Invesco Comstock R6 (ICSFX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number811-03826

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:  April 30

Date of reporting period:  4/30/2019

Item 1. Reports to Stockholders.

	Annual Report	4/30/2019
	Invesco OFI Pictet Global Environmental Solutions Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was OFI Pictet Global Environmental Solutions Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit oppenheimerfunds.com for more information or call Invesco’s Client Services team at800-959-4246.

Table of Contents

Fund Performance Discussion	4
Top Holdings and Allocations	9
Fund Expenses	10
Statement of Investments	12
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	35
Distribution Sources	36
Shareholder Proxy	37
Trustees and Officers	38
Invesco’s Privacy Policy	52

Performance

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/19

	Class Y			Class I*			MSCI All Country                  World Index
1-Year		5.85	%		6.09	%		5.06	%
Since Inception (12/21/17)		3.81			3.99			4.02

*Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

Performance data quoted represents past performance, which does not guarantee future results.The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recentmonth-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: There is no sales charge for Class I and Class Y shares. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

3      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Fund Performance Discussion

From May 1, 2018 to April 30, 2019 (the “reporting period”), the Fund’s Class I shares (without sales charge) returned 6.09%. During the period, the Fund outperformed the MSCI All Country Index (the “Index”), which returned 5.06%. Past performance is not a guide to future returns.

MARKET REVIEW

During the reporting period, global equity markets’ modest gains masked significant volatility. After a period of largely range-bound behaviour from April to September, global stocks experienced a 16% drawdown during Q4 2018, on the back of declining global manufacturing PMI indices, rising trade tensions and a general slowdown in the Chinese economy. This was followed by a sharp relief rally in Q1 and into April 2019, as the US and China edged towards resolving their trade dispute, the Fed put plans to tighten monetary policy on hold,

and Chinese authorities shifted their focus tore-starting credit growth and injecting fresh fiscal stimulus. A surge in M&A activity further fuelled the market rally, with deal value in Q1 up 22% compared to the previous quarter.

This volatility led to some major rotations between sectors. Across the reporting period the Technology, Utilities, Consumer Staples and Real Estate sectors lead the broad market, while Energy, Financials, Materials and Industrials trailed. The sectors the most affected during the Q4 correction were

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

4      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Energy, Utilities, Consumer Discretionary, Materials and Financials. In turn the rebound from the market lows in late December was led by Technology, Consumer Discretionary and Communication Services.

From a regional perspective, the US market outperformed other regions over the balance of the reporting period by a significant margin when expressed in USD. The Greenback’s appreciation against major currencies only account for a portion of the outperformance. Returns in most other regions were within a tight range during the year.

FUND REVIEW

The Fund invests in companies that play an active role in contributing to a cleaner environment and a less natural-resources-intensive economy. The Fund’s exposure is broadly diversified across different segments, representing distinct thematic clusters, and is the result ofbottom-up analysis.

Generally speaking, while our positioning remained diversified across segments during the year, we took advantage of the volatility in Q4 and Q1 to make some adjustments. On balance, we reduced our exposure to energy efficiency and waste management & recycling during the year, while we strengthened our portfolio positions in pollution control and the dematerialized economy.

The Fund’s segment related to the trend of manufacturing digitalization, referred to as dematerialised economy, was the strongest performer during the period, led by companies such as Cadence Design Systems, a design automation software firm. We added to this segment, in particular by entering a position in Aspen Technology, a process optimization software company, in October.

The pollution control segment, also outperformed the broad market, with environmental monitoring firms such Danaher Corp and Thermo Fisher Scientific as prime examples. We added to this segment during the year and started a position in Halma Plc, a health and safety sensor technology manufacturer, early in Q4.

At the other end of the spectrum, the energy efficiency segment underperformed, driven to an important extent by weakness in the advanced transportation subsegment. Automotive suppliers of efficient engine components such as Delphi and Valeo were adversely impacted by theUS-China trade dispute and by sluggish conditions in the European auto sector. We exited Valeo in Q4 and bought shares of Shimano, the Japanese bicycle component manufacturer, in Q1.

The waste management & recycling segment posted mixed performance during the

5      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

period, withUS-based waste management companies posting solid performance, while recycling plays in the packaging space such as Smurfit Kappa – a leading manufacturer of recycled paper packaging products such as containerboard - underperforming due to weak supply and demand conditions.

In the water supply & technologies segment, performance was mixed as well. Xylem Inc, a diversified water technology conglomerate, led the group with solid double-digit returns, while Geberit, a supplier of water and sanitation parts and equipment, underperformed due to a slow-down in its organic growth outlook. In October, we exited Aqua America and entered into Veolia Environment.

STRATEGY & OUTLOOK

We believe the fundamentals for our portfolio companies look solid. The secular trends of resource efficiency and pollution control appear to remain strong despite lingering risks associated with global trade uncertainties, decelerating manufacturing activity and a Chinese slowdown. The technologies and solutions that our companies offer remain in high demand because they contribute to cost-reduction initiatives and address changing consumer preferences. Thesell-off in equity markets during Q4 2018 impacted our portfolio

more than a broadly solid business environment would have warranted. This created some attractive buying opportunities, which we have exploited. For the remainder of 2019, we see continued upside to our portfolio holdings, provided that companies can continue to deliver on their earnings growth as we expect them to.

We believe that exposure to environmental trends can offer investors an attractive long-term risk-return profile. We focus on companies that play an active role in contributing to a cleaner environment and a less natural-resources-intensive economy. Ourbottom-up investment process results in a concentrated global portfolio that is diversified across sectors and has a strong growth bias. Population growth, economic expansion and the rise of the global middle class are increasing the strain on natural resources. Pollution is becoming a widespread political issue, particularly in developing countries where environmental awareness is rising. With public opinion about environmental policies becoming increasingly favourable, we believe that companies providing solutions to resource scarcity and pollution challenges will experience increasing demand for their products and services. A globally diversified portfolio that benefits from such opportunities has the potential to outperform the broader market over the cycle.

6      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

  Luciano Diana Portfolio Manager   Gabriel Micheli, CFA Portfolio Manager

The Portfolio Managers are employed by the Fund’ssub-sub-adviser, Pictet Asset Management SA. The opinions of the Portfolio Managers do not necessarily reflect the opinions of OppenheimerFunds.

The Fund’s performance is compared to the performance of the MSCI All Country World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on April 30, 2019, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Invesco Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

7      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Shares of Invesco Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Top Holdings and Allocations

TOP TEN HOLDINGS

Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E	4.3%
American Water Works Co., Inc.	3.3
Ecolab, Inc.	3.2
Applied Materials, Inc.	3.1
Thermo Fisher Scientific, Inc.	2.9
Waste Management, Inc.	2.9
Republic Services, Inc., Cl. A	2.8
Veolia Environnement SA	2.7
Waste Connections, Inc.	2.7
Agilent Technologies, Inc.	2.5

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

REGIONAL ALLOCATION

U.S./Canada	65.7%
Europe	27.2
Asia	7.1

Portfolio holdings and allocation are subject to change. Percentages are as of April 30, 2019, and are based on total market value of investments.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

9      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended April 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table 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 transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

10      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

Actual	Beginning Account Value November 1, 2018	Ending Account Value April 30, 2019	Expenses Paid During 6 Months Ended April 30, 2019
Class I	$   1,000.00	$ 1,183.50	$     4.61
Class Y	1,000.00	1,180.80	5.15
Hypothetical (5% return before expenses)
Class I	1,000.00	1,020.58	4.27
Class Y	1,000.00	1,020.08	4.77

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). The annualized expense ratio, excluding indirect expenses from affiliated funds, based on the6-month period ended April 30, 2019 is as follows:

Class	Expense Ratios
Class I		0.85	%
Class Y		0.95

The expense ratio reflects voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENT OF INVESTMENTSApril 30, 2019

	Shares		Value
Common Stocks—94.8%
Consumer Discretionary—5.0%
Auto Components—3.0%
Aptiv plc		5,026	$	430,728
Delphi Technologies plc		22,588		499,873
				930,601
Distributors—0.6%
LKQ Corp.1		5,978		179,938
Leisure Products—1.4%
Shimano, Inc.		3,100		451,665
Financials—2.4%
Real Estate Investment Trusts (REITs)—2.4%
Equinix, Inc.		1,661		755,257
Health Care—10.5%
Health Care Equipment & Supplies—2.4%
Danaher Corp.		5,726		758,352
Life Sciences Tools & Services—8.1%
Agilent Technologies, Inc.		10,069		790,416
Eurofins Scientific SE		867		398,304
Thermo Fisher Scientific, Inc.		3,310		918,360
Waters Corp.1		1,946		415,549
				2,522,629
Industrials—23.5%
Building Products—2.6%
A.O. Smith Corp.		5,232		275,046
Geberit AG		226		94,919
Kingspan Group plc		8,360		439,638
				809,603
Commercial Services & Supplies—10.5%
China Everbright International Ltd.		310,981		304,895
Republic Services, Inc., Cl. A		10,870		900,253
Tetra Tech, Inc.		5,636		364,762
Waste Connections, Inc.		9,096		843,836
Waste Management, Inc.		8,411		902,837
				3,316,583
Electrical Equipment—3.3%
Legrand SA		6,089		447,785
Nidec Corp.		200		28,545

	Shares		Value
Electrical Equipment (Continued)
Vestas Wind Systems AS		6,234	$	564,906
				1,041,236
Machinery—7.1%
Donaldson Co., Inc.		10,025		536,738
KION Group AG		5,596		383,783
Spirax-Sarco Engineering plc		5,118		551,309
Xylem, Inc.		9,121		760,691
				2,232,521
Information Technology—31.3%
Electronic Equipment, Instruments, & Components—8.6%
Coherent, Inc.1		4,032		596,776
Halma plc		10,830		254,177
Hexagon AB, Cl. B		5,691		310,317
Horiba Ltd.		10,000		598,169
Keyence Corp.		500		311,609
Trimble, Inc.1		15,670		639,649
				2,710,697
Semiconductors & Semiconductor Equipment—10.8%
Advanced Energy Industries, Inc.1		10,989		634,725
Applied Materials, Inc.		21,861		963,414
ASML Holding NV		3,334		696,988
MKS Instruments, Inc.		6,171		561,623
ON Semiconductor Corp.1		23,424		540,157
				3,396,907
Software—11.9%
ANSYS, Inc.1		3,744		733,075
Aspen Technology, Inc.1		4,103		500,197
Autodesk, Inc.1		3,605		642,447
Cadence Design Systems, Inc.1		7,284		505,364
Dassault Systemes SE		4,014		637,118
Synopsys, Inc.1		5,889		713,040
				3,731,241
Materials—14.5%
Chemicals—8.6%
Chr. Hansen Holding AS		3,722		380,151

12      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENT OF INVESTMENTSContinued

	Shares		Value
Chemicals (Continued)
Croda International plc		11,132	$	753,091
Ecolab, Inc.		5,394		992,927
Ingevity Corp.1		815		93,733
Symrise AG, Cl. A		4,868		468,266
				2,688,168
Containers & Packaging—3.4%
Packaging Corp. of America		1,519		150,624
SIG Combibloc Group AG1		25,871		252,962
Smurfit Kappa Group plc		15,099		442,600
Westrock Co.		5,951		228,400
				1,074,586
Paper & Forest Products—2.5%
Canfor Corp.1		22,020		230,276
Mondi plc		25,771		565,545
				795,821
Utilities—7.6%
Multi-Utilities—2.7%
Veolia Environnement SA		35,638		844,612

	Shares		Value
Water Utilities—4.9%
American Water Works Co., Inc.		9,637	$	1,042,627
Beijing Enterprises Water Group Ltd.		826,000		513,097
				1,555,724
Total Common Stocks (Cost $26,218,832)				29,796,141
Investment Company—4.3%
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.42%2,3(Cost $1,357,006)		1,357,006		1,357,006
Total Investments, at Value (Cost $27,575,838)		99.1%		31,153,147
Net Other Assets (Liabilities)		0.9		293,567
Net Assets		100.0%	$	31,446,714

Footnotes to Statement of Investments

1.Non-income producing security.

2. Rate shown is the7-day yield at period end.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares April 30, 2018		Gross Additions		Gross Reductions		Shares April 30, 2019
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. Ea		98,625		29,491,556		28,233,175		1,357,006
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. Ea	$	1,357,006	$	8,802	$	—	$	—

a.Prior to May 24, 2019, the fund was named Oppenheimer Intuitional Government Money Market Fund.

13      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENT OF INVESTMENTSContinued

Footnotes to Statement of Investments (Continued)

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value		Percent
United States	$	19,384,585		62.2%
United Kingdom		2,124,121		6.8
France		1,929,516		6.2
Japan		1,389,988		4.5
Canada		1,074,112		3.5
Denmark		945,056		3.0
Ireland		882,238		2.8
Germany		852,049		2.7
China		817,992		2.6
Netherlands		696,988		2.3
Luxembourg		398,304		1.3
Switzerland		347,881		1.1
Sweden		310,317		1.0
Total	$	31,153,147		100.0%

See accompanying Notes to Financial Statements.

14      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENT OF ASSETS AND LIABILITIESApril 30, 2019

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $26,218,832)	$	29,796,141
Affiliated companies (cost $1,357,006)		1,357,006
		31,153,147
Cash		60,030
Receivables and other assets:
Investments sold		216,889
Dividends		73,895
Other		21,643
Total assets		31,525,604
Liabilities
Payables and other liabilities:
Investments purchased		47,022
Shareholder communications		2,088
Trustees’ compensation		186
Other		29,594
Total liabilities		78,890
Net Assets	$	31,446,714
Composition of Net Assets
Par value of shares of beneficial interest	$	2,998
Additionalpaid-in capital		30,051,530
Total distributable earnings		1,392,186
Net Assets	$	31,446,714
Net Asset Value Per Share
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $31,424,457 and 2,996,267 shares of beneficial interest outstanding)		$10.49
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $22,257 and 2,126 shares of beneficial interest outstanding)		$10.47

See accompanying Notes to Financial Statements.

15      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENT

OF OPERATIONSFor the Year Ended April 30, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $10,356)	$	350,554
Affiliated companies		8,802
Interest		700
Total investment income		360,056
Expenses
Management fees		178,165
Transfer and shareholder servicing agent fees:
Class I		7,114
Class Y		80
Shareholder communications:
Class I		4,202
Class Y		7,267
Legal, auditing and other professional fees		47,282
Registration fees		27,471
Custodian fees and expenses		13,982
Borrowing fees		410
Trustees’ compensation		384
Other		1,245
Total expenses		287,602
Less waivers and reimbursements of expenses		(85,228)
Net expenses		202,374
Net Investment Income		157,682
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		(2,318,460)
Foreign currency transactions		18,788
Net realized loss		(2,299,672)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		3,724,075
Translation of assets and liabilities denominated in foreign currencies		358
Net change in unrealized appreciation/(depreciation)		3,724,433
Net Increase in Net Assets Resulting from Operations	$	1,582,443

See accompanying Notes to Financial Statements.

16      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended April 30, 2019			Period Ended April 30, 20181,2
Operations
Net investment income	$	157,682		$	13,074
Net realized gain (loss)		(2,299,672	)		75,533
Net change in unrealized appreciation/(depreciation)		3,724,433			(147,209)
Net increase (decrease) in net assets resulting from operations		1,582,443			(58,602)
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class I		(131,575	)		—
Class Y		(198	)		—
Total dividends and distributions declared		(131,773	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class I		20,043,815			9,900,000
Class Y		(1,653	)		12,484
Total beneficial interest transactions		20,042,162			9,912,484
Net Assets
Total increase		21,492,832			9,853,882
Beginning of period		9,953,882			100,0003
End of period	$	31,446,714		$	9,953,882

1. For the period from December 21, 2017 (commencement of operations) to April 30, 2018.

2. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2–New Accounting Pronouncements for further details.

3. Reflects the value of the Manager’s seed money invested on November 29, 2017.

See accompanying Notes to Financial Statements.

17      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

FINANCIAL HIGHLIGHTS

Class I	Year Ended April 30, 2019		Period Ended April 30, 20181
Per Share Operating Data
Net asset value, beginning of period		$9.94		$10.00
Income (loss) from investment operations:
Net investment income2		0.06		0.01
Net realized and unrealized gain (loss)		0.54		(0.07)
Total from investment operations		0.60		(0.06)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		0.00
Distributions from net realized gain		(0.03)		0.00
Total dividends and/or distributions to shareholders		(0.05)		0.00
Net asset value, end of period		$10.49		$9.94
Total Return, at Net Asset Value3		6.09%		(0.60)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$31,425		$9,932
Average net assets (in thousands)		$23,779		$10,166
Ratios to average net assets:4
Net investment income		0.66%		0.36%
Expenses excluding specific expenses listed below		1.18%		1.58%
Interest and fees from borrowings		0.00%5		0.00%
Total expenses6		1.18%		1.58%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85%		0.82%
Portfolio turnover rate		91%		20%

1. For the period from December 21, 2017 (commencement of operations) to April 30, 2018.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	1.18	%
Period Ended April 30, 2018	1.58	%

See accompanying Notes to Financial Statements.

18      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	Year Ended April 30, 2019		Period Ended April 30, 20181
Per Share Operating Data
Net asset value, beginning of period		$9.94		$10.00
Income (loss) from investment operations:
Net investment income2		0.05		0.01
Net realized and unrealized gain (loss)		0.52		(0.07)
Total from investment operations		0.57		(0.06)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		0.00
Distributions from net realized gain		(0.03)		0.00
Total dividends and/or distributions to shareholders		(0.04)		0.00
Net asset value, end of period		$10.47		$9.94
Total Return, at Net Asset Value3		5.85%		(0.60)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$22		$22
Average net assets (in thousands)		$41		$16
Ratios to average net assets:4
Net investment income		0.56%		0.35%
Expenses excluding specific expenses listed below		19.19%		1.73%
Interest and fees from borrowings		0.00%5		0.00%
Total expenses6		19.19%		1.73%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%		0.94%
Portfolio turnover rate		91%		20%

1. For the period from December 21, 2017 (commencement of operations) to April 30, 2018.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	19.19%
Period Ended April 30, 2018	1.73%

See accompanying Notes to Financial Statements.

19      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSApril 30, 2019

1. Organization

OFI Pictet Global Environmental Solutions Fund* (the “Fund”) is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the“Sub-Adviser”). The Manager has entered into asub-advisory agreement with OFI. TheSub-Advisor has entered into asub-sub-advisory agreement with Pictet Asset Management SA (the“Sub-Sub-Adviser”). The Fund commenced operations on December 21, 2017.

    The Fund offers Class I and Class Y shares. Class I and Class Y shares are sold to certain institutional investors without afront-end sales charge, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class.

    The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation.All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation.The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

    Although the net assets and the values are presented at the foreign exchange rates at market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

    For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

    Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on

*Effective after the close of business on May 24, 2019, the Fund was reorganized as Invesco OFI Pictet Global Environmental Solutions Fund, a series portfolio of AIM Sector Funds (Invesco Sector Funds).

20      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses.Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on theex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

Investment Income.Dividend income is recorded on theex-dividend date or uponex-dividend notification in the case of certain foreign dividends where theex-dividend date may have passed.Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates.Distributions received from the Fund’s investments in Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. Any return of capital estimates in excess of cost basis are classified as realized gain. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest

21      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications.The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes.The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended April 30, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain	Accumulated Loss Carryforward1,2,3	Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$139,051	$—	$1,534,419	$ 2,787,763

1.At period end, the Fund had $1,534,419 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net

22      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The tax character of distributions paid during the reporting periods:

	Year Ended     April 30, 2019		Period Ended     April 30, 2018
Distributions paid from:
Ordinary income	$	131,773	$	—

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	28,365,299
Federal tax cost of other investments		27
Total federal tax cost	$	28,365,326
Gross unrealized appreciation	$	3,305,669
Gross unrealized depreciation		(517,906)
Net unrealized appreciation	$	2,787,763

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

    During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule ReleaseNo. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule6-04.17 of RegulationS-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with

23      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule6-09 of RegulationS-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

    The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated theday-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

    The following methodologies are used to determine the market value or the fair value of the types of securities described below:

    Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices.Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

    Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

24      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

3. Securities Valuation (Continued)

    Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

    The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

25      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

3. Securities Valuation (Continued)

	Level 1— Unadjusted     Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	1,110,539	$	451,665	$	—	$	1,562,204
Financials		755,257		—		—		755,257
Health Care		2,882,677		398,304		—		3,280,981
Industrials		4,584,163		2,815,780		—		7,399,943
Information Technology		7,030,467		2,808,378		—		9,838,845
Materials		1,695,960		2,862,615		—		4,558,575
Utilities		1,042,627		1,357,709		—		2,400,336
Investment Company		1,357,006		—		—		1,357,006
Total Assets	$	20,458,696	$	10,694,451	$	—	$	31,153,147

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

    For the reporting period, there were no transfers between levels.

4. Investments and Risks

Risks of Foreign Investing.The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

26      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

4. Investments and Risks (Continued)

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and theSub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments.The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Invesco Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Equity Security Risk.Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Shareholder Concentration.At period end, two shareholders each owned 20% or more of the Fund’s total outstanding shares.

A shareholder is a related partyof the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees.The related partyowned 67% of the Fund’s total outstanding shares at period end.

27      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk.Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk.Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk.Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended April 30, 2019				Period Ended April 30, 20181,2
	Shares		Amount		Shares		Amount
Class I
Sold		1,992,032	$	20,000,000		990,000	$	9,900,000
Dividends and/or distributions reinvested		5,235		43,815		—		—
Redeemed		—		—		—		—
Net increase		1,997,267	$	20,043,815		990,000	$	9,900,000

28      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

6. Shares of Beneficial Interest (Continued)

	Year Ended April 30, 2019				Period Ended April 30, 20181,2
	Shares		Amount		Shares		Amount
Class Y
Sold		3,091	$	30,259		1,193	$	12,484
Dividends and/or distributions reinvested		19		157		—		—
Redeemed		(3,177)		(32,069)		—		—
Net increase (decrease)		(67)	$	(1,653)		1,193	$	12,484

1. For the period from December 21, 2017 (commencement of operations) to April 30, 2018.

2. The Fund sold 9,000 shares of Class I at a value of $90,000 and 1,000 shares of Class Y at a value of $10,000 to the Manager upon seeding of the Fund on November 29, 2017. These amounts are not reflected in the table above.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	39,257,036	$	20,807,628

8. Fees and Other Transactions with Affiliates

Management Fees.Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $500 million	0.75	%
Next $500 million	0.70
Next $4 billion	0.65
Over $5 billion	0.60

The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any applicable waivers.

Sub-Adviser Fees.The Manager has retained theSub-Adviser to provide theday-to-day portfolio management of the Fund. Under theSub-Advisory Agreement, the Manager pays theSub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to theSub-Adviser is paid by the Manager, not by the Fund.

Sub-Sub-Adviser Fees.TheSub-Adviser retains theSub-Sub-Adviser to provide theday-today portfolio management of the Fund. Under theSub-Sub-Advisory Agreement, theSub-Adviser pays theSub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to theSub-Sub-Adviser under theSub-Sub-Advisory agreement is paid by theSub-Adviser, not by the Fund.

29      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

8. Fees and Other Transactions with Affiliates (Continued)

Transfer Agent Fees.OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees.The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the“Sub-Transfer Agent”), to provide theday-to-day transfer agent and shareholder servicing of the Fund. Under theSub-Transfer Agency Agreement, the Transfer Agent pays theSub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to theSub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Offering and Organizational Costs.The Manager paid all initial offering and organizational costs associated with the registration and seeding of the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Waivers and Reimbursements of Expenses.The Manager has contractually agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses, and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 0.85% for Class I shares and 0.95% for Class Y shares.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Class I	$	77,316
Class Y		7,422

30      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

8. Fees and Other Transactions with Affiliates (Continued)

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $490 for IGMMF management fees.

9. Borrowing and Other Financing

Joint Credit Facility.A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Subsequent Event

Effective after the close of business on May 24, 2019, Invesco Ltd., an independent global investment management company, completed its acquisition of MassMutual asset management affiliate OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”). In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) approved that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco Ltd., that has the same investment objectives and substantially similar principal investment strategies and risks as the Fund (the “Reorganization”). The Reorganization was accounted for as atax-free reorganization for federal income tax purposes. Following the Reorganization, the accounting books and records of the Fund became the accounting books and records of the Acquiring Fund. On April 12, 2019, the Reorganization was approved by the shareholders of the Fund at a special meeting of shareholders.

The Reorganization was completed after the close of business on May 24, 2019 at which time shareholders of the Fund received shares of the Acquiring Fund in exchange for their shares of the Fund. Also after the close of business on May 24, 2019, the Fund’s former Class I shares were reorganized as Class R6 shares and the Fund began offering Class R5 shares. Effective May 28, 2019, Invesco Advisers, Inc. has contractually agreed to waive advisory fees and/or reimburse expenses to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed in the Fund’s statement of additional information) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.90% and 0.85%, respectively, of the Acquiring Fund’s average daily net assets. This waiver and/or expense reimbursement cannot be terminated until May 28, 2021 without approval of the Board.

The Acquiring Fund has entered into an investment advisory agreement with Invesco Advisers, Inc., a master administrative services agreement with Invesco Advisers, Inc.,

31      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

NOTES TO FINANCIAL STATEMENTSContinued

10. Subsequent Event (Continued)

a transfer agency agreement with Invesco Investment Services, Inc., and a distribution agreement with Invesco Distributors, Inc. In addition, Invesco Advisers, Inc. has entered into a mastersub-advisory agreement with each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited, Pictet Asset Management SAand OppenheimerFunds, Inc.

32      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

AIM Sector Funds (Invesco Sector Funds):

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Invesco OFI Pictet Global Environmental Solutions Fund, a series of AIM Sector Funds (Invesco Sector Funds), (the ”Fund”), formerly known as OFI Pictet Global Environmental Solutions Fund, including the statement of investments, as of April 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the period from December 21, 2017 (commencement of operations) to April 30, 2018 and the related notes (collectively, the “financial statements”) and the financial highlights for the year then ended and the period from December 21, 2017 (commencement of operations) to April 30, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and the period from December 21, 2017 (commencement of operations) to April 30, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Invesco Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Invesco Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

June 25, 2019

33      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 72.94% to arrive at the amount eligible for the corporate dividend-received deduction.

    A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $317,919 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

    Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $4,409 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

    The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

34      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTSUnaudited

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 FormN-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 FormsN-Q (or any successor Form) on the SEC website at sec.gov.

    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 recent12-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.

35      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

DISTRIBUTION SOURCESUnaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on aper-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable andnon-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other   Capital   Sources
Invesco OFI Pictet Global Environmental Solutions Fund		12/18/18		37.0%		0.0%		63.0%

36      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco OFI Pictet Global Environmental Solutions Fund was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer OFI Pictet Global Environmental Solutions Fund into Invesco OFI Pictet Global Environmental Solutions Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For		Votes Against		Votes Abstain		Broker   Non-Votes
(1) Approval of an Agreement and Plan of Reorganization		3,000,931		0		0		0

37      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIM Sector Funds (Invesco Sector Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Information below is as of May 25, 2019.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	241	None
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, The Invesco Funds	241	None
		Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

38      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.

39      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

40      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	241	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	241	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts; Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	241	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

41      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	241	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	241	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3 – 1959 Trustee	2019	Formerly, Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

42      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank and Managing Partner, KPMG LLP	241	Chairman of the Audit Committee, Blue Hills Bank; Chairman of the Business Advisory Council, Bentley University; Chairman of the Audit and Finance Committee and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	241	None
Joel W. Motley3 – 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Formerly, Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	241	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

43      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	241	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	241	None
Robert C. Troccoli – 1949 Trustee	2016	Adjunct Professor, University of Denver – Daniels College of Business Formerly: Senior Partner, KPMG LLP	241	None
Daniel S. Vandivort3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement
Christopher L. Wilson – 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);		ISO New England, Inc.(non-profit organization managing regional electricity market)

44      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

45      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

46      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc. Formerly: Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) and Invesco UK Limited; Director, President and Chairman, Invesco Insurance Agency, Inc.; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited Formerly: Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA,	N/A	N/A

47      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Invesco Canada Funds Advisory Board Member; Director, President Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset	N/A	N/A

48      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

49      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

50      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	KPMG LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1225 17thStreet,
	Atlanta, GA 30309	Suite 1000	Suite 800
		Houston, TX	Denver, CO 80202
		77046-1173
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens &	Independent Trustees	Invesco Investment	State Street Bank and
Young, LLP	Goodwin Procter LLP	Services, Inc.	Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000	Boston, MA 02110-2801
		Houston, TX
		77046-1173

51      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

INVESCO’S PRIVACY POLICY

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

    ¹NTD

52      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

INVESCO’S PRIVACY POLICY Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, andweb-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

53      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

INVESCO’S PRIVACY POLICY Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

54      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS FUND

INVESCO’S PRIVACY POLICY Continued

●  Request that we amend, rectify, delete or update the personal data we hold about you;

●  Where possible (e.g. in relation to marketing) amend or update your choices around processing;

●  Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

55      INVESCO OFI PICTET GLOBAL ENVIRONMENTAL SOLUTIONS 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.
Invesco Distributors, Inc.	O-OPGES-AR-1    06242019

	Annual Report	4/30/2019
	Invesco Oppenheimer Small Cap Value Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Small Cap Value Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit oppenheimerfunds.com for more information or call Invesco’s Client Services team at800-959-4246.

Table of Contents

Fund Performance Discussion	4
Top Holdings and Allocations	7
Fund Expenses	10
Statement of Investments	12
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	42
Federal Income Tax Information	43
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	44
Distribution Sources	45
Shareholder Proxy	46
Trustees and Officers	47
Invesco’s Privacy Notice	61

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Russell 2000 Value         Index
1-Year	-4.54%	-10.02%	2.19%
Since Inception (12/7/15)	5.82	3.99	10.58

Performance data quoted represents past performance, which does not guarantee future results.The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recentmonth-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

3      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of-4.54% during theone-year period ended April 30, 2019. In comparison, the Russell 2000 Value Index (the “Index”) returned 2.19% during the same period. The Fund’s underperformance relative to the Index stemmed from weaker relative stock selection in the Energy, Information Technology, Industrials and Financials sectors. The Fund outperformed the Index within the Consumer Discretionary and Communications Services sectors due to stock selection. Our overweight position in Energy also detracted from performance.

MARKET OVERVIEW

During the reporting period,small-cap investors endured a significant drawdown in late 2018 only to witness an almost complete rebound in the first quarter of 2019. During the fourth quarter, the Index declined almost 19%, with most of the pain felt in the market’s December sell off.

Data emerged that suggested the US economy may be slowing even as the Federal Reserve maintained its stance of modestly tighter monetary policy, and fears of a continued trade conflict remained at the front of investors’ minds. Economically

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

4      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

sensitive sectors such as Energy, Materials, Industrials and Consumer Discretionary all underperformed the Index.

After the first of the year, however, equity markets rebounded strongly as it became increasingly clear that the Federal Reserve’s stance pivoted towards neutrality, and global economic indicators showed signs of improvement. The Index gained over 15% into the end of the reporting period, with economically sensitive sectors such as Information Technology, Materials, and Industrials all outperforming.

FUND REVIEW

Top performing holdings this reporting period included Gray Television, K12 Inc., and Xperi Corporation.

Gray Television owns and operates television stations in the United States. In December, the Federal Communications Commission approved the company’s acquisition of Raycom, another television broadcaster. Investors reacted positively to results of the integration during the first few months of 2019.

K12 offers online and software based educational services to private and public schools. Shares rallied after the company reported better than expected enrollment gains in its public-school segment, which led to strong revenue and earnings growth.

Xperi, a developer and licensor of audio, imaging, and semiconductor technologies, also contributed to performance. Shares reacted positively to news that the company had reached an agreement with Samsung to settle litigation between the two companies as well as Samsung entering into an agreement to license the company’s patents.

Detractors from performance included Weatherford International, Denbury Resources, and Live Oak Bancshares.

Weatherford, a provider of global oilfield services, is in the process of restructuring its balance sheet and progress in its asset sales and debt reduction came at a slower rate than anticipated. We exited our position.

Denbury, and independent oil and gas exploration and production (E&P) company, focuses on what is called enhanced oil recovery, a process of acquiring mature acreage and enhancing production rates. Because the cost of recovery tends to be higher than conventional E&Ps, the selloff in oil prices in the fourth quarter adversely affected the value of the company’s acreage.

In the Financials sector, Live Oak Bancshares detracted from performance. Live Oak operates as an online platform for small business lending. Shares were weak as increased competition led to slower than expected loan production. We exited our position.

5      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STRATEGY & OUTLOOK

The strong performance in early 2019 was driven primarily by multiple expansion, and the broad equity market has largely recouped the losses sustained in the fourth quarter. Current market multiples are once again largely in line with recent historical averages. In our view, it is unlikely that multiples will continue to expand unless underlying corporate profits rebound. We believe that fundamentals will drive equity returns through the remainder of 2019.

As always, while many investors focus on a short-term view when considering potential

investments, the Fund utilizesin-depth fundamental research to identify companies that we believe are poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon. We believe this longer-term approach provides a more comprehensive outlook of potential investments by focusing on all three financial statements – income statement, balance sheet and statement of cash flows – and helps us uncover companies whose generation and use of free cash flow we deem as yet to be fully reflected in the current stock price.

Eric Hewitt Portfolio Manager

Effective June 21, 2019, after the close of the fiscal year, the Portfolio Management team changed to Jonathan Edwards (lead manager) and Jonathan Mueller.

6      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Gray Television, Inc.	3.0%
Radian Group, Inc.	2.6
Xperi Corp.	2.5
National Storage Affiliates Trust	2.0
Federal Agricultural Mortgage Corp., Cl. C	1.9
TCF Financial Corp.	1.9
IBERIABANK Corp.	1.8
Portland General Electric Co.	1.8
NorthWestern Corp.	1.7
Marcus & Millichap, Inc.	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

TOP TEN COMMON STOCK INDUSTRIES

Real Estate Investment Trusts (REITs)	11.9%
Commercial Banks	10.5
Semiconductors & Semiconductor Equipment	6.9
Thrifts & Mortgage Finance	6.4
Oil, Gas & Consumable Fuels	6.2
Machinery	5.0
Real Estate Management & Development	4.1
Auto Components	3.3
IT Services	3.2
Media	3.0

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

SECTOR ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

7      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/19

	Inception Date		1-Year			Since Inception
Class A (OVSAX)		12/7/15		-4.54	%		5.82	%
Class C (OVSCX)		12/7/15		-5.34			5.00
Class I* (OVSIX)		12/7/15		-4.31			6.13
Class R (OVSRX)		12/7/15		-4.77			5.55
Class Y (OVSYX)		12/7/15		-4.38			6.06

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/19

	Inception Date		1-Year			Since Inception
Class A (OVSAX)		12/7/15		-10.02	%		3.99	%
Class C (OVSCX)		12/7/15		-6.25			5.00
Class I* (OVSIX)		12/7/15		-4.31			6.13
Class R (OVSRX)		12/7/15		-4.77			5.55
Class Y (OVSYX)		12/7/15		-4.38			6.06

* Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

Performance data quoted represents past performance, which does not guarantee future results.The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recentmonth-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; and for Class C shares, the contingent deferred sales charge of 1% for the1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

The Russell 2000 Value Index measures the performance ofsmall-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lowerprice-to-book ratios and lower forecasted growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

8      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on April 30, 2019, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Invesco Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Invesco Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

9      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended April 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

10      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

Actual	Beginning Account Value November 1, 2018	Ending Account Value April 30, 2019	Expenses Paid During 6 Months Ended April 30, 2019
Class A	$   1,000.00	$    1,029.00	$       6.31
Class C	1,000.00	1,024.40	10.09
Class I	1,000.00	1,029.80	4.69
Class R	1,000.00	1,027.70	7.57
Class Y	1,000.00	1,030.40	5.05
Hypothetical (5% return before expenses)
Class A	1,000.00	1,018.60	6.28
Class C	1,000.00	1,014.88	10.04
Class I	1,000.00	1,020.18	4.67
Class R	1,000.00	1,017.36	7.53
Class Y	1,000.00	1,019.84	5.02

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended April 30, 2019 are as follows:

Class	Expense Ratios
Class A		1.25	%
Class C		2.00
Class I		0.93
Class R		1.50
Class Y		1.00

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF INVESTMENTSApril 30, 2019

	Shares		Value
Common Stocks—99.7%
Consumer Discretionary—15.3%
Auto Components—3.3%
Cooper Tire & Rubber Co.		5,688	$	169,844
Cooper-Standard Holdings, Inc.1		2,557		129,563
Dana, Inc.		29,013		565,754
Tenneco, Inc., Cl. A		13,121		287,612
				1,152,773
Automobiles—0.7%
Harley-Davidson, Inc.		6,976		259,717
Diversified Consumer Services—1.7%
K12, Inc.1		19,618		590,894
Household Durables—1.7%
Toll Brothers, Inc.		15,042		573,100
Leisure Products—0.8%
Malibu Boats, Inc., Cl. A1		6,341		263,912
Media—3.0%
Gray Television, Inc.1		43,701		1,023,914
Specialty Retail—2.5%
Designer Brands, Inc., Cl. A		14,707		327,231
Foot Locker, Inc.		5,601		320,433
Office Depot, Inc.		87,853		210,847
				858,511
Textiles, Apparel & Luxury Goods—1.6%
Deckers Outdoor Corp.1		2,444		386,665
Movado Group, Inc.		5,124		182,671
				569,336
Consumer Staples—1.1%
Personal Products—1.1%
USANA Health Sciences, Inc.1		4,476		373,567
Energy—7.5%
Energy Equipment & Services—1.3%
Precision Drilling Corp.1		180,817		441,193
Oil, Gas & Consumable Fuels—6.2%
Callon Petroleum Co.1		20,945		157,297
CONSOL Energy, Inc.1		10,091		342,085

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Delek US Holdings, Inc.		14,265	$	528,661
Denbury Resources, Inc.1		140,483		313,277
Range Resources Corp.		14,207		128,431
Renewable Energy Group, Inc.1		7,401		178,512
SM Energy Co.		21,514		342,718
Whiting Petroleum Corp.1		5,309		145,414
				2,136,395
Financials—37.1%
Capital Markets—1.7%
Stifel Financial Corp.		9,828		586,437
Commercial Banks—10.5%
Chemical Financial Corp.		9,756		428,581
Enterprise Financial Services Corp.		4,946		210,403
Great Southern Bancorp, Inc.		5,095		295,255
Great Western Bancorp, Inc.		13,702		481,899
IBERIABANK Corp.		7,642		607,539
Opus Bank		19,948		436,263
TCF Financial Corp.		29,521		653,300
Umpqua Holdings Corp.		28,760		499,274
				3,612,514
Insurance—2.5%
Assured Guaranty Ltd.		10,691		509,960
RenaissanceRe Holdings Ltd.		2,380		369,757
				879,717
Real Estate Investment Trusts (REITs)—11.9%
CorePoint Lodging, Inc.		17,285		216,062
DiamondRock Hospitality Co.		35,065		380,806
Granite Point Mortgage Trust, Inc.		29,011		557,882
Hospitality Properties Trust		9,850		256,100
National Storage Affiliates Trust		24,008		702,474

12      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF INVESTMENTSContinued

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
NexPoint Residential Trust, Inc.		13,352	$	500,566
Preferred Apartment Communities, Inc., Cl. A		26,516		414,710
PS Business Parks, Inc.		1,586		243,641
QTS Realty Trust, Inc., Cl. A		6,133		278,132
Sabra Health Care REIT, Inc.		27,619		540,228
				4,090,601
Real Estate Management & Development—4.1%
HFF, Inc., Cl. A		11,440		544,430
Marcus & Millichap, Inc.1		13,834		596,245
RE/MAX Holdings, Inc., Cl. A		6,188		268,126
				1,408,801
Thrifts & Mortgage Finance—6.4%
Federal Agricultural Mortgage Corp., Cl. C		8,544		653,445
Merchants Bancorp		19,040		460,387
Radian Group, Inc.		37,868		886,869
Walker & Dunlop, Inc.		4,083		224,361
				2,225,062
Health Care—5.2%
Biotechnology—1.1%
BioSpecifics Technologies Corp.1		3,635		243,545
Emergent BioSolutions, Inc.1		2,993		154,678
				398,223
Health Care Providers & Services—0.7%
Select Medical Holdings Corp.1		16,827		241,804
Life Sciences Tools & Services—0.8%
Medpace Holdings, Inc.1		4,659		261,696
Pharmaceuticals—2.6%
Horizon Pharma plc1		18,224		465,259
Innoviva, Inc.1		19,665		275,900

	Shares		Value
Pharmaceuticals (Continued)
Osmotica Pharmaceuticals plc1		38,890	$	156,338
				897,497
Industrials—11.5%
Aerospace & Defense—0.8%
Aerojet Rocketdyne Holdings, Inc.1		8,468		286,726
Commercial Services & Supplies—0.8%
KAR Auction Services, Inc.		4,737		267,546
Electrical Equipment—2.6%
Acuity Brands, Inc.		1,494		218,617
Atkore International Group, Inc.1		14,966		370,558
Regal-Beloit Corp.		3,520		299,482
				888,657
Machinery—5.0%
Federal Signal Corp.		13,537		389,459
ITT, Inc.		9,634		583,339
Milacron Holdings Corp.1		31,401		458,769
Wabash National Corp.		19,449		293,291
				1,724,858
Professional Services—1.1%
Kforce, Inc.		10,342		372,519
Road & Rail—1.2%
ArcBest Corp.		14,029		428,726
Information Technology—12.9%
Electronic Equipment, Instruments, & Components—2.1%
Fabrinet1		4,385		265,380
Hollysys Automation Technologies Ltd.		22,049		461,486
				726,866
IT Services—3.2%
Cardtronics plc, Cl. A1		7,699		275,316
Cass Information Systems, Inc.		10,955		540,410
Science Applications International Corp.		4,069		304,972
				1,120,698

13      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF INVESTMENTSContinued

	Shares		Value
Semiconductors & Semiconductor Equipment—6.9%
Diodes, Inc.1		7,215	$	262,770
Kulicke & Soffa Industries, Inc.		10,693		248,826
MKS Instruments, Inc.		3,024		275,214
Nanometrics, Inc.1		6,669		198,670
Synaptics, Inc.1		8,485		319,630
Tower Semiconductor Ltd.1		11,948		214,706
Xperi Corp.		33,991		844,676
				2,364,492
Software—0.7%
j2 Global, Inc.		2,555		223,869
Materials—4.5%
Chemicals—1.4%
Orion Engineered Carbons SA		11,459		232,274
Tredegar Corp.		13,376		241,036
				473,310
Metals & Mining—1.0%
Warrior Met Coal, Inc.		11,833		366,823
Paper & Forest Products—2.1%
Mercer International, Inc.		39,358		557,309
Resolute Forest Products		20,168		159,529
				716,838

	Shares		Value
Telecommunication Services—1.1%
Wireless Telecommunication Services—1.1%
Shenandoah Telecommunications Co.		8,929	$	369,035
Utilities—3.5%
Electric Utilities—1.8%
Portland General Electric Co.		11,557		604,546
Multi-Utilities—1.7%
NorthWestern Corp.		8,614		601,689
Total Common Stocks (Cost $32,619,987)				34,382,862
Investment Company—0.2%
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.42%2,3(Cost $78,391)		78,391		78,391
Total Investments, at Value (Cost $32,698,378)		99.9%		34,461,253
Net Other Assets (Liabilities)		0.1		44,437
Net Assets		100.0%	$	34,505,690

Footnotes to Statement of Investments

1.Non-income producing security.

2. Rate shown is the7-day yield at period end.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares April 30, 2018		Gross Additions		Gross Reductions		Shares April 30, 2019
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. Ea		595,998		24,894,386		25,411,993		78,391

14      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF INVESTMENTSContinued

Footnotes to Statement of Investments (Continued)

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. Ea	$	78,391	$	11,195	$	—	$	—

a.Prior to May 24, 2019, this fund was named Oppenheimer Institutional Government Money Market Fund.

See accompanying Notes to Financial Statements.

15      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIESApril 30, 2019

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $32,619,987)	$	34,382,862
Affiliated companies (cost $78,391)		78,391
		34,461,253
Cash		10,000
Receivables and other assets:
Shares of beneficial interest sold		68,345
Dividends		8,885
Other		38,867
Total assets		34,587,350
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		40,051
Distribution and service plan fees		6,630
Shareholder communications		4,663
Trustees’ compensation		288
Other		30,028
Total liabilities		81,660
Net Assets	$	34,505,690
Composition of Net Assets
Par value of shares of beneficial interest	$	3,051
Additionalpaid-in capital		34,760,828
Total accumulated loss		(258,189)
Net Assets	$	34,505,690

16      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIESContinued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $21,432,961 and 1,892,343 shares of beneficial interest outstanding)	$11.33
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$12.02
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $5,822,101 and 518,288 shares of beneficial interest outstanding)	$11.23
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $33,801 and 2,983 shares of beneficial interest outstanding)	$11.33
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $5,024,380 and 443,574 shares of beneficial interest outstanding)	$11.33
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,192,447 and 193,348 shares of beneficial interest outstanding)	$11.34

See accompanying Notes to Financial Statements.

17      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENT OF

OPERATIONSFor the Year Ended April 30, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,832)	$	721,498
Affiliated companies		11,195
Interest		1,834
Total investment income		734,527
Expenses
Management fees		286,485
Distribution and service plan fees:
Class A		52,964
Class C		55,833
Class R		22,247
Transfer and shareholder servicing agent fees:
Class A		42,821
Class C		10,924
Class I		11
Class R		8,724
Class Y		7,292
Shareholder communications:
Class A		9,424
Class C		2,897
Class I		18
Class R		3,226
Class Y		1,586
Registration fees		85,675
Legal, auditing and other professional fees		47,735
Custodian fees and expenses		2,320
Borrowing fees		1,101
Trustees’ compensation		553
Other		4,212
Total expenses		646,048
Less reduction to custodian expenses		(97)
Less waivers and reimbursements of expenses		(153,279)
Net expenses		492,672
Net Investment Income		241,855
Realized and Unrealized Loss
Net realized loss on:
Investment transactions in unaffiliated companies		(1,790,945)
Foreign currency transactions		(275)
Net realized loss		(1,791,220)
Net change in unrealized appreciation/(depreciation) on investment transactions in unaffiliated companies		(353,329)
Net Decrease in Net Assets Resulting from Operations	$	(1,902,694)

See accompanying Notes to Financial Statements.

18     INVESCO OPPENHEIMER SMALL CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended April 30, 2019			Year Ended April 30, 20181
Operations
Net investment income	$	241,855		$	130,912
Net realized gain (loss)		(1,791,220	)		1,406,203
Net change in unrealized appreciation/(depreciation)		(353,329	)		(691,639)
Net increase (decrease) in net assets resulting from operations		(1,902,694	)		845,476
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(771,702	)		(328,053)
Class C		(186,018	)		(48,867)
Class I		(1,454	)		(258)
Class R		(163,630	)		(42,413)
Class Y		(104,689	)		(25,785)
Total dividends and distributions declared		(1,227,493	)		(445,376)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		6,114,252			(10,159,479)
Class C		1,571,322			(151,904)
Class I		(775	)		24,609
Class R		1,617,544			1,277,166
Class Y		883,055			(860,432)
Total beneficial interest transactions		10,185,398			(9,870,040)
Net Assets
Total increase (decrease)		7,055,211			(9,469,940)
Beginning of period		27,450,479			36,920,419
End of period	$	34,505,690		$	27,450,479

1.Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.   

See accompanying Notes to Financial Statements.

19     INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Period Ended April 29, 20161, 2
Per Share Operating Data
Net asset value, beginning of period		$12.38		$12.13		$10.10		$10.00
Income (loss) from investment operations:
Net investment income3		0.10		0.07		0.06		0.04
Net realized and unrealized gain (loss)		(0.69)		0.36		2.04		0.10
Total from investment operations		(0.59)		0.43		2.10		0.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.04)		(0.07)		(0.04)
Distributions from net realized gain		(0.35)		(0.14)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.46)		(0.18)		(0.07)		(0.04)
Net asset value, end of period		$11.33		$12.38		$12.13		$10.10
Total Return, at Net Asset Value4		(4.54)%		3.56%		20.87%		1.40%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$21,433		$17,238		$27,101		$5,922
Average net assets (in thousands)		$21,982		$22,295		$16,833		$5,052
Ratios to average net assets:5
Net investment income		0.80%		0.54%		0.50%		0.98%
Expenses excluding specific expenses listed below		1.67%		1.66%		1.69%		2.86%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.67%		1.66%		1.69%		2.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.25%
Portfolio turnover rate		107%		73%		52%		22%

1. For the period from December 7, 2015 (commencement of operations) to April 29, 2016.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	1.67	%
Year Ended April 30, 2018	1.66	%
Year Ended April 30, 2017	1.69	%
Period Ended April 29, 2016	2.87	%

See accompanying Notes to Financial Statements.

20      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTSContinued

Class C	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Period Ended April 29, 20161, 2
Per Share Operating Data
Net asset value, beginning of period		$12.30		$12.10		$10.09		$10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.01		(0.03)		(0.04)		(0.02)
Net realized and unrealized gain (loss)		(0.70)		0.37		2.06		0.13
Total from investment operations		(0.69)		0.34		2.02		0.11
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		0.00		(0.01)		(0.02)
Distributions from net realized gain		(0.35)		(0.14)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.38)		(0.14)		(0.01)		(0.02)
Net asset value, end of period		$11.23		$12.30		$12.10		$10.09
Total Return, at Net Asset Value4		(5.34)%		2.81%		20.01%		1.07%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,822		$4,771		$4,885		$289
Average net assets (in thousands)		$5,607		$4,476		$2,387		$123
Ratios to average net assets:5
Net investment income (loss)		0.05%		(0.23)%		(0.31)%		(0.46)%
Expenses excluding specific expenses listed below		2.45%		2.52%		2.52%		3.97%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.45%		2.52%		2.52%		3.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.00%		2.00%		2.00%		1.96%
Portfolio turnover rate		107%		73%		52%		22%

1. For the period from December 7, 2015 (commencement of operations) to April 29, 2016.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	2.45	%
Year Ended April 30, 2018	2.52	%
Year Ended April 30, 2017	2.52	%
Period Ended April 29, 2016	3.98	%

See accompanying Notes to Financial Statements.

21      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTSContinued

Class I	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Period Ended April 29, 20161,  2
Per Share Operating Data
Net asset value, beginning of period		$12.39		$12.13		$10.10		$10.00
Income (loss) from investment operations:
Net investment income3		0.13		0.11		0.11		0.04
Net realized and unrealized gain (loss)		(0.69)		0.36		2.03		0.11
Total from investment operations		(0.56)		0.47		2.14		0.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.15)		(0.07)		(0.11)		(0.05)
Distributions from net realized gain		(0.35)		(0.14)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.50)		(0.21)		(0.11)		(0.05)
Net asset value, end of period		$11.33		$12.39		$12.13		$10.10
Total Return, at Net Asset Value4		(4.31)%		3.89%		21.30%		1.50%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$34		$37		$12		$10
Average net assets (in thousands)		$36		$18		$11		$9
Ratios to average net assets:5
Net investment income		1.12%		0.88%		0.96%		0.98%
Expenses excluding specific expenses listed below		1.27%		1.29%		1.38%		2.47%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.27%		1.29%		1.38%		2.47%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93%		0.93%		0.93%		0.93%
Portfolio turnover rate		107%		73%		52%		22%

1. For the period from December 7, 2015 (commencement of operations) to April 29, 2016.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	1.27	%
Year Ended April 30, 2018	1.29	%
Year Ended April 30, 2017	1.38	%
Period Ended April 29, 2016	2.48	%

See accompanying Notes to Financial Statements.

22      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTSContinued

Class R	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Period Ended April 29, 20161, 2
Per Share Operating Data
Net asset value, beginning of period		$12.38		$12.15		$10.10		$10.00
Income (loss) from investment operations:
Net investment income3		0.07		0.03		0.02		(0.00)4
Net realized and unrealized gain (loss)		(0.69)		0.36		2.07		0.13
Total from investment operations		(0.62)		0.39		2.09		0.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.02)		(0.04)		(0.03)
Distributions from net realized gain		(0.35)		(0.14)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.43)		(0.16)		(0.04)		(0.03)
Net asset value, end of period		$11.33		$12.38		$12.15		$10.10
Total Return, at Net Asset Value5		(4.77)%		3.21%		20.72%		1.27%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,024		$3,804		$2,468		$205
Average net assets (in thousands)		$4,478		$3,124		$1,124		$57
Ratios to average net assets:6
Net investment income (loss)		0.55%		0.25%		0.21%		(0.03)%
Expenses excluding specific expenses listed below		1.97%		2.04%		2.12%		3.71%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%		0.00%
Total expenses8		1.97%		2.04%		2.12%		3.71%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.50%		1.50%		1.50%		1.45%
Portfolio turnover rate		107%		73%		52%		22%

1. For the period from December 7, 2015 (commencement of operations) to April 29, 2016.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	1.97	%
Year Ended April 30, 2018	2.04	%
Year Ended April 30, 2017	2.12	%
Period Ended April 29, 2016	3.72	%

See accompanying Notes to Financial Statements.

23      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Period Ended April 29, 20161, 2
Per Share Operating Data
Net asset value, beginning of period		$12.40		$12.15		$10.10		$10.00
Income (loss) from investment operations:
Net investment income3		0.13		0.10		0.08		0.05
Net realized and unrealized gain (loss)		(0.70)		0.36		2.06		0.09
Total from investment operations		(0.57)		0.46		2.14		0.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14)		(0.07)		(0.09)		(0.04)
Distributions from net realized gain		(0.35)		(0.14)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.49)		(0.21)		(0.09)		(0.04)
Net asset value, end of period		$11.34		$12.40		$12.15		$10.10
Total Return, at Net Asset Value4		(4.38)%		3.80%		21.31%		1.44%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,193		$1,600		$2,454		$154
Average net assets (in thousands)		$3,740		$1,706		$1,285		$137
Ratios to average net assets:5
Net investment income		1.05%		0.80%		0.65%		1.14%
Expenses excluding specific expenses listed below		1.40%		1.51%		1.45%		2.67%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.40%		1.51%		1.45%		2.67%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%
Portfolio turnover rate		107%		73%		52%		22%

1. For the period from December 7, 2015 (commencement of operations) to April 29, 2016.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended April 30, 2019	1.40	%
Year Ended April 30, 2018	1.51	%
Year Ended April 30, 2017	1.45	%
Period Ended April 29, 2016	2.68	%

See accompanying Notes to Financial Statements.

24      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTSApril 30, 2019

1. Organization

Oppenheimer Small Cap Value Fund* (the “Fund”) is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, (“1940 Act”), as amended. The Fund���s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the“Sub-Adviser”). The Manager has entered into asub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus afront-end sales charge. Class C and Class R shares are sold without afront-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either afront-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation.All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation.The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized

*Effective after the close of business on May 24, 2019, the Fund was reorganized as Invesco Oppenheimer Small Cap Value Fund, a series portfolio of AIM Sector Funds (Invesco Sector Funds).

25      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses.Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders.Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on theex-dividend date. Income distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

Investment Income.Dividend income is recorded on theex-dividend date or uponex-dividend notification in the case of certain foreign dividends where theex-dividend date may have passed.Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates.Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. Any return of capital estimates in excess of cost basis are classified as realized gain. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

Custodian Fees.“Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during

26      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions.Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications.The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes.The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended April 30, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$16,039		$—		$1,860,117		$1,592,219

1.At period end, the Fund had $1,860,117 of post-October losses available to offset future realized capital gains, if any.

2.During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

27      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Increase to Accumulated Net Loss
$4		$4

The tax character of distributions paid during the reporting periods:

	Year Ended April 30, 2019		Year Ended April 30, 2018
Distributions paid from:
Ordinary income	$	270,329	$	90,114
Long-term capital gain		957,164		355,262
Total	$	1,227,493	$	445,376

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	32,869,034
Gross unrealized appreciation	$	3,974,435
Gross unrealized depreciation		(2,382,216	)
Net unrealized appreciation	$	1,592,219

Use of Estimates.The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements.In March 2017, Financial Accounting Standards Board

28      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTSContinued

2. Significant Accounting Policies (Continued)

(“FASB”) issued Accounting Standards Update (“ASU”), ASU2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule ReleaseNo. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule6-04.17 of RegulationS-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule6-09 of RegulationS-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated theday-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

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3. Securities Valuation (Continued)

Equity securities traded on a securities exchange (includingexchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices.Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level3-significant unobservable inputs (including the Manager’s own judgments about

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NOTES TO FINANCIAL STATEMENTSContinued

3. Securities Valuation (Continued)

assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and

Liabilities at period end based on valuation input level:

	Level 1— Unadjusted     Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	5,292,157	$	—	$		—	$		5,292,157
Consumer Staples		373,567		—			—			373,567
Energy		2,577,588		—			—			2,577,588
Financials		12,803,132		—			—			12,803,132
Health Care		1,799,220		—			—			1,799,220
Industrials		3,969,032		—			—			3,969,032
Information Technology		4,435,925		—			—			4,435,925
Materials		1,556,971		—			—			1,556,971
Telecommunication Services		369,035		—			—			369,035
Utilities		1,206,235		—			—			1,206,235
Investment Company		78,391		—			—			78,391
Total Assets	$	34,461,253	$	—	$		—	$		34,461,253

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/ depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

For the reporting period, there were no transfers between levels.

4. Investments and Risks

Investments in Affiliated Funds.The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and theSub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse

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NOTES TO FINANCIAL STATEMENTSContinued

4. Investments and Risks (Continued)

Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments.The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Invesco Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Equity Security Risk.Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk.Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk.Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk.Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk.Foreign exchange rate risk relates to the change in the

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NOTES TO FINANCIAL STATEMENTSContinued

5. Market Risk Factors (Continued)

U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk.Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk.Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateralover-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

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6. Use of Derivatives (Continued)

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

Index/Security Options.The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $1,127 purchased call options.

At period end, the Fund had no purchased options outstanding.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction

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NOTES TO FINANCIAL STATEMENTSContinued

6. Use of Derivatives (Continued)

will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

At period end, the Fund had no written options outstanding.

Counterparty Credit Risk.Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default(close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk onexchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant,

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NOTES TO FINANCIAL STATEMENTSContinued

6. Use of Derivatives (Continued)

broker and/or clearinghouse accounts for suchexchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral.Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The effect of derivative instruments on the Statement of Operations is as follows:

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NOTES TO FINANCIAL STATEMENTSContinued

6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment     transactions     in unaffiliated     companies*
Equity contracts	$ (23,288)

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended April 30, 2019				Year Ended April 30, 2018
	Shares		Amount		Shares		Amount
Class A
Sold		1,624,701	$	19,742,029		581,781	$	7,185,748
Dividends and/or distributions reinvested		71,907		769,370		19,377		238,907
Redeemed		(1,196,688)		(14,397,147)		(1,442,164)		(17,584,134)
Net increase (decrease)		499,920	$	6,114,252		(841,006)	$	(10,159,479)
Class C
Sold		234,139	$	2,800,274		202,777	$	2,512,065
Dividends and/or distributions reinvested		17,913		186,010		3,947		48,667
Redeemed		(121,745)		(1,414,962)		(222,317)		(2,712,636)
Net increase (decrease)		130,307	$	1,571,322		(15,593)	$	(151,904)
Class I
Sold		405	$	5,000		2,012	$	24,560
Dividends and/or distributions reinvested		89		956		4		49
Redeemed		(527)		(6,731)		—		—
Net increase (decrease)		(33)	$	(775)		2,016	$	24,609
Class R
Sold		180,314	$	2,164,385		159,134	$	1,958,606
Dividends and/or distributions reinvested		15,417		163,363		3,409		42,159
Redeemed		(59,395)		(710,204)		(58,502)		(723,599)
Net increase		136,336	$	1,617,544		104,041	$	1,277,166
Class Y
Sold		482,873	$	6,217,022		88,708	$	1,094,458
Dividends and/or distributions reinvested		9,447		104,655		2,079		25,576
Redeemed		(428,076)		(5,438,622)		(163,710)		(1,980,466)
Net increase (decrease)		64,244	$	883,055		(72,923)	$	(860,432)

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NOTES TO FINANCIAL STATEMENTSContinued

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	47,169,437	$	37,409,714

9. Fees and Other Transactions with Affiliates

Management Fees.Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $500 million	0.80	%
Next $500 million	0.75
Next $4 billion	0.70
Over $5 billion	0.65

The Fund’s effective management fee for the reporting period was 0.80% of average annual net assets before any applicable waivers.

Sub-Adviser Fees.The Manager has retained theSub-Adviser to provide theday-to-day portfolio management of the Fund. Under theSub-Advisory Agreement, the Manager pays theSub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to theSub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees.OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees.The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide theday-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation.The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred

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NOTES TO FINANCIAL STATEMENTSContinued

9. Fees and Other Transactions with Affiliates (Continued)

amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan(12b-1) Fees.Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares.The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class C and Class R Shares.The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges.Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

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NOTES TO FINANCIAL STATEMENTSContinued

9. Fees and Other Transactions with Affiliates (Continued)

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
April 30, 2019	$	28,323	$	402	$	564	$	—

Waivers and Reimbursements of Expenses.The Manager has contractually agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers and/ or reimbursements and reduction to custodian expenses”, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles and interest and fees from borrowings; will not exceed 1.25% for Class A shares, 2.00% for Class C shares, 0.93% for Class I shares, 1.50% for Class R shares and 1.00% for Class Y shares.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Class A	$	92,288
Class C		24,780
Class I		122
Class R		20,745
Class Y		14,770

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

    The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $574 for IGMMF management fees.

10. Borrowings and Other Financing

Joint Credit Facility.A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Subsequent Event

Effective after the close of business on May 24, 2019, Invesco Ltd., an independent global investment management company, completed its acquisition of MassMutual asset management affiliate OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”). In

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NOTES TO FINANCIAL STATEMENTSContinued

11. Subsequent Event (Continued)

connection with the Transaction, the Fund’s Board of Trustees (the “Board”) approved that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco Ltd., that has the same investment objectives and substantially similar principal investment strategies and risks as the Fund (the “Reorganization”). The Reorganization was accounted for as atax-free reorganization for federal income tax purposes. Following the Reorganization, the accounting books and records of the Fund became the accounting books and records of the Acquiring Fund. On April 12, 2019, the Reorganization was approved by the shareholders of the Fund at a special meeting of shareholders.

    The Reorganization was completed after the close of business on May 24, 2019 at which time shareholders of the Fund received shares of the Acquiring Fund in exchange for their shares of the Fund. Also after the close of business on May 24, 2019, the Fund’s former Class I shares were reorganized as Class R6 shares and the Fund began offering Class R5 shares. Effective May 28, 2019, Invesco Advisers, Inc. has contractually agreed to waive advisory fees and/or reimburse expenses to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed in the Fund’s statement of additional information) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.25%, 2.00%, 1.50%, 1.00%, 0.98% and 0.93%, respectively, of the Acquiring Fund’s average daily net assets. This waiver and/or expense reimbursement cannot be terminated until May 28, 2021 without approval of the Board.

    The Acquiring Fund has entered into an investment advisory agreement with Invesco Advisers, Inc., a master administrative services agreement with Invesco Advisers, Inc., a transfer agency agreement with Invesco Investment Services, Inc., and a distribution agreement with Invesco Distributors, Inc. In addition, Invesco Advisers, Inc. has entered into a mastersub-advisory agreement with each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc.

41      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

AIM Sector Funds (Invesco Sector Funds):

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Invesco Oppenheimer Small Cap Value Fund, a series of AIM Sector Funds (Invesco Sector Funds), (the “Fund”), formerly known as Oppenheimer Small Cap Value Fund, including the statement of investments, as of April 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the three-year period then ended and the period December 7, 2015 (commencement of operations) through April 29, 2016. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period then ended, and the financial highlights for each of the years in the three-year period then ended and the period December 7, 2015 (commencement of operations) through April 29, 2016, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Invesco Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Invesco Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

June 25, 2019

42      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

    Capital gain distributions of $0.35187 per share were paid to Class A, Class C, Class I, Class R and Class Y shareholders, respectively, on December 10, 2018. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 100% to arrive at the amount eligible for the corporate dividend-received deduction.

    A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $506,115 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

    Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $4,355 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

    The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

43      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTSUnaudited

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 FormN-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 FormsN-Q (or any successor Form) on the SEC website at sec.gov.

    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 recent12-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.

44      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

DISTRIBUTION SOURCESUnaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable andnon-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’.

Fund Name	Pay Date	Net Income	Net Profit from Sale	Other  Capital  Sources
Invesco Oppenheimer Small Cap Value Fund	12/10/18	6.1%	89.0%	4.9%

45      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Small Cap Value Fund was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Small Cap Value Fund into Invesco Oppenheimer Small Cap Value Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For	Votes Against	Votes Abstain	Broker  Non-Votes
(1) Approval of an Agreement and Plan of  Reorganization	1,761,239	101,568	73,108	0

46      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIM Sector Funds (Invesco Sector Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Information below is as of May 25, 2019.

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During  Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1 — 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	241	None
Philip A. Taylor2 — 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, The Invesco Funds Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered	241	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

47      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.

48      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

49      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	241	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	241	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown 3 – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts; Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non- profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	241	None

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

50      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	241	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	241	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman 3 – 1959 Trustee	2019	Formerly, Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

51      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank and Managing Partner, KPMG LLP	241	Chairman of the Audit Committee, Blue Hills Bank; Chairman of the Business Advisory Council, Bentley University; Chairman of the Audit and Finance Committee and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	241	None
Joel W. Motley 3 – 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Formerly, Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	241	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

52      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	241	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	241	None
Robert C. Troccoli – 1949 Trustee	2016	Adjunct Professor, University of Denver – Daniels College of Business Formerly: Senior Partner, KPMG LLP	241	None
Daniel S. Vandivort 3 –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn 3 – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement
Christopher L. Wilson – 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);		ISO New England, Inc.(non-profit organization managing regional electricity market)

53      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

54      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

55      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc. Formerly: Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) and Invesco UK Limited; Director, President and Chairman, Invesco Insurance Agency, Inc.; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited Formerly: Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA,	N/A	N/A

56      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Invesco Canada Funds Advisory Board Member; Director, President Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset	N/A	N/A

57      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

58      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

59      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s)  Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	KPMG LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1225 17thStreet,
	Atlanta, GA 30309	Suite 1000	Suite 800
		Houston, TX	Denver, CO 80202
		77046-1173
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens &	Independent Trustees	Invesco Investment	State Street Bank and
Young, LLP	Goodwin Procter LLP	Services, Inc.	Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000	Boston, MA 02110-2801
		Houston, TX
		77046-1173

60      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

    ¹NTD

61      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

INVESCO’S PRIVACY NOTICEContinued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, andweb-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

62      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

INVESCO’S PRIVACY NOTICEContinued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

63      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

INVESCO’S PRIVACY NOTICEContinued

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

64      INVESCO OPPENHEIMER SMALL CAP VALUE FUND

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lnvesco Distributors, Inc	0-SCV-AR-1      06242019

Item 2. Code of Ethics.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-CSR

Item 4. Principal Accountant Fees and Services.

The following information relates to the series funds of the Registrant covered by this report and includes information pertaining to principal accountant fees rendered to such funds for the two most recently completed fiscal years or, if shorter, since a fund’s commencement of operations.

(a) Audit Fees

The principal accountant for the audit of the funds’ annual financial statements billed $46,230 in fiscal 2019 and $45,100 in fiscal 2018.

(b) Audit-Related Fees

The principal accountant for the audit of the funds’ annual financial statements billed $8,383 in fiscal 2019 and $3,500 in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed $87,586 in fiscal 2019 and $476,361 in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such services included: Internal control reviews, GIPS attestation procedures, custody audits and additional audit services

(c) Tax Fees

The principal accountant for the audit of the funds’ annual financial statements billed $4,668 in fiscal 2019 and $1,825 in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed $481,085 in fiscal 2019 and $669,599 in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such services included: tax compliance, tax planning and tax advice. Tax compliance generally involved preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice included assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the funds’ annual financial statements billed no such fees in fiscal 2019 and no such fees in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed no such fees in fiscal 2019 and no such fees in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such fees would have included the cost to the principal accountant of attending audit committee meetings and consultations regarding the funds’ retirement plan with respect to their Trustees.

(e) (1) During its regularly scheduled periodic meetings, the funds’ audit committeepre-approved all audit, audit-related, tax and other services to be provided by the principal accountants of the funds.

The audit committee had delegatedpre-approval authority to its committee chair for any subsequent new engagements that arose between regularly scheduled meeting dates provided that any suchpre-approvals were presented to the audit committee at its next regularly scheduled meeting.    

Under applicable laws,pre-approval ofnon-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement asnon-audit services and 3) such services are promptly brought to the attention of the audit committee of the funds and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the funds’ annual financial statements billed $581,722 in fiscal 2019 and $1,151,285 in fiscal 2018 to the funds and the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds related tonon-audit fees. Those billings did not include any prohibitednon-audit services as defined by the Securities Exchange Act of 1934.

(h) The funds’ audit committee had considered whether the provision ofnon-audit services that were rendered to the funds’ investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the funds that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X were compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this FormN-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 June 18, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 18, 2019, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required byRule 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 byRule 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.

AIM Sector Funds (Invesco Sector Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 5, 2019

Pursuant to the requirements of the Securities 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:	July 5, 2019

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	July 5, 2019