets		32,485
Total assets		97,502,281
Liabilities:
Payable for:
Investments purchased		2,096,707
Fund shares reacquired		83,897
Collateral upon return of securities loaned		1,374,975
Accrued fees to affiliates		291,682
Accrued trustees’ and officers’ fees and benefits		1,816
Accrued other operating expenses		50,728
Trustee deferred compensation and retirement plans		29,950
Total liabilities		3,929,755
Net assets applicable to shares outstanding	$	93,572,526
Net assets consist of:
Shares of beneficial interest	$	79,740,955
Undistributed net investment income (loss)		(866,473	)
Undistributed net realized gain (loss)		(4,472,320	)
Net unrealized appreciation		19,170,364
	$	93,572,526

Net Assets:
Class A	$	83,558,906
Class B	$	980,157
Class C	$	7,975,110
Class Y	$	1,058,353
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		4,775,598
Class B		64,801
Class C		527,116
Class Y		57,819
Class A:
Net asset value per share	$	17.50
Maximum offering price per share
(Net asset value of $17.50 ¸ 94.50%)	$	18.52
Class B:
Net asset value and offering price per share	$	15.13
Class C:
Net asset value and offering price per share	$	15.13
Class Y:
Net asset value and offering price per share	$	18.30

* At October 31, 2015, securities with an aggregate value of $1,300,726 were on loan to brokers.

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

7                         Invesco Technology Sector Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $413)	$	280,373
Dividends from affiliated money market funds (includes securities lending income of $4,562)		5,142
Total investment income		285,515
Expenses:
Advisory fees		316,922
Administrative services fees		25,136
Custodian fees		6,604
Distribution fees:
Class A		105,503
Class B		5,795
Class C		39,855
Transfer agent fees		210,360
Trustees’ and officers’ fees and benefits		9,907
Other		71,438
Total expenses		791,520
Less: Fees waived and expense offset arrangement(s)		(1,105	)
Net expenses		790,415
Net investment income (loss)		(504,900	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		3,602,160
Foreign currencies		718
		3,602,878
Change in net unrealized appreciation (depreciation) of:
Investment securities		1,017,639
Foreign currencies		(83	)
		1,017,556
Net realized and unrealized gain		4,620,434
Net increase in net assets resulting from operations	$	4,115,534

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

8                         Invesco Technology Sector Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income (loss)	$	(504,900	)	$	(1,120,231	)
Net realized gain		3,602,878			17,847,032
Change in net unrealized appreciation (depreciation)		1,017,556			(2,673,458	)
Net increase in net assets resulting from operations		4,115,534			14,053,343
Share transactions–net:
Class A		(6,604,302	)		(10,076,410	)
Class B		(348,757	)		(630,321	)
Class C		(428,290	)		(1,000,731	)
Class Y		104,294			148,030
Net increase (decrease) in net assets resulting from share transactions		(7,277,055	)		(11,559,432	)
Net increase (decrease) in net assets		(3,161,521	)		2,493,911
Net assets:
Beginning of period		96,734,047			94,240,136
End of period (includes undistributed net investment income (loss) of $(866,473) and $(361,573), respectively)	$	93,572,526		$	96,734,047

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual

9                         Invesco Technology Sector Fund

trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

10                         Invesco Technology Sector Fund

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

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

11                         Invesco Technology Sector Fund

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $500 million		0	.67%
Next $2.5 billion		0	.645%
Over $3 billion		0	.62%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, 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 2.00%, 2.75%, 2.75%, 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 waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. 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, 2017, 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, 2015, the Adviser waived advisory fees of $958.

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, 2015, 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, 2015, the 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”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; and (3) Class C — up to 1.00% of the average daily net assets of Class C shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the six months ended October 31, 2015, 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, 2015, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $96 from Class B for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $886 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

12                         Invesco Technology Sector 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, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	93,607,653	$	1,412,359	$	—	$	95,020,012

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $147.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2018	$	8,074,690	$	—	$	8,074,690

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

13                         Invesco Technology Sector Fund

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, 2015 was $20,038,466 and $27,714,091, 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	$	21,650,638
Aggregate unrealized (depreciation) of investment securities		(2,480,761	)
Net unrealized appreciation of investment securities	$	19,169,877

Cost of investments for tax purposes is $75,850,135.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		46,783		$	796,538			91,896		$	1,488,325
Class B		—			—			1,575			21,858
Class C		2,992			43,870			10,709			157,927
Class Y		9,891			176,528			26,038			433,480
Automatic conversion of Class B shares to Class A shares:
Class A		15,306			257,354			28,544			462,730
Class B		(17,681	)		(257,354	)		(32,780	)		(462,730	)
Reacquired:
Class A		(453,525	)		(7,658,194	)		(746,476	)		(12,027,465	)
Class B		(6,208	)		(91,403	)		(13,703	)		(189,449	)
Class C		(32,763	)		(472,160	)		(83,489	)		(1,158,658	)
Class Y		(4,041	)		(72,234	)		(16,915	)		(285,450	)
Net increase (decrease) in share activity		(439,246	)	$	(7,277,055	)		(734,601	)	$	(11,559,432	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14                         Invesco Technology Sector Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	16.73	$	(0.09	)	$	0.86		$	0.77		$	17.50		4.60	%	$	83,559		1.60	%(d)		1.60	%(d)		(1.00	)%(d)		22	%
Year ended 04/30/15		14.49		(0.17	)		2.41			2.24			16.73		15.46			86,451		1.58			1.58			(1.07	)		66
Year ended 04/30/14		12.01		(0.14	)		2.62			2.48			14.49		20.65			83,926		1.68			1.68			(1.02	)		69
Year ended 04/30/13		12.59		(0.12	)(e)		(0.46	)(f)		(0.58	)		12.01		(4.61	)(f)		80,866		1.82			1.83			(1.00	)(e)		43
One month ended 04/30/12		12.97		(0.01	)		(0.37	)		(0.38	)		12.59		(2.93	)		99,453		1.71	(g)		1.71	(g)		(1.34	)(g)		4
Year ended 03/31/12		11.70		(0.15	)		1.42	(f)		1.27			12.97		10.85	(f)		103,068		1.81			1.82			(1.29	)		38
Year ended 03/31/11		10.27		(0.11	)		1.54			1.43			11.70		13.92			106,661		1.70			1.70			(1.08	)		214
Class B
Six months ended 10/31/15		14.52		(0.13	)		0.74			0.61			15.13		4.20			980		2.35	(d)		2.35	(d)		(1.75	)(d)		22
Year ended 04/30/15		12.66		(0.25	)		2.11			1.86			14.52		14.69			1,287		2.33			2.33			(1.82	)		66
Year ended 04/30/14		10.58		(0.21	)		2.29			2.08			12.66		19.66			1,692		2.43			2.43			(1.77	)		69
Year ended 04/30/13		11.18		(0.18	)(e)		(0.42	)(f)		(0.60	)		10.58		(5.37	)(f)		2,408		2.57			2.58			(1.75	)(e)		43
One month ended 04/30/12		11.52		(0.02	)		(0.32	)		(0.34	)		11.18		(2.95	)		4,309		2.46	(g)		2.46	(g)		(2.09	)(g)		4
Year ended 03/31/12		10.47		(0.20	)		1.25	(f)		1.05			11.52		10.03	(f)		4,626		2.56			2.57			(2.04	)		38
Year ended 03/31/11		9.26		(0.17	)		1.38			1.21			10.47		13.07			8,418		2.45			2.45			(1.83	)		214
Class C
Six months ended 10/31/15		14.52		(0.13	)		0.74			0.61			15.13		4.20			7,975		2.35	(d)		2.35	(d)		(1.75	)(d)		22
Year ended 04/30/15		12.67		(0.25	)		2.10			1.85			14.52		14.60	(h)		8,087		2.32	(h)		2.32	(h)		(1.81	)(h)		66
Year ended 04/30/14		10.58		(0.21	)		2.30			2.09			12.67		19.75	(h)		7,976		2.41	(h)		2.41	(h)		(1.75	)(h)		69
Year ended 04/30/13		11.18		(0.18	)(e)		(0.42	)(f)		(0.60	)		10.58		(5.37	)(f)		7,841		2.57			2.58			(1.75	)(e)		43
One month ended 04/30/12		11.52		(0.02	)		(0.32	)		(0.34	)		11.18		(2.95	)		9,745		2.46	(g)		2.46	(g)		(2.09	)(g)		4
Year ended 03/31/12		10.46		(0.20	)		1.26	(f)		1.06			11.52		10.13	(f)		10,152		2.54			2.55			(2.02	)		38
Year ended 03/31/11		9.25		(0.17	)		1.38			1.21			10.46		13.08			10,794		2.45			2.45			(1.83	)		214
Class Y
Six months ended 10/31/15		17.49		(0.07	)		0.88			0.81			18.30		4.63			1,058		1.35	(d)		1.35	(d)		(0.75	)(d)		22
Year ended 04/30/15		15.10		(0.14	)		2.53			2.39			17.49		15.83			909		1.33			1.33			(0.82	)		66
Year ended 04/30/14		12.49		(0.11	)		2.72			2.61			15.10		20.90			647		1.43			1.43			(0.77	)		69
Year ended 04/30/13		13.06		(0.09	)(e)		(0.48	)(f)		(0.57	)		12.49		(4.36	)(f)		630		1.57			1.58			(0.75	)(e)		43
One month ended 04/30/12		13.45		(0.01	)		(0.38	)		(0.39	)		13.06		(2.90	)		560		1.46	(g)		1.46	(g)		(1.09	)(g)		4
Year ended 03/31/12		12.10		(0.12	)		1.47	(f)		1.35			13.45		11.16	(f)		555		1.56			1.57			(1.04	)		38
Year ended 03/31/11		10.59		(0.09	)		1.60			1.51			12.10		14.26			369		1.45			1.45			(0.83	)		214

^(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 $83,974, $1,153, $7,973 and $990 for Class A, Class B, Class C and Class Y shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.15) and (1.30)%, $(0.21) and (2.05)%, $(0.21) and (2.05)% and $(0.13) and (1.05)% for Class A, Class B, Class C and Class Y shares, respectively.

^(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 for the year ended April 30, 2013 would have been $(0.55), $(0.51), $(0.51) and $(0.57) for Class A, Class B, Class C and Class Y shares, respectively and total returns would have been lower. Net gains (losses) on securities (both realized and unrealized) per share for the year ended March 31, 2012 would have been $1.29, $1.12, $1.13 and $1.34 for Class A, Class B, Class C and Class Y shares, respectively and total returns would have been lower.

^(g)  Annualized.

^(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 0.99% and 0.98% for the years ended April 30, 2015 and 2014, respectively.

15                         Invesco Technology Sector Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	1,043.50	$	8.22	$	1,017.09	$	8.11		1.60	%
B		1,000.00		1,039.20		12.05		1,013.32		11.89		2.35
C		1,000.00		1,039.10		12.05		1,013.32		11.89		2.35
Y		1,000.00		1,043.90		6.94		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, 2015 through October 31, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                         Invesco Technology Sector 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 Invesco Technology Sector Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts is in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports from the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these arrangements throughout the year and in prior years. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ investment

process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 Science & Technology Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the

17                         Invesco Technology Sector Fund

performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 such mutual funds. The Board also noted how the Fund’s rate compared to the effective sub-adviser fee rate of one mutual fund sub-advised by Invesco Advisers.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco

Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to, among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

18                         Invesco Technology Sector Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	October 31, 2015
	Invesco Value Opportunities Fund
	Nasdaq: A: VVOAX  n  B: VVOBX  n  C: VVOCX  n  R: VVORX  n  Y: VVOIX   n  R5: 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 Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 4/30/15 to 10/31/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-4.50	%
Class B Shares	-4.49
Class C Shares	-4.76
Class R Shares	–4.58
Class Y Shares	-4.31
Class R5 Shares	–4.30
S&P 500 Indexq (Broad Market Index)	0.77
S&P 1500 Value Indexq (Style-Specific Index)	-3.00
Lipper Multi-Cap Value Funds Indexn(Peer Group Index)	-3.31

Source(s): ^qFactSet Research Systems Inc.; ⁿLipper Inc.

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

    The S&P 1500^® Value Index combines the value stocks of the S&P 500, S&P MidCap 400 and the S&P SmallCap 600 indexes.

    The Lipper Multi-Cap Value Funds Index is an unmanaged index considered representative of multicap value funds tracked by Lipper.

    The S&P MidCap 400^® Index is an unmanaged index considered representative of mid-sized US companies.

    The S&P SmallCap 600^® Index is a market-value weighted index considered representative of small-cap US stocks.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

2                          Invesco Value Opportunities Fund

Average Annual Total Returns
As of 10/31/15, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	4.47	%
10 Years	3.96
5 Years	8.83
1 Year	-9.43
Class B Shares
Inception (6/25/01)	4.44	%
10 Years	4.14
5 Years	9.77
1 Year	-8.88
Class C Shares
Inception (6/25/01)	4.12	%
10 Years	3.81
5 Years	9.30
1 Year	-5.76
Class R Shares
10 Years	4.29	%
5 Years	9.80
1 Year	-4.45
Class Y Shares
Inception (3/23/05)	4.67	%
10 Years	4.80
5 Years	10.36
1 Year	-3.89
Class R5 Shares
10 Years	4.78	%
5 Years	10.56
1 Year	-3.81

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 (renamed Invesco 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 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 Fund’s and the predecessor fund’s Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the

Average Annual Total Returns
As of 9/30/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	4.00	%
10 Years	3.22
5 Years	7.96
1 Year	-15.02
Class B Shares
Inception (6/25/01)	3.97	%
10 Years	3.39
5 Years	8.86
1 Year	-14.49
Class C Shares
Inception (6/25/01)	3.66	%
10 Years	3.06
5 Years	8.45
1 Year	-11.64
Class R Shares
10 Years	3.54	%
5 Years	8.91
1 Year	-10.34
Class Y Shares
Inception (3/23/05)	4.02	%
10 Years	4.04
5 Years	9.47
1 Year	-9.88
Class R5 Shares
10 Years	4.02	%
5 Years	9.66
1 Year	-9.79

predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee 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 of this report for Class A, Class B, Class C, Class R, Class Y and Class R5

shares was 1.23%, 1.23%, 1.96%, 1.48%, 0.98% and 0.83%, 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 R, Class Y and Class R5 shares was 1.24%, 1.24%, 1.97%, 1.49%, 0.99% and 0.84%, 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 Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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, 2017. See current prospectus for more information.

3                          Invesco Value Opportunities Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the

fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

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

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                          Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2015

(Unaudited)

	Shares		Value
Common Stocks–97.27%
Advertising–2.75%
Omnicom Group Inc.		309,555	$	23,191,861
Agricultural & Farm Machinery–1.23%
AGCO Corp.		214,707		10,389,672
Apparel, Accessories & Luxury Goods–0.31%
Fossil Group, Inc.(b)		48,100		2,617,121
Asset Management & Custody Banks–1.48%
Affiliated Managers Group, Inc.(b)		69,200		12,473,992
Auto Parts & Equipment–6.20%
Dana Holding Corp.		1,684,800		28,304,640
Gentex Corp.		1,462,400		23,968,736
				52,273,376
Building Products–2.53%
Owens Corning		468,977		21,352,523
Construction & Engineering–4.72%
AECOM(b)		1,349,490		39,769,470
Consumer Finance–2.89%
Synchrony Financial(b)		791,700		24,352,692
Diversified Banks–10.84%
Bank of America Corp.		1,513,866		25,402,671
Citigroup Inc.		533,121		28,346,043
JPMorgan Chase & Co.		525,464		33,761,062
Wells Fargo & Co.		69,825		3,780,325
				91,290,101
Electronic Components–4.85%
Belden Inc.		638,592		40,889,046
Electronic Equipment & Instruments–1.88%
FLIR Systems, Inc.		595,200		15,873,984
Electronic Manufacturing Services–2.45%
Flextronics International Ltd.(b)		1,813,900		20,660,321
Health Care Supplies–4.18%
Alere, Inc.(b)		763,584		35,216,494
Hotels, Resorts & Cruise Lines–1.75%
Carnival Corp.		272,100		14,715,168
Human Resource & Employment Services–2.37%
ManpowerGroup Inc.		217,400		19,952,972
Investment Banking & Brokerage–10.48%
E*TRADE Financial Corp.(b)		673,600		19,204,336
LPL Financial Holdings, Inc.		995,100		42,391,260
TD Ameritrade Holding Corp.		773,400		26,659,098
				88,254,694

	Shares		Value
Life & Health Insurance–7.16%
Aflac, Inc.		237,700	$	15,153,375
MetLife, Inc.		382,000		19,245,160
Unum Group		748,674		25,941,554
				60,340,089
Oil & Gas Equipment & Services–4.45%
Baker Hughes Inc.		192,600		10,146,168
Halliburton Co.		172,600		6,624,388
Weatherford International PLC(b)		2,019,900		20,683,776
				37,454,332
Oil & Gas Exploration & Production–1.42%
Apache Corp.		253,000		11,923,890
Personal Products–3.71%
Nu Skin Enterprises, Inc.–Class A		818,255		31,265,524
Pharmaceuticals–1.75%
Novartis AG (Switzerland)		131,100		11,888,118
Pfizer Inc.		84,700		2,864,554
				14,752,672
Property & Casualty Insurance–3.29%
AmTrust Financial Services, Inc.		406,374		27,722,834
Regional Banks–5.75%
First Horizon National Corp.		1,321,400		18,737,452
Zions Bancorp.		1,031,100		29,664,747
				48,402,199
Semiconductor Equipment–2.05%
Lam Research Corp.		225,900		17,301,681
Semiconductors–2.89%
ON Semiconductor Corp.(b)		2,211,100		24,322,100
Steel–1.64%
Allegheny Technologies, Inc.		939,600		13,812,120
Systems Software–2.25%
Oracle Corp.		487,900		18,950,036
Total Common Stocks (Cost $819,353,815)				819,520,964
Money Market Funds–2.87%
Liquid Assets Portfolio–Institutional Class, 0.16%(c)		12,096,717		12,096,717
Premier Portfolio–Institutional Class, 0.12%(c)		12,096,716		12,096,716
Total Money Market Funds (Cost $24,193,433)				24,193,433
TOTAL INVESTMENTS–100.14% (Cost $843,547,248)				843,714,397
OTHER ASSETS LESS LIABILITIES–(0.14)%				(1,160,444	)
NET ASSETS–100.00%			$	842,553,953

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

5                         Invesco Value Opportunities 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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2015.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2015

Financials	41.9	%
Information Technology	16.4
Consumer Discretionary	11.0
Industrials	10.9
Energy	5.9
Health Care	5.9
Consumer Staples	3.7
Materials	1.6
Money Market Funds Plus Other Assets Less Liabilities	2.7

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

6                         Invesco Value Opportunities Fund

Statement of Assets and Liabilities

October 31, 2015

(Unaudited)

Assets:
Investments, at value (Cost $819,353,815)	$	819,520,964
Investments in affiliated money market funds, at value and cost		24,193,433
Total investments, at value (Cost $843,547,248)		843,714,397
Foreign currencies, at value (Cost $3,243)		3,227
Receivable for:
Fund shares sold		135,841
Dividends		769,833
Investment for trustee deferred compensation and retirement plans		459,788
Other assets		36,789
Total assets		845,119,875
Liabilities:
Payable for:
Fund shares reacquired		1,330,400
Accrued fees to affiliates		621,463
Accrued trustees’ and officers’ fees and benefits		2,257
Accrued other operating expenses		76,755
Trustee deferred compensation and retirement plans		535,047
Total liabilities		2,565,922
Net assets applicable to shares outstanding	$	842,553,953
Net assets consist of:
Shares of beneficial interest	$	744,111,070
Undistributed net investment income		7,056,684
Undistributed net realized gain		91,236,012
Net unrealized appreciation		150,187
	$	842,553,953

Net Assets:
Class A	$	686,176,197
Class B	$	23,131,816
Class C	$	90,595,955
Class R	$	18,643,860
Class Y	$	21,427,685
Class R5	$	2,578,440
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		49,721,377
Class B		1,700,840
Class C		6,762,413
Class R		1,355,658
Class Y		1,556,536
Class R5		186,884
Class A:
Net asset value per share	$	13.80
Maximum offering price per share
(Net asset value of $13.80 ¸ 94.50%)	$	14.60
Class B:
Net asset value and offering price per share	$	13.60
Class C:
Net asset value and offering price per share	$	13.40
Class R:
Net asset value and offering price per share	$	13.75
Class Y:
Net asset value and offering price per share	$	13.77
Class R5:
Net asset value and offering price per share	$	13.80

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

7                         Invesco Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2015

(Unaudited)

Investment income:
Dividends	$	5,756,367
Dividends from affiliated money market funds (includes securities lending income of $7,926)		22,229
Total investment income		5,778,596
Expenses:
Advisory fees		2,965,842
Administrative services fees		114,966
Custodian fees		12,478
Distribution fees:
Class A		904,577
Class B		32,875
Class C		457,094
Class R		49,806
Transfer Agent Fees — A, B, C, R and Y		1,102,098
Transfer agent fees — R5		1,388
Trustees’ and officers’ fees and benefits		14,813
Other		126,941
Total expenses		5,782,878
Less: Fees waived and expense offset arrangement(s)		(28,655	)
Net expenses		5,754,223
Net investment income		24,373
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		61,556,684
Foreign currencies		63,600
		61,620,284
Change in net unrealized appreciation (depreciation) of:
Investment securities		(101,960,048	)
Foreign currencies		(22,413	)
		(101,982,461	)
Net realized and unrealized gain (loss)		(40,362,177	)
Net increase (decrease) in net assets resulting from operations	$	(40,337,804	)

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

8                         Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2015 and the year ended April 30, 2015

(Unaudited)

	October 31, 2015			April 30, 2015
Operations:
Net investment income	$	24,373		$	7,839,847
Net realized gain		61,620,284			189,670,176
Change in net unrealized appreciation (depreciation)		(101,982,461	)		(165,832,016	)
Net increase (decrease) in net assets resulting from operations		(40,337,804	)		31,678,007
Distributions to shareholders from net investment income:
Class A		—			(13,398,612	)
Class B		—			(598,258	)
Class C		—			(1,086,719	)
Class R		—			(329,420	)
Class Y		—			(496,839	)
Class R5		—			(108,572	)
Total distributions from net investment income		—			(16,018,420	)
Share transactions–net:
Class A		(35,410,410	)		(67,932,974	)
Class B		(4,580,229	)		(12,926,619	)
Class C		(4,736,619	)		(9,406,607	)
Class R		(1,131,584	)		(2,910,901	)
Class Y		71,360			5,956,049
Class R5		(253,988	)		675,619
Net increase (decrease) in net assets resulting from share transactions		(46,041,470	)		(86,545,433	)
Net increase (decrease) in net assets		(86,379,274	)		(70,885,846	)
Net assets:
Beginning of period		928,933,227			999,819,073
End of period (includes undistributed net investment income of $7,056,684 and $7,032,311, respectively)	$	842,553,953		$	928,933,227

Notes to Financial Statements

October 31, 2015

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Value Opportunities Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten 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 total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. 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 Class R5 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 to Class A shares. 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 to Class A shares. 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 the 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 securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based

9                         Invesco Value Opportunities Fund

on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets,

10                         Invesco Value Opportunities Fund

the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 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 June 1, 2010, incremental transfer agency fees which were unique to each class of shares 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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

11                         Invesco Value Opportunities Fund

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $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%

For the six months ended October 31, 2015, the effective advisory fees incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, 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 Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class R, Class Y and Class R5 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% 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 waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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, 2015, the Adviser waived advisory fees of $24,329.

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, 2015, 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, 2015, 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

12                         Invesco Value Opportunities Fund

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, 2015, 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, 2015, IDI advised the Fund that IDI retained $38,273 in front-end sales commissions from the sale of Class A shares and $169, $1,468 and $727 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended October 31, 2015, the Fund incurred $18,369 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	831,826,279	$	11,888,118	$	—	$	843,714,397

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,326.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

13                         Invesco Value Opportunities Fund

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	5,728,290	$	—	$	5,728,290

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

NOTE 8—Investment 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, 2015 was $173,414,038 and $198,040,328, 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	$	68,546,919
Aggregate unrealized (depreciation) of investment securities		(74,572,917	)
Net unrealized appreciation (depreciation) of investment securities	$	(6,025,998	)

Cost of investments for tax purposes is $849,740,395.

14                         Invesco Value Opportunities Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2015(a)						Year ended April 30, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,062,520		$	14,799,202			2,716,314		$	39,457,272
Class B		24,976			334,400			36,886			531,104
Class C		149,541			2,038,291			337,383			4,782,840
Class R		72,568			1,013,055			201,018			2,906,789
Class Y		182,232			2,552,830			758,929			11,122,721
Class R5		2,803			39,892			210,209			3,034,929
Issued as reinvestment of dividends:
Class A		—			—			899,684			12,613,579
Class B		—			—			42,307			584,677
Class C		—			—			73,038			1,000,620
Class R		—			—			23,529			329,406
Class Y		—			—			31,795			443,860
Class R5		—			—			7,761			108,425
Automatic conversion of Class B shares to Class A shares:
Class A		219,217			3,067,260			635,219			9,274,242
Class B		(222,480	)		(3,067,260	)		(644,532	)		(9,274,242	)
Reacquired:
Class A		(3,762,562	)		(53,276,872	)		(8,885,952	)		(129,278,067	)
Class B		(132,624	)		(1,847,369	)		(331,153	)		(4,768,158	)
Class C		(492,544	)		(6,774,910	)		(1,072,227	)		(15,190,067	)
Class R		(152,797	)		(2,144,639	)		(425,240	)		(6,147,096	)
Class Y		(174,894	)		(2,481,470	)		(385,923	)		(5,610,532	)
Class R5		(20,686	)		(293,880	)		(169,277	)		(2,467,735	)
Net increase (decrease) in share activity		(3,244,730	)	$	(46,041,470	)		(5,940,232	)	$	(86,545,433	)

^(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.

15                         Invesco Value Opportunities Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/15	$	14.45	$	0.01		$	(0.66	)	$	(0.65	)	$	—		$	—		$	—		$	13.80		(4.50	)%	$	686,176		1.21	%(d)		1.22	%(d)		0.08	%(d)		20	%
Year ended 04/30/15		14.24		0.13			0.33			0.46			(0.25	)		—			(0.25	)		14.45		3.29			754,084		1.22			1.23			0.88			64
Year ended 04/30/14		11.97		0.23	(e)		2.18			2.41			(0.14	)		—			(0.14	)		14.24		20.21			809,243		1.23			1.24			1.71	(e)		16
Year ended 04/30/13		10.24		0.12			1.72			1.84			(0.10	)		(0.01	)		(0.11	)		11.97		18.15			749,819		1.26			1.27			1.14			15
Year ended 04/30/12		10.18		0.09			(0.03	)		0.06			(0.00	)		—			(0.00	)		10.24		0.60			740,384		1.40			1.40			0.92			46
One month ended 04/30/11		9.98		(0.00	)		0.20			0.20			—			—			—			10.18		2.00			44,328		1.40	(f)		1.98	(f)		(0.51	)(f)		2
Year ended 03/31/11		8.95		0.06			1.06			1.12			(0.09	)		—			(0.09	)		9.98		12.61			43,855		1.42			1.47			0.68			80
Class B
Six months ended 10/31/15		14.24		0.01			(0.65	)		(0.64	)		—			—			—			13.60		(4.49	)(g)		23,132		1.21	(d)(g)		1.22	(d)(g)		0.08	(d)(g)		20
Year ended 04/30/15		14.03		0.13			0.33			0.46			(0.25	)		—			(0.25	)		14.24		3.34	(g)		28,912		1.22	(g)		1.23	(g)		0.88	(g)		64
Year ended 04/30/14		11.80		0.22	(e)		2.15			2.37			(0.14	)		—			(0.14	)		14.03		20.16	(g)		41,084		1.23	(g)		1.24	(g)		1.71	(e)(g)		16
Year ended 04/30/13		10.09		0.12			1.70			1.82			(0.10	)		(0.01	)		(0.11	)		11.80		18.25	(g)		50,968		1.26	(g)		1.27	(g)		1.14	(g)		15
Year ended 04/30/12		10.04		0.09			(0.04	)		0.05			—			—			—			10.09		0.50	(g)		67,547		1.38	(g)		1.38	(g)		0.94	(g)		46
One month ended 04/30/11		9.84		(0.00	)		0.20			0.20			—			—			—			10.04		2.03	(g)		7,331		1.46	(f)(g)		2.04	(f)(g)		(0.57	)(f)(g)		2
Year ended 03/31/11		8.79		0.01			1.04			1.05			—			—			—			9.84		11.95	(g)		7,392		1.99	(g)		2.04	(g)		0.11	(g)		80
Class C
Six months ended 10/31/15		14.07		(0.04	)		(0.63	)		(0.67	)		—			—			—			13.40		(4.76	)(g)		90,596		1.92	(d)(g)		1.93	(d)(g)		(0.63	)(d)(g)		20
Year ended 04/30/15		13.87		0.02			0.33			0.35			(0.15	)		—			(0.15	)		14.07		2.53	(g)		99,994		1.95	(g)		1.96	(g)		0.15	(g)		64
Year ended 04/30/14		11.67		0.13	(e)		2.13			2.26			(0.06	)		—			(0.06	)		13.87		19.38	(g)		107,754		1.94	(g)		1.95	(g)		1.00	(e)(g)		16
Year ended 04/30/13		9.99		0.05			1.67			1.72			(0.03	)		(0.01	)		(0.04	)		11.67		17.26	(g)		101,772		1.96	(g)		1.97	(g)		0.44	(g)		15
Year ended 04/30/12		10.00		0.02			(0.03	)		(0.01	)		—			—			—			9.99		(0.10	)(g)		101,785		2.11	(g)		2.11	(g)		0.21	(g)		46
One month ended 04/30/11		9.80		(0.01	)		0.21			0.20			—			—			—			10.00		2.04	(g)		8,021		2.07	(f)(g)		2.65	(f)(g)		(1.18	)(f)(g)		2
Year ended 03/31/11		8.77		0.01			1.03			1.04			(0.01	)		—			(0.01	)		9.80		11.81	(g)		8,033		2.06	(g)		2.11	(g)		0.04	(g)		80
Class R
Six months ended 10/31/15		14.41		(0.01	)		(0.65	)		(0.66	)		—			—			—			13.75		(4.58	)		18,644		1.46	(d)		1.47	(d)		(0.17	)(d)		20
Year ended 04/30/15		14.20		0.09			0.33			0.42			(0.21	)		—			(0.21	)		14.41		3.03			20,696		1.47			1.48			0.63			64
Year ended 04/30/14		11.94		0.19	(e)		2.18			2.37			(0.11	)		—			(0.11	)		14.20		19.91			23,247		1.48			1.49			1.46	(e)		16
Year ended 04/30/13		10.22		0.09			1.72			1.81			(0.08	)		(0.01	)		(0.09	)		11.94		17.80			20,272		1.51			1.52			0.89			15
Year ended 04/30/12(h)		9.89		0.07			0.26			0.33			(0.00	)		—			(0.00	)		10.22		3.35			19,599		1.65	(f)		1.65	(f)		0.67	(f)		46
Class Y(i)
Six months ended 10/31/15		14.39		0.02			(0.64	)		(0.62	)		—			—			—			13.77		(4.31	)		21,428		0.96	(d)		0.97	(d)		0.33	(d)		20
Year ended 04/30/15		14.21		0.16			0.33			0.49			(0.31	)		—			(0.31	)		14.39		3.55			22,295		0.97			0.98			1.13			64
Year ended 04/30/14		11.94		0.26	(e)		2.18			2.44			(0.17	)		—			(0.17	)		14.21		20.53			16,266		0.98			0.99			1.96	(e)		16
Year ended 04/30/13		10.22		0.15			1.71			1.86			(0.13	)		(0.01	)		(0.14	)		11.94		18.39			12,799		1.01			1.02			1.39			15
Year ended 04/30/12		10.14		0.11			(0.03	)		0.08			(0.00	)		—			(0.00	)		10.22		0.80			11,424		1.15			1.15			1.17			46
One month ended 04/30/11		9.93		(0.00	)		0.21			0.21			—			—			—			10.14		2.11			4,826		1.15	(f)		1.73	(f)		(0.26	)(f)		2
Year ended 03/31/11		8.94		0.08			1.05			1.13			(0.14	)		—			(0.14	)		9.93		12.75			4,757		1.17			1.22			0.93			80
Class R5
Six months ended 10/31/15		14.42		0.03			(0.65	)		(0.62	)		—			—			—			13.80		(4.30	)		2,578		0.82	(d)		0.83	(d)		0.47	(d)		20
Year ended 04/30/15		14.25		0.19			0.33			0.52			(0.35	)		—			(0.35	)		14.42		3.76			2,952		0.82			0.83			1.28			64
Year ended 04/30/14		11.99		0.28	(e)		2.18			2.46			(0.20	)		—			(0.20	)		14.25		20.67			2,225		0.81			0.82			2.13	(e)		16
Year ended 04/30/13		10.26		0.18			1.73			1.91			(0.17	)		(0.01	)		(0.18	)		11.99		18.82			2,029		0.73			0.74			1.67			15
Year ended 04/30/12(h)		9.85		0.14			0.27			0.41			(0.00	)		—			(0.00	)		10.26		4.18			4,040		0.81	(f)		0.81	(f)		1.51	(f)		46

^(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 April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $846,280,438 and sold of $257,706,685 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Basic Value Fund into the Fund.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $719,728, $26,157, $95,359, $19,814, $21,751 and $2,763 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(e) Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.15 and 1.07%, $0.14 and 1.07%, $0.05 and 0.36%, $0.11 and 0.82%, $0.18 and 1.32% and $0.20 and 1.49% for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(f) Annualized.

^(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 0.25% for Class B shares and 0.95% for Class C shares for the six months ended October 31, 2015, 0.25% for Class B shares and 0.98% for Class C shares for the year ended April 30, 2015, 0.25% for Class B shares and 0.96% for Class C shares for the year ended April 30, 2014, 0.25% for Class B shares and 0.95%for Class C shares for the year ended April 30, 2013, 0.23% for Class B shares and 0.96% for Class C shares for the year ended April 30, 2012, 0.31% for Class B shares and 0.92% for Class C shares for the period April 1, 2011 to April 30, 2011 and 0.82% for Class B shares and 0.89% for Class C shares for the year ended March 31, 2011.

^(h)  Commencement date of May 23, 2011.

⁽ⁱ⁾  On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.

16                         Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2015 through October 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (05/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/15)1		Expenses Paid During Period2		Ending Account Value (10/31/15)		Expenses Paid During Period2
A	$	1,000.00	$	955.00	$	5.95	$	1,019.05	$	6.14		1.21	%
B		1,000.00		955.10		5.95		1,019.05		6.14		1.21
C		1,000.00		952.40		9.42		1,015.48		9.73		1.92
R		1,000.00		954.20		7.17		1,017.80		7.41		1.46
Y		1,000.00		956.90		4.72		1,020.31		4.88		0.96
R5		1,000.00		957.00		4.03		1,021.01		4.17		0.82

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2015 through October 31, 2015, 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 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 Invesco Value Opportunities Fund’s (the Fund) investment advisory agreements. During contract renewal meetings held on June 9-10, 2015, the Board as a whole, and the disinterested or “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance for the Fund of the Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2015.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board determined that continuation of the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interest of the Fund and its shareholders and that the compensation payable 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 primarily responsible for overseeing the performance and investment management services provided by Invesco Advisers and the Affiliated Sub-Advisers to a number of the funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned Invesco 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, limitations and investment risks of these funds. The Board had the benefit of reports form the Sub-Committees and Investments Committee throughout the year in considering approval of the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

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

The Trustees recognized that the advisory fee rates for the Invesco Funds are, in many cases, the result of years of review and negotiation. 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. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 10, 2015, and does not reflect consideration of factors that became known to the Board after that date.

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. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s

consideration of Invesco Advisers’ investment process oversight, independent credit analysis and investment risk management. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, distribution, valuation and legal and compliance.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the benefits of reapproving an existing relationship and the greater uncertainty that may be associated with entering into a new relationship. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted 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 may invest, make recommendations regarding securities and assist with security trades. 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 that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent 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 its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was

18                         Invesco Value Opportunities Fund

below the performance of the Index for the one, three and five year periods. Invesco Advisers noted that allocation to energy and the large cap bias of the Fund were the largest contributors to the Fund’s underperformance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” may include both advisory and certain administrative services fees, but that Lipper does not provide information on a fund by fund basis as to what is included. The Board noted that Invesco Advisers does not charge the Invesco Funds for the administrative services included in the term as defined by Lipper. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other 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 advised by Invesco Advisers using a similar investment process. The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board also noted that the sub-advisory fees are not paid directly by the Fund, but rather, are payable by Invesco Advisers to the Affiliated Sub-Advisers.

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 Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board received information from Invesco Advisers about the methodology used to prepare the profitability information. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided. The Board received and accepted information from Invesco Advisers demonstrating that 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.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research services from Invesco Advisers and the Affiliated Sub-Advisers to the Invesco Funds and that the research received may be used with other clients of Invesco Advisers and may reduce Invesco Advisers’ and the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from the Chief Compliance Officer of the Invesco Funds demonstrating that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 with respect to investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisors from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered the Fund may use an affiliated broker to execute certain trades for the Fund to among other things, control information leakage, and were advised that such trades would be executed in compliance with rules under the Investment Company Act of 1940, as amended, and consistent with best execution obligations.

19                         Invesco Value Opportunities Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 shown below.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. 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 US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

ITEM 2.       CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. 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 November 20, 2015 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 November 20, 2015, 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 8, 2016

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 8, 2016

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	January 8, 2016

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.