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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number     811-03826

AIM Sector Funds (Invesco Sector Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000   Houston, Texas 77046

(Address of principal executive offices)  (Zip code)

Sheri Morris    11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end:      04/30                     

Date of reporting period:      10/31/18                

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	October 31, 2018
	Invesco American Value Fund
	Nasdaq:
	A: MSAVX  ∎  C: MSVCX  ∎  R: MSARX  ∎  Y: MSAIX  ∎  R5: MSAJX  ∎   R6: MSAFX

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, 4/30/18 to 10/31/18, 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	-7.70	%
Class C Shares	-8.05
Class R Shares	-7.82
Class Y Shares	-7.58
Class R5 Shares	-7.58
Class R6 Shares	-7.52
S&P 500 Index▼ (Broad Market Index)	3.40
Russell Midcap Value Index▼ (Style-Specific Index)	-2.32
Lipper Mid-Cap Value Funds Index⬛ (Peer Group Index)	-4.81
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell Midcap® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco American Value Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	8.77	%
10 Years	10.71
5 Years	3.57
1 Year	-5.09
Class C Shares
Inception (10/18/93)	8.23	%
10 Years	10.53
5 Years	3.98
1 Year	-1.21
Class R Shares
Inception (3/20/07)	5.94	%
10 Years	11.06
5 Years	4.48
1 Year	0.16
Class Y Shares
Inception (2/7/06)	7.40	%
10 Years	11.61
5 Years	5.00
1 Year	0.66
Class R5 Shares
10 Years	11.69	%
5 Years	5.11
1 Year	0.73
Class R6 Shares
10 Years	11.63	%
5 Years	5.21
1 Year	0.80

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

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	9.31	%
10 Years	9.43
5 Years	6.70
1 Year	7.20
Class C Shares
Inception (10/18/93)	8.77	%
10 Years	9.25
5 Years	7.14
1 Year	11.61
Class R Shares
Inception (3/20/07)	7.06	%
10 Years	9.77
5 Years	7.65
1 Year	13.16
Class Y Shares
Inception (2/7/06)	8.45	%
10 Years	10.32
5 Years	8.19
1 Year	13.71
Class R5 Shares
10 Years	10.40	%
5 Years	8.30
1 Year	13.83
Class R6 Shares
10 Years	10.34	%
5 Years	8.40
1 Year	13.92

    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 C, Class R, Class Y, Class R5 and Class R6 shares was 1.19%, 1.92%, 1.44%, 0.94%, 0.86%, and 0.77%, respectively. The expense ratios presented above may vary from the expense

ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

3                      Invesco American Value Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco American Value Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.66%
Aerospace & Defense–1.70%
Textron Inc.		374,552	$	20,087,224
Apparel, Accessories & Luxury Goods–2.21%
Tapestry, Inc.		615,532		26,043,159
Automotive Retail–1.75%
Advance Auto Parts, Inc.		129,372		20,668,471
Building Products–2.62%
Johnson Controls International PLC		966,779		30,907,925
Communications Equipment–4.63%
ARRIS International PLC(b)		1,218,636		30,307,477
Ciena Corp.(b)		779,437		24,365,201
				54,672,678
Consumer Finance–2.06%
Santander Consumer USA Holdings Inc.		1,294,362		24,269,287
Copper–1.79%
Freeport-McMoRan Inc.		1,813,501		21,127,287
Distributors–1.94%
LKQ Corp.(b)		839,632		22,896,765
Diversified Chemicals–2.09%
Eastman Chemical Co.		314,338		24,628,382
Diversified REITs–2.21%
Liberty Property Trust		621,751		26,032,714
Electric Utilities–3.10%
FirstEnergy Corp.		982,908		36,642,810
Electronic Equipment & Instruments–2.50%
Keysight Technologies, Inc.(b)		517,009		29,510,874
Food Retail–1.04%
Kroger Co. (The)		410,827		12,226,211
Health Care Distributors–1.94%
AmerisourceBergen Corp.		260,834		22,953,392
Health Care Facilities–1.84%
Encompass Health Corp.		322,902		21,731,305
Health Care Services–2.75%
DaVita Inc.(b)		482,104		32,464,883
Hotels, Resorts & Cruise Lines–5.27%
Norwegian Cruise Line Holdings Ltd.(b)		519,187		22,880,571
Royal Caribbean Cruises Ltd.		375,556		39,331,980
				62,212,551
Industrial Machinery–2.03%
Kennametal Inc.		676,226		23,972,212

	Shares		Value
Insurance Brokers–5.78%
Arthur J. Gallagher & Co.		449,188	$	33,244,404
Willis Towers Watson PLC		244,425		34,991,883
				68,236,287
Investment Banking & Brokerage–2.30%
Stifel Financial Corp.		594,616		27,185,843
IT Consulting & Other Services–1.93%
Teradata Corp.(b)		626,350		22,799,140
Life & Health Insurance–2.16%
Athene Holding Ltd.–Class A(b)		558,588		25,538,643
Marine–2.16%
Kirby Corp.(b)		354,882		25,530,211
Office REITs–1.83%
Hudson Pacific Properties, Inc.		712,759		21,596,598
Oil & Gas Equipment & Services–2.66%
TechnipFMC PLC (United Kingdom)		1,192,089		31,351,941
Oil & Gas Exploration & Production–9.41%
Anadarko Petroleum Corp.		529,008		28,143,226
Devon Energy Corp.		826,383		26,774,809
Marathon Oil Corp.		1,521,294		28,889,373
Noble Energy, Inc.		1,096,944		27,259,058
				111,066,466
Other Diversified Financial Services–2.14%
Voya Financial, Inc.		576,024		25,206,810
Pharmaceuticals–2.59%
Mylan N.V.(b)		978,226		30,569,562
Regional Banks–12.68%
Comerica Inc.		365,619		29,819,886
First Horizon National Corp.		1,777,186		28,683,782
KeyCorp		1,798,558		32,661,813
Wintrust Financial Corp.		332,657		25,328,504
Zions Bancorp., N.A.		705,200		33,179,660
				149,673,645
Specialized REITs–1.58%
Life Storage, Inc.		198,242		18,666,467
Specialty Chemicals–2.70%
W.R. Grace & Co.		492,863		31,932,594
Trucking–4.27%
Knight-Swift Transportation Holdings Inc.		982,658		31,445,056
Ryder System, Inc.		342,942		18,968,122
				50,413,178
Total Common Stocks & Other Equity Interests (Cost $1,035,273,424)				1,152,815,515

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

5                         Invesco American Value Fund

	Shares		Value
Money Market Funds–1.59%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(c)		6,573,332	$	6,573,332
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(c)		4,694,196		4,695,134
Invesco Treasury Portfolio–Institutional Class, 2.09%(c)		7,512,379		7,512,379
Total Money Market Funds (Cost $18,779,676)				18,780,845
TOTAL INVESTMENTS IN SECURITIES–99.25% (Cost $1,054,053,100)				1,171,596,360
OTHER ASSETS LESS LIABILITIES–0.75%				8,831,272
NET ASSETS–100.00%			$	1,180,427,632

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)  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, 2018.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Financials	27.1	%
Industrials	12.8
Energy	12.1
Consumer Discretionary	11.2
Health Care	9.1
Information Technology	9.1
Materials	6.6
Real Estate	5.6
Utilities	3.1
Consumer Staples	1.0
Money Market Funds Plus Other Assets Less Liabilities	2.3

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

6                         Invesco American Value Fund

Statement of Assets and Liabilities

October 31, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,035,273,424)	$	1,152,815,515
Investments in affiliated money market funds, at value (Cost $18,779,676)		18,780,845
Receivable for:
Investments sold		22,889,693
Dividends and interest		136,339
Fund shares sold		460,401
Investment for trustee deferred compensation and retirement plans		173,634
Other assets		60,449
Total assets		1,195,316,876
Liabilities:
Payable for:
Investments purchased		12,192,902
Fund shares repurchased		1,684,944
Accrued fees to affiliates		677,380
Accrued trustees’ and officers’ fees and benefits		3,112
Accrued other operating expenses		135,778
Trustee deferred compensation and retirement plans		195,128
Total liabilities		14,889,244
Net assets applicable to shares outstanding	$	1,180,427,632
Net assets consist of:
Shares of beneficial interest	$	938,603,846
Distributable earnings		241,823,786
	$	1,180,427,632

Net Assets:
Class A	$	829,318,376
Class C	$	67,352,301
Class R	$	20,520,015
Class Y	$	168,227,920
Class R5	$	27,209,486
Class R6	$	67,799,534
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,355,113
Class C		2,313,363
Class R		582,075
Class Y		4,696,083
Class R5		758,681
Class R6		1,888,539
Class A:
Net asset value per share	$	35.51
Maximum offering price per share
(Net asset value of $35.51 ¸ 94.50%)	$	37.58
Class C:
Net asset value and offering price per share	$	29.11
Class R:
Net asset value and offering price per share	$	35.25
Class Y:
Net asset value and offering price per share	$	35.82
Class R5:
Net asset value and offering price per share	$	35.86
Class R6:
Net asset value and offering price per share	$	35.90

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, 2018

(Unaudited)

Investment income:
Dividends	$	10,293,010
Dividends from affiliated money market funds		297,895
Total investment income		10,590,905
Expenses:
Advisory fees		4,899,460
Administrative services fees		173,522
Custodian fees		12,188
Distribution fees:
Class A		1,179,661
Class C		384,370
Class R		59,085
Transfer agent fees — A, C, R and Y		1,013,805
Transfer agent fees — R5		22,280
Transfer agent fees — R6		10,216
Trustees’ and officers’ fees and benefits		20,478
Registration and filing fees		58,494
Reports to shareholders		91,596
Professional services fees		30,911
Other		20,035
Total expenses		7,976,101
Less: Fees waived and expense offset arrangement(s)		(21,907	)
Net expenses		7,954,194
Net investment income		2,636,711
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		55,391,116
Change in net unrealized appreciation (depreciation) of investment securities		(152,259,293	)
Net realized and unrealized gain (loss)		(96,868,177	)
Net increase (decrease) in net assets resulting from operations	$	(94,231,466	)

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income	$	2,636,711		$	3,779,013
Net realized gain		55,391,116			187,950,224
Change in net unrealized appreciation (depreciation)		(152,259,293	)		(14,421,138	)
Net increase (decrease) in net assets resulting from operations		(94,231,466	)		177,308,099
Distributions to shareholders from distributable earnings(1):
Class A		—			(104,909,344	)
Class B		—			(570,656	)
Class C		—			(10,422,833	)
Class R		—			(3,682,670	)
Class Y		—			(28,848,115	)
Class R5		—			(7,376,840	)
Class R6		—			(15,811,346	)
Total distributions from distributable earnings		—			(171,621,804	)
Share transactions-net:
Class A		(40,832,277	)		(97,132,259	)
Class B		—			(7,372,637	)
Class C		(9,129,382	)		(14,413,588	)
Class R		(3,019,096	)		(21,759,552	)
Class Y		(25,839,903	)		(168,629,296	)
Class R5		(33,930,442	)		(24,514,856	)
Class R6		(69,808,750	)		(26,519,014	)
Net increase (decrease) in net assets resulting from share transactions		(182,559,850	)		(360,341,202	)
Net increase (decrease) in net assets		(276,791,316	)		(354,654,907	)
Net assets:
Beginning of period		1,457,218,948			1,811,873,855
End of period	$	1,180,427,632		$	1,457,218,948

⁽¹⁾  For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income and distributions from net realized gains. The Securities and Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions from net investment income were $5,663,325, $30,806, $68,686, $2,267,084, $661,230 and $1,560,385 for Class A, Class B, Class R, Class Y, Class R5 and Class R6, respectively and distributions from net realized gains were $99,246,019, $539,850, $10,422,833, $3,613,984, $26,581,031, $6,715,610 and $14,250,961 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

9                         Invesco American Value Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

10                         Invesco American Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11                         Invesco American Value Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $18,083.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $81,828 in front-end sales commissions from the sale of Class A shares and $1,047 and $903 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $14,122 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

12                         Invesco American Value Fund

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

NOTE 3—Additional Valuation Information

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

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

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

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

As of October 31, 2018, 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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,824.

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 did not have a capital loss carryforward as of April 30, 2018.

13                         Invesco American Value Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $239,971,507 and $414,136,377, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	186,318,030
Aggregate unrealized (depreciation) of investments		(73,837,077	)
Net unrealized appreciation of investments	$	112,480,953

Cost of investments for tax purposes is $1,059,115,407.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		1,097,463		$	42,975,122			2,004,048		$	77,137,757
Class B(b)		—			—			506			17,460
Class C		83,977			2,708,154			233,383			7,489,760
Class R		72,541			2,829,721			159,352			6,084,636
Class Y		420,592			16,702,606			1,405,732			54,537,338
Class R5		105,174			4,116,426			297,685			11,567,453
Class R6		269,686			10,687,743			2,174,774			84,930,953
Issued as reinvestment of dividends:
Class A		—			—			2,733,728			100,273,142
Class B(b)		—			—			17,455			558,196
Class C		—			—			327,537			9,914,559
Class R		—			—			100,866			3,681,624
Class Y		—			—			614,701			22,700,901
Class R5		—			—			198,624			7,337,161
Class R6		—			—			423,926			15,668,308
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			115,057			4,583,874
Class B		—			—			(132,629	)		(4,583,874	)
Reacquired:
Class A		(2,133,965	)		(83,807,399	)		(7,241,055	)		(279,127,032	)
Class B(b)		—			—			(98,282	)		(3,364,419	)
Class C		(367,794	)		(11,837,536	)		(987,732	)		(31,817,907	)
Class R		(149,161	)		(5,848,817	)		(828,391	)		(31,525,812	)
Class Y		(1,096,486	)		(42,542,509	)		(6,329,974	)		(245,867,535	)
Class R5		(953,740	)		(38,046,868	)		(1,117,681	)		(43,419,470	)
Class R6		(2,010,497	)		(80,496,493	)		(3,232,863	)		(127,118,275	)
Net increase (decrease) in share activity		(4,662,210	)	$	(182,559,850	)		(9,161,233	)	$	(360,341,202	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

14                         Invesco American Value 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 10/31/18	$	38.47	$	0.07		$	(3.03	)	$	(2.96	)	$	—		$	—		$	—		$	35.51		(7.70	)%	$	829,318		1.17	%(d)		1.17	%(d)		0.34	%(d)		18	%
Year ended 04/30/18		38.52		0.07			4.37			4.44			(0.24	)		(4.25	)		(4.49	)		38.47		12.11			938,346		1.19			1.19			0.19			44
Year ended 04/30/17		34.01		0.20			4.70			4.90			(0.08	)		(0.31	)		(0.39	)		38.52		14.40			1,031,600		1.21			1.21			0.53			42
Year ended 04/30/16		40.44		0.09			(4.06	)		(3.97	)		(0.01	)		(2.45	)		(2.46	)		34.01		(9.62	)		1,122,286		1.19			1.20			0.26			28
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
Class C
Six months ended 10/31/18		31.66		(0.06	)		(2.49	)		(2.55	)		—			—			—			29.11		(8.05	)(e)		67,352		1.89	(d)(e)		1.89	(d)(e)		(0.38	)(d)(e)		18
Year ended 04/30/18		32.44		(0.17	)		3.64			3.47			—			(4.25	)		(4.25	)		31.66		11.30	(e)		82,217		1.92	(e)		1.92	(e)		(0.54	)(e)		44
Year ended 04/30/17		28.83		(0.06	)		3.98			3.92			—			(0.31	)		(0.31	)		32.44		13.59	(e)		98,096		1.94	(e)		1.94	(e)		(0.20	)(e)		42
Year ended 04/30/16		34.95		(0.15	)		(3.52	)		(3.67	)		—			(2.45	)		(2.45	)		28.83		(10.28	)(e)		103,706		1.93	(e)		1.94	(e)		(0.48	)(e)		28
Year ended 04/30/15		35.41		(0.26	)		3.68			3.42			—			(3.88	)		(3.88	)		34.95		10.44	(e)		125,201		1.92	(e)		1.93	(e)		(0.72	)(e)		34
Year ended 04/30/14		32.00		(0.20	)		6.37			6.17			(0.02	)		(2.74	)		(2.76	)		35.41		19.76	(e)		111,455		1.91	(e)		1.92	(e)		(0.57	)(e)		46
Class R
Six months ended 10/31/18		38.24		0.02			(3.01	)		(2.99	)		—			—			—			35.25		(7.82	)		20,520		1.42	(d)		1.42	(d)		0.09	(d)		18
Year ended 04/30/18		38.26		(0.02	)		4.33			4.31			(0.08	)		(4.25	)		(4.33	)		38.24		11.81			25,189		1.44			1.44			(0.06	)		44
Year ended 04/30/17		33.80		0.10			4.67			4.77			—			(0.31	)		(0.31	)		38.26		14.11			46,937		1.46			1.46			0.28			42
Year ended 04/30/16		40.29		0.00			(4.04	)		(4.04	)		—			(2.45	)		(2.45	)		33.80		(9.82	)		66,207		1.44			1.45			0.01			28
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
Class Y
Six months ended 10/31/18		38.76		0.12			(3.06	)		(2.94	)		—			—			—			35.82		(7.58	)		168,228		0.92	(d)		0.92	(d)		0.59	(d)		18
Year ended 04/30/18		38.80		0.17			4.40			4.57			(0.36	)		(4.25	)		(4.61	)		38.76		12.38			208,223		0.94			0.94			0.44			44
Year ended 04/30/17		34.25		0.29			4.73			5.02			(0.16	)		(0.31	)		(0.47	)		38.80		14.66			375,626		0.96			0.96			0.78			42
Year ended 04/30/16		40.62		0.18			(4.07	)		(3.89	)		(0.03	)		(2.45	)		(2.48	)		34.25		(9.36	)		452,703		0.94			0.95			0.51			28
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
Class R5
Six months ended 10/31/18		38.80		0.13			(3.07	)		(2.94	)		—			—			—			35.86		(7.58	)		27,209		0.86	(d)		0.86	(d)		0.65	(d)		18
Year ended 04/30/18		38.84		0.20			4.43			4.63			(0.42	)		(4.25	)		(4.67	)		38.80		12.53			62,354		0.86			0.86			0.52			44
Year ended 04/30/17		34.29		0.33			4.74			5.07			(0.21	)		(0.31	)		(0.52	)		38.84		14.77			86,569		0.85			0.85			0.89			42
Year ended 04/30/16		40.63		0.22			(4.07	)		(3.85	)		(0.04	)		(2.45	)		(2.49	)		34.29		(9.26	)		128,357		0.82			0.83			0.63			28
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
Class R6
Six months ended 10/31/18		38.82		0.15			(3.07	)		(2.92	)		—			—			—			35.90		(7.52	)		67,800		0.78	(d)		0.78	(d)		0.73	(d)		18
Year ended 04/30/18		38.88		0.24			4.42			4.66			(0.47	)		(4.25	)		(4.72	)		38.82		12.59			140,889		0.77			0.77			0.61			44
Year ended 04/30/17		34.32		0.37			4.74			5.11			(0.24	)		(0.31	)		(0.55	)		38.88		14.88			165,781		0.76			0.76			0.98			42
Year ended 04/30/16		40.64		0.25			(4.07	)		(3.82	)		(0.05	)		(2.45	)		(2.50	)		34.32		(9.19	)		143,003		0.73			0.74			0.72			28
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

^(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 $936,036, $78,470, $23,441, $203,221, $44,179 and $102,543 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets, for Class C shares, reflect actual 12b-1 fees of 0.97%, 0.97%, 0.97%, 0.99%, 0.98% and 0.98% for the six months ended October 31, 2018 and the years ended April 30, 2018, 2017, 2016, 2015 and 2014, respectively.

15                         Invesco American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	923.00	$	5.67	$	1,019.31	$	5.96		1.17	%
C		1,000.00		919.50		9.14		1,015.68		9.60		1.89
R		1,000.00		921.80		6.88		1,018.05		7.22		1.42
Y		1,000.00		924.20		4.46		1,020.57		4.69		0.92
R5		1,000.00		924.20		4.17		1,020.87		4.38		0.86
R6		1,000.00		924.80		3.78		1,021.27		3.97		0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                         Invesco American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s offensive positioning relative to its peer group and stock selection in various sectors detracted from Fund performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

17                         Invesco American Value Fund

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

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

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

D. Economies of Scale and Breakpoints

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

noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

18                         Invesco American Value Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                    Invesco Distributors, Inc.                                                                                 VK-AMVA-SAR-1            12172018      0957

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Comstock Fund
	Nasdaq:
	A: ACSTX  ∎  C: ACSYX  ∎  R: ACSRX  ∎  Y: ACSDX  ∎  R5: ACSHX  ∎  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, 4/30/18 to 10/31/18, 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	-2.77	%
Class C Shares	-3.14
Class R Shares	-2.89
Class Y Shares	-2.65
Class R5 Shares	-2.62
Class R6 Shares	-2.54
S&P 500 Index▼ (Broad Market Index)	3.40
Russell 1000 Value Index▼ (Style-Specific Index)	1.07
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	1.44
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

holdings and performance.

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

2                      Invesco Comstock Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.66	%
10 Years	11.14
5 Years	6.70
1 Year	-3.57
Class C Shares
Inception (10/26/93)	8.95	%
10 Years	10.94
5 Years	7.12
1 Year	0.29
Class R Shares
Inception (10/1/02)	8.95	%
10 Years	11.49
5 Years	7.65
1 Year	1.78
Class Y Shares
Inception (10/29/04)	7.57	%
10 Years	12.06
5 Years	8.20
1 Year	2.33
Class R5 Shares
10 Years	12.10	%
5 Years	8.27
1 Year	2.36
Class R6 Shares
10 Years	12.07	%
5 Years	8.39
1 Year	2.45

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

    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.

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.86%
10 Years	9.92
5 Years	9.31
1 Year	6.59
Class C Shares
Inception (10/26/93)	9.33%
10 Years	9.72
5 Years	9.75
1 Year	10.95
Class R Shares
Inception (10/1/02)	9.55%
10 Years	10.27
5 Years	10.28
1 Year	12.51
Class Y Shares
Inception (10/29/04)	8.23%
10 Years	10.83
5 Years	10.84
1 Year	13.12
Class R5 Shares
10 Years	10.87%
5 Years	10.93
1 Year	13.16
Class R6 Shares
10 Years	10.83%
5 Years	11.03
1 Year	13.22

    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 C, Class R, Class Y, Class R5 and Class R6 shares was 0.82%, 1.56%, 1.07%, 0.57%, 0.51% and 0.42%, respectively. The expense ratios presented above may vary from the expense ratios

presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

3                      Invesco Comstock Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers a wide range of market insights and investment

perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.27%
Aerospace & Defense–1.27%
Arconic Inc.		3,027,621	$	61,551,535
Textron Inc.		1,696,637		90,990,642
				152,542,177
Agricultural Products–1.22%
Archer-Daniels-Midland Co.		2,077,930		98,182,192
Bunge Ltd.		785,541		48,546,434
				146,728,626
Apparel Retail–0.63%
Gap, Inc. (The)		2,750,067		75,076,829
Asset Management & Custody Banks–2.26%
Bank of New York Mellon Corp. (The)		3,229,538		152,854,034
State Street Corp.		1,728,228		118,815,675
				271,669,709
Automobile Manufacturers–1.94%
General Motors Co.		6,369,488		233,059,566
Automotive Retail–1.22%
Advance Auto Parts, Inc.		916,480		146,416,845
Biotechnology–1.37%
Biogen Inc.(b)		119,778		36,444,852
Gilead Sciences, Inc.		1,876,038		127,908,271
				164,353,123
Broadcasting–0.85%
CBS Corp.–Class B		1,775,792		101,841,671
Building Products–1.59%
Johnson Controls International PLC		5,969,888		190,857,319
Cable & Satellite–1.92%
Charter Communications, Inc.–Class A(b)		355,384		113,854,372
Comcast Corp.–Class A		3,053,789		116,471,513
				230,325,885
Communications Equipment–2.56%
Cisco Systems, Inc.		6,711,112		307,033,374
Construction Machinery & Heavy Trucks–0.31%
Caterpillar Inc.		303,489		36,819,285
Consumer Finance–0.81%
Ally Financial Inc.		3,821,443		97,102,867
Diversified Banks–14.75%
Bank of America Corp.		19,468,535		535,384,712
Citigroup Inc.		9,360,019		612,706,844
JPMorgan Chase & Co.		4,000,878		436,175,720
Wells Fargo & Co.		3,507,324		186,694,856
				1,770,962,132

	Shares		Value
Electrical Components & Equipment–1.74%
Eaton Corp. PLC		1,932,396	$	138,494,821
Emerson Electric Co.		1,042,568		70,769,516
				209,264,337
Fertilizers & Agricultural Chemicals–0.76%
CF Industries Holdings, Inc.		1,905,497		91,521,021
Health Care Distributors–1.53%
Cardinal Health, Inc.		1,870,465		94,645,529
McKesson Corp.		713,216		88,980,828
				183,626,357
Health Care Equipment–1.00%
Medtronic PLC		1,342,733		120,604,278
Health Care Services–0.72%
CVS Health Corp.		1,194,421		86,464,136
Hotels, Resorts & Cruise Lines–1.92%
Carnival Corp.		4,106,501		230,128,316
Household Products–2.03%
Kimberly-Clark Corp.		1,520,571		158,595,555
Reckitt Benckiser Group PLC (United Kingdom)		1,050,311		85,021,021
				243,616,576
Industrial Conglomerates–0.36%
General Electric Co.		4,319,930		43,631,293
Industrial Machinery–0.61%
Ingersoll-Rand PLC		769,265		73,803,284
Integrated Oil & Gas–9.28%
BP PLC–ADR (United Kingdom)		5,570,539		241,594,276
Chevron Corp.		1,948,528		217,553,151
Exxon Mobil Corp.		399,792		31,855,427
Occidental Petroleum Corp.		1,508,487		101,174,223
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		4,239,203		267,875,238
Suncor Energy, Inc. (Canada)		7,639,771		254,480,772
				1,114,533,087
Integrated Telecommunication Services–1.11%
Verizon Communications Inc.		2,341,388		133,669,841
Internet & Direct Marketing Retail–1.77%
Altaba Inc.		795,431		47,805,403
eBay Inc.(b)		5,688,358		165,133,033
				212,938,436
Investment Banking & Brokerage–2.87%
Goldman Sachs Group, Inc. (The)		578,095		130,285,270
Morgan Stanley		4,704,757		214,819,205
				345,104,475

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

5                         Invesco Comstock Fund

	Shares		Value
IT Consulting & Other Services–0.85%
Cognizant Technology Solutions Corp.–Class A		1,476,318	$	101,910,232
Life & Health Insurance–1.83%
Aflac, Inc.		1,220,635		52,572,749
MetLife, Inc.		4,052,946		166,940,846
				219,513,595
Managed Health Care–1.87%
Anthem, Inc.		814,206		224,370,747
Multi-Line Insurance–1.67%
American International Group, Inc.		4,855,123		200,468,029
Oil & Gas Equipment & Services–0.69%
Halliburton Co.		2,398,747		83,188,546
Oil & Gas Exploration & Production–7.74%
Anadarko Petroleum Corp.		1,367,214		72,735,785
Canadian Natural Resources Ltd. (Canada)		3,927,437		107,758,764
Devon Energy Corp.		5,532,044		179,238,225
Encana Corp. (Canada)		7,688,135		78,726,502
Hess Corp.		2,884,704		165,582,009
Marathon Oil Corp.		12,736,835		241,872,497
Noble Energy, Inc.		3,389,068		84,218,340
				930,132,122
Packaged Foods & Meats–1.11%
Danone S.A. (France)		1,880,620		133,300,713
Paper Packaging–1.53%
International Paper Co.		4,054,200		183,898,512
Pharmaceuticals–8.33%
Allergan PLC		1,161,735		183,565,747
Merck & Co., Inc.		2,115,220		155,701,344
Mylan N.V.(b)		3,485,076		108,908,625
Novartis AG (Switzerland)		1,248,353		109,013,911
Pfizer Inc.		6,310,185		271,716,566
Sanofi–ADR (France)		3,842,048		171,816,387
				1,000,722,580

	Shares		Value
Property & Casualty Insurance–1.04%
Allstate Corp. (The)		1,300,438	$	124,477,925
Regional Banks–4.45%
Citizens Financial Group, Inc.		3,928,673		146,735,937
Fifth Third Bancorp		6,761,452		182,491,590
KeyCorp		2,450,009		44,492,163
PNC Financial Services Group, Inc. (The)		1,251,266		160,775,168
				534,494,858
Semiconductors–3.43%
Intel Corp.		4,639,158		217,483,727
QUALCOMM Inc.		3,087,749		194,188,535
				411,672,262
Systems Software–1.43%
Microsoft Corp.		1,609,658		171,927,571
Technology Hardware, Storage & Peripherals–0.35%
NetApp, Inc.		536,775		42,131,470
Wireless Telecommunication Services–0.55%
Vodafone Group PLC (United Kingdom)		35,222,389		66,550,438
Total Common Stocks & Other Equity Interests (Cost $8,889,285,315)				11,442,454,445
Money Market Funds–4.78%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(c)		200,873,986		200,873,986
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(c)		143,468,886		143,497,579
Invesco Treasury Portfolio–Institutional Class, 2.09%(c)		229,570,270		229,570,270
Total Money Market Funds (Cost $573,931,048)				573,941,835
TOTAL INVESTMENTS IN SECURITIES–100.05% (Cost $9,463,216,363)				12,016,396,280
OTHER ASSETS LESS LIABILITIES–(0.05)%				(6,017,911	)
NET ASSETS–100.00%			$	12,010,378,369

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, 2018.

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

6                         Invesco Comstock Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Financials	29.7	%
Energy	17.7
Health Care	14.8
Consumer Discretionary	10.2
Information Technology	8.6
Industrials	5.9
Consumer Staples	4.4
Materials	2.3
Communication Services	1.7
Money Market Funds Plus Other Assets Less Liabilities	4.7

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation
		Deliver			Receive
11/30/2018	Barclays Bank PLC		CAD	83,946,519		USD	64,084,526	$	286,458
11/30/2018	Barclays Bank PLC		EUR	85,284,080		USD	98,125,628		1,319,889
11/30/2018	Deutsche Bank AG		EUR	85,235,170		USD	98,058,972		1,308,750
11/30/2018	Deutsche Bank AG		GBP	52,196,105		USD	67,835,259		1,038,134
11/30/2018	JPMorgan Chase Bank, N.A.		CAD	83,946,519		USD	64,084,737		286,668
11/30/2018	JPMorgan Chase Bank, N.A.		CHF	54,328,323		USD	54,736,438		661,456
11/30/2018	JPMorgan Chase Bank, N.A.		EUR	85,284,080		USD	98,117,799		1,312,060
11/30/2018	JPMorgan Chase Bank, N.A.		GBP	52,191,682		USD	67,833,738		1,042,273
11/30/2018	Royal Bank of Canada		CAD	83,938,557		USD	64,079,490		287,473
11/30/2018	Royal Bank of Canada		GBP	52,191,682		USD	67,829,562		1,038,098
Total Forward Foreign Currency Contracts — Currency Risk								$	8,581,259

Abbreviations:

CAD	– Canadian Dollar
CHF	– Swiss Franc
EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $8,889,285,315)	$	11,442,454,445
Investments in affiliated money market funds, at value (Cost $573,931,048)		573,941,835
Other Investments:
Unrealized appreciation on forward foreign currency contracts outstanding		8,581,259
Foreign currencies, at value (Cost $80,556)		80,247
Receivable for:
Investments sold		31,925,929
Dividends		10,708,176
Fund shares sold		8,285,017
Investment for trustee deferred compensation and retirement plans		864,346
Other assets		140,115
Total assets		12,076,981,369
Liabilities:
Payable for:
Investments purchased		48,230,367
Fund shares reacquired		11,306,511
Accrued fees to affiliates		5,347,106
Accrued trustees’ and officers’ fees and benefits		14,125
Accrued other operating expenses		695,159
Trustee deferred compensation and retirement plans		1,009,732
Total liabilities		66,603,000
Net assets applicable to shares outstanding	$	12,010,378,369
Net assets consist of:
Shares of beneficial interest	$	8,642,772,598
Distributable earnings		3,367,605,771
	$	12,010,378,369

Net Assets:
Class A	$	6,034,392,979
Class C	$	425,942,574
Class R	$	223,861,436
Class Y	$	1,824,971,639
Class R5	$	679,204,900
Class R6	$	2,822,004,841
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		234,218,479
Class C		16,539,417
Class R		8,689,970
Class Y		70,820,834
Class R5		26,375,704
Class R6		109,607,217
Class A:
Net asset value per share	$	25.76
Maximum offering price per share
(Net asset value of $25.76 ¸ 94.50%)	$	27.26
Class C:
Net asset value and offering price per share	$	25.75
Class R:
Net asset value and offering price per share	$	25.76
Class Y:
Net asset value and offering price per share	$	25.77
Class R5:
Net asset value and offering price per share	$	25.75
Class R6:
Net asset value and offering price per share	$	25.75

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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,824,070)	$	147,509,366
Dividends from affiliated money market funds		5,803,918
Total investment income		153,313,284
Expenses:
Advisory fees		23,977,277
Administrative services fees		432,009
Custodian fees		138,062
Distributions fees:
Class A		8,161,089
Class C		2,306,870
Class R		636,992
Transfer agent fees — A, C, R and Y		7,256,668
Transfer agent fees — R5		353,376
Transfer agent fees — R6		72,545
Trustees’ and officers’ fees and benefits		102,649
Registration and filing fees		134,124
Reports to shareholders		455,353
Professional services fees		135,892
Other		121,644
Total expenses		44,284,550
Less: Fees waived and expense offset arrangement(s)		(348,005	)
Net expenses		43,936,545
Net investment income		109,376,739
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		262,382,018
Foreign currencies		(354,200	)
Forward foreign currency contracts		70,520,566
		332,548,384
Change in net unrealized appreciation (depreciation) of:
Investment securities		(758,877,996	)
Foreign currencies		21,752
Forward foreign currency contracts		(17,364,065	)
		(776,220,309	)
Net realized and unrealized gain (loss)		(443,671,925	)
Net increase (decrease) in net assets resulting from operations	$	(334,295,186	)

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income	$	109,376,739		$	182,378,967
Net realized gain		332,548,384			790,828,764
Change in net unrealized appreciation (depreciation)		(776,220,309	)		775,489,924
Net increase (decrease) in net assets resulting from operations		(334,295,186	)		1,748,697,655
Distributions to shareholders from distributable earnings(1):
Class A		(43,010,453	)		(235,835,039	)
Class B		—			(898,869	)
Class C		(1,322,683	)		(13,735,893	)
Class R		(1,348,983	)		(9,772,489	)
Class Y		(15,051,275	)		(76,865,461	)
Class R5		(6,153,523	)		(30,608,345	)
Class R6		(24,866,121	)		(94,188,729	)
Total distributions from distributable earnings		(91,753,038	)		(461,904,825	)
Share transactions–net:
Class A		(190,363,008	)		(591,272,197	)
Class B		—			(44,867,507	)
Class C		(27,859,461	)		(93,097,155	)
Class R		(34,253,424	)		(90,963,809	)
Class Y		29,174,859			(1,683,728,344	)
Class R5		(32,321,739	)		(87,474,852	)
Class R6		339,934,019			1,651,310,027
Net increase (decrease) in net assets resulting from share transactions		84,311,246			(940,093,837	)
Net increase (decrease) in net assets		(341,736,978	)		346,698,993
Net assets:
Beginning of period		12,352,115,347			12,005,416,354
End of period	$	12,010,378,369		$	12,352,115,347

⁽¹⁾  For the year ended April 30, 2018 distributions to shareholders from distributable earnings consisted of distributions from net investment income and distributions from net realized gains. The Securities and Exchange Commission eliminated the requirement to disclose the distribution components separately. For the year ended April 30, 2018 distributions from net investment income were $91,742,237, $349,985, $3,276,558, $3,540,449, $37,308,063, $13,363,140, and $37,510,760 and distributions from net realized gains were $144,092,802, $548,884, $10,459,335, $6,232,040, $39,557,398, $17,245,205 and $56,677,969 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

10                         Invesco Comstock Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

11                         Invesco Comstock Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

12                         Invesco Comstock Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $1 billion		0.50%
Next $1 billion		0.45%
Next $1 billion		0.40%
Over $3 billion		0.35%

For the six months ended October 31, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $334,010.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $341,894 in front-end sales commissions from the sale of Class A shares and $12,485 and $7,129 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $36,235 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments In Securities
Common Stocks & Other Equity Interests	$	11,333,440,534	$	109,013,911	$	—	$	11,442,454,445
Money Market Funds		573,941,835		—		—		573,941,835
Total Investments In Securities		11,907,382,369		109,013,911		—		12,016,396,280
Other Investments — Assets*
Forward Foreign Currency Contracts		—		8,581,259		—		8,581,259
Total Investments	$	11,907,382,369	$	117,595,170	$	—	$	12,024,977,539

* Unrealized appreciation .

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2018:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	8,581,259
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	8,581,259

14                         Invesco Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2018.

	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	1,606,347	$	—	$	—	$	1,606,347
Deutsche Bank AG		2,346,884		—		—		2,346,884
JPMorgan Chase Bank, N.A.		3,302,457		—		—		3,302,457
Royal Bank of Canada		1,325,571		—		—		1,325,571
Total	$	8,581,259	$	—	$	—	$	8,581,259

Effect of Derivative Investments for the six months ended October 31, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	70,520,566
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(17,364,065	)
Total	$	53,156,501

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

	Forward Foreign Currency Contracts
Average notional value	$	850,169,028

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $13,995.

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.

15                         Invesco Comstock Fund

NOTE 8—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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, 2018.

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $1,602,749,390 and $1,461,875,079, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,008,871,299	��
Aggregate unrealized (depreciation) of investments		(492,379,508	)
Net unrealized appreciation of investments	$	2,516,491,791

Cost of investments for tax purposes is $9,508,485,748.

16                         Invesco Comstock Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		9,464,960		$	258,644,870			17,881,424		$	457,556,965
Class B(b)		—			—			5,754			142,232
Class C		828,722			22,658,957			1,226,803			32,091,232
Class R		576,072			15,795,272			1,780,571			46,522,283
Class Y		9,253,394			252,988,428			17,799,853			455,900,712
Class R5		2,574,144			69,922,567			4,772,356			122,684,025
Class R6		28,830,938			784,175,649			83,015,877			2,050,932,804
Issued as reinvestment of dividends:
Class A		1,458,842			39,880,499			8,550,536			222,148,501
Class B(b)		—			—			33,805			872,904
Class C		43,907			1,201,944			488,807			12,782,318
Class R		49,336			1,348,907			376,218			9,772,489
Class Y		478,316			13,075,229			2,695,973			69,648,491
Class R5		225,351			6,151,677			1,181,061			30,600,266
Class R6		899,480			24,575,180			3,592,003			93,645,904
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			863,956			24,959,681
Class B		—			—			(881,443	)		(24,959,681	)
Reacquired:
Class A		(17,897,875	)		(488,888,377	)		(50,399,699	)		(1,295,937,344	)
Class B(b)		—			—			(815,930	)		(20,922,962	)
Class C		(1,894,471	)		(51,720,362	)		(5,468,733	)		(137,970,705	)
Class R		(1,884,927	)		(51,397,603	)		(5,695,017	)		(147,258,581	)
Class Y		(8,693,595	)		(236,888,798	)		(89,514,093	)		(2,209,277,547	)
Class R5		(4,008,992	)		(108,395,983	)		(9,242,431	)		(240,759,143	)
Class R6		(17,198,972	)		(468,816,810	)		(18,795,017	)		(493,268,681	)
Net increase (decrease) in share activity		3,104,630		$	84,311,246			(36,547,366	)	$	(940,093,837	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

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			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/18	$	26.67	$	0.22	$	(0.95	)	$	(0.73	)	$	(0.18	)	$	—		$	(0.18	)	$	25.76		(2.77	)%	$	6,034,393		0.79	%(d)		0.80	%(d)		1.60	%(d)		12	%
Year ended 04/30/18		24.03		0.36		3.23			3.59			(0.36	)		(0.59	)		(0.95	)		26.67		15.09			6,433,646		0.81			0.81			1.38			14
Year ended 04/30/17		21.86		0.40		3.61			4.01			(0.49	)		(1.35	)		(1.84	)		24.03		18.56			6,350,463		0.84			0.84			1.75			18
Year ended 04/30/16		26.04		0.44		(2.29	)		(1.85	)		(0.36	)		(1.97	)		(2.33	)		21.86		(6.90	)		6,613,286		0.84			0.85			1.87			15
Year ended 04/30/15		24.29		0.32		1.84			2.16			(0.41	)		—			(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	)		—			(0.28	)		24.29		21.47			7,356,633		0.81			0.82			1.59			11
Class C
Six months ended 10/31/18		26.66		0.12		(0.95	)		(0.83	)		(0.08	)		—			(0.08	)		25.75		(3.14	)(e)		425,943		1.53	(d)(e)		1.54	(d)(e)		0.86	(d)(e)		12
Year ended 04/30/18		24.02		0.16		3.24			3.40			(0.17	)		(0.59	)		(0.76	)		26.66		14.24	(e)		468,225		1.55	(e)		1.55	(e)		0.64	(e)		14
Year ended 04/30/17		21.85		0.23		3.61			3.84			(0.32	)		(1.35	)		(1.67	)		24.02		17.70			511,920		1.59			1.59			1.00			18
Year ended 04/30/16		26.03		0.27		(2.29	)		(2.02	)		(0.19	)		(1.97	)		(2.16	)		21.85		(7.59	)(e)		532,230		1.56	(e)		1.57	(e)		1.15	(e)		15
Year ended 04/30/15		24.28		0.13		1.84			1.97			(0.22	)		—			(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	)		—			(0.11	)		24.28		20.57			589,910		1.56			1.57			0.84			11
Class R
Six months ended 10/31/18		26.67		0.18		(0.94	)		(0.76	)		(0.15	)		—			(0.15	)		25.76		(2.89	)		223,861		1.04	(d)		1.05	(d)		1.35	(d)		12
Year ended 04/30/18		24.03		0.29		3.24			3.53			(0.30	)		(0.59	)		(0.89	)		26.67		14.80			265,368		1.06			1.06			1.13			14
Year ended 04/30/17		21.86		0.35		3.61			3.96			(0.44	)		(1.35	)		(1.79	)		24.03		18.27			324,055		1.09			1.09			1.50			18
Year ended 04/30/16		26.04		0.38		(2.29	)		(1.91	)		(0.30	)		(1.97	)		(2.27	)		21.86		(7.14	)		358,835		1.09			1.10			1.62			15
Year ended 04/30/15		24.29		0.26		1.84			2.10			(0.35	)		—			(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	)		—			(0.22	)		24.29		21.22			335,562		1.06			1.07			1.34			11
Class Y
Six months ended 10/31/18		26.68		0.25		(0.94	)		(0.69	)		(0.22	)		—			(0.22	)		25.77		(2.65	)		1,824,972		0.54	(d)		0.55	(d)		1.85	(d)		12
Year ended 04/30/18		24.03		0.41		3.25			3.66			(0.42	)		(0.59	)		(1.01	)		26.68		15.41			1,861,752		0.56			0.56			1.63			14
Year ended 04/30/17		21.86		0.46		3.61			4.07			(0.55	)		(1.35	)		(1.90	)		24.03		18.86			3,334,930		0.59			0.59			2.00			18
Year ended 04/30/16		26.04		0.49		(2.28	)		(1.79	)		(0.42	)		(1.97	)		(2.39	)		21.86		(6.67	)		3,034,620		0.59			0.60			2.12			15
Year ended 04/30/15		24.29		0.39		1.84			2.23			(0.48	)		—			(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	)		—			(0.34	)		24.29		21.77			2,941,152		0.56			0.57			1.84			11
Class R5
Six months ended 10/31/18		26.66		0.26		(0.95	)		(0.69	)		(0.22	)		—			(0.22	)		25.75		(2.62	)		679,205		0.48	(d)		0.49	(d)		1.91	(d)		12
Year ended 04/30/18		24.02		0.44		3.23			3.67			(0.44	)		(0.59	)		(1.03	)		26.66		15.46			735,462		0.50			0.50			1.69			14
Year ended 04/30/17		21.85		0.48		3.62			4.10			(0.58	)		(1.35	)		(1.93	)		24.02		18.98			741,550		0.51			0.51			2.08			18
Year ended 04/30/16		26.04		0.51		(2.29	)		(1.78	)		(0.44	)		(1.97	)		(2.41	)		21.85		(6.61	)		824,228		0.49			0.50			2.22			15
Year ended 04/30/15		24.29		0.41		1.84			2.25			(0.50	)		—			(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	)		—			(0.35	)		24.29		21.92			631,780		0.49			0.50			1.91			11
Class R6
Six months ended 10/31/18		26.66		0.27		(0.94	)		(0.67	)		(0.24	)		—			(0.24	)		25.75		(2.58	)		2,822,005		0.39	(d)		0.40	(d)		2.00	(d)		12
Year ended 04/30/18		24.01		0.47		3.24			3.71			(0.47	)		(0.59	)		(1.06	)		26.66		15.61			2,587,663		0.41			0.41			1.78			14
Year ended 04/30/17		21.85		0.50		3.61			4.11			(0.60	)		(1.35	)		(1.95	)		24.01		19.05			702,678		0.41			0.41			2.18			18
Year ended 04/30/16		26.03		0.54		(2.29	)		(1.75	)		(0.46	)		(1.97	)		(2.43	)		21.85		(6.48	)		624,206		0.39			0.40			2.32			15
Year ended 04/30/15		24.28		0.44		1.83			2.27			(0.52	)		—			(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	)		—			(0.37	)		24.28		21.92			360,178		0.40			0.41			2.00			11

^(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 $6,491,226, $464,114, $252,720, $1,909,813, $739,168 and $2,875,422 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	972.30	$	3.93	$	1,021.22	$	4.02		0.79	%
C		1,000.00		968.60		7.59		1,017.49		7.78		1.53
R		1,000.00		971.10		5.17		1,019.96		5.30		1.04
Y		1,000.00		973.50		2.69		1,022.48		2.75		0.54
R5		1,000.00		973.80		2.39		1,022.79		2.45		0.48
R6		1,000.00		974.60		1.94		1,023.24		1.99		0.39

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

19                         Invesco Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 second 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 above the performance of the Index for the one year period and reasonably comparable to 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 and Fund Expenses

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

20                         Invesco Comstock Fund

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

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

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

D. Economies of Scale and Breakpoints

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

noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

21                         Invesco Comstock Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                        Invesco Distributors, Inc.                                                                            VK-COM-SAR-1             12142018      0909

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Dividend Income Fund
	Nasdaq:
	A: IAUTX  ∎  C: IUTCX  ∎  Y: IAUYX  ∎  Investor: FSTUX  ∎  R5: FSIUX  ∎  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, 4/30/18 to 10/31/18, 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	2.67	%
Class C Shares	2.22
Class Y Shares	2.78
Investor Class Shares	2.65
Class R5 Shares	2.82
Class R6 Shares	2.86
S&P 500 Index▼ (Broad Market Index)	3.40
Dow Jones U.S. Select Dividend Index▼ (Style-Specific Index)	1.44
Russell 1000 Value Index▼ (Style-Specific Index)	1.07
Lipper Equity Income Funds Index∎ (Peer-Group Index)	1.50
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Dow Jones U.S. Select Dividend™ Index 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.

For more information about your Fund

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

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

2                      Invesco Dividend Income Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.87	%
10 Years	9.27
5 Years	7.28
1 Year	-5.56
Class C Shares
Inception (2/14/00)	3.40	%
10 Years	9.07
5 Years	7.69
1 Year	-1.79
Class Y Shares
Inception (10/3/08)	9.18	%
10 Years	10.17
5 Years	8.77
1 Year	0.20
Investor Class Shares
Inception (6/2/86)	8.39	%
10 Years	9.89
5 Years	8.49
1 Year	-0.05
Class R5 Shares
Inception (10/25/05)	8.24	%
10 Years	10.31
5 Years	8.81
1 Year	0.23
Class R6 Shares
10 Years	10.12	%
5 Years	8.89
1 Year	0.31

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 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

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.08	%
10 Years	8.13
5 Years	8.71
1 Year	-2.76
Class C Shares
Inception (2/14/00)	3.56	%
10 Years	7.94
5 Years	9.13
1 Year	1.19
Class Y Shares
10 Years	9.03	%
5 Years	10.23
1 Year	3.20
Investor Class Shares
Inception (6/2/86)	8.50	%
10 Years	8.75
5 Years	9.96
1 Year	2.94
Class R5 Shares
Inception (10/25/05)	8.51	%
10 Years	9.17
5 Years	10.26
1 Year	3.21
Class R6 Shares
10 Years	8.99	%
5 Years	10.36
1 Year	3.33

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 C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.02%, 1.77%, 0.77%, 1.02%, 0.73% and 0.65%, 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 C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.03%, 1.78%, 0.78%, 1.03%, 0.74% and 0.66%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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, 2020. 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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.08%
Aerospace & Defense–1.62%
General Dynamics Corp.		72,170	$	12,455,099
Lockheed Martin Corp.		46,586		13,689,296
				26,144,395
Air Freight & Logistics–1.14%
United Parcel Service, Inc.–Class B		172,074		18,332,764
Asset Management & Custody Banks–2.71%
Federated Investors, Inc.–Class B		393,430		9,705,918
Waddell & Reed Financial, Inc.–Class A		1,788,421		34,105,189
				43,811,107
Electric Utilities–7.57%
American Electric Power Co., Inc.		274,639		20,147,517
Duke Energy Corp.		212,697		17,575,153
Exelon Corp.		854,437		37,432,885
Pinnacle West Capital Corp.		252,925		20,803,082
Portland General Electric Co.		580,188		26,154,875
				122,113,512
Electrical Components & Equipment–2.22%
ABB Ltd. (Switzerland)		920,449		18,503,782
Emerson Electric Co.		254,859		17,299,829
				35,803,611
Fertilizers & Agricultural Chemicals–0.86%
Nutrien Ltd. (Canada)		263,046		13,925,083
Food Distributors–1.50%
Sysco Corp.		339,522		24,218,104
Gas Utilities–3.65%
National Fuel Gas Co.		705,878		38,322,116
Southwest Gas Holdings, Inc.		267,036		20,633,872
				58,955,988
General Merchandise Stores–1.61%
Target Corp.		311,576		26,057,101
Household Products–5.77%
Kimberly-Clark Corp.		285,416		29,768,889
Procter & Gamble Co. (The)		715,154		63,419,857
				93,188,746
Industrial Machinery–1.08%
Kennametal Inc.		489,747		17,361,531
Integrated Oil & Gas–6.53%
Exxon Mobil Corp.		400,832		31,938,294
Royal Dutch Shell PLC–Class B (United Kingdom)		329,570		10,730,694
Suncor Energy, Inc. (Canada)		824,077		27,643,465
TOTAL S.A. (France)		597,274		35,053,531
				105,365,984

	Shares		Value
Integrated Telecommunication Services–9.89%
AT&T Inc.		1,632,202	$	50,075,957
BT Group PLC (United Kingdom)		8,686,734		26,709,195
Deutsche Telekom AG (Germany)		1,523,415		25,011,072
Verizon Communications Inc.		1,014,016		57,890,174
				159,686,398
Motorcycle Manufacturers–1.14%
Harley-Davidson, Inc.		481,788		18,413,937
Multi-Utilities–9.07%
CMS Energy Corp.		367,874		18,217,120
Dominion Energy, Inc.		833,186		59,506,144
National Grid PLC (United Kingdom)		2,600,107		27,558,110
Public Service Enterprise Group Inc.		206,328		11,024,105
Sempra Energy		273,630		30,132,136
				146,437,615
Packaged Foods & Meats–8.57%
Campbell Soup Co.		608,418		22,760,917
Danone S.A. (France)		219,452		15,555,034
General Mills, Inc.		1,056,258		46,264,101
Kraft Heinz Co. (The)		414,131		22,764,781
Nestle S.A. (Switzerland)		368,228		31,055,822
				138,400,655
Paper Packaging–2.63%
International Paper Co.		393,443		17,846,574
Sonoco Products Co.		450,086		24,565,694
				42,412,268
Pharmaceuticals–9.85%
Bayer AG (Germany)		242,580		18,623,119
Bristol-Myers Squibb Co.		502,933		25,418,234
Eli Lilly and Co.		418,652		45,398,623
Johnson & Johnson		149,395		20,913,806
Merck & Co., Inc.		660,798		48,641,341
				158,995,123
Property & Casualty Insurance–2.60%
Chubb Ltd.		117,387		14,662,810
Travelers Cos., Inc. (The)		217,830		27,257,068
				41,919,878
Regional Banks–3.98%
Cullen/Frost Bankers, Inc.		158,108		15,481,936
M&T Bank Corp.		295,193		48,827,874
				64,309,810
Restaurants–3.22%
Darden Restaurants, Inc.		97,444		10,382,658
McDonald’s Corp.		234,799		41,535,943
				51,918,601

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

5                         Invesco Dividend Income Fund

	Shares		Value
Semiconductors–0.46%
Microchip Technology Inc.		113,590	$	7,471,950
Soft Drinks–3.30%
Coca-Cola Co. (The)		1,112,677		53,274,975
Specialized REITs–1.28%
Weyerhaeuser Co.		775,191		20,643,336
Tobacco–3.83%
Altria Group, Inc.		308,834		20,086,563
Imperial Brands PLC (United Kingdom)		761,556		25,804,589
Philip Morris International Inc.		180,662		15,910,902
				61,802,054
Total Common Stocks & Other Equity Interests (Cost $1,361,587,827)				1,550,964,526

	Shares		Value
Money Market Funds–3.49%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(b)		19,743,072	$	19,743,072
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(b)		14,109,001		14,111,822
Invesco Treasury Portfolio–Institutional Class, 2.09%(b)		22,563,511		22,563,511
Total Money Market Funds (Cost $56,417,135)				56,418,405
TOTAL INVESTMENTS IN SECURITIES–99.57% (Cost $1,418,004,962)				1,607,382,931
OTHER ASSETS LESS LIABILITIES–0.43%				6,898,633
NET ASSETS–100.00%			$	1,614,281,564

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, 2018.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Consumer Staples	23.0	%
Utilities	20.3
Financials	14.5
Health Care	9.8
Communication Services	6.7
Energy	6.5
Consumer Discretionary	6.0
Industrials	4.9
Materials	2.6
Real Estate	1.3
Information Technology	0.5
Money Market Funds Plus Other Assets Less Liabilities	3.9

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
12/14/2018	Bank of America, N.A.		EUR	13,252,170		USD	15,422,955	$	358,106
12/14/2018	JPMorgan Chase Bank, N.A.		EUR	13,132,059		USD	15,283,214		354,905
12/14/2018	State Street Bank and Trust Co.		EUR	13,252,170		USD	15,418,780		353,931
Subtotal — Appreciation									1,066,942
12/14/2018	Citibank, N.A.		USD	2,710,608		EUR	2,369,974		(16,460	)
Total Forward Foreign Currency Contracts — Currency Risk								$	1,050,482

Abbreviations:

EUR	– Euro
USD	– U.S. Dollar

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,361,587,827)	$	1,550,964,526
Investments in affiliated money market funds, at value (Cost $56,417,135)		56,418,405
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,066,942
Foreign currencies, at value (Cost $468,499)		467,886
Receivable for:
Investments sold		4,721,726
Dividends and interest		4,283,525
Fund shares sold		653,642
Investment for trustee deferred compensation and retirement plans		126,640
Other assets		82,641
Total assets		1,618,785,933
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		16,460
Payable for:
Investments purchased		203,223
Fund shares reacquired		3,264,048
Accrued fees to affiliates		761,315
Accrued trustees’ and officers’ fees and benefits		4,213
Accrued other operating expenses		111,146
Trustee deferred compensation and retirement plans		143,964
Total liabilities		4,504,369
Net assets applicable to common shares	$	1,614,281,564
Net assets consist of:
Shares of beneficial interest	$	1,307,662,127
Distributable earnings		306,619,437
	$	1,614,281,564

Net Assets:
Class A	$	759,606,994
Class C	$	193,661,244
Class Y	$	311,952,174
Investor Class	$	75,887,266
Class R5	$	2,351,077
Class R6	$	270,822,809
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		32,603,177
Class C		8,207,737
Class Y		13,259,341
Investor Class		3,226,747
Class R5		100,878
Class R6		11,612,113
Class A:
Net asset value per share	$	23.30
Maximum offering price per share
(Net asset value of 23.30 ¸ 94.50%)	$	24.66
Class C:
Net asset value and offering price per share	$	23.59
Class Y:
Net asset value and offering price per share	$	23.53
Investor Class:
Net asset value and offering price per share	$	23.52
Class R5:
Net asset value and offering price per share	$	23.31
Class R6:
Net asset value and offering price per share	$	23.32

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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of ($472,737)	$	31,041,820
Dividends from affiliated money market funds		524,561
Total investment income		31,566,381
Expenses:
Advisory fees		5,441,826
Administrative services fees		204,333
Custodian fees		58,671
Distribution fees:
Class A		1,028,266
Class C		1,087,053
Investor Class		99,256
Transfer agent fees — A, C, Y and Investor		1,026,051
Transfer agent fees — R5		1,102
Transfer agent fees — R6		20,131
Trustees’ and officers’ fees and benefits		23,644
Registration and filing fees		75,464
Reports to shareholders		108,726
Professional services fees		50,327
Other		25,842
Total expenses		9,250,692
Less: Fees waived and expense offset arrangement(s)		(39,347	)
Net expenses		9,211,345
Net investment income		22,355,036
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		61,327,288
Foreign currencies		(227,533	)
Forward foreign currency contracts		4,604,518
		65,704,273
Change in net unrealized appreciation (depreciation) of:
Investment securities		(37,231,867	)
Foreign currencies		(3,675	)
Forward foreign currency contracts		(665,799	)
		(37,901,341	)
Net realized and unrealized gain		27,802,932
Net increase in net assets resulting from operations	$	50,157,968

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income	$	22,355,036		$	50,192,464
Net realized gain		65,704,273			77,972,138
Change in net unrealized appreciation (depreciation)		(37,901,341	)		(109,928,798	)
Net increase in net assets resulting from operations		50,157,968			18,235,804
Distributions to shareholders from distributable earnings(1):
Class A		(10,175,559	)		(44,409,856	)
Class B		—			(95,827	)
Class C		(1,884,737	)		(10,216,069	)
Class Y		(4,916,423	)		(29,021,377	)
Investor Class		(983,886	)		(3,798,356	)
Class R5		(31,168	)		(104,464	)
Class R6		(4,267,016	)		(15,308,141	)
Total distributions from distributable earnings		(22,258,789	)		(102,954,090	)
Share transactions–net:
Class A		(115,943,460	)		(245,373,749	)
Class B		—			(4,357,345	)
Class C		(45,994,308	)		(64,867,734	)
Class Y		(138,497,744	)		(395,325,950	)
Investor Class		(4,367,469	)		(14,984,629	)
Class R5		408,855			(372,337	)
Class R6		(56,486,045	)		254,846,222
Net increase (decrease) in net assets resulting from share transactions		(360,880,171	)		(470,435,522	)
Net increase (decrease) in net assets		(332,980,992	)		(555,153,808	)
Net assets:
Beginning of period		1,947,262,556			2,502,416,364
End of period	$	1,614,281,564		$	1,947,262,556

⁽¹⁾  For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income and distributions from net realized gains. The Securities and Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions from net investment income were $19,890,762, $28,588, $3,367,622, $14,173,207, $1,692,169, $51,057 and $6,632,381 and distributions from net realized gains were $24,519,094, $67,239, $6,848,447, $14,848,170, $2,106,187, $53,407 and $8,675,760 for Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. 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.

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

9                         Invesco Dividend Income Fund

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

10                         Invesco Dividend Income Fund

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

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

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

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

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

11                         Invesco Dividend Income Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $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, 2018, the effective advisory fees incurred by the Fund was 0.61%.

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

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $34,736.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $55,131 in front-end sales commissions from the sale of Class A shares and $16,920 and $8,236 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $315 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 Dividend Income 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,429,816,108	$	121,148,418		$	—	$	1,550,964,526
Money Market Funds		56,418,405		—			—		56,418,405
Total Investments in Securities		1,486,234,513		121,148,418			—		1,607,382,931
Other Investments – Assets*
Forward Foreign Currency Contracts		—		1,066,942			—		1,066,942
Other Investments – Liabilities*
Forward Foreign Currency Contracts		—		(16,460	)		—		(16,460	)
Total Other Investments		—		1,050,482			—		1,050,482
Total Investments	$	1,486,234,513	$	122,198,900		$	—	$	1,608,433,413

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2018:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,066,942
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	1,066,942
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(16,460	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(16,460	)

13                         Invesco Dividend Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged				Net Amount
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts						Non-Cash		Cash
Bank of America, N.A.	$	358,106	$	—		$	358,106		$	—	$	—	$	358,106
Citibank, N.A.		—		(16,460	)		(16,460	)		—		—		(16,460	)
JPMorgan Chase Bank, N.A.		354,905		—			354,905			—		—		354,905
State Street Bank and Trust Co.		353,931		—			353,931			—		—		353,931
Total	$	1,066,942	$	(16,460	)	$	1,050,482		$	—	$	—	$	1,050,482

Effect of Derivative Investments for the six months ended October 31, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	4,604,518
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(665,799	)
Total	$	3,938,719

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

	Forward Foreign Currency Contracts
Average notional value	$	49,773,243

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,611.

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.

14                         Invesco Dividend Income 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, 2018.

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $21,350,353 and $352,153,152, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	278,758,055
Aggregate unrealized (depreciation) of investments		(90,054,176	)
Net unrealized appreciation of investments	$	188,703,879

Cost of investments for tax purposes is $1,419,729,534.

15                         Invesco Dividend Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		1,194,346		$	28,098,937			5,547,845		$	133,936,507
Class B(b)		—			—			3,094			75,111
Class C		192,128			4,567,435			1,313,101			32,069,130
Class Y		1,450,444			34,335,216			9,063,741			221,205,219
Investor Class		41,706			989,218			134,779			3,281,647
Class R5		30,867			717,299			23,003			548,665
Class R6		785,709			18,474,377			13,276,828			319,690,551
Issued as reinvestment of dividends:
Class A		393,675			9,250,606			1,697,639			41,200,887
Class B(b)		—			—			3,641			89,218
Class C		68,470			1,630,079			372,895			9,188,155
Class Y		166,177			3,940,617			1,017,708			24,935,624
Investor Class		38,775			920,199			146,539			3,588,837
Class R5		1,313			30,922			4,307			104,387
Class R6		177,316			4,169,725			622,824			15,117,359
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			117,928			2,962,339
Class B		—			—			(118,411	)		(2,962,339	)
Reacquired:
Class A		(6,532,859	)		(153,293,003	)		(17,570,287	)		(423,473,482	)
Class B(b)		—			—			(63,765	)		(1,559,335	)
Class C		(2,199,695	)		(52,191,822	)		(4,367,841	)		(106,125,019	)
Class Y		(7,516,955	)		(176,773,577	)		(26,482,455	)		(641,466,793	)
Investor Class		(263,583	)		(6,276,886	)		(892,407	)		(21,855,113	)
Class R5		(14,574	)		(339,366	)		(43,162	)		(1,025,389	)
Class R6		(3,370,974	)		(79,130,147	)		(3,354,816	)		(79,961,688	)
Net increase (decrease) in share activity		(15,357,714	)	$	(360,880,171	)		(19,537,272	)	$	(470,435,522	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

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 (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 10/31/18	$	22.98	$	0.29		$	0.32		$	0.61		$	(0.29	)	$	—		$	(0.29	)	$	23.30		2.67	%	$	759,607		1.06	%(d)		1.06	%(d)		2.48	%(d)		1	%
Year ended 04/30/18		23.96		0.51			(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		22.98		0.21			862,915		1.01			1.02			2.12			11
Year ended 04/30/17		22.32		0.41			1.80			2.21			(0.41	)		(0.16	)		(0.57	)		23.96		10.00			1,143,946		1.03			1.05			1.74			6
Year ended 04/30/16		21.03		0.40			1.77			2.17			(0.41	)		(0.47	)		(0.88	)		22.32		10.72			867,596		1.13			1.17			1.91			9
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
Class C
Six months ended 10/31/18		23.28		0.21			0.31			0.52			(0.21	)		—			(0.21	)		23.59		2.22			193,661		1.81	(d)		1.81	(d)		1.73	(d)		1
Year ended 04/30/18		24.26		0.33			(0.42	)		(0.09	)		(0.29	)		(0.60	)		(0.89	)		23.28		(0.52	)		236,168		1.76			1.77			1.37			11
Year ended 04/30/17		22.60		0.24			1.82			2.06			(0.24	)		(0.16	)		(0.40	)		24.26		9.16			311,194		1.78			1.80			0.99			6
Year ended 04/30/16		21.28		0.25			1.80			2.05			(0.26	)		(0.47	)		(0.73	)		22.60		9.94			154,584		1.88			1.92			1.16			9
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
Class Y
Six months ended 10/31/18		23.21		0.33			0.32			0.65			(0.33	)		—			(0.33	)		23.53		2.78			311,952		0.81	(d)		0.81	(d)		2.73	(d)		1
Year ended 04/30/18		24.19		0.58			(0.43	)		0.15			(0.53	)		(0.60	)		(1.13	)		23.21		0.48			444,633		0.76			0.77			2.37			11
Year ended 04/30/17		22.53		0.47			1.82			2.29			(0.47	)		(0.16	)		(0.63	)		24.19		10.28			860,105		0.78			0.80			1.99			6
Year ended 04/30/16		21.22		0.47			1.78			2.25			(0.47	)		(0.47	)		(0.94	)		22.53		11.01			249,625		0.88			0.92			2.16			9
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
Investor Class
Six months ended 10/31/18		23.20		0.30			0.32			0.62			(0.30	)		—			(0.30	)		23.52		2.65			75,887		1.06	(d)		1.06	(d)		2.48	(d)		1
Year ended 04/30/18		24.18		0.51			(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		23.20		0.23			79,103		1.01			1.02			2.12			11
Year ended 04/30/17		22.52		0.41			1.82			2.23			(0.41	)		(0.16	)		(0.57	)		24.18		10.01			97,228		1.03			1.05			1.74			6
Year ended 04/30/16		21.22		0.41			1.78			2.19			(0.42	)		(0.47	)		(0.89	)		22.52		10.69			88,691		1.13			1.17			1.91			9
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
Class R5
Six months ended 10/31/18		22.99		0.33			0.32			0.65			(0.33	)		—			(0.33	)		23.31		2.82			2,351		0.77	(d)		0.77	(d)		2.77	(d)		1
Year ended 04/30/18		23.97		0.58			(0.42	)		0.16			(0.54	)		(0.60	)		(1.14	)		22.99		0.51			1,914		0.72			0.73			2.41			11
Year ended 04/30/17		22.32		0.48			1.81			2.29			(0.48	)		(0.16	)		(0.64	)		23.97		10.38			2,376		0.72			0.74			2.05			6
Year ended 04/30/16		21.04		0.47			1.75			2.22			(0.47	)		(0.47	)		(0.94	)		22.32		10.98			551		0.84			0.85			2.20			9
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
Class R6
Six months ended 10/31/18		23.00		0.34			0.32			0.66			(0.34	)		—			(0.34	)		23.32		2.86			270,823		0.68	(d)		0.68	(d)		2.86	(d)		1
Year ended 04/30/18		23.98		0.60			(0.42	)		0.18			(0.56	)		(0.60	)		(1.16	)		23.00		0.59			322,530		0.64			0.65			2.49			11
Year ended 04/30/17		22.34		0.50			1.80			2.30			(0.50	)		(0.16	)		(0.66	)		23.98		10.42			83,352		0.64			0.66			2.13			6
Year ended 04/30/16		21.05		0.49			1.77			2.26			(0.50	)		(0.47	)		(0.97	)		22.34		11.13			63,000		0.74			0.75			2.30			9
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

^(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 $815,906, $215,638, $361,941, $78,758, $2,203 and $297,358 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,026.70	$	5.41	$	1,019.86	$	5.40		1.06	%
C		1,000.00		1,022.20		9.23		1,016.08		9.20		1.81
Y		1,000.00		1,027.80		4.14		1,021.12		4.13		0.81
Investor		1,000.00		1,026.50		5.41		1,019.86		5.40		1.06
R5		1,000.00		1,028.20		3.94		1,021.32		3.92		0.77
R6		1,000.00		1,028.60		3.48		1,021.78		3.47		0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                         Invesco Dividend Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 fifth quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board noted that the Fund’s overweight exposure to certain defensive sectors and underweight exposure to certain cyclically-oriented sectors, as well as its cash position, negatively impacted performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

19                         Invesco Dividend Income Fund

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

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

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule,

which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

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

20                         Invesco Dividend Income Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                        Invesco Distributors,  Inc.                                                                                    I-DIVI-SAR-1            12142018      1107

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Energy Fund
	Nasdaq:
	A: IENAX  ∎  C: IEFCX  ∎  Y: IENYX  ∎  Investor: FSTEX  ∎  R5: IENIX  ∎  R6: IENSX

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, 4/30/18 to 10/31/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.35	%
Class C Shares	-12.72
Class Y Shares	-12.26
Investor Class Shares	-12.36
Class R5 Shares	-12.18
Class R6 Shares	-12.18
S&P 500 Index▼ (Broad Market Index)	3.40
MSCI World Energy Index∎ (Style-Specific Index)	-6.66
Lipper Natural Resource Funds Index¨ (Peer Group Index)	-13.16
Source(s): ▼FactSet Research Systems Inc.; ⬛RIMES Technologies Corp.; ¨Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The MSCI World Energy Index is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Natural Resource Funds Index is an unmanaged index considered representative of natural resource funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Energy Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	4.59	%
10 Years	-0.51
5 Years	-10.53
1 Year	-8.73
Class C Shares
Inception (2/14/00)	5.71	%
10 Years	-0.69
5 Years	-10.19
1 Year	-5.10
Class Y Shares
Inception (10/3/08)	-0.80	%
10 Years	0.31
5 Years	-9.29
1 Year	-3.18
Investor Class Shares
Inception (1/19/84)	6.83	%
10 Years	0.06
5 Years	-9.51
1 Year	-3.43
Class R5 Shares
Inception (1/31/06)	-0.65	%
10 Years	0.46
5 Years	-9.14
1 Year	-3.05
Class R6 Shares
10 Years	0.13	%
5 Years	-9.38
1 Year	-3.06
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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 April 4, 2017. 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 sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would

Average Annual Total Returns
of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.54	%
10 Years	-1.58
5 Years	-7.21
1 Year	3.91
Class C Shares
Inception (2/14/00)	6.57	%
10 Years	-1.76
5 Years	-6.86
1 Year	8.14
Class Y Shares
10 Years	-0.78	%
5 Years	-5.93
1 Year	10.24
Investor Class Shares
Inception (1/19/84)	7.30	%
10 Years	-1.02
5 Years	-6.15
1 Year	9.98
Class R5 Shares
Inception (1/31/06)	0.49	%
10 Years	-0.62
5 Years	-5.78
1 Year	10.40
Class R6 Shares
10 Years	-0.96	%
5 Years	-6.03
1 Year	10.40
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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 C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.33%, 2.08%, 1.08%, 1.33%, 0.91% and 0.90%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved.

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

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

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

3                      Invesco Energy Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance,

holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.49%
Commodity Chemicals–0.83%
LG Chem Ltd. (South Korea)		13,509	$	4,131,867
Diversified Metals & Mining–2.57%
Glencore PLC (Switzerland)		1,793,493		7,309,455
Turquoise Hill Resources Ltd. (Mongolia)(b)		3,265,446		5,583,913
				12,893,368
Integrated Oil & Gas–33.74%
BP PLC–ADR (United Kingdom)		800,756		34,728,788
Chevron Corp.		257,861		28,790,181
Exxon Mobil Corp.		291,878		23,256,839
Occidental Petroleum Corp.		287,759		19,299,996
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		457,706		28,922,442
Suncor Energy, Inc. (Canada)		804,880		26,999,507
TOTAL S.A. (France)		118,166		6,935,067
				168,932,820
Oil & Gas Drilling–4.45%
Ensco PLC–Class A		1,152,195		8,226,673
Helmerich & Payne, Inc.		225,587		14,051,814
				22,278,487
Oil & Gas Equipment & Services–13.13%
Baker Hughes, a GE Co.		404,727		10,802,164
Core Laboratories N.V.		105,906		9,027,427
Halliburton Co.		516,648		17,917,353
Oceaneering International, Inc.(b)		255,728		4,843,488
Schlumberger Ltd.		143,916		7,384,330
Superior Energy Services, Inc.(b)		1,337,910		10,475,835
Tenaris S.A.–ADR (Luxembourg)		174,352		5,096,309
Tidewater Inc.–Series A, Wts., expiring 07/31/2023(b)		24,724		98,896
Tidewater Inc.–Series B, Wts., expiring 07/31/2023(b)		26,728		96,221
				65,742,023
Oil & Gas Exploration & Production–40.49%
Anadarko Petroleum Corp.		241,384		12,841,629
Apache Corp.		126,716		4,793,666
Cabot Oil & Gas Corp.		631,868		15,310,162
Canadian Natural Resources Ltd. (Canada)		882,962		24,226,206

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Cobalt International Energy, Inc.(b)(c)		526,022	$	0
Concho Resources Inc.(b)		42,687		5,937,335
Devon Energy Corp.		757,103		24,530,137
EOG Resources, Inc.		105,000		11,060,700
Hess Corp.		381,451		21,895,287
Laredo Petroleum, Inc.(b)		848,663		4,446,994
Noble Energy, Inc.		953,223		23,687,592
PrairieSky Royalty Ltd. (Canada)		1,265,960		19,232,937
Range Resources Corp.		1,738,830		27,560,455
Tullow Oil PLC (Ghana)(b)		2,494,683		7,186,616
				202,709,716
Oil & Gas Refining & Marketing–4.28%
Caltex Australia Ltd. (Australia)		267,225		5,353,509
Phillips 66		156,272		16,067,887
				21,421,396
Total Common Stocks & Other Equity Interests (Cost $675,193,006)				498,109,677
	Principal Amount
Bonds & Notes–0.01%
Oil & Gas Exploration & Production–0.01%
Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 3.13%, 05/15/2024 (Cost $8,258,929)(d)	$	17,188,000		65,315
	Shares
Money Market Funds–0.57%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(e)		990,756		990,756
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(e)		707,540		707,681
Invesco Treasury Portfolio–Institutional Class, 2.09%(e)		1,132,293		1,132,293
Total Money Market Funds (Cost $2,830,730)				2,830,730
TOTAL INVESTMENTS IN SECURITIES–100.07% (Cost $686,282,665)				501,005,722
OTHER ASSETS LESS LIABILITIES–(0.07)%				(341,416	)
NET ASSETS–100.00%			$	500,664,306

Investment Abbreviations:

ADR	– American Depositary Receipt
Conv.	– Convertible
Sr.	– Senior
Unsec.	– Unsecured
Wts.	– Warrants

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

5                         Invesco Energy Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

^(d)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at October 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(e)  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, 2018.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2018

Oil & Gas Exploration & Production	40.5	%
Integrated Oil & Gas	33.7
Oil & Gas Equipment & Services	13.1
Oil & Gas Drilling	4.5
Oil & Gas Refining & Marketing	4.3
Diversified Metals & Mining	2.6
Commodity Chemicals	0.8
Money Market Funds Plus Other Assets Less Liabilities	0.5

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

6                         Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $683,451,935)	$	498,174,992
Investments in affiliated money market funds, at value and cost		2,830,730
Foreign currencies, at value (Cost $240,766)		239,636
Receivable for:
Dividends and interest		143,687
Fund shares sold		486,535
Investment for trustee deferred compensation and retirement plans		241,112
Other assets		39,743
Total assets		502,156,435
Liabilities:
Payable for:
Fund shares reacquired		689,099
Accrued fees to affiliates		429,115
Accrued trustees’ and officers’ fees and benefits		2,192
Accrued other operating expenses		101,592
Trustee deferred compensation and retirement plans		270,131
Total liabilities		1,492,129
Net assets applicable to shares outstanding	$	500,664,306
Net assets consist of:
Shares of beneficial interest	$	812,042,143
Distributable earnings		(311,377,837	)
	$	500,664,306

Net Assets:
Class A	$	260,348,829
Class C	$	70,720,415
Class Y	$	52,425,423
Investor Class	$	110,378,236
Class R5	$	6,522,305
Class R6	$	269,098
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,464,369
Class C		3,654,168
Class Y		2,304,245
Investor Class		4,881,566
Class R5		279,934
Class R6		11,556
Class A:
Net asset value per share	$	22.71
Maximum offering price per share
(Net asset value of $22.71 ¸ 94.50%)	$	24.03
Class C:
Net asset value and offering price per share	$	19.35
Class Y:
Net asset value and offering price per share	$	22.75
Investor Class:
Net asset value and offering price per share	$	22.61
Class R5:
Net asset value and offering price per share	$	23.30
Class R6:
Net asset value and offering price per share	$	23.29

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

7                         Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $361,784)	$	6,359,023
Dividends from affiliated money market funds		126,452
Interest		95,600
Total investment income		6,581,075
Expenses:
Advisory fees		2,142,813
Administrative services fees		82,182
Custodian fees		11,441
Distribution fees:
Class A		394,235
Class C		440,984
Investor Class		167,076
Transfer agent fees — A, C, Y and Investor		724,953
Transfer agent fees — R5		4,034
Transfer agent fees — R6		96
Trustees’ and officers’ fees and benefits		13,022
Registration and filing fees		49,465
Reports to shareholders		56,450
Professional services fees		28,588
Other		11,770
Total expenses		4,127,109
Less: Fees waived and expense offset arrangement(s)		(12,734	)
Net expenses		4,114,375
Net investment income		2,466,700
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		6,684,919
Foreign currencies		(25,864	)
		6,659,055
Change in net unrealized appreciation (depreciation) of:
Investment securities		(80,357,434	)
Foreign currencies		4,879
		(80,352,555	)
Net realized and unrealized gain (loss)		(73,693,500	)
Net increase (decrease) in net assets resulting from operations	$	(71,226,800	)

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

8                         Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income	$	2,466,700		$	12,582,605
Net realized gain		6,659,055			3,307,126
Change in net unrealized appreciation (depreciation)		(80,352,555	)		25,678,865
Net increase (decrease) in net assets resulting from operations		(71,226,800	)		41,568,596
Distributions to shareholders from distributable earnings(1):
Class A		—			(7,518,092	)
Class B		—			(16,198	)
Class C		—			(999,111	)
Class Y		—			(1,605,135	)
Investor Class		—			(3,120,324	)
Class R5		—			(243,236	)
Class R6		—			(3,052	)
Total distributions from distributable earnings		—			(13,505,148	)
Share transactions–net:
Class A		(26,219,286	)		(85,285,570	)
Class B		—			(3,366,435	)
Class C		(11,277,828	)		(32,746,572	)
Class Y		4,059,512			(10,045,256	)
Investor Class		(10,192,410	)		(29,674,044	)
Class R5		(672,353	)		(1,125,861	)
Class R6		118,665			169,682
Net increase (decrease) in net assets resulting from share transactions		(44,183,700	)		(162,074,056	)
Net increase (decrease) in net assets		(115,410,500	)		(134,010,608	)
Net assets:
Beginning of period		616,074,806			750,085,414
End of period	$	500,664,306		$	616,074,806

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. 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.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a

9                         Invesco Energy 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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

10                         Invesco Energy 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.

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

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

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

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

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

11                         Invesco Energy Fund

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $350 million		0.75%
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, 2018, the effective advisory fees incurred by the Fund was 0.71%.

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

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $7,312.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $20,878 in front-end sales commissions from the sale of Class A shares and $720 and $1,381 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

12                         Invesco Energy 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	498,109,677	$	—	$	0	$	498,109,677
Bonds & Notes		—		65,315		—		65,315
Money Market Funds		2,830,730		—		—		2,830,730
Total Investments	$	500,940,407	$	65,315	$	0	$	501,005,722

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended October 31, 2018, the Fund engaged in securities purchases of $1,401,344.

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,422.

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.

13                         Invesco Energy 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 had a capital loss carryforward as of April 30, 2018, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	12,550,088	$	120,767,895	$	133,317,983

* 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 Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $60,452,083 and $101,767,359, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	37,327,343
Aggregate unrealized (depreciation) of investments		(231,929,460	)
Net unrealized appreciation (depreciation) of investments	$	(194,602,117	)

Cost of investments for tax purposes is $695,607,839.

14                         Invesco Energy Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		756,445		$	19,797,865			1,931,192		$	45,912,812
Class B(b)		—			—			1,343			27,448
Class C		119,408			2,687,158			423,390			8,613,865
Class Y		732,465			19,456,973			847,479			20,399,788
Investor Class		281,642			7,361,664			788,760			18,695,135
Class R5		54,147			1,464,766			134,215			3,318,171
Class R6(c)		4,586			119,295			8,439			213,623
Issued as reinvestment of dividends:
Class A		—			—			302,405			7,124,658
Class B(b)		—			—			736			15,321
Class C		—			—			45,140			912,278
Class Y		—			—			54,393			1,280,949
Investor Class		—			—			127,951			3,001,725
Class R5		—			—			10,033			241,599
Class R6		—			—			114			2,750
Conversion of Class B shares to Class A shares:(d)
Class A		—			—			71,192			1,909,364
Class B		—			—			(83,394	)		(1,909,364	)
Reacquired:
Class A		(1,766,006	)		(46,017,151	)		(5,885,253	)		(140,232,404	)
Class B(b)		—			—			(72,139	)		(1,499,840	)
Class C		(631,163	)		(13,964,986	)		(2,083,877	)		(42,272,715	)
Class Y		(590,337	)		(15,397,461	)		(1,329,890	)		(31,725,993	)
Investor Class		(676,527	)		(17,554,074	)		(2,162,883	)		(51,370,904	)
Class R5		(79,151	)		(2,137,119	)		(190,990	)		(4,685,631	)
Class R6		(24	)		(630	)		(1,943	)		(46,691	)
Net increase (decrease) in share activity		(1,794,515	)	$	(44,183,700	)		(7,063,587	)	$	(162,074,056	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

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

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Energy Fund

NOTE 11—Financial Highlights

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

	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 10/31/18	$	25.91	$	0.12		$	(3.32	)	$	(3.20	)	$	—		$	—		$	—		$	22.71		(12.35	)%	$	260,349		1.28	%(d)		1.28	%(d)		0.90	%(d)		10	%
Year ended 04/30/18		24.54		0.49	(e)		1.44			1.93			(0.56	)		—			(0.56	)		25.91		8.08			323,247		1.33			1.33			2.07	(e)		9
Year ended 04/30/17		27.04		0.22			(2.41	)		(2.19	)		(0.31	)		—			(0.31	)		24.54		(8.29	)		393,998		1.27			1.27			0.84			22
Year ended 04/30/16		35.41		0.27			(8.28	)(f)		(8.01	)		(0.15	)		(0.21	)		(0.36	)		27.04		(22.45	)(f)		521,910		1.26			1.27			1.05			22
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
Class C
Six months ended 10/31/18		22.17		0.02			(2.84	)		(2.82	)		—			—			—			19.35		(12.72	)		70,720		2.03	(d)		2.03	(d)		0.15	(d)		10
Year ended 04/30/18		20.88		0.26	(e)		1.24			1.50			(0.21	)		—			(0.21	)		22.17		7.29			92,349		2.08			2.08			1.32	(e)		9
Year ended 04/30/17		23.05		0.02			(2.07	)		(2.05	)		(0.12	)		—			(0.12	)		20.88		(8.97	)		120,722		2.02			2.02			0.09			22
Year ended 04/30/16		30.39		0.06			(7.11	)(f)		(7.05	)		(0.08	)		(0.21	)		(0.29	)		23.05		(23.03	)(f)		156,964		2.01			2.02			0.30			22
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
Class Y
Six months ended 10/31/18		25.93		0.15			(3.33	)		(3.18	)		—			—			—			22.75		(12.26	)		52,425		1.03	(d)		1.03	(d)		1.15	(d)		10
Year ended 04/30/18		24.63		0.55	(e)		1.43			1.98			(0.68	)		—			(0.68	)		25.93		8.34			56,061		1.08			1.08			2.32	(e)		9
Year ended 04/30/17		27.12		0.29			(2.41	)		(2.12	)		(0.37	)		—			(0.37	)		24.63		(8.03	)		63,783		1.02			1.02			1.09			22
Year ended 04/30/16		35.47		0.34			(8.31	)(f)		(7.97	)		(0.17	)		(0.21	)		(0.38	)		27.12		(22.28	)(f)		50,706		1.01			1.02			1.30			22
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
Investor Class
Six months ended 10/31/18		25.80		0.12			(3.31	)		(3.19	)		—			—			—			22.61		(12.36	)		110,378		1.28	(d)		1.28	(d)		0.90	(d)		10
Year ended 04/30/18		24.44		0.49	(e)		1.43			1.92			(0.56	)		—			(0.56	)		25.80		8.07			136,141		1.33			1.33			2.07	(e)		9
Year ended 04/30/17		26.93		0.22			(2.40	)		(2.18	)		(0.31	)		—			(0.31	)		24.44		(8.29	)		159,402		1.27			1.27			0.84			22
Year ended 04/30/16		35.27		0.27			(8.25	)(f)		(7.98	)		(0.15	)		(0.21	)		(0.36	)		26.93		(22.45	)(f)		210,374		1.26			1.27			1.05			22
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
Class R5
Six months ended 10/31/18		26.53		0.17			(3.40	)		(3.23	)		—			—			—			23.30		(12.18	)		6,522		0.89	(d)		0.89	(d)		1.29	(d)		10
Year ended 04/30/18		25.23		0.61	(e)		1.46			2.07			(0.77	)		—			(0.77	)		26.53		8.51			8,092		0.91			0.91			2.49	(e)		9
Year ended 04/30/17		27.77		0.34			(2.46	)		(2.12	)		(0.42	)		—			(0.42	)		25.23		(7.88	)		8,871		0.86			0.86			1.25			22
Year ended 04/30/16		36.24		0.40			(8.48	)(f)		(8.08	)		(0.18	)		(0.21	)		(0.39	)		27.77		(22.10	)(f)		22,298		0.84			0.85			1.47			22
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
Class R6
Six months ended 10/31/18		26.52		0.17			(3.40	)		(3.23	)		—			—			—			23.29		(12.18	)		269		0.87	(d)		0.87	(d)		1.31	(d)		10
Year ended 04/30/18		25.23		0.62	(e)		1.46			2.08			(0.79	)		—			(0.79	)		26.52		8.55			185		0.90			0.90			2.50	(e)		9
Year ended 04/30/17(g)		26.31		0.03			(1.11	)		(1.08	)		—			—			—			25.23		(4.11	)		10		0.81	(h)		0.81	(h)		1.30	(h)		22

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $312,817, $87,478, $59,038, $132,571, $7,974 and $228 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

^(f) Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(8.21), $(7.26), $(7.04), $(8.24), $(8.18) and $(8.41). Total returns would have been lower.

^(g) Commencement date of April 4, 2017 for Class R6 shares.

^(h) Annualized.

16                         Invesco Energy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, 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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	876.50	$	6.05	$	1,018.75	$	6.51		1.28	%
C		1,000.00		872.80		9.58		1,014.97		10.31		2.03
Y		1,000.00		877.40		4.87		1,020.01		5.24		1.03
Investor		1,000.00		876.40		6.05		1,018.75		6.51		1.28
R5		1,000.00		878.20		4.21		1,020.72		4.53		0.89
R6		1,000.00		878.20		4.12		1,020.82		4.43		0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17                         Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Energy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.    

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge performance universe and against the Lipper Natural Resource 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 below the performance of the Index for the one, three and five year periods. The Board noted that security selection and overweight and underweight exposure to certain energy sub-sectors, as well as a lack of holdings outside the energy sector, detracted from the Fund’s performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

18                         Invesco Energy Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

19                         Invesco Energy Fund

Explore High-Conviction Investing with Invesco

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                         Invesco Distributors, Inc.                                                                                   I-ENE-SAR-1            12242018       0930

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Gold & Precious Metals Fund
	Nasdaq:
	A: IGDAX  ∎  C: IGDCX  ∎  Y: IGDYX  ∎  Investor: FGLDX  ∎  R6: IGDSX

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, 4/30/18 to 10/31/18, 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	-18.78	%
Class C Shares	-18.73
Class Y Shares	-18.65
Investor Class Shares	-18.68
Class R6 Shares	-18.39
S&P 500 Index▼ (Broad Market Index)	3.40
Philadelphia Gold & Silver Index (price only)▼ (Style-Specific Index)	-20.79
Lipper Precious Metals Equity Funds Index⬛ (Peer Group Index)	-16.84
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper 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.

For more information about your Fund

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

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

2                      Invesco Gold & Precious Metals Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.47	%
10 Years	0.06
5 Years	-7.55
1 Year	-28.03
Class C Shares
Inception (2/14/00)	4.69	%
10 Years	-0.12
5 Years	-7.16
1 Year	-24.96
Class Y Shares
Inception (10/3/08)	-2.17	%
10 Years	0.84
5 Years	-6.25
1 Year	-23.70
Investor Class Shares
Inception (1/19/84)	-0.45	%
10 Years	0.63
5 Years	-6.47
1 Year	-23.70
Class R6 Shares
10 Years	0.71	%
5 Years	-6.36
1 Year	-23.39

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 April 4, 2017. 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 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 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.69	%
10 Years	-3.93
5 Years	-7.00
1 Year	-27.84
Class C Shares
Inception (2/14/00)	4.87	%
10 Years	-4.15
5 Years	-6.66
1 Year	-25.13
Class Y Shares
10 Years	-3.17	%
5 Years	-5.74
1 Year	-23.46
Investor Class Shares
Inception (1/19/84)	-0.36	%
10 Years	-3.40
5 Years	-5.95
1 Year	-23.64
Class R6 Shares
10 Years	-3.35	%
5 Years	-5.87
1 Year	-23.57

    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 C, Class Y, Investor Class and Class R6 shares was 1.45%, 2.20%, 1.20%, 1.45% and 1.01%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                      Invesco Gold & 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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Gold & Precious Metals Fund

Schedule of Investments

October 31, 2018

(Unaudited)

		Shares		Value
Common Stocks & Other Equity Interests–99.97%
Australia–2.46%
Cardinal Resources Ltd.(a)			2,810,580	$	811,288
Gold Road Resources Ltd.(a)			4,931,728		2,427,221
New Century Resources Ltd.(a)			2,119,042		1,265,480
					4,503,989
Brazil–1.11%
Yamana Gold Inc.			897,572		2,037,488
Canada–65.75%
Agnico Eagle Mines Ltd.			243,054		8,594,389
Alamos Gold Inc.–Class A			1,474,995		5,893,481
Atlantic Gold Corp.(a)			520,668		636,770
B2Gold Corp.(a)			2,691,143		6,643,788
Barrick Gold Corp.	��		256,045		3,213,365
Belo Sun Mining Corp.(a)			9,721,400		1,735,371
Chesapeake Gold Corp.(a)			585,371		827,065
Continental Gold Inc.(a)			3,716,591		6,436,878
Detour Gold Corp.(a)			671,878		4,955,703
Franco-Nevada Corp.			131,216		8,195,206
Goldcorp, Inc.			690,264		6,226,181
Guyana Goldfields Inc.(a)			374,637		503,709
INV Metals Inc.(a)			2,793,498		923,067
Ivanhoe Mines Ltd.–Class A(a)			2,682,231		5,052,932
Kinross Gold Corp.(a)			3,149,524		8,182,135
Lundin Gold Inc.(a)			1,831,432		6,510,769
Osisko Mining Inc.(a)			1,166,128		2,365,120
Premier Gold Mines Ltd.(a)			2,037,994		2,662,729
Pretium Resources Inc.(a)			783,789		6,287,221
Progress Minerals Inc. (Acquired 06/26/2018; Cost $1,215,733)(a)(b)(c)(d)			6,474,020		1,229,447
Sandstorm Gold Ltd.(a)			1,976,510		7,311,788
SEMAFO Inc.(a)			2,328,702		5,094,506
TMAC Resources Inc.(a)			822,060		3,097,283
Torex Gold Resources Inc.(a)			1,214,248		11,059,162
Wheaton Precious Metals Corp.			425,387		6,989,108
					120,627,173
Ivory Coast–2.16%
Endeavour Mining Corp.(a)			258,845		3,969,828

	Shares		Value
Jersey–2.89%
Randgold Resources Ltd.–ADR		67,556	$	5,305,848
Mexico–2.79%
Fresnillo, PLC		472,727		5,127,579
Mongolia–4.69%
Turquoise Hill Resources Ltd.(a)		5,097,676		8,596,484
Switzerland–1.04%
Glencore PLC		469,409		1,913,096
Tanzania–1.05%
Acacia Mining PLC(a)		985,656		1,932,004
United States–15.14%
Boart Longyear Ltd.(a)		8,083,336		23,498
Boart Longyear Ltd.–Wts., expiring 09/13/2024(a)		11,188,146		15,846
Coeur Mining, Inc.(a)		717,587		3,430,066
iShares® Gold Trust–ETF(a)		618,800		7,221,396
Newmont Mining Corp.		325,605		10,067,707
SPDR® Gold Trust–ETF(a)		60,900		7,012,635
				27,771,148
Zambia–0.89%
First Quantum Minerals Ltd.		163,227		1,629,232
Total Common Stocks & Other Equity Interests (Cost $261,877,320)				183,413,869
Money Market Funds–0.38%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(e)		240,470		240,470
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(e)		171,592		171,626
Invesco Treasury Portfolio–Institutional Class, 2.09%(e)		274,823		274,823
Total Money Market Funds (Cost $686,953)				686,919
TOTAL INVESTMENTS IN SECURITIES–100.35% (Cost $262,564,273)				184,100,788
OTHER ASSETS LESS LIABILITIES–(0.35)%				(637,061	)
NET ASSETS–100.00%			$	183,463,727

Investment Abbreviations:

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

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

5                         Invesco Gold & Precious Metals Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (“the 1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(c)  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 value of this security as of October 31, 2018 represented less than 1% of the Fund’s Net Assets. See Note 4.

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

^(e)  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, 2018.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2018

Gold	70.7	%
Diversified Metals & Mining	10.3
Investment Companies–Exchange Traded Funds	7.8
Silver	5.7
Precious Metals & Minerals	4.5
Copper	0.9
Construction & Engineering	0.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

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

6                         Invesco Gold & Precious Metals Fund

Statement of Assets and Liabilities

October 31, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $260,661,587)	$	182,184,422
Investments in affiliates, at value (Cost $1,902,686)		1,916,366
Receivable for:
Dividends and interest		6,005
Fund shares sold		228,589
Investment for trustee deferred compensation and retirement plans		94,888
Other assets		29,888
Total assets		184,460,158
Liabilities:
Payable for:
Investments purchased		436,662
Fund shares repurchased		195,978
Accrued fees to affiliates		175,206
Accrued trustees’ and officers’ fees and benefits		1,865
Accrued other operating expenses		81,308
Trustee deferred compensation and retirement plans		105,412
Total liabilities		996,431
Net assets applicable to shares outstanding	$	183,463,727
Net assets consist of:
Shares of beneficial interest	$	476,253,923
Distributable earnings		(292,790,196	)
	$	183,463,727

Net Assets:
Class A	$	84,760,540
Class C	$	18,071,614
Class Y	$	27,466,769
Investor Class	$	53,060,347
Class R6	$	104,457
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		27,584,227
Class C		5,875,512
Class Y		8,735,679
Investor Class		17,164,607
Class R6		33,167
Class A:
Net asset value per share	$	3.07
Maximum offering price per share
(Net asset value of $3.07 ¸ 94.50%)	$	3.25
Class C:
Net asset value and offering price per share	$	3.08
Class Y:
Net asset value and offering price per share	$	3.14
Investor Class:
Net asset value and offering price per share	$	3.09
Class R6:
Net asset value and offering price per share	$	3.15

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

7                         Invesco Gold & Precious Metals Fund

Statement of Operations

For the six months ended October 31, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $40,665)	$	411,885
Dividends from affiliated money market funds		21,548
Total investment income		433,433
Expenses:
Advisory fees		819,771
Administrative services fees		25,205
Custodian fees		14,540
Distribution fees:
Class A		126,744
Class C		109,806
Investor Class		77,016
Transfer agent fees — A, C, Y and Investor		346,865
Transfer agent fees — R6		168
Trustees’ and officers’ fees and benefits		11,336
Registration and filing fees		40,834
Reports to shareholders		29,876
Professional services fees		25,431
Other		10,204
Total expenses		1,637,796
Less: Fees waived and expense offset arrangement(s)		(4,107	)
Net expenses		1,633,689
Net investment income (loss)		(1,200,256	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(2,977,912	)
Foreign currencies		(2,178	)
		(2,980,090	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(38,929,268	)
Foreign currencies		(748	)
		(38,930,016	)
Net realized and unrealized gain (loss)		(41,910,106	)
Net increase (decrease) in net assets resulting from operations	$	(43,110,362	)

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

8                         Invesco Gold & Precious Metals Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(1,200,256	)	$	(2,989,931	)
Net realized gain (loss)		(2,980,090	)		9,523,216
Change in net unrealized appreciation (depreciation)		(38,930,016	)		(28,190,429	)
Net increase (decrease) in net assets resulting from operations		(43,110,362	)		(21,657,144	)
Distributions to shareholders from distributable earnings(1):
Class A		—			(2,176,312	)
Class B		—			(15,662	)
Class C		—			(370,585	)
Class Y		—			(822,520	)
Investor Class		—			(1,210,692	)
Class R6		—			(10,479	)
Total Distributions to shareholders from distributable earnings		—			(4,606,250	)
Share transactions–net:
Class A		(9,021,081	)		(19,718,763	)
Class B		—			(1,958,163	)
Class C		(2,376,955	)		(4,025,675	)
Class Y		(3,421,445	)		(3,488,354	)
Investor Class		(2,110,442	)		(4,499,995	)
Class R6		(401,049	)		591,998
Net increase (decrease) in net assets resulting from share transactions		(17,330,972	)		(33,098,952	)
Net increase (decrease) in net assets		(60,441,334	)		(59,362,346	)
Net assets:
Beginning of period		243,905,061			303,267,407
End of period	$	183,463,727		$	243,905,061

⁽¹⁾  For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income. The Securities and Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital.

Notes to Financial Statements

October 31, 2018

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they

9                         Invesco Gold & Precious Metals 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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,

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

11                         Invesco Gold & Precious Metals Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $350 million		0	.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, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $955.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $10,706 in front-end sales commissions from the sale of Class A shares and $2,009 and $640 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	4,503,989	$	—	$	—	$	4,503,989
Brazil		2,037,488		—		—		2,037,488
Canada		119,397,726		—		1,229,447		120,627,173
Ivory Coast		3,969,828		—		—		3,969,828
Jersey		5,305,848		—		—		5,305,848
Mexico		5,127,579		—		—		5,127,579
Mongolia		8,596,484		—		—		8,596,484
Switzerland		1,913,096		—		—		1,913,096
Tanzania		1,932,004		—		—		1,932,004
United States		27,771,148		—		—		27,771,148
Zambia		1,629,232		—		—		1,629,232
Money Market Funds		686,919		—		—		686,919
Total Investments	$	182,871,341	$	—	$	1,229,447	$	184,100,788

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 (excluding affiliated money market funds) for the six months ended October 31, 2018.

	Value 04/30/18		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 10/31/18		Dividend Income
Progress Minerals Inc.	$	—	$	1,215,733	$	—	$	13,714	$	—	$	1,229,447	$	—

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,152.

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

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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, 2018, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,127,946	$	175,140,837	$	180,268,783

* 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 Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $20,257,768 and $38,359,730, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	10,167,557
Aggregate unrealized (depreciation) of investments		(113,438,959	)
Net unrealized appreciation (depreciation) of investments	$	(103,271,402	)

Cost of investments for tax purposes is $287,372,190.

14                         Invesco Gold & Precious Metals Fund

NOTE 10—Share Information

				Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		2,925,427		$	9,991,776			7,906,830		$	32,609,648
Class B(b)		—			—			3,076			12,190
Class C		333,963			1,138,436			926,703			3,815,907
Class Y		1,475,213			5,187,148			9,198,979			39,349,877
Investor Class		826,351			2,832,050			1,485,878			6,106,179
Class R6(c)		33,244			125,326			142,331			609,241
Issued as reinvestment of dividends
Class A		—			—			535,889			2,084,604
Class B(b)		—			—			4,123			15,007
Class C		—			—			86,204			337,919
Class Y		—			—			177,930			706,382
Investor Class		—			—			296,051			1,157,558
Class R6		—			—			2,597			10,312
Conversion of Class B shares to Class A shares:(d)
Class A		—			—			279,159			1,194,802
Class B		—			—			(298,919	)		(1,194,802	)
Reacquired:
Class A		(5,465,589	)		(19,012,857	)		(13,502,707	)		(55,607,817	)
Class B(b)		—			—			(201,481	)		(790,558	)
Class C		(1,010,839	)		(3,515,391	)		(1,978,139	)		(8,179,501	)
Class Y		(2,424,220	)		(8,608,593	)		(10,482,120	)		(43,544,613	)
Investor Class		(1,403,173	)		(4,942,492	)		(2,837,498	)		(11,763,732	)
Class R6		(140,625	)		(526,375	)		(6,583	)		(27,555	)
Net increase (decrease) in share activity		(4,850,248	)	$	(17,330,972	)		(8,261,697	)	$	(33,098,952	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

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

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Gold & Precious Metals 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			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 10/31/18	$	3.78	$	(0.02	)	$	(0.69	)	$	(0.71	)	$	—		$	3.07		(18.78	)%	$	84,761		1.46	%(d)		1.46	%(d)		(1.06	)%(d)		9	%
Year ended 04/30/18		4.16		(0.04	)		(0.27	)		(0.31	)		(0.07	)		3.78		(7.55	)		113,737		1.43			1.43			(1.00	)		20
Year ended 04/30/17		5.05		(0.05	)		(0.46	)		(0.51	)		(0.38	)		4.16		(9.90	)		145,269		1.41			1.42			(1.00	)		28
Year ended 04/30/16		4.00		(0.03	)		1.08			1.05			—			5.05		26.25			160,494		1.54			1.54			(0.90	)		23
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
Class C
Six months ended 10/31/18		3.79		(0.03	)		(0.68	)		(0.71	)		—			3.08		(18.73	)		18,072		2.21	(d)		2.21	(d)		(1.81	)(d)		9
Year ended 04/30/18		4.20		(0.07	)		(0.29	)		(0.36	)		(0.05	)		3.79		(8.51	)		24,859		2.18			2.18			(1.75	)		20
Year ended 04/30/17		5.07		(0.09	)		(0.45	)		(0.54	)		(0.33	)		4.20		(10.53	)		31,563		2.16			2.17			(1.75	)		28
Year ended 04/30/16		4.05		(0.06	)		1.08			1.02			—			5.07		25.19			36,157		2.29			2.29			(1.65	)		23
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
Class Y
Six months ended 10/31/18		3.86		(0.01	)		(0.71	)		(0.72	)		—			3.14		(18.65	)		27,467		1.21	(d)		1.21	(d)		(0.81	)(d)		9
Year ended 04/30/18		4.24		(0.03	)		(0.28	)		(0.31	)		(0.07	)		3.86		(7.30	)		37,373		1.18			1.18			(0.75	)		20
Year ended 04/30/17		5.15		(0.04	)		(0.47	)		(0.51	)		(0.40	)		4.24		(9.75	)		45,797		1.16			1.17			(0.75	)		28
Year ended 04/30/16		4.07		(0.02	)		1.10			1.08			—			5.15		26.54			42,446		1.29			1.29			(0.65	)		23
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
Investor Class
Six months ended 10/31/18		3.80		(0.01	)		(0.70	)		(0.71	)		—			3.09		(18.68	)		53,060		1.46	(d)		1.46	(d)		(1.06	)(d)		9
Year ended 04/30/18		4.19		(0.04	)		(0.28	)		(0.32	)		(0.07	)		3.80		(7.73	)		67,393		1.43			1.43			(1.00	)		20
Year ended 04/30/17		5.08		(0.05	)		(0.46	)		(0.51	)		(0.38	)		4.19		(9.84	)		78,703		1.41			1.42			(1.00	)		28
Year ended 04/30/16		4.02		(0.03	)		1.09			1.06			—			5.08		26.37			97,678		1.54			1.54			(0.90	)		23
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
Class R6
Six months ended 10/31/18		3.86		(0.01	)		(0.70	)		(0.71	)		—			3.15		(18.39	)		104		0.99	(d)		0.99	(d)		(0.59	)(d)		9
Year ended 04/30/18		4.25		(0.02	)		(0.29	)		(0.31	)		(0.08	)		3.86		(7.45	)		543		0.99			0.99			(0.56	)		20
Year ended 04/30/17(e)		4.57		(0.00	)		(0.32	)		(0.32	)		—			4.25		(7.00	)		9		0.97	(f)		0.97	(f)		(0.56	)(f)		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.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $100,568, $21,782, $33,030, $61,110 and $333 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e) Commencement date of April 4, 2017 for Class R6.

^(f) Annualized.

16                         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, 2018 through October 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (05/01/18)		Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2		Annualized Expense Ratio
A	$	1,000.00	$	812.20	$	6.67	$	1,017.85	$	7.43		1.46	%
C		1,000.00		812.70		10.10		1,014.06		11.22		2.21
Y		1,000.00		813.50		5.53		1,019.11		6.16		1.21
Investor		1,000.00		813.20		6.67		1,017.85		7.43		1.46
R6		1,000.00		816.10		4.53		1,020.21		5.04		0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17                         Invesco Gold & Precious Metals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Precious Metals Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 fifth 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 shares of the Fund was below the performance of the Index for the one year period, and reasonably comparable to the performance of the Index for the three and five year periods. The Board noted that security selection in and underweight exposure to certain gold and precious metals sub-sectors detracted from the Fund’s performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

18                         Invesco Gold & Precious Metals Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

19                         Invesco Gold & Precious Metals Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                        Invesco  Distributors, Inc.                                                                                  I-GPM-SAR-1                12142018  1044

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Mid Cap Growth Fund
	Nasdaq:
	A: VGRAX ∎ C: VGRCX ∎ R: VGRRX ∎ Y: VGRDX ∎ R5: VGRJX ∎ R6: VGRFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	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, 4/30/18 to 10/31/18, 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	0.62	%
Class C Shares	0.24
Class R Shares	0.50
Class Y Shares	0.74
Class R5 Shares	0.80
Class R6 Shares	0.85
S&P 500 Index▼ (Broad Market Index)	3.40
Russell Midcap Growth Index▼ (Style-Specific Index)	0.94
Lipper Mid-Cap Growth Funds Index∎ (Peer Group Index)	1.78
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper 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.

For more information about your Fund

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

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

2                               Invesco Mid Cap Growth Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	11.08	%
10 Years	12.67
5 Years	6.71
1 Year	0.66
Class C Shares
Inception (12/27/95)	10.56	%
10 Years	12.49
5 Years	7.16
1 Year	4.79
Class R Shares
Inception (7/11/08)	8.66	%
10 Years	13.03
5 Years	7.65
1 Year	6.25
Class Y Shares
Inception (8/12/05)	8.67	%
10 Years	13.59
5 Years	8.20
1 Year	6.77
Class R5 Shares
10 Years	13.65	%
5 Years	8.31
1 Year	6.87
Class R6 Shares
10 Years	13.57	%
5 Years	8.40
1 Year	6.98

Effective June 1, 2010, Class A, 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 C, Class R and Class Y shares, respectively, of Invesco Van Kampen Mid Cap Growth Fund (renamed Invesco Mid Cap Growth). Returns shown above, prior to June 1, 2010, for Class A, 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.

    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

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	11.58	%
10 Years	11.43
5 Years	9.49
1 Year	12.01
Class C Shares
Inception (12/27/95)	11.06	%
10 Years	11.25
5 Years	9.95
1 Year	16.71
Class R Shares
Inception (7/11/08)	9.73	%
10 Years	11.78
5 Years	10.46
1 Year	18.23
Class Y Shares
Inception (8/12/05)	9.50	%
10 Years	12.34
5 Years	11.02
1 Year	18.81
Class R5 Shares
10 Years	12.40	%
5 Years	11.14
1 Year	18.93
Class R6 Shares
10 Years	12.32	%
5 Years	11.23
1 Year	19.04

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 C, Class R, Class Y, Class R5 and Class R6 shares was 1.17%, 1.88%, 1.42%,

0.92%, 0.82% and 0.73%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                      Invesco 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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4 Invesco Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.60%
Aerospace & Defense–3.59%
Harris Corp.		212,444	$	31,592,547
Huntington Ingalls Industries, Inc.		120,194		26,259,985
TransDigm Group, Inc.(b)		127,169		41,997,563
				99,850,095
Air Freight & Logistics–0.50%
XPO Logistics, Inc.(b)		156,053		13,948,017
Alternative Carriers–0.64%
Zayo Group Holdings, Inc.(b)		596,892		17,835,133
Apparel Retail–2.00%
Burlington Stores, Inc.(b)		324,165		55,591,056
Apparel, Accessories & Luxury Goods–0.68%
PVH Corp.		156,588		18,914,265
Application Software–7.19%
Autodesk, Inc.(b)		173,799		22,463,521
Guidewire Software Inc.(b)		497,154		44,231,791
New Relic, Inc.(b)		263,345		23,503,541
SS&C Technologies Holdings, Inc.		966,392		49,440,615
Synopsys, Inc.(b)		240,470		21,529,279
Tyler Technologies, Inc.(b)		183,268		38,790,505
				199,959,252
Auto Parts & Equipment–0.99%
Aptiv PLC		356,832		27,404,698
Biotechnology–4.80%
BioMarin Pharmaceutical Inc.(b)		410,973		37,879,381
Neurocrine Biosciences, Inc.(b)		449,497		48,163,604
Sage Therapeutics, Inc.(b)		98,352		12,655,935
Sarepta Therapeutics, Inc.(b)		259,969		34,773,454
				133,472,374
Casinos & Gaming–0.83%
Wynn Resorts Ltd.		230,103		23,148,362
Communications Equipment–1.91%
Arista Networks Inc.(b)		63,528		14,633,675
F5 Networks, Inc.(b)		219,053		38,395,610
				53,029,285
Data Processing & Outsourced Services–5.65%
Black Knight, Inc.(b)		898,257		43,807,994
Fidelity National Information Services, Inc.		331,162		34,473,964
FleetCor Technologies Inc.(b)		148,497		29,703,855
Worldpay, Inc.–Class A(b)		536,122		49,237,444
				157,223,257
Department Stores–0.55%
Kohl’s Corp.		202,117		15,306,320

	Shares		Value
Diversified Support Services–1.22%
KAR Auction Services, Inc.		596,912	$	33,988,169
Education Services–2.19%
Bright Horizons Family Solutions Inc.(b)		313,272		35,998,085
Grand Canyon Education, Inc.(b)		199,777		24,912,192
				60,910,277
Electronic Components–1.29%
Amphenol Corp.–Class A		401,331		35,919,125
Electronic Equipment & Instruments–0.57%
FLIR Systems, Inc.		341,236		15,802,639
Environmental & Facilities Services–1.10%
Republic Services, Inc.		422,187		30,684,551
Financial Exchanges & Data–2.80%
London Stock Exchange Group PLC (United Kingdom)		571,057		31,470,698
MarketAxess Holdings, Inc.		78,120		16,379,420
Nasdaq, Inc.		347,136		30,100,163
				77,950,281
General Merchandise Stores–1.25%
Dollar General Corp.		313,048		34,867,286
Health Care Equipment–6.33%
Boston Scientific Corp.(b)		1,286,280		46,486,159
DexCom Inc.(b)		412,300		54,741,071
LivaNova PLC(b)		332,416		37,227,268
Penumbra, Inc.(b)		276,775		37,641,400
				176,095,898
Health Care Services–0.86%
Laboratory Corp. of America Holdings(b)		149,044		23,929,014
Hotels, Resorts & Cruise Lines–2.00%
Hilton Worldwide Holdings Inc.		365,240		25,994,131
Royal Caribbean Cruises Ltd.		282,807		29,618,377
				55,612,508
Household Products–0.54%
Church & Dwight Co., Inc.		250,465		14,870,107
Industrial Conglomerates–1.93%
Roper Technologies, Inc.		189,573		53,630,202
Industrial Machinery–2.94%
Fortive Corp.		566,477		42,060,917
Ingersoll-Rand PLC		412,980		39,621,301
				81,682,218
Insurance Brokers–1.17%
Brown & Brown, Inc.		1,153,383		32,502,333

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

5                         Invesco Mid Cap Growth Fund

	Shares		Value
Interactive Home Entertainment–2.08%
Electronic Arts Inc.(b)		183,116	$	16,659,894
Nintendo Co., Ltd. (Japan)		50,700		15,717,129
Take-Two Interactive Software, Inc.(b)		197,542		25,457,237
				57,834,260
Internet & Direct Marketing Retail–0.76%
Etsy, Inc.(b)		498,479		21,195,327
Internet Services & Infrastructure–1.60%
GoDaddy, Inc.–Class A(b)		609,255		44,579,188
Investment Banking & Brokerage–3.79%
E*TRADE Financial Corp.		1,127,091		55,700,837
TD Ameritrade Holding Corp.		959,724		49,636,925
				105,337,762
IT Consulting & Other Services–1.32%
Gartner, Inc.(b)		248,622		36,676,717
Life Sciences Tools & Services–1.99%
Mettler-Toledo International Inc.(b)		64,072		35,035,851
Syneos Health, Inc.(b)		444,810		20,296,680
				55,332,531
Managed Health Care–3.25%
Centene Corp.(b)		408,845		53,280,680
Humana Inc.		115,601		37,039,717
				90,320,397
Movies & Entertainment–1.50%
Live Nation Entertainment, Inc.(b)		795,479		41,603,552
Multi-Line Insurance–0.99%
Assurant, Inc.		284,428		27,649,246
Oil & Gas Exploration & Production–1.53%
Diamondback Energy Inc.		168,649		18,949,402
Parsley Energy, Inc.–Class A(b)		1,008,020		23,607,828
				42,557,230
Oil & Gas Storage & Transportation–1.91%
Cheniere Energy, Inc.(b)		879,154		53,109,693
Pharmaceuticals–1.33%
Zoetis Inc.		409,215		36,890,732
Research & Consulting Services–4.20%
CoStar Group Inc.(b)		148,298		53,597,863
Equifax Inc.		312,550		31,705,072
IHS Markit Ltd.(b)		600,867		31,563,544
				116,866,479
Restaurants–1.65%
Domino’s Pizza, Inc.		171,176		46,010,397
Semiconductor Equipment–1.21%
Entegris, Inc.		535,716		14,217,903
KLA-Tencor Corp.		212,228		19,427,351
				33,645,254

	Shares		Value
Semiconductors–3.18%
Advanced Micro Devices, Inc.		858,121	$	15,626,384
Analog Devices, Inc.		268,539		22,479,400
Microchip Technology Inc.(c)		413,912		27,227,131
Universal Display Corp.(c)		188,508		23,188,369
				88,521,284
Specialized Consumer Services–1.43%
ServiceMaster Global Holdings, Inc.(b)		930,214		39,887,576
Specialized REITs–1.23%
SBA Communications Corp.–Class A(b)		210,986		34,215,600
Specialty Chemicals–2.06%
Celanese Corp.–Series A		251,968		24,425,778
Sherwin-Williams Co. (The)		83,236		32,750,869
				57,176,647
Specialty Stores–0.81%
Ulta Beauty, Inc.(b)		82,348		22,606,173
Systems Software–4.03%
Red Hat, Inc.(b)		174,669		29,980,187
ServiceNow, Inc.(b)		345,617		62,570,502
Varonis Systems, Inc.(b)		318,010		19,420,871
				111,971,560
Technology Hardware, Storage & Peripherals–1.23%
NetApp, Inc.		435,890		34,213,006
Total Common Stocks & Other Equity Interests (Cost $2,235,108,932)				2,742,327,333
Money Market Funds–1.43%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(d)		13,903,621		13,903,621
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(d)		9,928,614		9,930,600
Invesco Treasury Portfolio–Institutional Class, 2.09%(d)		15,889,852		15,889,852
Total Money Market Funds (Cost $39,723,284)				39,724,073
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.03% (Cost $2,274,832,216)				2,782,051,406
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–1.01%
Invesco Government & Agency Portfolio–Institutional Class, 2.08% (Cost $28,151,099)(d)(e)		28,151,099		28,151,099
TOTAL INVESTMENTS IN SECURITIES–101.04% (Cost $2,302,983,315)				2,810,202,505
OTHER ASSETS LESS LIABILITIES–(1.04)%				(28,996,707	)
NET ASSETS–100.00%			$	2,781,205,798

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

6                         Invesco Mid Cap Growth Fund

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, 2018.

^(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, 2018.

^(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, 2018

Information Technology	29.2	%
Health Care	18.6
Industrials	15.5
Consumer Discretionary	15.2
Financials	8.7
Communication Services	4.2
Energy	3.4
Materials	2.1
Real Estate	1.2
Consumer Staples	0.5
Money Market Funds Plus Other Assets Less Liabilities	1.4

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,235,108,932)*	$	2,742,327,333
Investments in affiliated money market funds, at value (Cost $67,874,383)		67,875,172
Foreign currencies, at value (Cost $298)		295
Receivable for:
Investments sold		7,820,170
Dividends		605,235
Fund shares sold		1,208,437
Investment for trustee deferred compensation and retirement plans		585,035
Other assets		69,461
Total assets		2,820,491,138
Liabilities:
Payable for:
Investments purchased		7,152,003
Fund shares reacquired		1,483,276
Collateral upon return of securities loaned		28,151,099
Accrued fees to affiliates		1,659,040
Accrued trustees’ and officers’ fees and benefits		4,563
Accrued other operating expenses		175,197
Trustee deferred compensation and retirement plans		660,162
Total liabilities		39,285,340
Net assets applicable to shares outstanding	$	2,781,205,798
Net assets consist of:
Shares of beneficial interest	$	1,979,108,589
Distributable earnings		802,097,209
	$	2,781,205,798

Net Assets:
Class A	$	2,286,215,169
Class C	$	126,533,082
Class R	$	27,466,944
Class Y	$	140,852,899
Class R5	$	107,535,972
Class R6	$	92,601,732
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		58,376,837
Class C		4,338,998
Class R		724,753
Class Y		3,435,964
Class R5		2,594,271
Class R6		2,222,289
Class A:
Net asset value per share	$	39.16
Maximum offering price per share
(Net asset value of $39.16 ¸ 94.50%	$	41.44
Class C:
Net asset value and offering price per share	$	29.16
Class R:
Net asset value and offering price per share	$	37.90
Class Y:
Net asset value and offering price per share	$	40.99
Class R5:
Net asset value and offering price per share	$	41.45
Class R6:
Net asset value and offering price per share	$	41.67

* At October 31, 2018, securities with an aggregate value of $26,842,742 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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $11,714)	$	9,346,858
Dividends from affiliated money market funds (includes securities lending income of $541)		358,734
Total investment income		9,705,592
Expenses:
Advisory fees		10,124,749
Administrative services fees		283,152
Custodian fees		22,205
Distribution fees:
Class A		3,084,630
Class C		663,555
Class R		74,424
Transfer agent fees — A, C, R and Y		2,630,932
Transfer agent fees — R5		55,463
Transfer agent fees — R6		5,856
Trustees’ and officers’ fees and benefits		33,243
Registration and filing fees		73,143
Reports to shareholders		124,412
Professional services fees		45,633
Other		26,618
Total expenses		17,248,015
Less: Fees waived and expense offset arrangement(s)		(37,546	)
Net expenses		17,210,469
Net investment income (loss)		(7,504,877	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		153,656,238
Foreign currencies		(9,379	)
		153,646,859
Change in net unrealized appreciation (depreciation) of:
Investment securities		(125,740,121	)
Foreign currencies		6,553
		(125,733,568	)
Net realized and unrealized gain		27,913,291
Net increase in net assets resulting from operations	$	20,408,414

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(7,504,877	)	$	(15,236,593	)
Net realized gain		153,646,859			263,618,537
Change in net unrealized appreciation (depreciation)		(125,733,568	)		119,279,927
Net increase in net assets resulting from operations		20,408,414			367,661,871
Distributions to shareholders from distributable earnings:(1)
Class A		—			(186,533,891	)
Class B		—			(1,443,484	)
Class C		—			(14,133,949	)
Class R		—			(2,399,573	)
Class Y		—			(10,446,300	)
Class R5		—			(8,139,975	)
Class R6		—			(6,509,149	)
Total distributions from distributable earnings		—			(229,606,321	)
Share transactions–net:
Class A		(60,483,169	)		(7,540,152	)
Class B		—			(25,718,606	)
Class C		(6,021,671	)		(10,930,116	)
Class R		(978,185	)		(988,247	)
Class Y		6,046,591			(5,818,701	)
Class R5		(2,624,167	)		(3,227,347	)
Class R6		2,744,879			30,490,841
Net increase (decrease) in net assets resulting from share transactions		(61,315,722	)		(23,732,328	)
Net increase (decrease) in net assets		(40,907,308	)		114,323,222
Net assets:
Beginning of period		2,822,113,106			2,707,789,884
End of period	$	2,781,205,798		$	2,822,113,106

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net realized gains.

Notes to Financial Statements

October 31, 2018

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a

10                         Invesco Mid Cap Growth 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

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, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

12                         Invesco Mid Cap Growth Fund

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

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.75%
Next $500 million		0.70%
Over $1 billion		0.65%

For the six months ended October 31, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $19,757.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

13                         Invesco Mid Cap Growth Fund

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

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $165,638 in front-end sales commissions from the sale of Class A shares and $2,766 and $1,662 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $8,576 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,695,139,506	$	47,187,827	$	—	$	2,742,327,333
Money Market Funds		67,875,172		—		—		67,875,172
Total Investments	$	2,763,014,678	$	47,187,827	$	—	$	2,810,202,505

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $17,789.

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.

14                         Invesco Mid Cap Growth 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 did not have a capital loss carryforward as of April 30, 2018.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $913,841,742 and $988,654,157, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	610,256,376
Aggregate unrealized (depreciation) of investments		(106,831,914	)
Net unrealized appreciation of investments	$	503,424,462

Cost of investments for tax purposes is $2,306,778,043.

15                         Invesco Mid Cap Growth Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		2,249,092		$	93,224,352			3,899,411		$	151,352,310
Class B(b)		—			—			4,220			135,650
Class C		283,774			8,842,573			349,725			10,325,834
Class R		72,108			2,905,416			138,324			5,218,379
Class Y		550,238			23,952,198			1,151,161			46,472,987
Class R5		254,967			11,136,448			393,133			16,091,654
Class R6		223,210			9,868,576			930,463			37,712,818
Issued as reinvestment of dividends:
Class A		—			—			4,806,247			179,321,059
Class B(b)		—			—			46,109			1,414,158
Class C		—			—			483,978			13,532,038
Class R		—			—			66,284			2,398,814
Class Y		—			—			217,920			8,492,346
Class R5		—			—			206,243			8,121,852
Class R6		—			—			163,188			6,454,078
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			429,037			17,384,572
Class B		—			—			(524,767	)		(17,384,572	)
Reacquired:
Class A		(3,712,527	)		(153,707,521	)		(9,150,784	)		(355,598,093	)
Class B(b)		—			—			(305,001	)		(9,883,842	)
Class C		(479,465	)		(14,864,244	)		(1,176,787	)		(34,787,988	)
Class R		(96,787	)		(3,883,601	)		(229,065	)		(8,605,440	)
Class Y		(414,970	)		(17,905,607	)		(1,514,023	)		(60,784,034	)
Class R5		(313,965	)		(13,760,615	)		(675,432	)		(27,440,853	)
Class R6		(161,105	)		(7,123,697	)		(330,531	)		(13,676,055	)
Net increase (decrease) in share activity		(1,545,430	)	$	(61,315,722	)		(620,947	)	$	(23,732,328	)

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

^(b)  Reflects activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business on January 26, 2018, all outstanding Class B shares were converted to Class A shares.

16                         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 10/31/18	$	38.92	$	(0.11	)	$	0.35		$	0.24		$	—		$	39.16		0.62	%	$	2,286,215		1.15	%(d)		1.15	%(d)		(0.50	)%(d)		31	%
Year ended 04/30/18		37.12		(0.21	)		5.29			5.08			(3.28	)		38.92		14.06			2,329,236		1.17			1.17			(0.54	)		51
Year ended 04/30/17		33.16		(0.20	)		5.08			4.88			(0.92	)		37.12		14.94			2,221,949		1.21			1.21			(0.57	)		53
Year ended 04/30/16		38.74		(0.18	)		(2.66	)		(2.84	)		(2.74	)		33.16		(7.43	)		2,177,520		1.20			1.21			(0.49	)		60
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
Class C
Six months ended 10/31/18		29.09		(0.19	)		0.26			0.07			—			29.16		0.24	(e)		126,533		1.86	(d)(e)		1.86	(d)(e)		(1.21	)(d)(e)		31
Year ended 04/30/18		28.69		(0.37	)		4.05			3.68			(3.28	)		29.09		13.27	(e)		131,905		1.88	(e)		1.88	(e)		(1.25	)(e)		51
Year ended 04/30/17		26.01		(0.35	)		3.95			3.60			(0.92	)		28.69		14.11	(e)		139,950		1.93	(e)		1.93	(e)		(1.29	)(e)		53
Year ended 04/30/16		31.24		(0.35	)		(2.14	)		(2.49	)		(2.74	)		26.01		(8.12	)(e)		148,892		1.92	(e)		1.93	(e)		(1.21	)(e)		60
Year ended 04/30/15		30.95		(0.35	)		4.23			3.88			(3.59	)		31.24		13.59	(e)		176,447		1.86	(e)		1.91	(e)		(1.10	)(e)		61
Year ended 04/30/14		26.11		(0.34	)		6.08			5.74			(0.90	)		30.95		22.12	(e)		170,355		1.88	(e)		1.93	(e)		(1.16	)(e)		95
Class R
Six months ended 10/31/18		37.71		(0.15	)		0.34			0.19			—			37.90		0.50			27,467		1.40	(d)		1.40	(d)		(0.75	)(d)		31
Year ended 04/30/18		36.15		(0.30	)		5.14			4.84			(3.28	)		37.71		13.76			28,265		1.42			1.42			(0.79	)		51
Year ended 04/30/17		32.39		(0.28	)		4.96			4.68			(0.92	)		36.15		14.67			27,975		1.46			1.46			(0.82	)		53
Year ended 04/30/16		38.01		(0.26	)		(2.62	)		(2.88	)		(2.74	)		32.39		(7.69	)		29,547		1.45			1.46			(0.74	)		60
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
Class Y
Six months ended 10/31/18		40.69		(0.06	)		0.36			0.30			—			40.99		0.74			140,853		0.90	(d)		0.90	(d)		(0.25	)(d)		31
Year ended 04/30/18		38.58		(0.12	)		5.51			5.39			(3.28	)		40.69		14.33			134,312		0.92			0.92			(0.29	)		51
Year ended 04/30/17		34.34		(0.12	)		5.28			5.16			(0.92	)		38.58		15.24			132,925		0.96			0.96			(0.32	)		53
Year ended 04/30/16		39.92		(0.09	)		(2.75	)		(2.84	)		(2.74	)		34.34		(7.21	)		76,291		0.95			0.96			(0.24	)		60
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
Class R5
Six months ended 10/31/18		41.13		(0.04	)		0.36			0.32			—			41.45		0.78			107,536		0.81	(d)		0.81	(d)		(0.16	)(d)		31
Year ended 04/30/18		38.92		(0.08	)		5.57			5.49			(3.28	)		41.13		14.47			109,122		0.82			0.82			(0.19	)		51
Year ended 04/30/17		34.59		(0.07	)		5.32			5.25			(0.92	)		38.92		15.39			106,223		0.83			0.83			(0.19	)		53
Year ended 04/30/16		40.14		(0.04	)		(2.77	)		(2.81	)		(2.74	)		34.59		(7.08	)		91,700		0.82			0.82			(0.11	)		60
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
Class R6
Six months ended 10/31/18		41.33		(0.02	)		0.36			0.34			—			41.67		0.82			92,602		0.73	(d)		0.73	(d)		(0.08	)(d)		31
Year ended 04/30/18		39.06		(0.04	)		5.59			5.55			(3.28	)		41.33		14.58			89,273		0.73			0.73			(0.10	)		51
Year ended 04/30/17		34.68		(0.04	)		5.34			5.30			(0.92	)		39.06		15.50			54,568		0.75			0.75			(0.11	)		53
Year ended 04/30/16		40.21		(0.01	)		(2.78	)		(2.79	)		(2.74	)		34.68		(7.02	)		49,485		0.73			0.73			(0.02	)		60
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(f)		34.50		(0.01	)		4.82			4.81			(0.90	)		38.41		14.05			77,395		0.73	(g)		0.73	(g)		(0.01	)(g)		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.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,447,587, $137,483, $29,527, $148,513, $114,774 and $96,643 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  The Total return, Ratio of expenses to average net assets and Ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.96%, 0.96%, 0.97%, 0.98%, 0.97% and 0.96% for the six months ended October 31, 2018 and the years ended April 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(f)  Commencement date of July 15, 2013.

^(g)  Annualized.

17                         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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,006.20	$	5.82	$	1,019.41	$	5.85		1.15	%
C		1,000.00		1,002.40		9.39		1,015.83		9.45		1.86
R		1,000.00		1,005.00		7.08		1,018.15		7.12		1.40
Y		1,000.00		1,007.40		4.55		1,020.67		4.58		0.90
R5		1,000.00		1,008.00		4.10		1,021.12		4.13		0.81
R6		1,000.00		1,008.50		3.70		1,021.53		3.72		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                         Invesco Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Mid Cap Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods, and reasonably comparable to the performance of the Index for the five year period. The Board noted that the Fund’s holdings in certain sectors detracted from Fund performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

19                         Invesco Mid Cap Growth Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

The Board also considered that an affiliated broker receives commissions for executing

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

20                         Invesco Mid Cap Growth Fund

Explore High-Conviction Investing with Invesco

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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 Invesco Distributors, Inc. VK-MCG-SAR-1         12142018 1238

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Small Cap Value Fund
	Nasdaq:
	A: VSCAX  ∎  C: VSMCX  ∎  Y: VSMIX  ∎  R6: SMVSX

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, 4/30/18 to 10/31/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.22	%
Class C Shares	-11.59
Class Y Shares	-11.10
Class R6 Shares	-11.02
S&P 500 Index▼ (Broad Market Index)	3.40
Russell 2000 Value Index▼ (Style-Specific Index)	-1.52
Lipper Small-Cap Value Funds Index⬛ (Peer Group Index)	-3.83
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell 2000® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Small Cap Value Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	9.49	%
10 Years	11.76
5 Years	3.86
1 Year	-14.16
Class C Shares
Inception (6/21/99)	8.99	%
10 Years	11.55
5 Years	4.26
1 Year	-10.61
Class Y Shares
Inception (8/12/05)	8.87	%
10 Years	12.67
5 Years	5.30
1 Year	-8.94
Class R6 Shares
10 Years	12.46	%
5 Years	5.18
1 Year	-8.82

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

    Class R6 shares incepted on February 7, 2017. 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 sales charge unless otherwise stated. Performance figures do not reflect

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	10.24	%
10 Years	10.76
5 Years	7.11
1 Year	-1.28
Class C Shares
Inception (6/21/99)	9.74	%
10 Years	10.55
5 Years	7.52
1 Year	2.81
Class Y Shares
Inception (8/12/05)	9.97	%
10 Years	11.66
5 Years	8.59
1 Year	4.69
Class R6 Shares
10 Years	11.46	%
5 Years	8.47
1 Year	4.89

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 C, Class Y and Class R6 shares was 1.12%, 1.86%, 0.87% and 0.69%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                      Invesco Small Cap Value Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks–97.70%
Advertising–3.14%
Interpublic Group of Cos., Inc. (The)		2,227,200	$	51,581,952
MDC Partners Inc.–Class A(b)(c)		3,368,079		8,319,155
				59,901,107
Agricultural & Farm Machinery–1.01%
AGCO Corp.		342,094		19,170,948
Asset Management & Custody Banks–2.59%
Affiliated Managers Group, Inc.		433,400		49,260,244
Auto Parts & Equipment–4.02%
Dana Inc.		1,915,840		29,829,629
Delphi Technologies PLC		1,506,359		32,296,337
Motorcar Parts of America, Inc.(c)		681,537		14,434,953
				76,560,919
Automobile Manufacturers–0.17%
Winnebago Industries, Inc.		118,259		3,259,218
Building Products–6.41%
Builders FirstSource, Inc.(c)		3,463,212		42,874,565
JELD-WEN Holding, Inc.(c)		1,193,500		19,406,310
Masco Corp.		22,651		679,530
Masonite International Corp.(c)		383,000		21,214,370
Owens Corning		802,000		37,910,540
				122,085,315
Construction & Engineering–3.43%
AECOM(c)		2,244,799		65,413,443
Construction Machinery & Heavy Trucks–0.91%
REV Group, Inc.		1,597,469		17,428,387
Consumer Finance–3.52%
SLM Corp.(c)		6,619,200		67,118,688
Diversified Metals & Mining–0.00%
Ferroglobe Representation & Warranty Insurance Trust(c)(d)		1,203,948		0
Electronic Components–3.28%
Belden Inc.		1,156,068		62,485,475
Electronic Manufacturing Services–1.57%
Flex Ltd.(c)		1,353,939		10,641,961
Sanmina Corp.(c)		761,712		19,271,314
				29,913,274
Environmental & Facilities Services–3.46%
Stericycle, Inc.(c)		902,140		45,079,936
Team, Inc.(c)		1,043,107		20,757,829
				65,837,765

	Shares		Value
Health Care Distributors–5.49%
Cardinal Health, Inc.		875,700	$	44,310,420
McKesson Corp.		482,500		60,196,700
				104,507,120
Health Care Equipment–0.67%
Invacare Corp.		990,100		12,792,092
Health Care Facilities–7.40%
Acadia Healthcare Co., Inc.(c)		476,396		19,770,434
Brookdale Senior Living Inc.(c)		4,844,721		43,263,358
Capital Senior Living Corp.(c)		1,031,800		9,286,200
Hanger, Inc.(b)(c)		3,676,024		68,594,608
				140,914,600
Home Furnishings–0.44%
Ethan Allen Interiors Inc.		440,200		8,425,428
Homebuilding–0.79%
LGI Homes, Inc.(c)		36,816		1,575,357
TRI Pointe Group, Inc.(c)		1,139,500		13,560,050
				15,135,407
Hotels, Resorts & Cruise Lines–1.61%
Norwegian Cruise Line Holdings Ltd.(c)		694,100		30,588,987
Household Products–1.12%
Spectrum Brands Holdings, Inc.		329,304		21,388,295
Human Resource & Employment Services–0.47%
ManpowerGroup Inc.		50,933		3,885,679
TrueBlue, Inc.(c)		214,577		5,006,081
				8,891,760
Industrial Conglomerates–2.01%
Carlisle Cos. Inc.		395,600		38,211,004
Industrial Machinery–0.96%
ITT Inc.		361,400		18,250,700
Investment Banking & Brokerage–7.36%
E*TRADE Financial Corp.		1,004,700		49,652,274
Greenhill & Co., Inc.		349,122		7,698,140
LPL Financial Holdings, Inc.		1,344,119		82,797,731
				140,148,145
Leisure Products–0.53%
Nautilus, Inc.(c)		825,200		10,092,196
Life & Health Insurance–2.49%
CNO Financial Group, Inc.		2,510,818		47,454,460
Metal & Glass Containers–2.38%
Crown Holdings, Inc.(c)		1,074,200		45,427,918

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

5                         Invesco Small Cap Value Fund

	Shares		Value
Oil & Gas Equipment & Services–1.96%
C&J Energy Services, Inc.(c)		500,400	$	9,397,512
Forum Energy Technologies, Inc.(c)		1,637,500		14,672,000
Helix Energy Solutions Group Inc.(c)		1,563,800		13,323,576
				37,393,088
Oil & Gas Exploration & Production–1.14%
Parsley Energy, Inc.–Class A(c)		929,700		21,773,574
Pharmaceuticals–2.46%
Mylan N.V.(c)		1,498,300		46,821,875
Real Estate Services–2.41%
Realogy Holdings Corp.		2,410,996		45,977,694
Regional Banks–3.25%
First Horizon National Corp.		2,406,267		38,837,149
Zions Bancorp., N.A.		489,300		23,021,565
				61,858,714
Research & Consulting Services–4.02%
Dun & Bradstreet Corp. (The)		394,568		56,139,135
Huron Consulting Group Inc.(c)		14,981		816,315
Resources Connection Inc.		1,205,136		19,667,819
				76,623,269
Specialty Chemicals–0.95%
Flotek Industries, Inc.(c)		2,352,100		4,257,301
Kraton Corp.(c)		499,507		13,756,423
				18,013,724
Steel–5.00%
Allegheny Technologies, Inc.(c)		1,784,900		46,211,061
Carpenter Technology Corp.		1,124,704		49,048,342
				95,259,403

	Shares		Value
Thrifts & Mortgage Finance–6.80%
Axos Financial, Inc.(c)		992,912	$	30,144,808
MGIC Investment Corp.(c)		4,384,013		53,528,799
Radian Group Inc.		2,389,386		45,852,317
				129,525,924
Trading Companies & Distributors–2.48%
Beacon Roofing Supply, Inc.(c)		624,290		17,423,934
BMC Stock Holdings, Inc.(c)		1,071,395		17,935,152
DXP Enterprises, Inc.(c)		376,800		11,974,704
				47,333,790
Total Common Stocks (Cost $1,900,056,089)				1,861,243,951
Money Market Funds–2.76%
Invesco Government & Agency Portfolio– Institutional Class, 2.08%(e)		18,422,359		18,422,359
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(e)		13,157,122		13,159,753
Invesco Treasury Portfolio–Institutional Class, 2.09%(e)		21,054,124		21,054,124
Total Money Market Funds (Cost $52,634,425)				52,636,236
TOTAL INVESTMENTS IN SECURITIES–100.46% (Cost $1,952,690,514)				1,913,880,187
OTHER ASSETS LESS LIABILITIES–(0.46)%				(8,816,986	)
NET ASSETS–100.00%			$	1,905,063,201

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, 2018 was $76,913,763, which represented 4.04% of the Fund’s Net Assets. See Note 4.

^(c)  Non-income producing security.

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

^(e)  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, 2018.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Financials	26.0	%
Industrials	25.2
Health Care	16.0
Materials	8.3
Consumer Discretionary	7.6
Information Technology	4.9
Energy	3.1
Communication Services	3.1
Real Estate	2.4
Consumer Staples	1.1
Money Market Funds Plus Other Assets Less Liabilities	2.3

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

6                         Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,762,207,876)	$	1,784,330,188
Investments in affiliates, at value (Cost $190,482,638)		129,549,999
Receivable for:
Investments sold		8,787,570
Dividends		696,242
Fund shares sold		1,343,914
Investment for trustee deferred compensation and retirement plans		243,691
Other assets		55,408
Total assets		1,925,007,012
Liabilities:
Payable for:
Investments purchased		4,021,866
Fund shares reacquired		14,262,938
Accrued fees to affiliates		1,201,457
Accrued trustees’ and officers’ fees and benefits		4,129
Accrued other operating expenses		175,221
Trustee deferred compensation and retirement plans		278,200
Total liabilities		19,943,811
Net assets applicable to shares outstanding	$	1,905,063,201
Net assets consist of:
Shares of beneficial interest	$	1,613,828,051
Distributable earnings		291,235,150
	$	1,905,063,201

Net Assets:
Class A	$	711,608,437
Class C	$	56,704,971
Class Y	$	1,095,760,760
Class R6	$	40,989,033
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,253,909
Class C		4,824,695
Class Y		63,630,586
Class R6		2,373,326
Class A:
Net asset value per share	$	16.45
Maximum offering price per share
(Net asset value of $16.45 ¸ 94.50%)	$	17.41
Class C:
Net asset value and offering price per share	$	11.75
Class Y:
Net asset value and offering price per share	$	17.22
Class R6:
Net asset value and offering price per share	$	17.27

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, 2018

(Unaudited)

Investment income:
Dividends	$	8,838,919
Dividends from affiliates		563,372
Total investment income		9,402,291
Expenses:
Advisory fees		7,510,011
Administrative services fees		236,682
Custodian fees		29,793
Distributions fees:
Class A		1,106,450
Class C		357,093
Transfer agent fees — A, C and Y		1,995,235
Transfer agent fees — R6		4,728
Trustees’ and officers’ fees and benefits		27,329
Registration and filing fees		70,830
Reports to shareholders		162,971
Professional services fees		73,101
Other		47,093
Total expenses		11,621,316
Less: Fees waived and expense offset arrangement(s)		(34,466	)
Net expenses		11,586,850
Net investment income (loss)		(2,184,559	)
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		91,371,400
Change in net unrealized appreciation (depreciation) of investment securities		(327,205,951	)
Net realized and unrealized gain (loss)		(235,834,551	)
Net increase (decrease) in net assets resulting from operations	$	(238,019,110	)

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(2,184,559	)	$	(5,068,830	)
Net realized gain		91,371,400			415,963,865
Change in net unrealized appreciation (depreciation)		(327,205,951	)		(128,313,041	)
Net increase (decrease) in net assets resulting from operations		(238,019,110	)		282,581,994
Distributions to shareholders from distributable earnings:(1)
Class A		—			(151,563,858	)
Class B		—			(1,022,675	)
Class C		—			(16,734,389	)
Class Y		—			(208,778,203	)
Class R6		—			(2,519,491	)
Total distributions from distributable earnings		—			(380,618,616	)
Share transactions-net:
Class A		(133,778,757	)		(122,639,885	)
Class B		—			(8,240,481	)
Class C		(12,261,808	)		(11,666,219	)
Class Y		(166,539,005	)		3,493,471
Class R6		20,807,433			28,296,553
Net increase (decrease) in net assets resulting from share transactions		(291,772,137	)		(110,756,561	)
Net increase (decrease) in net assets		(529,791,247	)		(208,793,183	)
Net assets:
Beginning of period		2,434,854,448			2,643,647,631
End of period	$	1,905,063,201		$	2,434,854,448

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net realized gains.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value.

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

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

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

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

9                         Invesco Small Cap Value Fund

asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

10                         Invesco Small Cap Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

11                         Invesco Small Cap Value Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0	.67%
Next $500 million		0	.645%
Over $1 billion		0	.62%

For the six months ended October 31, 2018, the effective advisory fees incurred by the Fund was 0.64%.

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

The Adviser has contractually agreed, through at least June 30, 2019, 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 C, Class Y and Class R6 shares to 2.00%, 2.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $33,173.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, 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 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% of Class C average daily net assets. The fees are accrued daily and paid monthly.

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

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $7,361 in front-end sales commissions from the sale of Class A shares and $352 from Class C shares for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $23,761 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 Small Cap Value Fund

NOTE 3—Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2018. The level assigned to the securities valuations may not be an indication of the risk of 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 sales of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	1,861,243,951	$	—	$	0	$	1,861,243,951
Money Market Funds		52,636,236		—		—		52,636,236
Total Investments	$	1,913,880,187	$	—	$	0	$	1,913,880,187

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 (excluding affiliated money market funds) for the six months ended October 31, 2018.

	Value 04/30/18		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 10/31/18		Dividend Income
American Outdoor Brands(a)	$	50,368,989	$	—	$	(52,106,249	)	$	28,875,336		$	(27,138,076	)	$	—	$	—
Hanger, Inc.		86,435,164		—		(18,922,862	)		6,337,279			(5,254,973	)		68,594,608		—
Kforce Inc(a)		40,313,255		—		(53,452,828	)		(10,710,294	)		23,849,867			—		94,019
MDC Partners Inc.–Class A		34,336,486		—		(5,624,444	)		(1,029,344	)		(19,363,543	)		8,319,155		—
Total	$	211,453,894	$	—	$	(130,106,383	)	$	23,472,977		$	(27,906,725	)	$	76,913,763	$	94,019

^(a)  As of October 31, 2018, this security is no longer considered as an affiliate of the 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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,293.

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.

13                         Invesco Small Cap Value 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, 2018.

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $424,682,732 and $711,513,207, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	267,879,295
Aggregate unrealized (depreciation) of investments		(307,731,933	)
Net unrealized appreciation (depreciation) of investments	$	(39,852,638	)

Cost of investments for tax purposes is $1,953,732,825.

14                         Invesco Small Cap Value Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		1,979,551		$	37,107,623			5,655,726		$	111,022,084
Class B(b)		—			—			1,336			21,013
Class C		60,366			811,245			128,619			1,889,774
Class Y		5,171,296			101,625,008			14,502,085			296,417,165
Class R6(c)		1,778,254			35,052,766			1,394,417			29,058,635
Issued as reinvestment of dividends:
Class A		—			—			7,772,737			146,205,191
Class B(b)		—			—			69,697			988,298
Class C		—			—			1,170,766			15,840,462
Class Y		—			—			9,501,911			186,712,559
Class R6		—			—			127,944			2,517,937
Conversion of Class B shares to Class A shares:(d)
Class A		—			—			247,221			5,018,579
Class B		—			—			(327,676	)		(5,018,579	)
Reacquired:
Class A		(9,126,657	)		(170,886,380	)		(19,555,087	)		(384,885,739	)
Class B(b)		—			—			(272,949	)		(4,231,213	)
Class C		(977,643	)		(13,073,053	)		(2,021,757	)		(29,396,455	)
Class Y		(13,692,336	)		(268,164,013	)		(23,562,698	)		(479,636,253	)
Class R6		(786,096	)		(14,245,333	)		(164,477	)		(3,280,019	)
Net increase (decrease) in share activity		(15,593,265	)	$	(291,772,137	)		(5,332,185	)	$	(110,756,561	)

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

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of February 7, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Small Cap 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 10/31/18	$	18.53	$	(0.03	)	$	(2.05	)	$	(2.08	)	$	—		$	—		$	—		$	16.45		(11.22	)%	$	711,608		1.11	%(d)		1.11	%(d)		(0.31	)%(d)		19	%
Year ended 04/30/18		19.44		(0.06	)		2.31			2.25			—			(3.16	)		(3.16	)		18.53		11.32			933,986		1.12			1.12			(0.31	)		28
Year ended 04/30/17		16.21		(0.02	)		3.60			3.58			(0.03	)		(0.32	)		(0.35	)		19.44		22.14			1,094,070		1.10			1.11			(0.12	)		32
Year ended 04/30/16		20.33		0.04			(2.37	)		(2.33	)		(0.01	)		(1.78	)		(1.79	)		16.21		(11.43	)		1,320,826		1.11			1.11			0.24			45
Year ended 04/30/15		22.75		(0.00	)		0.95			0.95			—			(3.37	)		(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	)		(1.83	)		22.75		33.78			1,909,149		1.11			1.11			(0.29	)		33
Class C
Six months ended 10/31/18		13.29		(0.07	)		(1.47	)		(1.54	)		—			—			—			11.75		(11.59	)(e)		56,705		1.85	(d)(e)		1.85	(d)(e)		(1.05	)(d)(e)		19
Year ended 04/30/18		14.83		(0.15	)		1.77			1.62			—			(3.16	)		(3.16	)		13.29		10.53	(e)		76,302		1.86	(e)		1.86	(e)		(1.05	)(e)		28
Year ended 04/30/17		12.50		(0.12	)		2.76			2.65			—			(0.32	)		(0.32	)		14.83		21.23	(e)		95,892		1.84	(e)		1.85	(e)		(0.86	)(e)		32
Year ended 04/30/16		16.25		(0.07	)		(1.90	)		(1.97	)		—			(1.78	)		(1.78	)		12.50		(12.11	)		107,647		1.86			1.86			(0.51	)		45
Year ended 04/30/15		19.02		(0.13	)		0.73			0.60			—			(3.37	)		(3.37	)		16.25		4.80	(e)		151,196		1.86	(e)		1.86	(e)		(0.75	)(e)		44
Year ended 04/30/14		15.86		(0.19	)		5.18			4.99			—			(1.83	)		(1.83	)		19.02		32.75			165,438		1.86			1.86			(1.04	)		33
Class Y
Six months ended 10/31/18		19.37		(0.01	)		(2.14	)		(2.15	)		—			—			—			17.22		(11.10	)		1,095,761		0.86	(d)		0.86	(d)		(0.06	)(d)		19
Year ended 04/30/18		20.15		(0.01	)		2.39			2.38			—			(3.16	)		(3.16	)		19.37		11.58			1,397,754		0.87			0.87			(0.06	)		28
Year ended 04/30/17		16.79		0.02			3.74			3.76			(0.08	)		(0.32	)		(0.40	)		20.15		22.45			1,445,051		0.85			0.86			0.13			32
Year ended 04/30/16		20.97		0.09			(2.45	)		(2.36	)		(0.04	)		(1.78	)		(1.82	)		16.79		(11.19	)		1,329,637		0.86			0.86			0.49			45
Year ended 04/30/15		23.31		0.05			0.98			1.03			—			(3.37	)		(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	)		(1.83	)		23.31		34.13			1,385,718		0.86			0.86			(0.04	)		33
Class R6
Six months ended 10/31/18		19.41		0.01			(2.15	)		(2.14	)		—			—			—			17.27		(11.02	)		40,989		0.71	(d)		0.71	(d)		0.09	(d)		19
Year ended 04/30/18		20.16		0.02			2.39			2.41			—			(3.16	)		(3.16	)		19.41		11.73			26,813		0.69			0.69			0.12			28
Year ended 04/30/17(f)		20.29		0.01			(0.14	)		(0.13	)		—			—			—			20.16		(0.64	)		469		0.72	(g)		0.72	(g)		0.26	(g)		32

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $878,037, $71,677, $1,350,112 and $42,525 for Class A, Class C, Class Y, and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99% for the six months ended October 31, 2018 and the years ended April 30, 2018, 2017 and 2015, respectively.

^(f)  Commencement date February 7, 2017.

^(g)  Annualized.

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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	887.80	$	5.28	$	1,019.61	$	5.65		1.11	%
C		1,000.00		884.10		8.79		1,015.88		9.40		1.85
Y		1,000.00		889.00		4.09		1,020.87		4.38		0.86
R6		1,000.00		889.80		3.38		1,021.63		3.62		0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17                         Invesco Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and reasonably comparable to 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 and Fund Expenses

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

18                         Invesco Small Cap Value Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in 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 certain investments in the affiliated money

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

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

19                         Invesco Small Cap Value Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                         Invesco Distributors, Inc.                                                                               VK-SCV-SAR-1            12142018       1239

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Technology Fund
	Nasdaq:
	A: ITYAX  ∎  C: ITHCX  ∎  Y: ITYYX  ∎  Investor: FTCHX  ∎  R5: FTPIX  ∎  R6: FTPSX

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, 4/30/18 to 10/31/18, 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	2.34	%
Class C Shares	1.94
Class Y Shares	2.48
Investor Class Shares	2.42
Class R5 Shares	2.56
Class R6 Shares	2.55
Nasdaq Composite Index▼ (Broad Market/Style-Specific Index)	3.94
Lipper Science & Technology Funds Index∎ (Peer Group Index)	0.42
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.
The Nasdaq Composite Index is a broad-based market index of the common stocks and similar securities listed on the Nasdaq stock market.
The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Technology Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.18	%
10 Years	14.06
5 Years	11.64
1 Year	1.65
Class C Shares
Inception (2/14/00)	-1.89	%
10 Years	13.86
5 Years	12.06
1 Year	5.73
Class Y Shares
Inception (10/3/08)	13.60	%
10 Years	14.99
5 Years	13.19
1 Year	7.84
Investor Class Shares
Inception (1/19/84)	10.17	%
10 Years	14.79
5 Years	13.01
1 Year	7.65
Class R5 Shares
Inception (12/21/98)	5.21	%
10 Years	15.37
5 Years	13.46
1 Year	8.00
Class R6 Shares
10 Years	14.78	%
5 Years	13.06
1 Year	8.00

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.98	%
10 Years	13.17
5 Years	14.66
1 Year	19.25
Class C Shares
Inception (2/14/00)	-1.26	%
10 Years	12.97
5 Years	15.10
1 Year	24.22
Class Y Shares
10 Years	14.09	%
5 Years	16.26
1 Year	26.51
Investor Class Shares
Inception (1/19/84)	10.57	%
10 Years	13.89
5 Years	16.07
1 Year	26.29
Class R5 Shares
Inception (12/21/98)	5.87	%
10 Years	14.47
5 Years	16.54
1 Year	26.69
Class R6 Shares
10 Years	13.88	%
5 Years	16.12
1 Year	26.69

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 April 4, 2017. 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 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 C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.28%, 2.03%, 1.03%, 1.20%, 0.85%, and 0.85%, 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 C share performance reflects the

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

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

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

3                      Invesco Technology Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.90%
Application Software–5.10%
Adobe Inc.(b)		85,358	$	20,977,582
salesforce.com, inc.(b)		157,712		21,644,395
Splunk Inc.(b)		40,160		4,009,574
				46,631,551
Biotechnology–1.85%
Alexion Pharmaceuticals, Inc.		76,378		8,559,682
Celgene Corp.(b)		117,286		8,397,678
				16,957,360
Cable & Satellite–1.43%
Charter Communications, Inc.– Class A(b)		40,857		13,089,357
Communications Equipment–0.69%
Palo Alto Networks, Inc.(b)		34,545		6,323,117
Consumer Electronics–4.01%
Sony Corp. (Japan)		681,000		36,651,492
Data Processing & Outsourced Services–7.40%
Mastercard Inc.–Class A		103,242		20,407,846
PayPal Holdings, Inc.		199,809		16,821,920
Visa Inc.–Class A		220,798		30,437,004
				67,666,770
Electronic Equipment & Instruments–0.97%
Keysight Technologies, Inc.(b)		155,901		8,898,829
Health Care Equipment–4.45%
Boston Scientific Corp.(b)		349,833		12,642,964
Intuitive Surgical, Inc.(b)		36,138		18,834,403
Stryker Corp.		56,486		9,163,159
				40,640,526
Interactive Home Entertainment–15.26%
Activision Blizzard, Inc.		443,724		30,639,142
Electronic Arts Inc.(b)		93,379		8,495,621
Nintendo Co., Ltd. (Japan)		87,600		27,156,223
Sea Ltd.–ADR (Thailand)(b)(c)		1,121,681		14,637,937
Take-Two Interactive Software, Inc.(b)		285,187		36,752,049
UbiSoft Entertainment S.A. (France)(b)		243,469		21,832,531
				139,513,503
Interactive Media & Services–12.18%
Alphabet Inc.–Class A(b)		40,007		43,630,834
Alphabet Inc.–Class C(b)		15,578		16,773,923
Baidu, Inc.–ADR (China)		52,055		9,893,573
Facebook, Inc.–Class A(b)		239,302		36,323,651
Match Group, Inc.(b)		90,983		4,705,641
				111,327,622

	Shares		Value
Internet & Direct Marketing Retail–14.85%
Alibaba Group Holding Ltd.–ADR (China)(b)		307,349	$	43,729,616
Amazon.com, Inc.		50,858		81,271,593
Booking Holdings Inc.(b)		5,756		10,790,082
				135,791,291
Life Sciences Tools & Services–6.80%
Illumina, Inc.(b)		118,255		36,795,043
IQVIA Holdings Inc.(b)		118,265		14,538,317
Thermo Fisher Scientific, Inc.		46,419		10,845,799
				62,179,159
Managed Health Care–3.40%
UnitedHealth Group Inc.		118,865		31,065,368
Movies & Entertainment–1.41%
Netflix, Inc.(b)		42,572		12,847,378
Semiconductor Equipment–1.29%
Applied Materials, Inc.		211,596		6,957,277
ASML Holding N.V.–New York Shares (Netherlands)		28,118		4,846,418
				11,803,695
Semiconductors–5.38%
Broadcom Inc.		40,547		9,061,849
Integrated Device Technology, Inc.(b)		359,970		16,850,196
NVIDIA Corp.		67,551		14,241,777
Semtech Corp.(b)		200,527		9,011,683
				49,165,505
Systems Software–6.61%
Microsoft Corp.		459,180		49,045,016
ServiceNow, Inc.(b)		63,017		11,408,598
				60,453,614
Technology Hardware, Storage & Peripherals–5.82%
Apple Inc.		243,197		53,226,095
Total Common Stocks & Other Equity Interests (Cost $500,783,248)				904,232,232
Money Market Funds–1.69%
Invesco Government & Agency Portfolio– Institutional Class, 2.08%(d)		5,444,568		5,444,568
Invesco Liquid Assets Portfolio– Institutional Class, 2.27%(d)		3,887,489		3,888,267
Invesco Treasury Portfolio–Institutional Class, 2.09%(d)		6,138,101		6,138,101
Total Money Market Funds (Cost $15,470,932)				15,470,936
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.59% (Cost $516,254,180)				919,703,168

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–1.17%
Invesco Government & Agency Portfolio– Institutional Class, 2.08% (Cost $10,726,065)(d)(e)		10,726,065	$	10,726,065
TOTAL INVESTMENTS IN SECURITIES–101.76% (Cost $526,980,245)				930,429,233
OTHER ASSETS LESS LIABILITIES–(1.76)%				(16,076,234	)
NET ASSETS–100.00%			$	914,352,999

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, 2018.

^(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, 2018.

^(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, 2018

Information Technology	33.3	%
Communication Services	30.3
Consumer Discretionary	18.8
Health Care	16.5
Money Market Funds Plus Other Assets Less Liabilities	1.1

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $500,783,248)	$	904,232,232
Investments in affiliated money market funds, at value and (Cost $26,196,997)		26,197,001
Foreign currencies, at value (Cost $295)		293
Receivable for:
Investments sold		5,486,289
Dividends and interest		301,861
Fund shares sold		734,854
Investment for trustee deferred compensation and retirement plans		182,949
Total assets		937,135,479
Liabilities:
Payable for:
Investments purchased		10,711,088
Fund shares reacquired		464,275
Collateral upon return of securities loaned		10,726,065
Accrued fees to affiliates		587,708
Accrued trustees’ and officers’ fees and benefits		3,227
Accrued other operating expenses		82,732
Trustee deferred compensation and retirement plans		207,385
Total liabilities		22,782,480
Net assets applicable to outstanding shares	$	914,352,999
Net assets consist of:
Shares of beneficial interest	$	445,880,230
Distributable earnings		468,472,769
	$	914,352,999

Net Assets:
Class A	$	393,158,128
Class C	$	44,044,836
Class Y	$	31,125,593
Investor Class	$	445,802,741
Class R5	$	177,503
Class R6	$	44,198
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,176,831
Class C		1,132,386
Class Y		637,790
Investor Class		9,318,226
Class R5		3,145
Class R6		783
Class A:
Net asset value per share	$	48.08
Maximum offering price per share
(Net asset value of $48.08 ¸ 94.50%)	$	50.88
Class C:
Net asset value and offering price per share	$	38.90
Class Y:
Net asset value and offering price per share	$	48.80
Investor Class:
Net asset value and offering price per share	$	47.84
Class R5:
Net asset value and offering price per share	$	56.44
Class R6:
Net asset value and offering price per share	$	56.45

* At October 31, 2018, securities with an aggregate value of $10,978,443 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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $30,161)	$	1,907,885
Dividends from affiliated money market funds (includes securities lending income of $3,687)		196,975
Total investment income		2,104,860
Expenses:
Advisory fees		3,230,834
Administrative services fees		125,575
Custodian fees		22,202
Distribution fees:
Class A		523,907
Class C		230,771
Investor Class		302,838
Transfer agent fees — A, C, Y and Investor		1,224,141
Transfer agent fees — R5		91
Transfer agent fees — R6		24
Trustees’ and officers’ fees and benefits		18,490
Registration and filing fees		53,095
Reports to shareholders		54,120
Professional services fees		33,425
Other		10,903
Total expenses		5,830,416
Less: Fees waived and expense offset arrangement(s)		(23,506	)
Net expenses		5,806,910
Net investment income (loss)		(3,702,050	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		26,926,848
Foreign currencies		1,273
		26,928,121
Change in net unrealized appreciation (depreciation) of:
Investment securities		(2,251,065	)
Foreign currencies		12,403
		(2,238,662	)
Net realized and unrealized gain		24,689,459
Net increase in net assets resulting from operations	$	20,987,409

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(3,702,050	)	$	(5,235,823	)
Net realized gain		26,928,121			67,117,063
Change in net unrealized appreciation (depreciation)		(2,238,662	)		107,343,428
Net increase in net assets resulting from operations		20,987,409			169,224,668
Distributions to shareholders from distributable earnings(1):
Class A		—			(13,941,905	)
Class B		—			(102,497	)
Class C		—			(1,700,242	)
Class Y		—			(994,138	)
Investor Class		—			(17,229,581	)
Class R5		—			(8,304	)
Class R6		—			(681	)
Total distributions from distributable earnings		—			(33,977,348	)
Share transactions–net:
Class A		7,383,179			10,590,273
Class B		—			(3,903,177	)
Class C		3,557,498			5,092,812
Class Y		3,221,580			6,525,350
Investor Class		(13,232,485	)		(6,546,005	)
Class R5		10,720			(12,533	)
Class R6		848			28,877
Net increase in net assets resulting from share transactions		941,340			11,775,597
Net increase in net assets		21,928,749			147,022,917
Net assets:
Beginning of period		892,424,250			745,401,333
End of period	$	914,352,999		$	892,424,250

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net realized gains.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. 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.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a

9                         Invesco Technology 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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

10                         Invesco Technology 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.

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, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

11                         Invesco Technology Fund

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

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

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

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

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $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, 2018, the effective advisory fees incurred by the Fund was 0.66%.

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

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $9,131.

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, 2018, 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

12                         Invesco Technology Fund

networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $44,227 in front-end sales commissions from the sale of Class A shares and $1 and $1,260 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $3,596 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	818,591,986	$	85,640,246	$	—	$	904,232,232
Money Market Funds		26,197,001		—		—		26,197,001
Total Investments	$	844,788,987	$	85,640,246	$	—	$	930,429,233

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $14,375.

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.

13                         Invesco Technology 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 did not have a capital loss carryforward as of April 30, 2018.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $211,421,781 and $206,062,903, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	409,537,157
Aggregate unrealized (depreciation) of investments		(8,911,367	)
Net unrealized appreciation of investments	$	400,625,790

Cost of investments for tax purposes is $529,803,443.

14                         Invesco Technology Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		709,850		$	36,367,273			1,080,192		$	48,966,844
Class B(b)		—			—			1,468			55,911
Class C		223,865			9,273,399			321,979			12,008,651
Class Y		152,056			7,822,865			322,754			14,664,978
Investor Class		205,728			10,443,032			586,193			26,339,535
Class R5		602			36,649			27,714			1,348,572
Class R6		15			848			644			34,337
Issued as reinvestment of dividends:
Class A		—			—			301,902			13,410,507
Class B(b)		—			—			2,680			101,364
Class C		—			—			45,149			1,633,499
Class Y		—			—			19,973			898,580
Investor Class		—	��		—			376,477			16,625,230
Class R5		—			—			149			7,721
Class R6		—			—			5			275
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			59,723			2,940,746
Class B		—			—			(72,038	)		(2,940,746	)
Reacquired:
Class A		(567,342	)		(28,984,094	)		(1,212,452	)		(54,727,824	)
Class B(b)		—			—			(29,459	)		(1,119,706	)
Class C		(138,813	)		(5,715,901	)		(231,123	)		(8,549,338	)
Class Y		(88,853	)		(4,601,285	)		(196,048	)		(9,038,208	)
Investor Class		(465,950	)		(23,675,517	)		(1,104,288	)		(49,510,770	)
Class R5		(427	)		(25,929	)		(27,762	)		(1,368,826	)
Class R6		—			—			(104	)		(5,735	)
Net increase in share activity		30,731		$	941,340			273,728		$	11,775,597

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Technology 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 10/31/18	$	46.98	$	(0.20	)	$	1.30		$	1.10		$	—	$	—		$	—		$	48.08		2.34	%	$	393,158		1.22	%(d)		1.22	%(d)		(0.79	)%(d)		22	%
Year ended 04/30/18		39.78		(0.29	)		9.31			9.02			—		(1.82	)		(1.82	)		46.98		22.94			377,444		1.27			1.28			(0.63	)		47
Year ended 04/30/17		32.99		(0.23	)		9.39			9.16			—		(2.37	)		(2.37	)		39.78		28.80			310,505		1.43			1.43			(0.65	)		49
Year ended 04/30/16		37.86		(0.26	)		(2.09	)		(2.35	)		—		(2.52	)		(2.52	)		32.99		(6.83	)		279,234		1.39			1.39			(0.70	)		46
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
Class C
Six Months ended 10/31/18		38.15		(0.32	)		1.07			0.75			—		—			—			38.90		1.96			44,045		1.97	(d)		1.97	(d)		(1.54	)(d)		22
Year ended 04/30/18		32.84		(0.51	)		7.64			7.13			—		(1.82	)		(1.82	)		38.15		22.02			39,954		2.02			2.03			(1.38	)		47
Year ended 04/30/17		27.80		(0.42	)		7.83			7.41			—		(2.37	)		(2.37	)		32.84		27.85			29,930		2.18			2.18			(1.40	)		49
Year ended 04/30/16		32.53		(0.45	)		(1.76	)		(2.21	)		—		(2.52	)		(2.52	)		27.80		(7.53	)		27,898		2.14			2.14			(1.45	)		46
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
Class Y
Six Months ended 10/31/18		47.62		(0.14	)		1.32			1.18			—		—			—			48.80		2.48			31,126		0.97	(d)		0.97	(d)		(0.54	)(d)		22
Year ended 04/30/18		40.21		(0.18	)		9.41			9.23			—		(1.82	)		(1.82	)		47.62		23.22			27,364		1.02			1.03			(0.38	)		47
Year ended 04/30/17		33.24		(0.14	)		9.48			9.34			—		(2.37	)		(2.37	)		40.21		29.13			17,205		1.18			1.18			(0.40	)		49
Year ended 04/30/16		38.04		(0.17	)		(2.11	)		(2.28	)		—		(2.52	)		(2.52	)		33.24		(6.61	)		9,256		1.14			1.14			(0.45	)		46
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
Investor Class
Six Months ended 10/31/18		46.71		(0.17	)		1.30			1.13			—		—			—			47.84		2.42	(e)		445,803		1.09	(d)(e)		1.09	(d)(e)		(0.66	)(d)(e)		22
Year ended 04/30/18		39.53		(0.25	)		9.25			9.00			—		(1.82	)		(1.82	)		46.71		23.03	(e)		447,456		1.19	(e)		1.20	(e)		(0.55	)(e)		47
Year ended 04/30/17		32.78		(0.21	)		9.33			9.12			—		(2.37	)		(2.37	)		39.53		28.86	(e)		384,283		1.35	(e)		1.35	(e)		(0.57	)(e)		49
Year ended 04/30/16		37.60		(0.22	)		(2.08	)		(2.30	)		—		(2.52	)		(2.52	)		32.78		(6.73	)(e)		330,298		1.30	(e)		1.30	(e)		(0.61	)(e)		46
Year ended 04/30/15		37.34		(0.31	)		5.85			5.54			—		(5.28	)		(5.28	)		37.60		15.41	(e)		383,681		1.30	(e)		1.30	(e)		(0.78	)(e)		67
Year ended 04/30/14		33.94		(0.27	)		7.02			6.75			—		(3.35	)		(3.35	)		37.34		20.31	(e)		366,054		1.36	(e)		1.36	(e)		(0.71	)(e)		69
Class R5
Six Months ended 10/31/18		55.03		(0.12	)		1.53			1.41			—		—			—			56.44		2.56			178		0.82	(d)		0.82	(d)		(0.39	)(d)		22
Year ended 04/30/18		46.14		(0.11	)		10.82			10.71			—		(1.82	)		(1.82	)		55.03		23.44			163		0.85			0.85			(0.21	)		47
Year ended 04/30/17		37.74		(0.05	)		10.82			10.77			—		(2.37	)		(2.37	)		46.14		29.45			132		0.92			0.92			(0.14	)		49
Year ended 04/30/16		42.75		(0.08	)		(2.41	)		(2.49	)		—		(2.52	)		(2.52	)		37.74		(6.36	)		465		0.87			0.87			(0.18	)		46
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
Class R6
Six Months ended 10/31/18		55.04		(0.12	)		1.53			1.41			—		—			—			56.45		2.56			44		0.82	(d)		0.82	(d)		(0.39	)(d)		22
Year ended 04/30/18		46.14		(0.11	)		10.83			10.72			—		(1.82	)		(1.82	)		55.04		23.47			42		0.85			0.85			(0.21	)		47
Year ended 04/30/17(f)		44.75		(0.00	)		1.39			1.39			—		—			—			46.14		3.10			10		0.89	(g)		0.89	(g)		(0.11	)(g)		49

^(a)  Calculated using average shares outstanding.

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

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $415,709, $45,778, $31,570, $481,078, $181 and $47 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.13%, 0.17%, 0.17%, 0.16%, 0.15% and 0.16% for six months ending October 31, 2018 and the years ended April 30, 2018, April 30, 2017, April 30, 2016, April 30, 2015 and April 30, 2014 respectively.

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

^(g)  Annualized.

16                         Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2018 through October 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,023.40	$	6.22	$	1,019.06	$	6.21		1.22	%
C		1,000.00		1,019.40		10.03		1,015.27		10.01		1.97
Y		1,000.00		1,024.80		4.95		1,020.32		4.94		0.97
Investor		1,000.00		1,024.20		5.56		1,019.71		5.55		1.09
R5		1,000.00		1,025.60		4.19		1,021.07		4.18		0.82
R6		1,000.00		1,025.50		4.19		1,021.07		4.18		0.82

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17                         Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 reasonably comparable to the performance of the Index for the one year period, and below the performance of the Index for the three and five year periods. The Board noted that underweight and overweight exposure to certain technology sub-sectors negatively impacted Fund performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

18                         Invesco Technology Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

19                         Invesco Technology Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                         Invesco Distributors, Inc.                                                                                   I-TEC-SAR-1            12172018      0837

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Technology Sector Fund
	Nasdaq:
	A: IFOAX  ∎  C: IFOCX  ∎  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, 4/30/18 to 10/31/18, 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	2.30	%
Class C Shares	1.92
Class Y Shares	2.42
Nasdaq Composite Index▼ (Broad Market/Style-Specific Index)	3.94
Lipper Science & Technology Funds Index⬛ (Peer Group Index)	0.42
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.
The Nasdaq Composite Index is a broad-based market index of the common stocks and similar securities listed on the Nasdaq stock market.     The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Technology Sector Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	5.69	%
10 Years	12.37
5 Years	11.67
1 Year	1.66
Class C Shares
Inception (7/28/97)	5.18	%
10 Years	12.16
5 Years	12.10
1 Year	5.81
Class Y Shares
Inception (7/28/97)	6.21	%
10 Years	13.27
5 Years	13.21
1 Year	7.79

Effective June 1, 2010, Class A, 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 C and Class Y shares, respectively, of Invesco Technology Sector Fund. Returns shown above, prior to June 1, 2010, for Class A, 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.

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	6.32	%
10 Years	11.79
5 Years	14.71
1 Year	19.42
Class C Shares
Inception (7/28/97)	5.80	%
10 Years	11.58
5 Years	15.16
1 Year	24.37
Class Y Shares
Inception (7/28/97)	6.85	%
10 Years	12.69
5 Years	16.27
1 Year	26.59

    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 C and Class Y shares was 1.33%, 2.07% and 1.08%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about

your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Technology Sector Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.39%
Application Software–5.13%
Adobe Inc.(b)		8,948	$	2,199,061
salesforce.com, inc.(b)		16,654		2,285,595
Splunk Inc.(b)		4,180		417,331
				4,901,987
Biotechnology–1.86%
Alexion Pharmaceuticals, Inc.		8,005		897,120
Celgene Corp.(b)		12,291		880,036
				1,777,156
Cable & Satellite–1.43%
Charter Communications, Inc.– Class A(b)		4,276		1,369,902
Communications Equipment–0.68%
Palo Alto Networks, Inc.(b)		3,565		652,538
Consumer Electronics–3.98%
Sony Corp. (Japan)		70,800		3,810,464
Data Processing & Outsourced Services–7.42%
Mastercard Inc.–Class A		10,848		2,144,324
PayPal Holdings, Inc.		20,773		1,748,879
Visa Inc.–Class A		23,198		3,197,844
				7,091,047
Electronic Equipment & Instruments–0.97%
Keysight Technologies, Inc.(b)		16,319		931,489
Health Care Equipment–4.45%
Boston Scientific Corp.(b)		36,633		1,323,916
Intuitive Surgical, Inc.(b)		3,787		1,973,709
Stryker Corp.		5,894		956,125
				4,253,750
Interactive Home Entertainment–15.20%
Activision Blizzard, Inc.		45,753		3,159,245
Electronic Arts Inc.(b)		9,788		890,512
Nintendo Co., Ltd. (Japan)		9,100		2,821,023
Sea Ltd.–ADR (Thailand)(b)		117,593		1,534,589
Take-Two Interactive Software, Inc.(b)		29,684		3,825,377
UbiSoft Entertainment S.A. (France)(b)		25,650		2,300,105
				14,530,851
Interactive Media & Services–12.36%
Alphabet Inc.–Class A(b)		4,314		4,704,762
Alphabet Inc.–Class C(b)		1,672		1,800,359
Baidu, Inc.–ADR (China)		5,445		1,034,877
Facebook, Inc.–Class A(b)		24,963		3,789,134
Match Group, Inc.(b)		9,521		492,426
				11,821,558

	Shares		Value
Internet & Direct Marketing Retail–14.96%
Alibaba Group Holding Ltd.–ADR (China)(b)		31,719	$	4,512,980
Amazon.com, Inc.		5,422		8,664,410
Booking Holdings Inc.(b)		604		1,132,246
				14,309,636
Life Sciences Tools & Services–6.81%
Illumina, Inc.(b)		12,394		3,856,393
IQVIA Holdings Inc.(b)		12,396		1,523,840
Thermo Fisher Scientific, Inc.		4,844		1,131,801
				6,512,034
Managed Health Care–3.39%
UnitedHealth Group Inc.		12,401		3,241,001
Movies & Entertainment–1.41%
Netflix, Inc.(b)		4,456		1,344,732
Semiconductor Equipment–1.29%
Applied Materials, Inc.		22,143		728,062
ASML Holding N.V.–New York Shares (Netherlands)		2,923		503,808
				1,231,870
Semiconductors–5.38%
Broadcom Inc.		4,259		951,844
Integrated Device Technology, Inc.(b)		37,420		1,751,630
NVIDIA Corp.		7,088		1,494,363
Semtech Corp.(b)		21,062		946,526
				5,144,363
Systems Software–6.74%
Microsoft Corp.		49,073		5,241,487
ServiceNow, Inc.(b)		6,656		1,205,002
				6,446,489
Technology Hardware, Storage & Peripherals–5.93%
Apple Inc.		25,921		5,673,070
Total Common Stocks & Other Equity Interests (Cost $57,354,489)				95,043,937
Money Market Funds–1.28%
Invesco Government & Agency Portfolio– Institutional Class, 2.08%(c)		428,434		428,434
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(c)		305,643		305,704
Invesco Treasury Portfolio–Institutional Class, 2.09%(c)		489,638		489,638
Total Money Market Funds (Cost $1,223,786)				1,223,776
TOTAL INVESTMENTS IN SECURITIES–100.67% (Cost $58,578,275)				96,267,713
OTHER ASSETS LESS LIABILITIES–(0.67)%				(639,030	)
NET ASSETS–100.00%			$	95,628,683

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

5                         Invesco Technology Sector 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, 2018.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Information Technology	33.5	%
Communication Services	30.4
Consumer Discretionary	19.0
Health Care	16.5
Money Market Funds Plus Other Assets Less Liabilities	0.6

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $57,354,489)	$	95,043,937
Investments in affiliated money market funds, at value (Cost $1,223,786)		1,223,776
Foreign currencies, at value (Cost $148)		147
Receivable for:
Investments sold		578,848
Dividends and interest		30,107
Fund shares sold		21,128
Investment for trustee deferred compensation and retirement plans		32,311
Other assets		25,569
Total assets		96,955,823
Liabilities:
Payable for:
Investments purchased		1,109,716
Fund shares repurchased		74,093
Accrued fees to affiliates		56,617
Accrued trustees’ and officers’ fees and benefits		1,734
Accrued other operating expenses		49,978
Trustee deferred compensation and retirement plans		35,002
Total liabilities		1,327,140
Net assets applicable to common shares	$	95,628,683
Net assets consist of:
Shares of beneficial interest	$	51,495,267
Distributable earnings		44,133,416
	$	95,628,683

Net Assets:
Class A	$	83,717,115
Class C	$	7,889,782
Class Y	$	4,021,786
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,484,295
Class C		391,584
Class Y		158,535
Class A:
Net asset value per share	$	24.03
Maximum offering price per share
(Net asset value of $24.03 ¸ 94.50%	$	25.43
Class C:
Net asset value and offering price per share	$	20.15
Class Y:
Net asset value and offering price per share	$	25.37

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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,024)	$	202,906
Dividends from affiliated money market funds (includes securities lending income of $43)		14,280
Total investment income		217,186
Expenses:
Advisory fees		351,941
Administrative services fees		25,206
Custodian fees		5,284
Distribution fees:
Class A		115,234
Class C		42,915
Transfer agent fees		75,210
Trustees’ and officers’ fees and benefits		10,409
Registration and filing fees		24,913
Reports to shareholders		19,332
Professional services fees		27,768
Other		5,603
Total expenses		703,815
Less: Fees waived		(680	)
Net expenses		703,135
Net investment income (loss)		(485,949	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		3,533,696
Foreign currencies		464
		3,534,160
Change in net unrealized appreciation (depreciation) of:
Investment securities		(564,230	)
Foreign currencies		1,384
		(562,846	)
Net realized and unrealized gain		2,971,314
Net increase in net assets resulting from operations	$	2,485,365

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(485,949	)	$	(719,701	)
Net realized gain		3,534,160			6,381,987
Change in net unrealized appreciation (depreciation)		(562,846	)		13,879,162
Net increase in net assets resulting from operations		2,485,365			19,541,448
Distributions to shareholders from distributable earnings(1):
Class A		—			(1,875,164	)
Class B		—			(4,057	)
Class C		—			(209,764	)
Class Y		—			(72,200	)
Total distributions from distributable earnings		—			(2,161,185	)
Share transactions–net:
Class A		(4,449,160	)		(7,493,232	)
Class B		—			(389,282	)
Class C		(368,601	)		(939,539	)
Class Y		245,804			836,007
Net increase (decrease) in net assets resulting from share transactions		(4,571,957	)		(7,986,046	)
Net increase (decrease) in net assets		(2,086,592	)		9,394,217
Net assets:
Beginning of period		97,715,275			88,321,058
End of period	$	95,628,683		$	97,715,275

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net realized gain.

Notes to Financial Statements

October 31, 2018

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of three different classes of shares: Class A, Class C and Class Y. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y shares are sold at net asset value.

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

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

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

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

9                         Invesco Technology Sector 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

10                         Invesco Technology Sector Fund

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 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, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

11                         Invesco Technology Sector 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.

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0	.67%
Next $2.5 billion		0	.645%
Over $3 billion		0	.62%

For the six months ended October 31, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, and Class Y shares to 2.00%, 2.75%, and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $680.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, 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; and (2) Class C — up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly.

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $1,374 in front-end sales commissions from the sale of Class A shares and $2 from Class C shares for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $316 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, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

��	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	86,112,345	$	8,931,592	$	—	$	95,043,937
Money Market Funds		1,223,776		—		—		1,223,776
Total Investments	$	87,336,121	$	8,931,592	$	—	$	96,267,713

NOTE 4—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 5—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 6—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, 2018.

13                         Invesco Technology Sector Fund

NOTE 7—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $19,801,507 and $23,717,484, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	38,322,395
Aggregate unrealized (depreciation) of investments		(965,256	)
Net unrealized appreciation of investments	$	37,357,139

Cost of investments for tax purposes is $58,910,574.

NOTE 8—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		32,698		$	848,625			79,249		$	1,748,165
Class C		6,025			132,256			5,744			106,300
Class Y		34,098			924,676			79,087			1,827,377
Issued as reinvestment of dividends:
Class A		—			—			76,522			1,698,024
Class B(b)		—			—			199			3,721
Class C		—			—			10,042			188,082
Class Y		—			—			2,385			55,788
Conversion of Class B shares to Class A shares:(c)
Class A		—			—			6,984			171,744
Class B		—			—			(8,371	)		(171,744	)
Reacquired:
Class A		(206,839	)		(5,297,785	)		(500,170	)		(11,111,165	)
Class B(b)		—			—			(12,065	)		(221,259	)
Class C		(23,413	)		(500,857	)		(65,744	)		(1,233,921	)
Class Y		(24,876	)		(678,872	)		(43,740	)		(1,047,158	)
Net increase (decrease) in share activity		(182,307	)	$	(4,571,957	)		(369,878	)	$	(7,986,046	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

14                         Invesco Technology Sector Fund

NOTE 9—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 10/31/18	$	23.49	$	(0.11	)	$	0.65		$	0.54			$	—		$	24.03		2.30	%	$	83,717		1.29	%(d)		1.29	%(d)		(0.87	)%(d)		20	%
Year ended 04/30/18		19.53		(0.15	)		4.61			4.46				(0.50	)		23.49		22.99			85,929		1.33			1.33			(0.69	)		46
Year ended 04/30/17		15.58		(0.16	)		4.54			4.38				(0.43	)		19.53		28.52			78,058		1.67			1.67			(0.90	)		49
Year ended 04/30/16		16.73		(0.15	)		(1.00	)		(1.15	)			—			15.58		(6.87	)		70,256		1.58			1.58			(0.89	)		44
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
Class C												��
Six months ended 10/31/18		19.77		(0.17	)		0.55			0.38				—			20.15		1.92	(e)		7,890		2.03	(d)(e)		2.03	(d)(e)		(1.61	)(d)(e)		20
Year ended 04/30/18		16.64		(0.27	)		3.90			3.63				(0.50	)		19.77		21.98	(e)		8,087		2.07	(e)		2.07	(e)		(1.43	)(e)		46
Year ended 04/30/17		13.42		(0.24	)		3.89			3.65				(0.43	)		16.64		27.66	(e)		7,635		2.39	(e)		2.39	(e)		(1.62	)(e)		49
Year ended 04/30/16		14.52		(0.24	)		(0.86	)		(1.10	)			—			13.42		(7.58	)		6,759		2.33			2.33			(1.64	)		44
Year ended 04/30/15		12.67		(0.25	)		2.10			1.85				—			14.52		14.60	(e)		8,087		2.32	(e)		2.32	(e)		(1.81	)(e)		66
Year ended 04/30/14		10.58		(0.21	)		2.30			2.09				—			12.67		19.75	(e)		7,976		2.41	(e)		2.41	(e)		(1.75	)(e)		69
Class Y
Six months ended 10/31/18		24.77		(0.09	)		0.69			0.60				—			25.37		2.42			4,022		1.04	(d)		1.04	(d)		(0.62	)(d)		20
Year ended 04/30/18		20.53		(0.10	)		4.84			4.74				(0.50	)		24.77		23.23			3,699		1.08			1.08			(0.44	)		46
Year ended 04/30/17		16.32		(0.12	)		4.76			4.64				(0.43	)		20.53		28.82			2,291		1.42			1.42			(0.65	)		49
Year ended 04/30/16		17.49		(0.11	)		(1.06	)		(1.17	)			—			16.32		(6.69	)		1,299		1.33			1.33			(0.64	)		44
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

^(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 $91,436, $8,626 and $4,139 for Class A, Class C and Class Y, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets, for Class C Shares, reflect actual 12b-1 fees of less than of 0.99%, 0.99%, 0.97%, 0.99% and 0.98% for the sixth months ended October 31, 2018 and for the years ended April 30, 2018, 2017, 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, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,023.00	$	6.58	$	1,018.70	$	6.56		1.29	%
C		1,000.00		1,019.20		10.33		1,014.97		10.31		2.03
Y		1,000.00		1,024.20		5.31		1,019.96		5.30		1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                         Invesco Technology Sector Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Sector Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 the Fund was reasonably comparable to the performance of the Index for the one year period, and below the performance of the Index for the three and five year periods. The Board noted that underweight and overweight exposure to certain technology sub-sectors negatively impacted Fund performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

17                         Invesco Technology Sector Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

economies of scale through initial fee setting, fee waivers and expense reimbursements.

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

18                         Invesco Technology Sector Fund

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

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                         Invesco Distributors, Inc.                                                                             MS-TECH-SAR-1            12142018      1247

	Semiannual Report to Shareholders	October 31, 2018
	Invesco Value Opportunities Fund
	Nasdaq:
	A: VVOAX  ∎  C: VVOCX  ∎  R: VVORX  ∎  Y: VVOIX  ∎  R5: VVONX  ∎  R6: VVOSX

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, 4/30/18 to 10/31/18, 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	-6.32	%
Class C Shares	-6.65
Class R Shares	-6.44
Class Y Shares	-6.18
Class R5 Shares	-6.15
Class R6 Shares	-6.08
S&P 500 Index▼ (Broad Market Index)	3.40
S&P 1500 Value Index▼ (Style-Specific Index)	0.89
Lipper Multi-Cap Value Funds Index⬛ (Peer Group Index)	-2.40
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper 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.

For more information about your Fund

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

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

2                      Invesco Value Opportunities Fund

Average Annual Total Returns
As of 10/31/18, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	4.74	%
10 Years	9.08
5 Years	3.76
1 Year	-10.75
Class C Shares
Inception (6/25/01)	4.32	%
10 Years	8.92
5 Years	4.20
1 Year	-7.17
Class R Shares
10 Years	9.44	%
5 Years	4.69
1 Year	-5.82
Class Y Shares
Inception (3/23/05)	5.02	%
10 Years	9.96
5 Years	5.20
1 Year	-5.37
Class R5 Shares
10 Years	10.08	%
5 Years	5.37
1 Year	-5.21
Class R6 Shares
10 Years	9.78	%
5 Years	5.09
1 Year	-5.14

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Value Opportunities Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Value Opportunities Fund (renamed Invesco Value Opportunities Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are 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 predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Average Annual Total Returns
As of 9/30/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	5.34	%
10 Years	8.01
5 Years	6.65
1 Year	-0.26
Class C Shares
Inception (6/25/01)	4.93	%
10 Years	7.85
5 Years	7.09
1 Year	3.76
Class R Shares
10 Years	8.35	%
5 Years	7.58
1 Year	5.22
Class Y Shares
Inception (3/23/05)	5.79	%
10 Years	8.88
5 Years	8.13
1 Year	5.77
Class R5 Shares
10 Years	8.98	%
5 Years	8.30
1 Year	5.89
Class R6 Shares
10 Years	8.68	%
5 Years	7.99
1 Year	5.95

 Class R6 shares incepted on April 4, 2017. 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 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 C, Class R, Class Y, Class R5 and Class

R6 shares was 1.22%, 1.92%, 1.47%, 0.97%, 0.85% and 0.78%, 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                      Invesco Value Opportunities Fund

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. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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. The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about

your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

For questions about your account, 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. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2018

(Unaudited)

	Shares		Value
Common Stocks–98.08%
Advertising–4.82%
Interpublic Group of Cos., Inc. (The)		870,700	$	20,165,412
Omnicom Group Inc.		198,355		14,741,743
				34,907,155
Agricultural & Farm Machinery–1.01%
AGCO Corp.		130,304		7,302,236
Asset Management & Custody Banks–2.55%
Affiliated Managers Group Inc		162,500		18,469,750
Auto Parts & Equipment–3.74%
Dana Inc.		723,868		11,270,625
Delphi Technologies PLC		737,835		15,819,182
				27,089,807
Building Products–3.08%
Masco Corp.		202,536		6,076,080
Owens Corning		344,400		16,279,788
				22,355,868
Construction & Engineering–3.49%
AECOM(b)		869,390		25,334,025
Consumer Finance–3.55%
SLM Corp.(b)		2,540,000		25,755,600
Diversified Banks–7.73%
Bank of America Corp.		781,594		21,493,835
Citigroup Inc.		299,421		19,600,099
JPMorgan Chase & Co.		136,905		14,925,383
				56,019,317
Electronic Components–3.36%
Belden Inc.		450,992		24,376,118
Electronic Manufacturing Services–0.65%
Flex Ltd.(b)		597,780		4,698,551
Environmental & Facilities Services–2.80%
Stericycle, Inc.(b)		405,468		20,261,236
Health Care Distributors–7.22%
Cardinal Health, Inc.		472,500		23,908,500
McKesson Corp.		228,000		28,445,280
				52,353,780
Health Care Facilities–3.42%
Acadia Healthcare Co., Inc.(b)		177,274		7,356,871
Brookdale Senior Living Inc.(b)		1,952,085		17,432,119
				24,788,990
Homebuilding–1.46%
D.R. Horton, Inc.		294,000		10,572,240

	Shares		Value
Hotels, Resorts & Cruise Lines–1.55%
Norwegian Cruise Line Holdings Ltd.(b)		254,200	$	11,202,594
Household Products–1.49%
Spectrum Brands Holdings, Inc.		166,524		10,815,734
Industrial Conglomerates–2.48%
Carlisle Cos. Inc.		186,500		18,014,035
Industrial Machinery–0.92%
ITT Inc.		132,100		6,671,050
Investment Banking & Brokerage–5.84%
E*TRADE Financial Corp.		226,800		11,208,456
LPL Financial Holdings, Inc.		436,566		26,892,465
TD Ameritrade Holding Corp.		81,200		4,199,664
				42,300,585
Life & Health Insurance–2.40%
MetLife, Inc.		422,000		17,382,180
Managed Health Care–5.48%
Anthem, Inc.		99,300		27,364,101
Cigna Corp.		57,700		12,336,837
				39,700,938
Metal & Glass Containers–3.06%
Crown Holdings, Inc.(b)		524,800		22,193,792
Oil & Gas Exploration & Production–3.93%
Apache Corp.		219,500		8,303,685
Parsley Energy, Inc.–Class A(b)		420,400		9,845,768
Pioneer Natural Resources Co.		70,100		10,323,627
				28,473,080
Other Diversified Financial Services–1.73%
AXA Equitable Holdings, Inc.		618,500		12,549,365
Pharmaceuticals–4.67%
Mylan N.V.(b)		721,900		22,559,375
Novartis AG (Switzerland)		129,600		11,317,474
				33,876,849
Real Estate Services–2.56%
Realogy Holdings Corp.		974,950		18,592,296
Research & Consulting Services–2.48%
Dun & Bradstreet Corp. (The)		126,471		17,994,294
Steel–2.23%
Allegheny Technologies, Inc.(b)		623,948		16,154,014
Systems Software–3.23%
Oracle Corp.		479,000		23,394,360

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

5                         Invesco Value Opportunities Fund

	Shares		Value
Thrifts & Mortgage Finance–5.15%
MGIC Investment Corp.(b)		1,925,316	$	23,508,109
Radian Group Inc.		720,349		13,823,497
				37,331,606
Total Common Stocks (Cost $715,992,816)				710,931,445
Money Market Funds–2.18%
Invesco Government & Agency Portfolio–Institutional Class, 2.08%(c)		5,532,966		5,532,966
Invesco Liquid Assets Portfolio–Institutional Class, 2.27%(c)		3,951,070		3,951,861

	Shares		Value
Invesco Treasury Portfolio–Institutional Class, 2.09%(c)		6,323,390	$	6,323,390
Total Money Market Funds (Cost $15,807,757)				15,808,217
TOTAL INVESTMENTS IN SECURITIES–100.26% (Cost $731,800,573)				726,739,662
OTHER ASSETS LESS LIABILITIES–(0.26)%				(1,897,996	)
NET ASSETS–100.00%			$	724,841,666

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, 2018.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2018

Financials	29.0	%
Health Care	20.8
Industrials	16.3
Information Technology	7.2
Consumer Discretionary	6.7
Materials	5.3
Communication Services	4.8
Energy	3.9
Real Estate	2.6
Consumer Staples	1.5
Money Market Funds Plus Other Assets Less Liabilities	1.9

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $715,992,816)	$	710,931,445
Investments in affiliated money market funds, at value (Cost $15,807,757)		15,808,217
Foreign currencies, at value (Cost $596)		615
Receivable for:
Dividends and interest		510,581
Fund shares sold		198,370
Investment for trustee deferred compensation and retirement plans		473,397
Other assets		42,246
Total assets		727,964,871
Liabilities:
Payable for:
Investments purchased		1,534,719
Fund shares reacquired		512,364
Accrued fees to affiliates		469,778
Accrued trustees’ and officers’ fees and benefits		2,476
Accrued other operating expenses		80,548
Trustee deferred compensation and retirement plans		523,320
Total liabilities		3,123,205
Net assets applicable to shares outstanding	$	724,841,666
Net assets consist of:
Shares of beneficial interest	$	652,143,841
Distributable earnings		72,697,825
	$	724,841,666

Net Assets:
Class A	$	587,536,001
Class C	$	58,936,862
Class R	$	11,846,121
Class Y	$	36,146,929
Class R5	$	2,358,014
Class R6	$	28,017,739
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		44,035,887
Class C		4,661,057
Class R		896,155
Class Y		2,707,575
Class R5		175,727
Class R6		2,085,282
Class A:
Net asset value per share	$	13.34
Maximum offering price per share
(Net asset value of $13.34 ¸ 94.50%	$	14.12
Class C:
Net asset value and offering price per share	$	12.64
Class R:
Net asset value and offering price per share	$	13.22
Class Y:
Net asset value and offering price per share	$	13.35
Class R5:
Net asset value and offering price per share	$	13.42
Class R6:
Net asset value and offering price per share	$	13.44

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, 2018

(Unaudited)

Investment income:
Dividends	$	4,513,663
Dividends from affiliated money market funds		154,400
Total investment income		4,668,063
Expenses:
Advisory fees		2,717,739
Administrative services fees		106,144
Custodian fees		9,890
Distribution fees:
Class A		826,696
Class C		317,001
Class R		32,947
Transfer agent fees — A, C, R and Y		808,726
Transfer agent fees — R5		1,221
Transfer agent fees — R6		5,644
Trustees’ and officers’ fees and benefits		15,622
Registration and filing fees		49,282
Reports to shareholders		79,717
Professional services fees		35,030
Other		15,430
Total expenses		5,021,089
Less: Fees waived and expense offset arrangement(s)		(17,332	)
Net expenses		5,003,757
Net investment income (loss)		(335,694	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		37,030,214
Foreign currencies		(2	)
		37,030,212
Change in net unrealized appreciation (depreciation) of:
Investment securities		(85,018,700	)
Foreign currencies		(5,304	)
		(85,024,004	)
Net realized and unrealized gain (loss)		(47,993,792	)
Net increase (decrease) in net assets resulting from operations	$	(48,329,486	)

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, 2018 and the year ended April 30, 2018

(Unaudited)

	October 31, 2018			April 30, 2018
Operations:
Net investment income (loss)	$	(335,694	)	$	(58,546	)
Net realized gain		37,030,212			49,316,909
Change in net unrealized appreciation (depreciation)		(85,024,004	)		35,048,084
Net increase (decrease) in net assets resulting from operations		(48,329,486	)		84,306,447
Distributions to shareholders from distributable earnings(1):
Class A		—			(33,994,064	)
Class B		—			(286,229	)
Class C		—			(3,782,570	)
Class R		—			(725,454	)
Class Y		—			(3,129,069	)
Class R5		—			(128,051	)
Class R6		—			(7,273	)
Total distributions from distributable earnings		—			(42,052,710	)
Share transactions-net:
Class A		(35,634,252	)		(17,733,820	)
Class B		—			(9,801,875	)
Class C		(5,151,535	)		(17,454,601	)
Class R		(303,420	)		(1,996,871	)
Class Y		(776,175	)		(12,094,925	)
Class R5		78,073			(159,671	)
Class R6		1,550,709			31,168,802
Net increase (decrease) in net assets resulting from share transactions		(40,236,600	)		(28,072,961	)
Net increase (decrease) in net assets		(88,566,086	)		14,180,776
Net assets:
Beginning of period		813,407,752			799,226,976
End of period	$	724,841,666		$	813,407,752

⁽¹⁾  The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended April 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net realized gains.

Notes to Financial Statements

October 31, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a

9                         Invesco Value Opportunities 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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

10                         Invesco Value Opportunities 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.

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

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

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

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

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

11                         Invesco Value Opportunities Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.695%
Next $250 million		0.67%
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, 2018, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $9,245.

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, 2018, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2018, 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, 2018, IDI advised the Fund that IDI retained $29,332 in front-end sales commissions from the sale of Class A shares and $1,250 and $367 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2018, the Fund incurred $5,064 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 Value Opportunities Fund

NOTE 3—Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2018. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	699,613,971	$	11,317,474	$	—	$	710,931,445
Money Market Funds		15,808,217		—		—		15,808,217
Total Investments	$	715,422,188	$	11,317,474	$	—	$	726,739,662

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,087.

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 did not have a capital loss carryforward as of April 30, 2018.

13                         Invesco Value Opportunities Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2018 was $168,782,735 and $206,887,006, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	90,097,988
Aggregate unrealized (depreciation) of investments		(101,341,064	)
Net unrealized appreciation (depreciation) of investments	$	(11,243,076	)

Cost of investments for tax purposes is $737,982,738.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended October 31, 2018(a)						Year ended April 30, 2018
	Shares			Amount			Shares			Amount
Sold:
Class A		1.199,929		$	17,366,141			3,456,497		$	49,060,752
Class B(b)		—			—			4,849			65,989
Class C		133,039			1,829,330			329,810			4,592,496
Class R		46,044			661,583			131,947			1,885,739
Class Y		348,079			5,058,206			1,742,268			24,879,394
Class R5		15,819			232,192			13,325			196,313
Class R6(c)		340,271			4,935,278			2,086,303			32,782,874
Issued as reinvestment of dividends:
Class A		—			—			2,228,755			32,651,271
Class B(b)		—			—			19,605			281,915
Class C		—			—			256,843			3,588,097
Class R		—			—			49,882			725,285
Class Y		—			—			196,807			2,877,326
Class R5		—			—			8,702			127,739
Class R6		—			—			457			6,718
Conversion of Class B shares to Class A shares:(d)
Class A		—			—			521,290			8,325,001
Class B		—			—			(551,441	)		(8,325,001	)
Reacquired:
Class A		(3,669,171	)		(53,000,393	)		(7,486,368	)		(107,770,844	)
Class B(b)		—			—			(129,648	)		(1,824,778	)
Class C		(505,891	)		(6,980,865	)		(1,924,642	)		(25,635,194	)
Class R		(67,048	)		(965,003	)		(316,990	)		(4,607,895	)
Class Y		(403,812	)		(5,834,381	)		(2,600,650	)		(39,851,645	)
Class R5		(10,729	)		(154,119	)		(33,244	)		(483,723	)
Class R6		(233,085	)		(3,384,569	)		(109,405	)		(1,620,790	)
Net increase (decrease) in share activity		(2,806,555	)	$	(40,236,600	)		(2,105,048	)	$	(28,072,961	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period May 1, 2017 through January 26, 2018 (date of conversion).

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

^(d)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

14                         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 10/31/18	$	14.24	$	(0.00	)	$	(0.90	)	$	(0.90	)	$	—		$	—		$	—		$	13.34		(6.32	)%	$	587,536		1.20	%(d)		1.20	%(d)		(0.05	)%(d)		22	%
Year ended 04/30/18		13.50		0.01			1.48			1.49			—			(0.75	)		(0.75	)		14.24		10.87			662,211		1.21			1.21			0.04			30
Year ended 04/30/17		11.60		0.01			2.05			2.06			(0.02	)		(0.14	)		(0.16	)		13.50		17.81			645,216		1.26			1.27			0.07			33
Year ended 04/30/16		14.45		0.02			(1.08	)		(1.06	)		(0.13	)		(1.66	)		(1.79	)		11.60		(6.93	)		622,026		1.25			1.25			0.17			38
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
Class C
Six months ended 10/31/18		13.54		(0.05	)		(0.85	)		(0.90	)		—			—			—			12.64		(6.65	)(f)		58,937		1.90	(d)(f)		1.90	(d)(f)		(0.75	)(d)(f)		22
Year ended 04/30/18		12.96		(0.09	)		1.42			1.33			—			(0.75	)		(0.75	)		13.54		10.07	(f)		68,174		1.91	(f)		1.91	(f)		(0.66	)(f)		30
Year ended 04/30/17		11.20		(0.08	)		1.98			1.90			—			(0.14	)		(0.14	)		12.96		17.00	(f)		82,590		1.97	(f)		1.98	(f)		(0.64	)(f)		33
Year ended 04/30/16		14.07		(0.07	)		(1.05	)		(1.12	)		(0.09	)		(1.66	)		(1.75	)		11.20		(7.57	)(f)		79,538		1.97	(f)		1.97	(f)		(0.55	)(f)		38
Year ended 04/30/15		13.87		0.02			0.33			0.35			(0.15	)		—			(0.15	)		14.07		2.53	(f)		99,994		1.95	(f)		1.96	(f)		0.15	(f)		64
Year ended 04/30/14		11.67		0.13	(e)		2.13			2.26			(0.06	)		—			(0.06	)		13.87		19.38	(f)		107,754		1.94	(f)		1.95	(f)		1.00	(e)(f)		16
Class R
Six months ended 10/31/18		14.13		(0.02	)		(0.89	)		(0.91	)		—			—			—			13.22		(6.44	)		11,846		1.45	(d)		1.45	(d)		(0.30	)(d)		22
Year ended 04/30/18		13.43		(0.03	)		1.48			1.45			—			(0.75	)		(0.75	)		14.13		10.63			12,955		1.46			1.46			(0.21	)		30
Year ended 04/30/17		11.55		(0.02	)		2.04			2.02			—			(0.14	)		(0.14	)		13.43		17.53			14,135		1.51			1.52			(0.18	)		33
Year ended 04/30/16		14.41		(0.01	)		(1.07	)		(1.08	)		(0.12	)		(1.66	)		(1.78	)		11.55		(7.12	)		16,119		1.50			1.50			(0.08	)		38
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
Class Y
Six months ended 10/31/18		14.23		0.02			(0.90	)		(0.88	)		—			—			—			13.35		(6.18	)		36,147		0.95	(d)		0.95	(d)		0.20	(d)		22
Year ended 04/30/18		13.46		0.04			1.48			1.52			—			(0.75	)		(0.75	)		14.23		11.13			39,323		0.96			0.96			0.29			30
Year ended 04/30/17		11.56		0.04			2.06			2.10			(0.06	)		(0.14	)		(0.20	)		13.46		18.17			46,105		1.01			1.02			0.32			33
Year ended 04/30/16		14.39		0.05			(1.08	)		(1.03	)		(0.14	)		(1.66	)		(1.80	)		11.56		(6.71	)		21,016		1.00			1.00			0.42			38
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
Class R5
Six months ended 10/31/18		14.29		0.02			(0.89	)		(0.87	)		—			—			—			13.42		(6.09	)		2,358		0.84	(d)		0.84	(d)		0.31	(d)		22
Year ended 04/30/18		13.50		0.06			1.48			1.54			—			(0.75	)		(0.75	)		14.29		11.25			2,439		0.84			0.84			0.41			30
Year ended 04/30/17		11.60		0.06			2.06			2.12			(0.08	)		(0.14	)		(0.22	)		13.50		18.30			2,456		0.85			0.86			0.48			33
Year ended 04/30/16		14.42		0.08			(1.09	)		(1.01	)		(0.15	)		(1.66	)		(1.81	)		11.60		(6.56	)		2,850		0.84			0.84			0.58			38
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
Class R6
Six months ended 10/31/18		14.31		0.03			(0.90	)		(0.87	)		—			—			—			13.44		(6.08	)		28,018		0.78	(d)		0.78	(d)		0.37	(d)		22
Year ended 04/30/18		13.50		0.08			1.48			1.56			—			(0.75	)		(0.75	)		14.31		11.40			28,305		0.77			0.77			0.48			30
Year ended 04/30/17(h)		13.60		0.01			(0.11	)		(0.10	)		—			—			—			13.50		(0.74	)		10		0.76	(g)		0.76	(g)		0.57	(g)		33

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $655,966, $66,106, $13,072, $39,341, $2,536 and $29,750 for Class A, 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 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%, $0.05 and 0.36%, $0.11 and 0.82%, $0.18 and 1.32% and $0.20 and 1.49% for Class A, Class C, Class R, Class Y and Class R5 shares, respectively.

^(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 0.95%, 0.95%, 0.97%, 0.97%, 0.98% and 0.96% for the six months ended October 31, 2018 and for the years ended April 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(g)  Annualized.

^(h)  Commencement date of April 4, 2017 for Class R6 shares.

15                         Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2018 through October 31, 2018.

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 (05/01/18)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (10/31/18)1		Expenses Paid During Period2		Ending Account Value (10/31/18)		Expenses Paid During Period2
A	$	1,000.00	$	936.80	$	5.86	$	1,019.16	$	6.11		1.20	%
C		1,000.00		933.50		9.26		1,015.63		9.65		1.90
R		1,000.00		935.60		7.07		1,017.90		7.38		1.45
Y		1,000.00		938.20		4.64		1,020.42		4.84		0.95
R5		1,000.00		938.50		4.10		1,020.97		4.28		0.84	��
R6		1,000.00		939.20		3.81		1,021.27		3.97		0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2018 through October 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                         Invesco Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Value Opportunities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis 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, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Broadridge 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 second quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s underweight exposure to certain sectors and the market environment for the Fund’s value investing style negatively impacted performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

17                         Invesco Value Opportunities Fund

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

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

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

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

D. Economies of Scale and Breakpoints

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

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 considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

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

18                         Invesco Value Opportunities Fund

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at 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                         Invesco Distributors, Inc.                                                                             VK-VOPP-SAR-1            12142018       1248

ITEM 2. CODE OF ETHICS.

    Not required for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

  Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP (“PwC”) informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to issuance of the no-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial

statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

PwC advised the Registrant’s Audit Committee that PwC had identified two matters for consideration under the SEC’s auditor independence rules. PwC stated that a PwC manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X.

PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the affiliate of the Registrant and the investments were not material to the net worth of either individual or their immediate family members.

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 COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of December 20, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 20, 2018, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant:    AIM Sector Funds (Invesco Sector Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 4, 2019

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 4, 2019
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	January 4, 2019

EXHIBIT INDEX

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.