Invesco Comstock R6 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-03826

AIM Sector Funds (Invesco Sector Funds)
(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)


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


Date of fiscal year end:		04/30

Date of reporting period:		10/31/20

Item 1. Reports to Stockholders.

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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco American Value Fund
		Nasdaq:
		A: MSAVX ◾ C: MSVCX ◾ R: MSARX ◾ Y: MSAIX ◾ R5: MSAJX ◾ R6: MSAFX

LOGO


		2 Letters to Shareholders
		3 Fund Performance
		5 Schedule of Investments
		8 Financial Statements
		11 Financial Highlights
		12 Notes to Financial Statements
		17 Fund Expenses
		18 Approval of Investment Advisory and Sub-Advisory Contracts

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 or from your financial intermediary, such as a broker-dealer or bank. 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.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


Bruce Crockett				Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees
Andrew Schlossberg				Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2 Invesco American Value Fund

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.19	%
Class C Shares	11.77
Class R Shares	12.05
Class Y Shares	12.33
Class R5 Shares	12.40
Class R6 Shares	12.40
S&P 500 Index^q(Broad Market Index)	13.29
Russell Midcap Value Index^q(Style-Specific Index)	13.64
Lipper Mid-Cap Value Funds Index^∎(Peer Group Index)	13.43
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
The S&P 500^®Index is an unmanaged index considered representative of the US stock market. The Russell Midcap^®Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co. The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

your Fund’s investment strategies, holdings and performance.

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

3 Invesco American Value Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	7.90	%
10 Years	6.37
5 Years	0.56
1 Year	-14.44
Class C Shares
Inception (10/18/93)	7.88	%
10 Years	6.35
5 Years	0.97
1 Year	-11.03
Class R Shares
Inception (3/20/07)	4.63	%
10 Years	6.70
5 Years	1.44
1 Year	-9.70
Class Y Shares
Inception (2/7/06)	6.05	%
10 Years	7.23
5 Years	1.95
1 Year	-9.26
Class R5 Shares
Inception (6/1/10)	7.97	%
10 Years	7.36
5 Years	2.05
1 Year	-9.15
Class R6 Shares
10 Years	7.34	%
5 Years	2.13
1 Year	-9.10

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

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

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4 Invesco American Value Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.95%

Agricultural & Farm Machinery–2.25%

AGCO Corp.		443,251	$	34,143,625

Apparel, Accessories & Luxury Goods–2.45%

Tapestry, Inc.		1,675,010		37,235,472

Asset Management & Custody Banks–1.33%

Ares Management Corp., Class A		478,608		20,245,118

Automotive Retail–2.12%

Advance Auto Parts, Inc.		218,318		32,153,875

Broadcasting–0.99%

Nexstar Media Group, Inc., Class A		182,414		15,030,914

Building Products–5.10%

Johnson Controls International PLC		1,083,767		45,745,805

Owens Corning		483,312		31,642,437

				77,388,242

Communications Equipment–2.61%

Ciena Corp.^(b)		1,005,937		39,623,859

Consumer Finance–2.25%

Ally Financial, Inc.		1,276,696		34,062,249

Copper–1.83%

Freeport-McMoRan, Inc.^(b)		1,601,189		27,764,617

Distributors–2.45%

LKQ Corp.^(b)		1,164,055		37,238,120

Diversified Chemicals–2.17%

Eastman Chemical Co.		408,014		32,983,852

Electric Utilities–8.54%
Edison International		560,228		31,395,177
Entergy Corp.		367,006		37,148,347
Evergy, Inc.		688,459		38,002,937

Exelon Corp.		577,305		23,028,697

				129,575,158

Electronic Equipment & Instruments–3.73%
Keysight Technologies, Inc.^(b)		318,596		33,411,163

Vontier Corp.^(b)		805,319		23,144,868

				56,556,031

Food Distributors–1.88%

Performance Food Group Co.^(b)		848,328		28,512,304

Food Retail–3.49%
Casey’s General Stores, Inc.		100,621		16,961,682

Kroger Co. (The)		1,116,537		35,963,657

				52,925,339

General Merchandise Stores–2.19%

Dollar Tree, Inc.^(b)		368,054		33,242,637

Health Care Distributors–1.59%

Henry Schein, Inc.^(b)		378,561		24,068,908


	Shares		Value

Health Care Facilities–2.41%

Encompass Health Corp.		596,330	$	36,560,992

Health Care Services–0.80%

AMN Healthcare Services, Inc.^(b)		186,944		12,203,704

Health Care Technology–2.14%
Cerner Corp.		266,681		18,691,671

HMS Holdings Corp.^(b)		517,005		13,762,673

				32,454,344

Hotels, Resorts & Cruise Lines–2.23%

Wyndham Hotels & Resorts, Inc.		726,375		33,783,701

Industrial Machinery–1.88%

Kennametal, Inc.		920,935		28,548,985

Industrial REITs–2.12%

First Industrial Realty Trust, Inc.		807,299		32,138,573

Insurance Brokers–4.61%
Arthur J. Gallagher & Co.		366,586		38,018,634

Willis Towers Watson PLC		175,215		31,973,233

				69,991,867

Interactive Home Entertainment–1.36%

Take-Two Interactive Software, Inc.^(b)		133,250		20,643,090

Investment Banking & Brokerage–1.72%

Stifel Financial Corp.		446,833		26,121,857

IT Consulting & Other Services–3.06%

Science Applications International Corp.		608,895		46,501,311

Life & Health Insurance–1.56%

Athene Holding Ltd., Class A^(b)		737,652		23,663,876

Managed Health Care–2.50%

Centene Corp.^(b)		642,223		37,955,379

Marine–2.17%

Kirby Corp.^(b)		855,419		32,925,077

Office REITs–1.00%

Hudson Pacific Properties, Inc.		790,537		15,225,743

Oil & Gas Exploration & Production–2.67%

Parsley Energy, Inc., Class A		4,039,556		40,435,956

Other Diversified Financial Services–2.29%

Voya Financial, Inc.		726,228		34,808,108

Regional Banks–6.31%
KeyCorp		1,923,417		24,965,953
TCF Financial Corp.		942,750		25,652,227
Wintrust Financial Corp.		460,507		22,670,760

Zions Bancorporation N.A.		697,436		22,506,260

				95,795,200

Residential REITs–2.90%

American Homes 4 Rent, Class A		1,224,535		34,617,604

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

5 Invesco American Value Fund


	Shares		Value

Residential REITs–(continued)

UDR, Inc.		300,240	$	9,379,498
				43,997,102

Semiconductor Equipment–0.52%

KLA Corp.		39,792		7,846,187

Specialized REITs–2.09%

Life Storage, Inc.		278,399		31,779,246

Specialty Chemicals–2.15%

W.R. Grace & Co.		751,458		32,680,908

Trucking–2.49%

Knight-Swift Transportation Holdings, Inc.		995,303		37,811,561

Total Common Stocks & Other Equity Interests (Cost $1,351,108,530)				1,486,623,087


	Shares		Value

Money Market Funds–2.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		8,941,430	$	8,941,430
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		13,021,983		13,027,192
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		10,218,778		10,218,778
Total Money Market Funds (Cost $32,183,123)				32,187,400
TOTAL INVESTMENTS IN SECURITIES–100.07% (Cost $1,383,291,653)				1,518,810,487
OTHER ASSETS LESS LIABILITIES–(0.07)%				(1,004,180	)
NET ASSETS–100.00%			$	1,517,806,307

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.


	Value April 30, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,614,409		$	58,343,325		$	(59,016,304)		$ -			$ -		$ 8,941,430		$ 3,399
Invesco Liquid Assets Portfolio, Institutional Class			13,510,814			41,673,804			(42,154,503)		(3,320)			397		13,027,192		16,945

Invesco Treasury Portfolio, Institutional Class			10,987,896			66,678,086			(67,447,204)		-			-		10,218,778		3,155
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,982,315			39,803,719			(42,786,034)		-			-		-		1,039*
Invesco Private Prime Fund			-			7,633,244			(7,633,738)		-			494		-		525*
Total		$	37,095,434		$	214,132,178		$	(219,037,783)		$(3,320	)		$891		$32,187,400		$25,063

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6 Invesco American Value Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Financials	20.07	%
Industrials	13.89
Consumer Discretionary	11.44
Information Technology	9.92
Health Care	9.44
Utilities	8.54
Real Estate	8.11
Materials	6.16
Consumer Staples	5.37
Energy	2.66
Communication Services	2.35
Money Market Funds Plus Other Assets Less Liabilities	2.05

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

7 Invesco American Value Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $1,351,108,530)	$	1,486,623,087
Investments in affiliated money market funds, at value (Cost $32,183,123)		32,187,400
Cash		3,715
Receivable for:
Investments sold		17,341,727
Fund shares sold		376,636
Dividends		926,791
Investment for trustee deferred compensation and retirement plans		349,119

Other assets		70,005

Total assets		1,537,878,480
Liabilities:
Payable for:
Investments purchased		16,104,315
Fund shares reacquired		2,357,694
Accrued fees to affiliates		702,552
Accrued trustees’ and officers’ fees and benefits		545
Accrued other operating expenses		419,777

Trustee deferred compensation and retirement plans		487,290

Total liabilities		20,072,173
Net assets applicable to shares outstanding	$	1,517,806,307
Net assets consist of:

Shares of beneficial interest	$	1,552,658,370
Distributable earnings (loss)		(34,852,063	)
	$	1,517,806,307


Net Assets:
Class A	$	1,195,524,360
Class C	$	62,039,499
Class R	$	50,809,247
Class Y	$	149,517,834
Class R5	$	11,127,536
Class R6	$	48,787,831

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,246,362
Class C		2,732,864
Class R		1,767,993
Class Y		5,111,495
Class R5		379,967
Class R6		1,666,186
Class A:
Net asset value per share	$	28.98
Maximum offering price per share (Net asset value of $28.98 ÷ 94.50%)	$	30.67
Class C:
Net asset value and offering price per share	$	22.70
Class R:
Net asset value and offering price per share	$	28.74
Class Y:
Net asset value and offering price per share	$	29.25
Class R5:
Net asset value and offering price per share	$	29.29
Class R6:
Net asset value and offering price per share	$	29.28

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

8 Invesco American Value Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends	$	13,373,289

Dividends from affiliated money market funds (includes securities lending income of $10,040)		33,539

Total investment income		13,406,828

Expenses:
Advisory fees		5,298,247
Administrative services fees		95,417
Custodian fees		14,074
Distribution fees:
Class A		1,546,437
Class C		330,921
Class R		134,388
Transfer agent fees – A, C, R and Y		1,929,344
Transfer agent fees – R5		3,685
Transfer agent fees – R6		10,608
Trustees’ and officers’ fees and benefits		16,674
Registration and filing fees		45,473
Reports to shareholders		141,893
Professional services fees		28,216

Other		23,333

Total expenses		9,618,710

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(478,828	)

Net expenses		9,139,882
Net investment income		4,266,946

Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(26,822,486	)

Change in net unrealized appreciation of investment securities		202,881,115

Net realized and unrealized gain		176,058,629

Net increase in net assets resulting from operations	$	180,325,575

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

9 Invesco American Value Fund


Statement of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
	October 31,			April 30,
	2020			2020

Operations:
Net investment income	$	4,266,946		$	5,812,647

Net realized gain (loss)		(26,822,486	)		(82,387,814	)

Change in net unrealized appreciation (depreciation)		202,881,115			(117,274,283	)

Net increase (decrease) in net assets resulting from operations		180,325,575			(193,849,450	)


Distributions to shareholders from distributable earnings:
Class A		—			(24,288,764	)

Class C		—			(870,901	)

Class R		—			(518,214	)

Class Y		—			(4,491,736	)

Class R5		—			(564,068	)

Class R6		—			(2,218,029	)

Total distributions from distributable earnings		—			(32,951,712	)


Share transactions–net:
Class A		(111,971,266	)		468,527,083

Class C		(12,775,261	)		41,755,082

Class R		(6,599,869	)		34,074,724

Class Y		(23,900,486	)		27,656,769

Class R5		(1,286,763	)		(12,488,212	)

Class R6		(8,400,850	)		(2,609,087	)

Net increase (decrease) in net assets resulting from share transactions		(164,934,495	)		556,916,359

Net increase in net assets		15,391,080			330,115,197


Net assets:
Beginning of period		1,502,415,227			1,172,300,030

End of period	$	1,517,806,307		$	1,502,415,227

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

10 Invesco American Value Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 10/31/20		$	25.84		$	0.08			$	3.06			$	3.14			$	–			$	–			$	–			$	28.98		12.15	%		$	1,195,524		1.16	%^(d)		1.22	%^(d)		0.53	%^(d)		27	%
Year ended 04/30/20			34.02			0.17				(7.29	)			(7.12	)			–				(1.06	)			(1.06	)			25.84		(21.65	)			1,167,164		1.21			1.21			0.53			38
Year ended 04/30/19			38.47			0.13				(0.69	)			(0.56	)			(0.14	)			(3.75	)			(3.89	)			34.02		(0.03	)			871,220		1.19			1.19			0.37			38
Year ended 04/30/18			38.52			0.07				4.37				4.44				(0.24	)			(4.25	)			(4.49	)			38.47		12.11				938,346		1.19			1.19			0.19			44
Year ended 04/30/17			34.01			0.20				4.70				4.90				(0.08	)			(0.31	)			(0.39	)			38.52		14.40				1,031,600		1.21			1.21			0.53			42
Year ended 04/30/16			40.44			0.09				(4.06	)			(3.97	)			(0.01	)			(2.45	)			(2.46	)			34.01		(9.62	)			1,122,286		1.19			1.20			0.26			28
Class C
Six months ended 10/31/20			20.31			(0.02	)			2.41				2.39				–				–				–				22.70		11.77	^(e)			62,039		1.87	^(d)(e)		1.94	^(d)(e)		(0.18	)^(d)(e)		27
Year ended 04/30/20			27.15			(0.05	)			(5.73	)			(5.78	)			–				(1.06	)			(1.06	)			20.31		(22.20	)^(e)			67,089		1.93	^(e)		1.93	^(e)		(0.19	)^(e)		38
Year ended 04/30/19			31.66			(0.11	)			(0.65	)			(0.76	)			–				(3.75	)			(3.75	)			27.15		(0.77	)^(e)			29,562		1.91	^(e)		1.91	^(e)		(0.35	)^(e)		38
Year ended 04/30/18			32.44			(0.17	)			3.64				3.47				–				(4.25	)			(4.25	)			31.66		11.30	^(e)			82,217		1.92	^(e)		1.92	^(e)		(0.54	)^(e)		44
Year ended 04/30/17			28.83			(0.06	)			3.98				3.92				–				(0.31	)			(0.31	)			32.44		13.59	^(e)			98,096		1.94	^(e)		1.94	^(e)		(0.20	)^(e)		42
Year ended 04/30/16			34.95			(0.15	)			(3.52	)			(3.67	)			–				(2.45	)			(2.45	)			28.83		(10.28	)^(e)			103,706		1.93	^(e)		1.94	^(e)		(0.48	)^(e)		28
Class R
Six months ended 10/31/20			25.65			0.04				3.05				3.09				–				–				–				28.74		12.05				50,809		1.40	^(d)		1.47	^(d)		0.29	^(d)		27
Year ended 04/30/20			33.86			0.09				(7.24	)			(7.15	)			–				(1.06	)			(1.06	)			25.65		(21.84	)			51,330		1.46			1.46			0.28			38
Year ended 04/30/19			38.24			0.04				(0.67	)			(0.63	)			–				(3.75	)			(3.75	)			33.86		(0.28	)			19,979		1.44			1.44			0.12			38
Year ended 04/30/18			38.26			(0.02	)			4.33				4.31				(0.08	)			(4.25	)			(4.33	)			38.24		11.81				25,189		1.44			1.44			(0.06	)		44
Year ended 04/30/17			33.80			0.10				4.67				4.77				–				(0.31	)			(0.31	)			38.26		14.11				46,937		1.46			1.46			0.28			42
Year ended 04/30/16			40.29			0.00				(4.04	)			(4.04	)			–				(2.45	)			(2.45	)			33.80		(9.82	)			66,207		1.44			1.45			0.01			28
Class Y
Six months ended 10/31/20			26.04			0.11				3.10				3.21				–				–				–				29.25		12.33				149,518		0.91	^(d)		0.97	^(d)		0.78	^(d)		27
Year ended 04/30/20			34.28			0.25				(7.34	)			(7.09	)			(0.09	)			(1.06	)			(1.15	)			26.04		(21.46	)			154,826		0.96			0.96			0.78			38
Year ended 04/30/19			38.76			0.23				(0.71	)			(0.48	)			(0.25	)			(3.75	)			(4.00	)			34.28		0.21				155,238		0.94			0.94			0.62			38
Year ended 04/30/18			38.80			0.17				4.40				4.57				(0.36	)			(4.25	)			(4.61	)			38.76		12.38				208,223		0.94			0.94			0.44			44
Year ended 04/30/17			34.25			0.29				4.73				5.02				(0.16	)			(0.31	)			(0.47	)			38.80		14.66				375,626		0.96			0.96			0.78			42
Year ended 04/30/16			40.62			0.18				(4.07	)			(3.89	)			(0.03	)			(2.45	)			(2.48	)			34.25		(9.36	)			452,703		0.94			0.95			0.51			28
Class R5
Six months ended 10/31/20			26.06			0.13				3.10				3.23				–				–				–				29.29		12.39				11,128		0.78	^(d)		0.78	^(d)		0.91	^(d)		27
Year ended 04/30/20			34.30			0.28				(7.33	)			(7.05	)			(0.13	)			(1.06	)			(1.19	)			26.06		(21.36	)			10,999		0.86			0.86			0.88			38
Year ended 04/30/19			38.80			0.26				(0.73	)			(0.47	)			(0.28	)			(3.75	)			(4.03	)			34.30		0.27				27,732		0.86			0.86			0.70			38
Year ended 04/30/18			38.84			0.20				4.43				4.63				(0.42	)			(4.25	)			(4.67	)			38.80		12.53				62,354		0.86			0.86			0.52			44
Year ended 04/30/17			34.29			0.33				4.74				5.07				(0.21	)			(0.31	)			(0.52	)			38.84		14.77				86,569		0.85			0.85			0.89			42
Year ended 04/30/16			40.63			0.22				(4.07	)			(3.85	)			(0.04	)			(2.45	)			(2.49	)			34.29		(9.26	)			128,357		0.82			0.83			0.63			28
Class R6
Six months ended 10/31/20			26.05			0.14				3.09				3.23				–				–				–				29.28		12.40				48,788		0.75	^(d)		0.76	^(d)		0.94	^(d)		27
Year ended 04/30/20			34.31			0.30				(7.34	)			(7.04	)			(0.16	)			(1.06	)			(1.22	)			26.05		(21.32	)			51,007		0.79			0.79			0.95			38
Year ended 04/30/19			38.82			0.29				(0.73	)			(0.44	)			(0.32	)			(3.75	)			(4.07	)			34.31		0.37				68,568		0.78			0.78			0.78			38
Year ended 04/30/18			38.88			0.24				4.42				4.66				(0.47	)			(4.25	)			(4.72	)			38.82		12.59				140,889		0.77			0.77			0.61			44
Year ended 04/30/17			34.32			0.37				4.74				5.11				(0.24	)			(0.31	)			(0.55	)			38.88		14.88				165,781		0.76			0.76			0.98			42
Year ended 04/30/16			40.64			0.25				(4.07	)			(3.82	)			(0.05	)			(2.45	)			(2.50	)			34.32		(9.19	)			143,003		0.73			0.74			0.72			28

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $846,125,268 in connection with the acquisition of Invesco Oppenheimer Mid Cap Value Fund into the Fund.

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,227,064, $67,800, $53,317, $158,159, $11,644 and $52,120 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97%, 0.97%, 0.97%, 0.97%,. 0.97% and 0.99% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

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

11 Invesco American Value Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term capital appreciation. Prior to October 28, 2019, the Fund’s investment objective was total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

12 Invesco American Value Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

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

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

13 Invesco American Value Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets		Rate
First $500 million		0.720%
Next $500 million		0.715%
Next $1 billion		0.585%
Next $4 billion		0.563%
Over $6 billion		0.543%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.16%, 1.90%, 1.40%, 0.91%, 0.80% and 0.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $18,689 and reimbursed class level expenses of $365,162, $23,762, $18,608, $47,167, $0 and $1,488 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $67,423 in front-end sales commissions from the sale of Class A shares and $1,325 and $2,370 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $20,743 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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


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

14 Invesco American Value Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of October 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,952.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of April 30, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $381,253,132 and $540,517,872, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments		$208,044,881
Aggregate unrealized (depreciation) of investments		(93,128,422)
Net unrealized appreciation of investments		$114,916,459

Cost of investments for tax purposes is $1,403,894,028.

NOTE 9–Share Information


			Summary of Share Activity
	Six months ended October 31, 2020^(a)				Year ended April 30, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		1,205,606	$	34,099,003		1,823,677	$	54,440,993
Class C		150,511		3,355,980		128,877		3,081,383
Class R		134,799		3,791,793		125,562		3,611,631
Class Y		412,945		11,933,320		911,871		25,764,118
Class R5		30,549		866,071		91,826		2,923,009
Class R6		184,908		5,273,634		428,337		12,997,090

15 Invesco American Value Fund


				Summary of Share Activity
	Six months ended October 31, 2020^(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Class A		-		$	-			682,087		$	22,938,603
Class C		-			-			31,309			829,990
Class R		-			-			15,503			517,958
Class Y		-			-			108,841			3,685,363
Class R5		-			-			16,642			563,510
Class R6		-			-			64,204			2,173,295

Automatic conversion of Class C shares to Class A shares:
Class A		158,645			4,505,928			131,592			3,913,285
Class C		(202,198	)		(4,505,928	)		(166,308	)		(3,913,285	)

Issued in connection with acquisitions:^(b)
Class A		-			-			23,172,250			580,253,329
Class C		-			-			2,625,561			51,703,112
Class R		-			-			1,559,009			38,757,955
Class Y		-			-			2,274,623			57,406,484
Class R5		-			-			283			7,147
Class R6		-			-			161,974			4,088,710

Reacquired:
Class A		(5,293,926	)		(150,576,197	)		(6,245,687	)		(193,019,127	)
Class C		(518,785	)		(11,625,313	)		(404,776	)		(9,946,118	)
Class R		(368,120	)		(10,391,662	)		(288,840	)		(8,812,820	)
Class Y		(1,246,654	)		(35,833,806	)		(1,878,805	)		(59,199,196	)
Class R5		(72,737	)		(2,152,834	)		(495,150	)		(15,981,878	)
Class R6		(476,935	)		(13,674,484	)		(695,026	)		(21,868,182	)

Net increase (decrease) in share activity		(5,901,392	)	$	(164,934,495	)		24,179,436		$	556,916,359

^(a)

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

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Mid Cap Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 29,793,699 shares of the Fund for 21,659,372 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $732,216,736, including $(139,106,066) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $735,922,174 and $1,468,138,910 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:


Net investment income	$	11,514,754
Net realized/unrealized gains (losses)		(419,973,271	)
Change in net assets resulting from operations	$	(408,458,517	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16 Invesco American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,121.90	$6.20	$1,019.36	$5.90	1.16%
Class C	1,000.00	1,117.70	9.98	1,015.78	9.50	1.87
Class R	1,000.00	1,120.50	7.48	1,018.15	7.12	1.40
Class Y	1,000.00	1,123.30	4.87	1,020.62	4.63	0.91
Class R5	1,000.00	1,124.00	4.18	1,021.27	3.97	0.78
Class R6	1,000.00	1,124.00	4.02	1,021.42	3.82	0.75

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17 Invesco American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Value Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s valuation bias and tilt toward cyclical and interest rate sensitive names, underweight exposure to certain defensive sectors and stock selection in multiple sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective April 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in

18 Invesco American Value Fund

the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

19 Invesco American Value Fund

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◾ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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


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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco Comstock Fund
		Nasdaq:
		A: ACSTX ◾ C: ACSYX ◾ R: ACSRX ◾ Y: ACSDX ◾ R5: ACSHX ◾ R6: ICSFX






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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


Bruce Crockett				Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees
Andrew Schlossberg				Dear Shareholders:
Andrew Schlossberg				This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2 Invesco Comstock Fund

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.33	%
Class C Shares	5.94
Class R Shares	6.19
Class Y Shares	6.51
Class R5 Shares	6.50
Class R6 Shares	6.55
S&P 500 Index^q(Broad Market Index)	13.29
Russell 1000 Value Index^q(Style-Specific Index)	7.06
Lipper Large-Cap Value Funds Index^∎(Peer Group Index)	8.26
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
The S&P 500^®Index is an unmanaged index considered representative of the US stock market. The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co. The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3 Invesco Comstock Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.05	%
10 Years	7.25
5 Years	2.46
1 Year	-17.68
Class C Shares
Inception (10/26/93)	8.43	%
10 Years	7.21
5 Years	2.87
1 Year	-14.33
Class R Shares
Inception (10/1/02)	7.39	%
10 Years	7.59
5 Years	3.37
1 Year	-13.08
Class Y Shares
Inception (10/29/04)	6.06	%
10 Years	8.13
5 Years	3.90
1 Year	-12.64
Class R5 Shares
Inception (6/1/10)	9.08	%
10 Years	8.24
5 Years	3.97
1 Year	-12.58
Class R6 Shares
10 Years	8.23	%
5 Years	4.07
1 Year	-12.54

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

4 Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.00%

Aerospace & Defense–1.41%

Textron, Inc.		2,923,299	$	104,654,104

Agricultural Products–0.58%

Archer-Daniels-Midland Co.		931,003		43,049,579

Air Freight & Logistics–2.55%

FedEx Corp.		726,727		188,563,855

Application Software–0.90%

CDK Global, Inc.		1,553,543		66,957,703

Asset Management & Custody Banks–2.49%
Bank of New York Mellon Corp. (The)		3,620,128		124,387,598

State Street Corp.		1,011,374		59,569,929

				183,957,527

Automobile Manufacturers–2.32%

General Motors Co.^(b)		4,964,760		171,433,163

Building Products–2.82%
Johnson Controls International PLC		3,185,708		134,468,734

Trane Technologies PLC		559,053		74,214,286

				208,683,020

Cable & Satellite–1.40%

Comcast Corp., Class A		2,454,709		103,686,908

Casinos & Gaming–0.70%

Las Vegas Sands Corp.		1,081,866		51,994,480

Communications Equipment–1.75%

Cisco Systems, Inc.		3,613,650		129,730,035

Construction Machinery & Heavy Trucks–2.18%

Caterpillar, Inc.		1,028,269		161,489,646

Consumer Finance–0.26%

Ally Financial, Inc.		717,560		19,144,501

Diversified Banks–9.15%
Bank of America Corp.		10,747,084		254,705,891
Citigroup, Inc.		5,933,030		245,746,102
JPMorgan Chase & Co.		1,110,041		108,828,420

Wells Fargo & Co.		3,163,672		67,860,764

				677,141,177

Electric Utilities–1.79%

Exelon Corp.		3,324,589		132,617,855

Electrical Components & Equipment–3.98%
Eaton Corp. PLC		1,496,877		155,360,864

Emerson Electric Co.		2,153,052		139,496,239

				294,857,103

Fertilizers & Agricultural Chemicals–3.01%
CF Industries Holdings, Inc.		3,371,771		93,094,598

Corteva, Inc.		3,921,939		129,345,548

				222,440,146


	Shares		Value

Health Care Distributors–3.01%
Cardinal Health, Inc.		544,311	$	24,924,001
Henry Schein, Inc.^(b)		1,259,388		80,071,889

McKesson Corp.		799,627		117,936,986

				222,932,876

Health Care Facilities–2.94%
HCA Healthcare, Inc.		1,303,409		161,544,511

Universal Health Services, Inc., Class B		509,496		55,815,287

				217,359,798

Health Care Services–1.25%

CVS Health Corp.		1,644,853		92,259,805

Health Care Supplies–0.84%

DENTSPLY SIRONA, Inc.		1,314,177		62,016,013

Hotel & Resort REITs–0.72%

Host Hotels & Resorts, Inc.		5,070,423		53,138,033

Independent Power Producers & Energy Traders–1.28%

Vistra Corp.		5,472,484		95,057,047

Industrial Conglomerates–1.13%

General Electric Co.		11,321,383		84,004,662

Integrated Oil & Gas–3.12%
BP PLC, ADR (United Kingdom)		1,938,801		30,012,639
Chevron Corp.		1,926,864		133,917,048

Suncor Energy, Inc. (Canada)		5,900,131		66,612,479

				230,542,166

Integrated Telecommunication Services–1.36%

AT&T, Inc.		3,723,981		100,621,967

Internet & Direct Marketing Retail–1.64%
Booking Holdings, Inc.^(b)		44,333		71,930,292

eBay, Inc.		1,034,136		49,255,898

				121,186,190

Investment Banking & Brokerage–3.70%
Goldman Sachs Group, Inc. (The)		554,499		104,822,491

Morgan Stanley		3,505,368		168,783,469

				273,605,960

IT Consulting & Other Services–2.09%

Cognizant Technology Solutions Corp., Class A		2,161,738		154,391,328

Life & Health Insurance–0.99%

MetLife, Inc.		1,940,305		73,440,544

Managed Health Care–2.51%

Anthem, Inc.		680,718		185,699,870

Multi-line Insurance–2.40%

American International Group, Inc.		5,636,742		177,501,006

Oil & Gas Exploration & Production–4.84%
Canadian Natural Resources Ltd. (Canada)		3,537,017		56,282,189
ConocoPhillips		862,756		24,692,077

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

5 Invesco Comstock Fund


	Shares		Value

Oil & Gas Exploration & Production–(continued)
Devon Energy Corp.		5,711,101	$	51,000,132
Hess Corp.		2,329,582		86,707,042
Marathon Oil Corp.		13,833,532		54,780,787
Parsley Energy, Inc., Class A		5,096,305		51,014,013

Pioneer Natural Resources Co.		425,977		33,890,730

				358,366,970

Packaged Foods & Meats–1.48%
Kraft Heinz Co. (The)		1,691,315		51,737,326

Tyson Foods, Inc., Class A		1,006,136		57,581,163

				109,318,489

Paper Packaging–1.78%

International Paper Co.		3,013,053		131,821,069

Pharmaceuticals–5.54%
Bristol-Myers Squibb Co.		2,109,053		123,274,148
Johnson & Johnson		1,030,337		141,269,506

Sanofi, ADR (France)		3,205,831		145,224,144

				409,767,798

Property & Casualty Insurance–1.26%

Allstate Corp. (The)		1,050,117		93,197,884

Real Estate Services–0.42%

Jones Lang LaSalle, Inc.		273,965		30,919,690

Regional Banks–2.43%
Citizens Financial Group, Inc.		3,458,291		94,238,430

Fifth Third Bancorp		3,702,781		85,978,575

				180,217,005

Semiconductors–5.39%
Intel Corp.		2,798,904		123,935,469


	Shares		Value

Semiconductors–(continued)
NXP Semiconductors N.V. (Netherlands)		940,243	$	127,045,634

QUALCOMM, Inc.		1,198,422		147,837,338

				398,818,441

Specialty Chemicals–0.84%

DuPont de Nemours, Inc.		1,097,404		62,420,340

Systems Software–1.81%

Microsoft Corp.		662,258		134,087,377

Tobacco–4.38%
Altria Group, Inc.		2,966,132		107,018,042

Philip Morris International, Inc.		3,055,484		217,000,474

				324,018,516

Wireless Telecommunication Services–0.56%

Vodafone Group PLC (United Kingdom)		30,961,596		41,359,060
Total Common Stocks & Other Equity Interests (Cost $6,080,715,250)				7,178,470,706

Money Market Funds–3.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		79,312,120		79,312,120
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		57,848,228		57,871,367

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		90,642,423		90,642,423
Total Money Market Funds (Cost $227,805,670)				227,825,910

TOTAL INVESTMENTS IN SECURITIES–100.08% (Cost $6,308,520,920) 7,406,296,616

OTHER ASSETS LESS LIABILITIES–(0.08)%				(5,943,719	)

NET ASSETS–100.00%			$	7,400,352,897

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value April 30, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	69,472,866		$	399,519,264		$	(389,680,010)		$	-		$	-		$	79,312,120		$	25,478
Invesco Liquid Assets Portfolio, Institutional Class			50,852,076			285,370,901			(278,342,864)			(26,245)			17,499			57,871,367			67,254
Invesco Treasury Portfolio, Institutional Class			79,397,562			456,593,444			(445,348,583)			-			-			90,642,423			24,411
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			124,345,495			(124,345,495)			-			-			-			943*
Invesco Private Prime Fund			-			59,224,332			(59,224,332)			-			-			-			866*
Total		$	199,722,504		$	1,325,053,436		$	(1,296,941,284)		$	(26,245)		$	17,499		$	227,825,910		$	118,952

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

6 Invesco Comstock Fund

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


Open Forward Foreign Currency Contracts
Settlement Date		Contract to					Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive			Unrealized Appreciation (Depreciation)
Currency Risk
11/06/2020	Deutsche Bank AG	CAD	8,036,890		USD	6,119,412	$	86,966
11/06/2020	Deutsche Bank AG	EUR	69,818,139		USD	82,320,892		1,001,806
11/06/2020	Deutsche Bank AG	USD	9,025,734		GBP	6,982,328		20,048
11/06/2020	Goldman Sachs International	CAD	87,614,482		USD	66,023,641		260,686
11/06/2020	Goldman Sachs International	GBP	587,244		USD	765,864		5,074
11/06/2020	Goldman Sachs International	USD	12,072,733		GBP	9,330,024		14,550
11/06/2020	Royal Bank of Canada	EUR	2,027,843		USD	2,383,338		21,454
11/06/2020	Royal Bank of Canada	GBP	49,533,875		USD	64,244,940		72,553
11/06/2020	Royal Bank of Canada	USD	7,045,446		GBP	5,446,740		10,943
Subtotal-Appreciation								1,494,080

Currency Risk
11/06/2020	Deutsche Bank AG	USD	4,308,001		CAD	5,733,120		(4,752	)
11/06/2020	Deutsche Bank AG	USD	6,406,766		EUR	5,473,320		(31,842	)
11/06/2020	Deutsche Bank AG	USD	2,542,686		GBP	1,954,092		(11,111	)
11/06/2020	Goldman Sachs International	USD	2,458,981		CAD	3,243,025		(24,784	)
11/06/2020	Goldman Sachs International	USD	2,126,337		EUR	1,806,188		(22,620	)
11/06/2020	Royal Bank of Canada	GBP	1,405,443		USD	1,814,861		(5,926	)
11/06/2020	Royal Bank of Canada	USD	3,914,408		CAD	5,142,481		(54,489	)
11/06/2020	Royal Bank of Canada	USD	2,301,644		EUR	1,946,890		(34,048	)
11/06/2020	Royal Bank of Canada	USD	883,256		GBP	675,353		(8,320	)
Subtotal-Depreciation								(197,892	)
Total Forward Foreign Currency Contracts							$	1,296,188

Abbreviations:

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar


Portfolio Composition
By sector, based on Net Assets as of October 31, 2020


Financials	22.68	%
Health Care	16.08
Industrials	14.08
Information Technology	11.94
Energy	7.96
Consumer Staples	6.44
Materials	5.63
Consumer Discretionary	4.66
Communication Services	3.32
Utilities	3.08
Real Estate	1.13
Money Market Funds Plus Other Assets Less Liabilities	3.00

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

7 Invesco Comstock Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $6,080,715,250)	$	7,178,470,706
Investments in affiliated money market funds, at value (Cost $227,805,670)		227,825,910
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,494,080
Cash		19,792
Foreign currencies, at value (Cost $621)		630
Receivable for:
Investments sold		3,562,462
Fund shares sold		6,332,725
Dividends		15,565,348
Investment for trustee deferred compensation and retirement plans		914,261

Other assets		163,595

Total assets		7,434,349,509

Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		197,892
Payable for:
Investments purchased		277,813
Dividends		32
Fund shares reacquired		27,397,203
Accrued fees to affiliates		4,103,787
Accrued trustees’ and officers’ fees and benefits		8,551
Accrued other operating expenses		988,019

Trustee deferred compensation and retirement plans		1,023,315

Total liabilities		33,996,612
Net assets applicable to shares outstanding	$	7,400,352,897


Net assets consist of:
Shares of beneficial interest	$	6,589,180,796

Distributable earnings		811,172,101
	$	7,400,352,897

Net Assets:
Class A	$	4,373,556,748
Class C	$	79,323,512
Class R	$	111,979,801
Class Y	$	1,122,393,658
Class R5	$	425,469,963
Class R6	$	1,287,629,215
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		219,504,584
Class C		3,980,262
Class R		5,619,469
Class Y		56,329,945
Class R5		21,372,297
Class R6		64,700,565
Class A:
Net asset value per share	$	19.92
Maximum offering price per share
(Net asset value of $19.92 ÷ 94.50%)	$	21.08
Class C:
Net asset value and offering price per share	$	19.93
Class R:
Net asset value and offering price per share	$	19.93
Class Y:
Net asset value and offering price per share	$	19.93
Class R5:
Net asset value and offering price per share	$	19.91
Class R6:
Net asset value and offering price per share	$	19.90

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

8 Invesco Comstock Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $696,996)	$	123,021,138


Dividends from affiliates (includes securities lending income of $14,094)		131,237


Total investment income		123,152,375


Expenses:
Advisory fees		15,708,795

Administrative services fees		589,581

Custodian fees		64,265

Distribution fees:
Class A		5,803,760

Class C		458,400

Class R		320,511

Transfer agent fees – A, C, R and Y		4,934,588

Transfer agent fees – R5		229,608

Transfer agent fees – R6		66,228

Trustees’ and officers’ fees and benefits		59,679

Registration and filing fees		92,412

Reports to shareholders		353,495

Professional services fees		31,383


Other		74,536

Total expenses		28,787,241


Less: Fees waived and/or expense offset arrangement(s)		(159,196	)

Net expenses		28,628,045

Net investment income		94,524,330


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(64,448,890	)

Foreign currencies		41,500


Forward foreign currency contracts		(16,913,669	)


		(81,321,059	)

Change in net unrealized appreciation of:
Investment securities		548,884,317

Foreign currencies		118,892


Forward foreign currency contracts		4,948,752

		553,951,961


Net realized and unrealized gain		472,630,902

Net increase in net assets resulting from operations	$	567,155,232

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

9 Invesco Comstock Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31, 2020			April 30, 2020

Operations:

Net investment income	$	94,524,330		$	250,574,947


Net realized gain (loss)		(81,321,059	)		2,880,894


Change in net unrealized appreciation (depreciation)		553,951,961			(2,237,358,914	)


Net increase (decrease) in net assets resulting from operations		567,155,232			(1,983,903,073	)


Distributions to shareholders from distributable earnings:

Class A		(51,106,449	)		(444,075,331	)


Class C		(669,353	)		(9,094,284	)


Class R		(1,260,517	)		(13,299,334	)


Class Y		(14,370,656	)		(123,114,106	)


Class R5		(5,712,241	)		(46,403,655	)


Class R6		(18,635,303	)		(215,265,417	)


Total distributions from distributable earnings		(91,754,519	)		(851,252,127	)


Share transactions–net:

Class A		(375,852,545	)		(313,779,950	)


Class C		(22,260,462	)		(27,862,399	)


Class R		(28,122,955	)		(33,881,844	)


Class Y		(119,054,588	)		(178,190,047	)


Class R5		(38,069,050	)		(78,157,119	)


Class R6		(1,122,158,884	)		(17,285,863	)


Net increase (decrease) in net assets resulting from share transactions		(1,705,518,484	)		(649,157,222	)


Net increase (decrease) in net assets		(1,230,117,771	)		(3,484,312,422	)


Net assets:

Beginning of period		8,630,470,668			12,114,783,090


End of period	$	7,400,352,897		$	8,630,470,668

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

10 Invesco Comstock Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net Investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Six months ended 10/31/20		$	18.95		$	0.22		$0.97			$1.19			$	(0.22	)		$	–			$	(0.22	)		$19.92		6.27	%		$4,373,557		0.83	%^(d)		0.83	%^(d)		2.21	%^(d)		12	%
Year ended 04/30/20			25.18			0.51		(4.88	)		(4.37	)			(0.52	)			(1.34	)			(1.86	)		18.95		(18.76	)		4,512,553		0.82			0.83			2.16			30
Year ended 04/30/19			26.67			0.46		0.23			0.69				(0.41	)			(1.77	)			(2.18	)		25.18		3.51			6,350,025		0.80			0.81			1.79			23
Year ended 04/30/18			24.03			0.36		3.23			3.59				(0.36	)			(0.59	)			(0.95	)		26.67		15.09			6,433,646		0.81			0.81			1.38			14
Year ended 04/30/17			21.86			0.40		3.61			4.01				(0.49	)			(1.35	)			(1.84	)		24.03		18.56			6,350,463		0.84			0.84			1.75			18
Year ended 04/30/16			26.04			0.44		(2.29	)		(1.85	)			(0.36	)			(1.97	)			(2.33	)		21.86		(6.90	)		6,613,286		0.84			0.85			1.87			15
Class C
Six months ended 10/31/20			18.95			0.15		0.98			1.13				(0.15	)			–				(0.15	)		19.93		5.94			79,324		1.58	^(d)		1.58	^(d)		1.46	^(d)		12
Year ended 04/30/20			25.16			0.35		(4.87	)		(4.52	)			(0.35	)			(1.34	)			(1.69	)		18.95		(19.32	)^(e)		96,492		1.49	^(e)		1.50	^(e)		1.49	^(e)		30
Year ended 04/30/19			26.66			0.27		0.21			0.48				(0.21	)			(1.77	)			(1.98	)		25.16		2.68	^(e)		158,707		1.54	^(e)		1.55	^(e)		1.05	^(e)		23
Year ended 04/30/18			24.02			0.16		3.24			3.40				(0.17	)			(0.59	)			(0.76	)		26.66		14.24	^(e)		468,225		1.55	^(e)		1.55	^(e)		0.64	^(e)		14
Year ended 04/30/17			21.85			0.23		3.61			3.84				(0.32	)			(1.35	)			(1.67	)		24.02		17.70			511,920		1.59			1.59			1.00			18
Year ended 04/30/16			26.03			0.27		(2.29	)		(2.02	)			(0.19	)			(1.97	)			(2.16	)		21.85		(7.59	)^(e)		532,230		1.56	^(e)		1.57	^(e)		1.15	^(e)		15
Class R
Six months ended 10/31/20			18.95			0.20		0.98			1.18				(0.20	)			–				(0.20	)		19.93		6.19			111,980		1.08	^(d)		1.08	^(d)		1.96	^(d)		12
Year ended 04/30/20			25.17			0.45		(4.87	)		(4.42	)			(0.46	)			(1.34	)			(1.80	)		18.95		(18.95	)		133,186		1.07			1.08			1.91			30
Year ended 04/30/19			26.67			0.40		0.21			0.61				(0.34	)			(1.77	)			(2.11	)		25.17		3.20			212,843		1.05			1.06			1.54			23
Year ended 04/30/18			24.03			0.29		3.24			3.53				(0.30	)			(0.59	)			(0.89	)		26.67		14.80			265,368		1.06			1.06			1.13			14
Year ended 04/30/17			21.86			0.35		3.61			3.96				(0.44	)			(1.35	)			(1.79	)		24.03		18.27			324,055		1.09			1.09			1.50			18
Year ended 04/30/16			26.04			0.38		(2.29	)		(1.91	)			(0.30	)			(1.97	)			(2.27	)		21.86		(7.14	)		358,835		1.09			1.10			1.62			15
Class Y
Six months ended 10/31/20			18.95			0.25		0.98			1.23				(0.25	)			–				(0.25	)		19.93		6.46			1,122,394		0.58	^(d)		0.58	^(d)		2.46	^(d)		12
Year ended 04/30/20			25.18			0.57		(4.88	)		(4.31	)			(0.58	)			(1.34	)			(1.92	)		18.95		(18.54	)		1,179,055		0.57			0.58			2.41			30
Year ended 04/30/19			26.68			0.52		0.22			0.74				(0.47	)			(1.77	)			(2.24	)		25.18		3.73			1,765,456		0.55			0.56			2.04			23
Year ended 04/30/18			24.03			0.41		3.25			3.66				(0.42	)			(0.59	)			(1.01	)		26.68		15.41			1,861,752		0.56			0.56			1.63			14
Year ended 04/30/17			21.86			0.46		3.61			4.07				(0.55	)			(1.35	)			(1.90	)		24.03		18.86			3,334,930		0.59			0.59			2.00			18
Year ended 04/30/16			26.04			0.49		(2.28	)		(1.79	)			(0.42	)			(1.97	)			(2.39	)		21.86		(6.67	)		3,034,620		0.59			0.60			2.12			15
Class R5
Six months ended 10/31/20			18.93			0.26		0.98			1.24				(0.26	)			–				(0.26	)		19.91		6.50			425,470		0.52	^(d)		0.52	^(d)		2.52	^(d)		12
Year ended 04/30/20			25.16			0.58		(4.87	)		(4.29	)			(0.60	)			(1.34	)			(1.94	)		18.93		(18.50	)		440,298		0.50			0.51			2.48			30
Year ended 04/30/19			26.66			0.54		0.22			0.76				(0.49	)			(1.77	)			(2.26	)		25.16		3.80			665,081		0.48			0.49			2.11			23
Year ended 04/30/18			24.02			0.44		3.23			3.67				(0.44	)			(0.59	)			(1.03	)		26.66		15.46			735,462		0.50			0.50			1.69			14
Year ended 04/30/17			21.85			0.48		3.62			4.10				(0.58	)			(1.35	)			(1.93	)		24.02		18.98			741,550		0.51			0.51			2.08			18
Year ended 04/30/16			26.04			0.51		(2.29	)		(1.78	)			(0.44	)			(1.97	)			(2.41	)		21.85		(6.61	)		824,228		0.49			0.50			2.22			15
Class R6
Six months ended 10/31/20			18.92			0.26		0.98			1.24				(0.26	)			–				(0.26	)		19.90		6.55			1,287,629		0.43	^(d)		0.43	^(d)		2.61	^(d)		12
Year ended 04/30/20			25.16			0.60		(4.88	)		(4.28	)			(0.62	)			(1.34	)			(1.96	)		18.92		(18.46	)		2,268,887		0.41			0.42			2.57			30
Year ended 04/30/19			26.66			0.56		0.22			0.78				(0.51	)			(1.77	)			(2.28	)		25.16		3.90			2,962,672		0.39			0.40			2.20			23
Year ended 04/30/18			24.01			0.47		3.24			3.71				(0.47	)			(0.59	)			(1.06	)		26.66		15.61			2,587,663		0.41			0.41			1.78			14
Year ended 04/30/17			21.85			0.50		3.61			4.11				(0.60	)			(1.35	)			(1.95	)		24.01		19.05			702,678		0.41			0.41			2.18			18
Year ended 04/30/16			26.03			0.54		(2.29	)		(1.75	)			(0.46	)			(1.97	)			(2.43	)		21.85		(6.48	)		624,206		0.39			0.40			2.32			15

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $4,616,471, $90,990, $127,159, $1,177,479, $455,447 and $1,578,587 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.92%, 0.99%, 0.99% and 0.97% for the years ended April 30, 2020, 2019, 2018 and 2016, respectively.

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

11 Invesco Comstock Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12 Invesco Comstock Fund

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

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

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

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

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

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

13 Invesco Comstock Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.39%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $156,263.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $167,511 in front-end sales commissions from the sale of Class A shares and $5,114 and $4,835 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $48,677 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

14 Invesco Comstock Fund

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2			Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$7,137,111,646	$	41,359,060			$–	$	7,178,470,706

Money Market Funds		227,825,910		–			–		227,825,910

Total Investments in Securities		7,364,937,556		41,359,060			–		7,406,296,616

Other Investments - Assets*

Forward Foreign Currency Contracts		–		1,494,080			–		1,494,080

Other Investments - Liabilities*

Forward Foreign Currency Contracts		–		(197,892	)		–		(197,892	)

Total Other Investments		–		1,296,188			–		1,296,188

Total Investments		$7,364,937,556	$	42,655,248			$–	$	7,407,592,804

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:


	Value
Derivative Assets	Currency Risk

Unrealized appreciation on forward foreign currency contracts outstanding	$	1,494,080

Derivatives not subject to master netting agreements		-

Total Derivative Assets subject to master netting agreements	$	1,494,080


	Value
Derivative Liabilities	Currency Risk

Unrealized depreciation on forward foreign currency contracts outstanding	$	(197,892	)

Derivatives not subject to master netting agreements		-

Total Derivative Liabilities subject to master netting agreements	$	(197,892	)

15 Invesco Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives		Non-Cash	Cash	Net Amount
Deutsche Bank AG		$1,108,820		$ (47,705	)		$1,061,115	$-	$-		$1,061,115
Goldman Sachs International		280,310		(47,404	)		232,906	-	-		232,906
Royal Bank of Canada		104,950		(102,783	)		2,167	-	-		2,167
Total		$1,494,080		$(197,892	)		$1,296,188	$-	$-		$1,296,188

Effect of Derivative Investments for the six months ended October 31, 2020

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


		Location of Gain (Loss) on Statement of Operations
		Currency Risk
Realized Gain (Loss): Forward foreign currency contracts		$(16,913,669)
Change in Net Unrealized Appreciation: Forward foreign currency contracts		4,948,752
Total		$(11,964,917)

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


		Forward Foreign Currency Contracts
Average notional value		$323,734,122

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

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

The Fund did not have a capital loss carryforward as of April 30, 2020.

16 Invesco Comstock Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $928,358,845 and $2,622,385,014, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	1,514,689,845

Aggregate unrealized (depreciation) of investments		(562,867,268	)

Net unrealized appreciation of investments	$	951,822,577

Cost of investments for tax purposes is $6,455,770,227.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended October 31, 2020^(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		5,388,788		$	107,922,342			14,823,340		$	326,476,393
Class C		299,963			5,962,140			836,730			18,364,258
Class R		447,705			8,891,876			1,147,738			25,029,054
Class Y		6,996,995			141,074,987			13,876,272			304,958,289
Class R5		2,491,339			49,580,487			4,014,780			88,821,947
Class R6		5,939,721			118,673,392			28,081,364			564,760,935

Issued as reinvestment of dividends:
Class A		2,280,170			46,489,205			17,277,921			410,084,725
Class C		29,562			603,044			350,528			8,411,761
Class R		61,818			1,260,096			557,959			13,298,890
Class Y		608,853			12,409,883			4,584,324			108,588,430
Class R5		280,316			5,711,172			1,955,495			46,230,230
Class R6		898,193			18,276,388			9,023,395			212,691,539

Automatic conversion of Class C shares to Class A shares:
Class A		460,647			9,276,170			580,431			13,695,611
Class C		(460,567	)		(9,276,170	)		(580,381	)		(13,695,611	)

Reacquired:
Class A		(26,809,317	)		(539,540,262	)		(46,728,046	)		(1,064,036,679	)
Class C		(979,707	)		(19,549,476	)		(1,823,064	)		(40,942,807	)
Class R		(1,918,936	)		(38,274,927	)		(3,131,685	)		(72,209,788	)
Class Y		(13,508,610	)		(272,539,458	)		(26,340,785	)		(591,736,766	)
Class R5		(4,659,416	)		(93,360,709	)		(9,143,407	)		(213,209,296	)
Class R6		(62,033,843	)		(1,259,108,664	)		(34,983,680	)		(794,738,337	)
Net increase (decrease) in share activity		(84,186,326	)	$	(1,705,518,484	)		(25,620,771	)	$	(649,157,222	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

17 Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,063.30	$4.32	$1,021.02	$4.23	0.83%
Class C	1,000.00	1,059.40	8.20	1,017.24	8.03	1.58
Class R	1,000.00	1,061.90	5.61	1,019.76	5.50	1.08
Class Y	1,000.00	1,065.10	3.02	1,022.28	2.96	0.58
Class R5	1,000.00	1,065.00	2.71	1,022.58	2.65	0.52
Class R6	1,000.00	1,065.50	2.24	1,023.04	2.19	0.43

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

18 Invesco Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of Invesco Comstock Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the

19 Invesco Comstock Fund

Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

20 Invesco Comstock Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

LOGO


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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco Comstock Select Fund

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

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Comstock Select Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			7.97%
Class C Shares			7.62
Class R Shares			7.85
Class Y Shares			8.12
Class R5 Shares			8.23
Class R6 Shares			8.22
Russell 1000 Value Index ^▼			7.06
Source(s): ^▼RIMES Technologies Corp.

The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Comstock Select Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (9/16/85)	8.55	%
10 Years	6.15
5 Years	1.92
1 Year	-17.35

Class C Shares
Inception (5/1/96)	5.62	%
10 Years	6.11
5 Years	2.31
1 Year	-13.82

Class R Shares
Inception (3/1/01)	4.92	%
10 Years	6.48
5 Years	2.83
1 Year	-12.75

Class Y Shares
Inception (12/16/96)	5.98	%
10 Years	7.06
5 Years	3.33
1 Year	-12.37

Class R5 Shares
10 Years	6.81	%
5 Years	3.19
1 Year	-12.21

Class R6 Shares
Inception (2/28/12)	7.03	%
5 Years	3.51
1 Year	-12.21

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

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

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

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

4 Invesco Comstock Select Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.05%
Aerospace & Defense–2.63%
Textron, Inc.		348,000	$	12,458,400


Air Freight & Logistics–3.31%
FedEx Corp.		60,616		15,728,034


Application Software–2.62%
CDK Global, Inc.		288,317		12,426,463


Asset Management & Custody Banks–3.44%
Bank of New York Mellon Corp. (The)		475,442		16,336,187


Automobile Manufacturers–3.43%
General Motors Co.		471,585		16,283,830


Building Products–2.25%
Johnson Controls International PLC		253,048		10,681,156


Construction Machinery & Heavy Trucks–4.52%
Caterpillar, Inc.		136,639		21,459,155


Diversified Banks–9.61%
Bank of America Corp.		724,100		17,161,170

Citigroup, Inc.		686,108		28,418,593

				45,579,763


Electric Utilities–3.60%
Exelon Corp.		427,875		17,067,934


Electrical Components & Equipment–5.67%
Eaton Corp. PLC		100,502		10,431,103

Emerson Electric Co.		254,526		16,490,739

				26,921,842


Health Care Distributors–6.14%
Henry Schein, Inc.^(b)		293,904		18,686,416

McKesson Corp.		70,679		10,424,446

				29,110,862


Health Care Facilities–3.45%
HCA Healthcare, Inc.		131,896		16,347,190


Integrated Oil & Gas–3.65%
Chevron Corp.		101,772		7,073,154

Suncor Energy, Inc. (Canada)		908,315		10,254,876

				17,328,030


Investment Banking & Brokerage–3.58%
Goldman Sachs Group, Inc. (The)		89,755		16,967,285


	Shares		Value

IT Consulting & Other Services–3.34%
Cognizant Technology Solutions Corp., Class A		222,135	$	15,864,882


Managed Health Care–4.18%
Anthem, Inc.		72,777		19,853,566


Multi-line Insurance–3.87%
American International Group, Inc.		582,488		18,342,547


Oil & Gas Exploration & Production–4.84%
Marathon Oil Corp.		3,032,994		12,010,656

Parsley Energy, Inc., Class A		1,092,481		10,935,735

				22,946,391


Pharmaceuticals–3.20%
Bristol-Myers Squibb Co.		259,731		15,181,277


Regional Banks–2.48%
Citizens Financial Group, Inc.		431,491		11,758,130


Semiconductors–8.64%
Intel Corp.		316,993		14,036,450

NXP Semiconductors N.V. (Netherlands)		109,832		14,840,500

QUALCOMM, Inc.		98,262		12,121,600

				40,998,550


Systems Software–2.16%
Microsoft Corp.		50,579		10,240,730


Tobacco–5.44%
Philip Morris International, Inc.		363,505		25,816,125

Total Common Stocks & Other Equity Interests (Cost $458,486,023)				455,698,329


Money Market Funds–3.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		6,001,409		6,001,409

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		4,281,514		4,283,227

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		6,858,753		6,858,753

Total Money Market Funds (Cost $17,143,839)				17,143,389

TOTAL INVESTMENTS IN SECURITIES–99.66% (Cost $475,629,862)				472,841,718

OTHER ASSETS LESS LIABILITIES–0.34%				1,589,723

NET ASSETS–100.00%			$	474,431,441

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

5 Invesco Comstock Select Fund

Notes to Schedule of Investments:

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

^(b⁾	Non-income producing security.

^(c)


	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	23,765,041		$	127,432,516		$	(145,196,148	)		$	-			$	-			$	6,001,409		$	5,110
Invesco Liquid Assets Portfolio, Institutional Class			-			73,801,803			(69,515,083	)			(449	)			(3,044	)			4,283,227			6,827
Invesco Treasury Portfolio, Institutional Class			-			118,082,885			(111,224,132	)			-				-				6,858,753			3,110
Total		$	23,765,041		$	319,317,204		$	(325,935,363	)		$	(449	)		$	(3,044	)		$	17,143,389		$	15,047

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Financials	22.97	%
Industrials	18.39
Health Care	16.97
Information Technology	16.76
Energy	8.49
Consumer Staples	5.44
Utilities	3.60
Consumer Discretionary	3.43
Money Market Funds Plus Other Assets Less Liabilities	3.95

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

6 Invesco Comstock Select Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $458,486,023)	$	455,698,329

Investments in affiliated money market funds, at value (Cost $17,143,839)		17,143,389

Cash		1,068,167

Foreign currencies, at value and cost		245

Receivable for:
Fund shares sold		135,081

Dividends		1,390,223

Interest		271

Investment for trustee deferred compensation and retirement plans		136,493

Other assets		55,619

Total assets		475,627,817


Liabilities:
Payable for:
Fund shares reacquired		573,257

Accrued fees to affiliates		235,489

Accrued trustees’ and officers’ fees and benefits		72,390

Accrued other operating expenses		178,747

Trustee deferred compensation and retirement plans		136,493

Total liabilities		1,196,376

Net assets applicable to shares outstanding	$	474,431,441


Net assets consist of:
Shares of beneficial interest	$	538,414,443

Distributable earnings (loss)		(63,983,002	)

	$	474,431,441


Net Assets:
Class A	$	386,976,496

Class C	$	25,194,048

Class R	$	27,243,357

Class Y	$	30,382,621

Class R5	$	7,190

Class R6	$	4,627,729


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,829,878

Class C		1,173,083

Class R		1,219,498

Class Y		1,280,116

Class R5		313

Class R6		195,550

Class A:
Net asset value per share	$	22.99

Maximum offering price per share (Net asset value of $22.99 ÷ 94.50%)	$	24.33

Class C:
Net asset value and offering price per share	$	21.48

Class R:
Net asset value and offering price per share	$	22.34

Class Y:
Net asset value and offering price per share	$	23.73

Class R5:
Net asset value and offering price per share	$	22.97

Class R6:
Net asset value and offering price per share	$	23.67

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

7 Invesco Comstock Select Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $187,859)	$	11,496,212

Dividends from affiliated money market funds		15,047

Total investment income		11,511,259


Expenses:
Advisory fees		1,866,546

Administrative services fees		51,296

Custodian fees		6,795

Distribution fees:
Class A		486,605

Class C		139,242

Class R		71,197

Transfer agent fees – A, C, R and Y		563,915

Trustees’ and officers’ fees and benefits		13,942

Registration and filing fees		99,444

Reports to shareholders		57,609

Professional services fees		22,947

Other		(25,611	)

Total expenses		3,353,927

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(372,433	)

Net expenses		2,981,494

Net investment income		8,529,765


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(42,998,327	)

Foreign currencies		11,325

		(42,987,002	)

Change in net unrealized appreciation of investment securities		114,768,880

Net realized and unrealized gain		71,781,878

Net increase in net assets resulting from operations	$	80,311,643

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

8 Invesco Comstock Select Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020, period ended April 30, 2020, and the year ended October 31, 2019

(Unaudited)


	Six Months Ended			Six Months Ended			Year Ended
	October 31, 2020			April 30, 2020			October 31, 2019
Operations:
Net investment income	$	8,529,765		$	13,290,790		$	27,977,694

Net realized gain (loss)		(42,987,002	)		(20,971,934	)		273,497,380

Change in net unrealized appreciation (depreciation)		114,768,880			(204,004,559	)		(185,596,619	)

Net increase (decrease) in net assets resulting from operations		80,311,643			(211,685,703	)		115,878,455


Distributions to shareholders from distributable earnings:
Class A		(3,943,358	)		(119,234,349	)		(61,845,162	)

Class C		(167,761	)		(9,257,960	)		(11,413,279	)

Class R		(240,820	)		(8,173,489	)		(4,727,389	)

Class Y		(335,122	)		(15,867,545	)		(8,984,172	)

Class R5		(84	)		(2,397	)		(120	)

Class R6		(2,440,113	)		(122,758,577	)		(119,301,253	)

Total distributions from distributable earnings		(7,127,258	)		(275,294,317	)		(206,271,375	)


Share transactions–net:
Class A		(28,729,077	)		76,804,592			44,557,789

Class C		(4,039,700	)		2,955,739			(49,742,879	)

Class R		(1,975,025	)		5,430,763			(232,706	)

Class Y		(1,445,967	)		(19,457,423	)		1,515,165

Class R5		–			–			10,000

Class R6		(479,773,710	)		9,158,200			(323,815,201	)

Net increase (decrease) in net assets resulting from share transactions		(515,963,479	)		74,891,871			(327,707,832	)

Net increase (decrease) in net assets		(442,779,094	)		(412,088,149	)		(418,100,752	)


Net assets:
Beginning of period		917,210,535			1,329,298,684			1,747,399,436

End of period	$	474,431,441		$	917,210,535		$	1,329,298,684

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

9 Invesco Comstock Select Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)
Class A
Six months ended 10/31/20		$	21.50		$	0.26		$	1.46			$	1.72			$	(0.23	)		$	–			$	(0.23	)		$	22.99		7.97	%^(e)		$	386,976		0.93	%^(e)(f)		1.05	%^(e)(f)		2.25	%^(e)(f)		23	%
Six months ended 04/30/20			33.81			0.29			(5.00	)			(4.71	)			(0.29	)			(7.31	)			(7.60	)			21.50		(19.00	)			388,558		0.93	^(g)		0.97	^(g)		2.17	^(g)		11
Year ended 10/31/19			35.63			0.58			2.00				2.58				(0.56	)			(3.84	)			(4.40	)			33.81		8.66				524,705		0.93			0.95			1.79			129
Year ended 10/31/18			37.62			0.51			(0.32	)			0.19				(0.52	)			(1.66	)			(2.18	)			35.63		0.35				500,866		0.93			0.93			1.37			45
Year ended 10/31/17			31.66			0.34			6.09				6.43				(0.47	)			–				(0.47	)			37.62		20.41				548,012		0.94			0.95			0.97			53
Year ended 10/31/16			31.64			0.37			0.04				0.41				(0.39	)			–				(0.39	)			31.66		1.33				514,425		0.96			0.96			1.21			64
Year ended 10/31/15			31.50			0.37			0.13				0.50				(0.36	)			–				(0.36	)			31.64		1.58				563,546		0.95			0.95			1.14			51
Class C
Six months ended 10/31/20			20.08			0.16			1.37				1.53				(0.13	)			–				(0.13	)			21.48		7.62				25,194		1.68	^(f)		1.81	^(f)		1.50	^(f)		23
Six months ended 04/30/20			32.01			0.18			(4.64	)			(4.46	)			(0.16	)			(7.31	)			(7.47	)			20.08		(19.29	)			27,325		1.68	^(g)		1.73	^(g)		1.41	^(g)		11
Year ended 10/31/19			33.95			0.32			1.89				2.21				(0.31	)			(3.84	)			(4.15	)			32.01		7.86				40,759		1.68			1.69			1.03			129
Year ended 10/31/18			35.96			0.22			(0.31	)			(0.09	)			(0.26	)			(1.66	)			(1.92	)			33.95		(0.44	)			96,108		1.69			1.69			0.62			45
Year ended 10/31/17			30.32			0.07			5.83				5.90				(0.26	)			–				(0.26	)			35.96		19.51				113,203		1.69			1.70			0.22			53
Year ended 10/31/16			30.32			0.13			0.04				0.17				(0.17	)			–				(0.17	)			30.32		0.58				112,170		1.71			1.71			0.46			64
Year ended 10/31/15			30.19			0.12			0.14				0.26				(0.13	)			–				(0.13	)			30.32		0.84				127,437		1.70			1.70			0.39			51
Class R
Six months ended 10/31/20			20.89			0.22			1.42				1.64				(0.19	)			–				(0.19	)			22.34		7.85				27,243		1.18	^(f)		1.31	^(f)		2.00	^(f)		23
Six months ended 04/30/20			33.04			0.25			(4.85	)			(4.60	)			(0.24	)			(7.31	)			(7.55	)			20.89		(19.11	)			27,340		1.18	^(g)		1.23	^(g)		1.92	^(g)		11
Year ended 10/31/19			34.91			0.49			1.96				2.45				(0.48	)			(3.84	)			(4.32	)			33.04		8.41				36,469		1.18			1.20			1.54			129
Year ended 10/31/18			36.91			0.41			(0.32	)			0.09				(0.43	)			(1.66	)			(2.09	)			34.91		0.08				38,411		1.18			1.18			1.12			45
Year ended 10/31/17			31.08			0.25			5.97				6.22				(0.39	)			–				(0.39	)			36.91		20.10				42,358		1.18			1.19			0.73			53
Year ended 10/31/16			31.06			0.29			0.04				0.33				(0.31	)			–				(0.31	)			31.08		1.11				38,801		1.20			1.20			0.96			64
Year ended 10/31/15			30.92			0.28			0.14				0.42				(0.28	)			–				(0.28	)			31.06		1.35				50,813		1.19			1.19			0.89			51
Class Y
Six months ended 10/31/20			22.19			0.30			1.50				1.80				(0.26	)			–				(0.26	)			23.73		8.12				30,383		0.68	^(f)		0.81	^(f)		2.50	^(f)		23
Six months ended 04/30/20			34.70			0.34			(5.21	)			(4.87	)			(0.33	)			(7.31	)			(7.64	)			22.19		(18.95	)			29,843		0.68	^(g)		0.73	^(g)		2.41	^(g)		11
Year ended 10/31/19			36.44			0.68			2.07				2.75				(0.65	)			(3.84	)			(4.49	)			34.70		8.97				70,677		0.68			0.71			2.03			129
Year ended 10/31/18			38.43			0.62			(0.34	)			0.28				(0.61	)			(1.66	)			(2.27	)			36.44		0.55				72,317		0.68			0.68			1.61			45
Year ended 10/31/17			32.33			0.44			6.22				6.66				(0.56	)			–				(0.56	)			38.43		20.71				142,547		0.69			0.71			1.20			53
Year ended 10/31/16			32.29			0.46			0.04				0.50				(0.46	)			–				(0.46	)			32.33		1.61				111,684		0.71			0.71			1.47			64
Year ended 10/31/15			32.14			0.45			0.14				0.59				(0.44	)			–				(0.44	)			32.29		1.83				107,097		0.70			0.70			1.38			51
Class R5
Six months ended 10/31/20			21.47			0.30			1.47				1.77				(0.27	)			–				(0.27	)			22.97		8.23				7		0.57	^(f)		0.57	^(f)		2.61	^(f)		23
Six months ended 04/30/20			33.80			0.34			(5.02	)			(4.68	)			(0.34	)			(7.31	)			(7.65	)			21.47		(18.88	)			7		0.57	^(g)		0.57	^(g)		2.52	^(g)		11
Period ended 10/31/19^(h)			31.94			0.31			1.93				2.24				(0.38	)			–				(0.38	)			33.80		7.03				11		0.57	^(g)		0.57	^(g)		2.15	^(g)		129
Class R6
Six months ended 10/31/20			22.13			0.31			1.51				1.82				(0.28	)			–				(0.28	)			23.67		8.22				4,628		0.52	^(f)		0.57	^(f)		2.66	^(f)		23
Six months ended 04/30/20			34.63			0.36			(5.19	)			(4.83	)			(0.36	)			(7.31	)			(7.67	)			22.13		(18.88	)			444,138		0.52	^(g)		0.54	^(g)		2.58	^(g)		11
Year ended 10/31/19			36.38			0.73			2.06				2.79				(0.70	)			(3.84	)			(4.54	)			34.63		9.13				656,678		0.52			0.52			2.20			129
Year ended 10/31/18			38.37			0.68			(0.33	)			0.35				(0.68	)			(1.66	)			(2.34	)			36.38		0.75				1,039,697		0.52			0.52			1.78			45
Year ended 10/31/17			32.28			0.50			6.21				6.71				(0.62	)			–				(0.62	)			38.37		20.92				1,336,915		0.51			0.52			1.39			53
Year ended 10/31/16			32.24			0.52			0.04				0.56				(0.52	)			–				(0.52	)			32.28		1.80				1,185,317		0.52			0.52			1.65			64
Year ended 10/31/15			32.09			0.51			0.14				0.65				(0.50	)			–				(0.50	)			32.24		2.03				1,234,068		0.51			0.51			1.57			51

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended April 30, 2020 and for the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $402,198, $27,621, $28,247, $30,609, $7 and $228,965 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

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

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

10 Invesco Comstock Select Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

11 Invesco Comstock Select Fund

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

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

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

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

12 Invesco Comstock Select Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

Up to $300 million		0.625%

Next $100 million		0.500%

Next $4.6 billion		0.450%

Over $5 billion		0.430%

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.52%.

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

The Adviser has contractually agreed, through at least August 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.93%, 1.68%, 1.18%, 0.68%, 0.57% and 0.52% respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $67,799 and reimbursed class level expenses of $245,494, $18,157, $18,678, $20,428, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $18,850 in front-end sales commissions from the sale of Class A shares and $841 and $169 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $1,259 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

13 Invesco Comstock Select Fund


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

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Prior to May 5, 2020, the custodian was Citibank, N.A. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	14,948,283	$	1,000,028	$	15,948,311

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $157,848,593 and $664,550,992, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	58,816,203

Aggregate unrealized (depreciation) of investments		(69,543,952	)

Net unrealized appreciation (depreciation) of investments	$	(10,727,749	)

Cost of investments for tax purposes is $483,569,467.

14 Invesco Comstock Select Fund

NOTE 9–Share Information



							Summary of Share Activity

	Six months ended						Six months ended						Year ended
	October 31, 2020^(a)						April 30, 2020						October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class A		499,224		$	11,430,407			1,118,330		$	32,863,057			1,060,281		$	34,233,028

Class C		71,208			1,524,287			112,370			2,732,809			222,306			6,777,040

Class R		88,210			1,980,349			107,716			2,704,571			146,681			4,657,337

Class Y		350,906			8,320,238			462,083			12,039,021			562,025			18,728,830

Class R5^(b)		-			-			-			-			313			10,000

Class R6		19,702			459,854			47,530			1,530,832			745,176			24,198,024


Issued as reinvestment of dividends:
Class A		161,707			3,759,447			4,119,323			114,686,768			1,923,295			59,082,109

Class C		7,477			162,645			346,858			9,060,327			388,781			11,265,659

Class R		10,614			239,872			298,062			8,075,878			151,671			4,548,819

Class Y		10,337			247,954			538,764			15,512,550			277,819			8,756,144

Class R6		103,361			2,440,076			4,296,191			122,758,577			3,803,013			119,301,253


Automatic conversion of Class C shares to Class A shares:
Class A		53,964			1,232,138			74,255			1,950,852			1,229,180			40,824,573

Class C		(57,777	)		(1,232,138	)		(79,346	)		(1,950,852	)		(1,297,309	)		(40,824,573	)


Reacquired:
Class A		(1,960,116	)		(45,151,069	)		(2,753,772	)		(72,696,085	)		(2,753,692	)		(89,581,921	)

Class C		(208,524	)		(4,494,494	)		(292,349	)		(6,886,545	)		(871,157	)		(26,961,005	)

Class R		(188,364	)		(4,195,246	)		(200,471	)		(5,349,686	)		(294,777	)		(9,438,862	)

Class Y		(426,161	)		(10,014,159	)		(1,692,830	)		(47,008,994	)		(787,167	)		(25,969,809	)

Class R6		(19,993,842	)		(482,673,640	)		(3,242,205	)		(115,131,209	)		(14,163,335	)		(467,314,478	)

Net increase (decrease) in share activity		(21,458,074	)	$	(515,963,479	)		3,260,509		$	74,891,871			(9,656,896	)	$	(327,707,832	)

^(a)

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

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

NOTE 10–Coronavirus (COVID-19) Pandemic

15 Invesco Comstock Select Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(05/01/20)	(10/31/20)¹	Period²	(10/31/20)	Period²	Ratio
Class A	$1,000.00	$1,079.70	$4.88	$1,020.52	$4.74	0.93%
Class C	1,000.00	1,076.20	8.79	1,016.74	8.54	1.68
Class R	1,000.00	1,078.50	6.18	1,019.26	6.01	1.18
Class Y	1,000.00	1,081.20	3.57	1,021.78	3.47	0.68
Class R5	1,000.00	1,082.30	2.99	1,022.33	2.91	0.57
Class R6	1,000.00	1,082.20	2.73	1,022.58	2.65	0.52

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

16 Invesco Comstock Select Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund’s (formerly, Invesco Oppenheimer Value Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s valuation bias in momentum-driven markets impacted Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, as well as a name change to better reflect the Fund’s investment philosophy and process, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

17 Invesco Comstock Select Fund

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

18 Invesco Comstock Select Fund

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LOGO

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

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

∎

Fund reports and prospectuses

∎

Quarterly statements

∎

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∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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


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




		Semiannual Report to Shareholders		October 31, 2020

		Invesco Dividend Income Fund
		Nasdaq:
		A: IAUTX ∎ C: IUTCX ∎ R: IRTCX ∎ Y: IAUYX ∎ Investor: FSTUX ∎ R5: FSIUX ∎ R6: IFUTX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Dividend Income Fund

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	4.08	%
Class C Shares	3.70
Class R Shares	3.94
Class Y Shares	4.22
Investor Class Shares	4.07
Class R5 Shares	4.28
Class R6 Shares	4.28
S&P 500 Index^q(Broad Market Index)	13.29
Dow Jones U.S. Select Dividend Index^⬛(Style-Specific Index)	5.23
Russell 1000 Value Index^q(Style-Specific Index)	7.06
Lipper Equity Income Funds Index^t(Peer Group Index)	7.37

Source(s): ^qRIMES Technologies Corp.; ^⬛FactSet Research Systems Inc.; ^tLipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Dow Jones U.S. Select Dividend Index represent the country’s leading stocks by dividend yield.
The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper Equity Income Funds Index is an unmanaged Index considered representative of equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Dividend Income Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	7.10	%
10 Years	7.58
5 Years	3.06
1 Year	-11.80

Class C Shares
Inception (2/14/00)	3.56	%
10 Years	7.54
5 Years	3.45
1 Year	-8.30

Class R Shares
10 Years	7.92	%
5 Years	3.97
1 Year	-6.88

Class Y Shares
Inception (10/3/08)	7.80	%
10 Years	8.46
5 Years	4.49
1 Year	-6.44

Investor Class Shares
Inception (6/2/86)	7.94	%
10 Years	8.18
5 Years	4.22
1 Year	-6.69

Class R5 Shares
Inception (10/25/05)	7.28	%
10 Years	8.55
5 Years	4.55
1 Year	-6.35

Class R6 Shares
10 Years	8.50	%
5 Years	4.63
1 Year	-6.30

Class R shares incepted on April 17, 2020. Performance shown prior to that date is that of Investor Class shares restated to reflect the higher 12b-1 fees applicable to Class R shares.

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

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

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

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

4 Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.25%

Aerospace & Defense–3.16%

General Dynamics Corp.		161,593	$	21,222,009

Lockheed Martin Corp.		250,256		87,622,133

				108,844,142


Asset Management & Custody Banks–0.83%

Waddell & Reed Financial, Inc., Class A		1,860,401		28,557,155


Automobile Manufacturers–1.27%
Bayerische Motoren Werke AG (Germany)		639,004		43,672,214


Brewers–1.69%

Molson Coors Beverage Co., Class B		1,645,054		58,004,604


Communications Equipment–1.03%
Cisco Systems, Inc.		990,566		35,561,319


Construction Machinery & Heavy Trucks–1.02%
Caterpillar, Inc.		223,756		35,140,880


Diversified Banks–1.16%
Bank of America Corp.		1,678,941		39,790,902


Electric Utilities–5.85%
Duke Energy Corp.		483,873		44,569,542

Entergy Corp.		334,268		33,834,607

Exelon Corp.		1,143,121		45,599,097

Pinnacle West Capital Corp.		395,461		32,257,754

Portland General Electric Co.		1,142,725		44,909,092

				201,170,092


Electrical Components & Equipment–3.49%
ABB Ltd. (Switzerland)		2,415,029		58,561,084

Emerson Electric Co.		947,008		61,356,648

				119,917,732


Food Distributors–0.86%
Sysco Corp.		537,216		29,713,417


Gas Utilities–3.10%
National Fuel Gas Co.		1,608,470		64,274,461

Southwest Gas Holdings, Inc.		641,655		42,169,567

				106,444,028


General Merchandise Stores–2.34%
Target Corp.		527,565		80,305,944


Health Care Equipment–0.82%
Medtronic PLC		280,126		28,172,272


Home Improvement Retail–2.00%
Lowe’s Cos., Inc.		435,244		68,812,077


Household Products–4.94%
Kimberly-Clark Corp.		332,354		44,066,817

Procter & Gamble Co. (The)		917,744		125,822,702

				169,889,519


	Shares		Value

Hypermarkets & Super Centers–1.27%
Walmart, Inc.		313,751	$	43,532,951


Industrial Machinery–2.47%
Kennametal, Inc.		1,349,750		41,842,250

Snap-on, Inc.		273,236		43,042,867

				84,885,117


Integrated Oil & Gas–2.79%
Chevron Corp.		354,308		24,624,406

Exxon Mobil Corp.		630,581		20,569,552

TOTAL SE (France)		1,681,304		50,914,721

				96,108,679


Integrated Telecommunication Services–5.04%
AT&T, Inc.		2,255,030		60,930,910

Deutsche Telekom AG (Germany)		1,491,689		22,715,741

Verizon Communications, Inc.		1,570,914		89,526,389

				173,173,040


IT Consulting & Other Services–1.09%
International Business Machines Corp.		336,751		37,601,617


Motorcycle Manufacturers–1.39%
Harley-Davidson, Inc.		1,449,106		47,646,605


Multi-line Insurance–1.01%
Hartford Financial Services Group, Inc. (The)		905,043		34,862,256


Multi-Utilities–6.30%
Dominion Energy, Inc.		1,168,978		93,915,693

National Grid PLC (United Kingdom)		5,905,472		70,288,882

Public Service Enterprise Group, Inc.		445,715		25,918,327

Sempra Energy		212,517		26,641,131

				216,764,033


Oil & Gas Storage & Transportation–1.19%
Enbridge, Inc. (Canada)		1,480,307		40,788,163


Packaged Foods & Meats–10.03%
Campbell Soup Co.		1,958,425		91,399,695

Conagra Brands, Inc.		1,227,020		43,056,132

General Mills, Inc.		1,683,570		99,532,658

Kraft Heinz Co. (The)		1,537,440		47,030,290

Nestle S.A. (Switzerland)		567,324		63,740,791

				344,759,566


Paper Packaging–1.98%
International Paper Co.		809,788		35,428,225

Sonoco Products Co.		668,260		32,671,232

				68,099,457


Pharmaceuticals–8.78%
AstraZeneca PLC (United Kingdom)		332,815		33,500,189

Bayer AG (Germany)		652,418		30,661,537

Eli Lilly and Co.		300,980		39,265,851

GlaxoSmithKline PLC (United Kingdom)		2,103,209		35,090,368

Johnson & Johnson		745,397		102,201,383

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

5 Invesco Dividend Income Fund


	Shares		Value

Pharmaceuticals–(continued)
Merck & Co., Inc.		815,383	$	61,324,955

				302,044,283


Property & Casualty Insurance–2.94%
Chubb Ltd.		374,968		48,712,093

Travelers Cos., Inc. (The)		433,629		52,343,357

				101,055,450


Regional Banks–5.91%
Cullen/Frost Bankers, Inc.		476,741		33,500,590

Fifth Third Bancorp		2,091,889		48,573,663

M&T Bank Corp.		652,130		67,547,625

Regions Financial Corp.		4,029,940		53,598,202

				203,220,080


Restaurants–2.36%
McDonald’s Corp.		381,070		81,167,910


Semiconductors–0.63%
Microchip Technology, Inc.		205,304		21,573,344


Soft Drinks–2.38%
Coca-Cola Co. (The)		1,700,737		81,737,420


Specialized REITs–2.63%
Crown Castle International Corp.		319,497		49,905,432

Weyerhaeuser Co.		1,491,332		40,698,450

				90,603,882


	Shares		Value

Specialty Chemicals–1.50%
DuPont de Nemours, Inc.		907,632	$	51,626,108

Total Common Stocks & Other Equity Interests (Cost $3,006,810,164)				3,275,246,258


	Principal Amount
U.S. Dollar Denominated Bonds & Notes–0.02%
Tobacco–0.02%
Reynolds American, Inc. (United Kingdom), 7.00%, 08/04/2041 (Cost $358,613)^(b)	$	354,000		454,554


	Shares
Money Market Funds–4.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		45,940,943		45,940,944

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		55,675,906		55,698,177

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		52,503,935		52,503,935

Total Money Market Funds (Cost $154,129,665)				154,143,056

TOTAL INVESTMENTS IN SECURITIES–99.75% (Cost $3,161,298,442)				3,429,843,868

OTHER ASSETS LESS LIABILITIES–0.25%				8,761,720

NET ASSETS–100.00%			$	3,438,605,588

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(c)


	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio,

Institutional Class	$	113,108,843	$	38,112,382	$	(105,280,281	)		$ -		$ -		$ 45,940,944		$ 23,758

Invesco Liquid Assets Portfolio, Institutional Class		103,684,370		27,223,130		(75,200,201	)		(29,917)		20,795		55,698,177		94,417

Invesco Treasury Portfolio, Institutional Class		129,267,249		43,557,008		(120,320,322	)		-		-		52,503,935		24,207

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		49,664,331		(49,664,331	)		-		-		-		923*

Invesco Private Prime Fund		-		16,553,972		(16,553,972	)		-		-		-		653*

Total	$	346,060,462	$	175,110,823	$	(367,019,107	)		$(29,917)		$20,795		$154,143,056		$ 143,958

^(d) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6 Invesco Dividend Income Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Consumer Staples			21.18%

Utilities			15.25

Financials			11.85

Industrials			10.14

Health Care			9.60

Consumer Discretionary			9.35

Communication Services			5.04

Energy			3.98

Materials			3.48

Information Technology			2.76

Real Estate			2.64

Money Market Funds Plus Other Assets Less Liabilities			4.73

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

7 Invesco Dividend Income Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $3,007,168,777)	$	3,275,700,812

Investments in affiliated money market funds, at value (Cost $154,129,665)		154,143,056

Cash		23,994

Foreign currencies, at value (Cost $514,618)		511,080

Receivable for:
Investments sold		6,242,281

Fund shares sold		1,208,066

Dividends		8,923,596

Interest		5,931

Investment for trustee deferred compensation and retirement plans		354,079

Other assets		91,057

Total assets		3,447,203,952


Liabilities:
Payable for:
Investments purchased		879,980

Fund shares reacquired		4,708,440

Accrued fees to affiliates		1,845,474

Accrued trustees’ and officers’ fees and benefits		50,848

Accrued other operating expenses		679,921

Trustee deferred compensation and retirement plans		433,701

Total liabilities		8,598,364

Net assets applicable to shares outstanding	$	3,438,605,588


Net assets consist of:
Shares of beneficial interest	$	3,231,507,343

Distributable earnings		207,098,245

	$	3,438,605,588


Net Assets:
Class A	$	2,446,900,934

Class C	$	326,100,206

Class R	$	95,405,652

Class Y	$	291,306,419

Investor Class	$	61,336,744

Class R5	$	2,101,965

Class R6	$	215,453,668


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		118,341,495

Class C		15,558,740

Class R		4,614,248

Class Y		13,940,063

Investor Class		2,935,776

Class R5		101,616

Class R6		10,407,529

Class A:
Net asset value per share	$	20.68

Maximum offering price per share (Net asset value of $20.68 ÷ 94.50%)	$	21.88

Class C:
Net asset value and offering price per share	$	20.96

Class R:
Net asset value and offering price per share	$	20.68

Class Y:
Net asset value and offering price per share	$	20.90

Investor Class:
Net asset value and offering price per share	$	20.89

Class R5:
Net asset value and offering price per share	$	20.69

Class R6:
Net asset value and offering price per share	$	20.70

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

8 Invesco Dividend Income Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $800,579)	$	57,840,919

Dividends from affiliates (includes securities lending income of $16,719)		159,101

Interest		13,200

Total investment income		58,013,220


Expenses:
Advisory fees		9,743,277

Administrative services fees		258,926

Custodian fees		29,634

Distribution fees:
Class A		3,048,459

Class C		1,865,519

Class R		250,415

Investor Class		80,027

Transfer agent fees – A, C, R, Y and Investor Class		2,913,915

Transfer agent fees – R5		1,112

Transfer agent fees – R6		16,252

Trustees’ and officers’ fees and benefits		19,643

Registration and filing fees		58,487

Reports to shareholders		119,929

Professional services fees		27,096

Other		16,292

Total expenses		18,448,983

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(131,012	)

Net expenses		18,317,971

Net investment income		39,695,249


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,177,888	)

Foreign currencies		327,157

		(850,731	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		112,201,915

Foreign currencies		(60,170	)

		112,141,745

Net realized and unrealized gain		111,291,014

Net increase in net assets resulting from operations	$	150,986,263

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

9 Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31, 2020			April 30, 2020

Operations:
Net investment income	$	39,695,249		$	33,781,292

Net realized gain (loss)		(850,731	)		(38,887,461	)

Change in net unrealized appreciation (depreciation)		112,141,745			(113,179,834	)

Net increase (decrease) in net assets resulting from operations		150,986,263			(118,286,003	)


Distributions to shareholders from distributable earnings:
Class A		(30,583,849	)		(24,658,771	)

Class C		(3,061,687	)		(3,518,028	)

Class R		(1,065,025	)		–

Class Y		(4,213,481	)		(7,988,218	)

Investor Class		(750,640	)		(2,502,018	)

Class R5		(29,890	)		(91,517	)

Class R6		(3,338,723	)		(9,185,465	)

Total distributions from distributable earnings		(43,043,295	)		(47,944,017	)


Share transactions–net:
Class A		(132,828,428	)		1,831,924,956

Class C		(71,897,561	)		248,665,994

Class R		(5,010,276	)		97,930,979

Class Y		(49,165,868	)		105,989,387

Investor Class		(2,774,950	)		(5,694,878	)

Class R5		(123,484	)		541,771

Class R6		(37,865,791	)		21,058,742

Net increase (decrease) in net assets resulting from share transactions		(299,666,358	)		2,300,416,951

Net increase (decrease) in net assets		(191,723,390	)		2,134,186,931


Net assets:
Beginning of period		3,630,328,978			1,496,142,047

End of period	$	3,438,605,588		$	3,630,328,978

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

10 Invesco Dividend Income Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income ^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 10/31/20		$20.11		$ 0.23		$ 0.59			$ 0.82			$(0.25	)		$ -			$(0.25	)		$20.68		4.08	%^(d)		$2,446,901		0.96	%^(d)(e)		0.97	%^(d)(e)		2.20	%^(d)(e)		2%
Year ended 04/30/20		22.70		0.51		(2.33	)		(1.82	)		(0.52	)		(0.25	)		(0.77	)		20.11		(8.30	)		2,506,397		1.05			1.06			2.31			47
Year ended 04/30/19		22.98		0.58		1.45			2.03			(0.60	)		(1.71	)		(2.31	)		22.70		9.51			764,037		1.06			1.06			2.54			4
Year ended 04/30/18		23.96		0.51		(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		22.98		0.21			862,915		1.01			1.02			2.12			11
Year ended 04/30/17		22.32		0.41		1.80			2.21			(0.41	)		(0.16	)		(0.57	)		23.96		10.00			1,143,946		1.03			1.05			1.74			6
Year ended 04/30/16		21.03		0.40		1.77			2.17			(0.41	)		(0.47	)		(0.88	)		22.32		10.72			867,596		1.13			1.17			1.91			9
Class C
Six months ended 10/31/20		20.38		0.15		0.60			0.75			(0.17	)		-			(0.17	)		20.96		3.70			326,100		1.72	^(e)		1.73	^(e)		1.44	^(e)		2
Year ended 04/30/20		23.01		0.35		(2.37	)		(2.02	)		(0.36	)		(0.25	)		(0.61	)		20.38		(9.02	)		385,968		1.80			1.81			1.56			47
Year ended 04/30/19		23.28		0.42		1.46			1.88			(0.44	)		(1.71	)		(2.15	)		23.01		8.65			152,988		1.81			1.81			1.79			4
Year ended 04/30/18		24.26		0.33		(0.42	)		(0.09	)		(0.29	)		(0.60	)		(0.89	)		23.28		(0.52	)		236,168		1.76			1.77			1.37			11
Year ended 04/30/17		22.60		0.24		1.82			2.06			(0.24	)		(0.16	)		(0.40	)		24.26		9.16			311,194		1.78			1.80			0.99			6
Year ended 04/30/16		21.28		0.25		1.80			2.05			(0.26	)		(0.47	)		(0.73	)		22.60		9.94			154,584		1.88			1.92			1.16			9
Class R
Six months ended 10/31/20		20.11		0.20		0.59			0.79			(0.22	)		-			(0.22	)		20.68		3.94			95,406		1.22	^(e)		1.23	^(e)		1.94	^(e)		2
Period ended 04/30/20^(f)		20.18		0.01		(0.08	)		(0.07	)		-			-			-			20.11		(0.35	)		97,560		1.20	^(g)		1.21	^(g)		2.16	^(g)		47
Class Y
Six months ended 10/31/20		20.32		0.26		0.60			0.86			(0.28	)		-			(0.28	)		20.90		4.22			291,306		0.72	^(e)		0.73	^(e)		2.44	^(e)		2
Year ended 04/30/20		22.94		0.57		(2.36	)		(1.79	)		(0.58	)		(0.25	)		(0.83	)		20.32		(8.09	)		330,421		0.81			0.82			2.55			47
Year ended 04/30/19		23.21		0.65		1.46			2.11			(0.67	)		(1.71	)		(2.38	)		22.94		9.76			248,641		0.81			0.81			2.79			4
Year ended 04/30/18		24.19		0.58		(0.43	)		0.15			(0.53	)		(0.60	)		(1.13	)		23.21		0.48			444,633		0.76			0.77			2.37			11
Year ended 04/30/17		22.53		0.47		1.82			2.29			(0.47	)		(0.16	)		(0.63	)		24.19		10.28			860,105		0.78			0.80			1.99			6
Year ended 04/30/16		21.22		0.47		1.78			2.25			(0.47	)		(0.47	)		(0.94	)		22.53		11.01			249,625		0.88			0.92			2.16			9
Investor Class
Six months ended 10/31/20		20.31		0.23		0.60			0.83			(0.25	)		-			(0.25	)		20.89		4.07			61,337		0.97	^(e)		0.98	^(e)		2.19	^(e)		2
Year ended 04/30/20		22.93		0.52		(2.37	)		(1.85	)		(0.52	)		(0.25	)		(0.77	)		20.31		(8.32	)		62,298		1.06			1.07			2.30			47
Year ended 04/30/19		23.20		0.59		1.46			2.05			(0.61	)		(1.71	)		(2.32	)		22.93		9.49			76,436		1.06			1.06			2.54			4
Year ended 04/30/18		24.18		0.51		(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		23.20		0.23			79,103		1.01			1.02			2.12			11
Year ended 04/30/17		22.52		0.41		1.82			2.23			(0.41	)		(0.16	)		(0.57	)		24.18		10.01			97,228		1.03			1.05			1.74			6
Year ended 04/30/16		21.22		0.41		1.78			2.19			(0.42	)		(0.47	)		(0.89	)		22.52		10.69			88,691		1.13			1.17			1.91			9
Class R5
Six months ended 10/31/20		20.11		0.26		0.60			0.86			(0.28	)		-			(0.28	)		20.69		4.28			2,102		0.65	^(e)		0.66	^(e)		2.51	^(e)		2
Year ended 04/30/20		22.71		0.58		(2.34	)		(1.76	)		(0.59	)		(0.25	)		(0.84	)		20.11		(8.05	)		2,159		0.75			0.76			2.61			47
Year ended 04/30/19		22.99		0.65		1.45			2.10			(0.67	)		(1.71	)		(2.38	)		22.71		9.82			1,863		0.77			0.77			2.83			4
Year ended 04/30/18		23.97		0.58		(0.42	)		0.16			(0.54	)		(0.60	)		(1.14	)		22.99		0.51			1,914		0.72			0.73			2.41			11
Year ended 04/30/17		22.32		0.48		1.81			2.29			(0.48	)		(0.16	)		(0.64	)		23.97		10.38			2,376		0.72			0.74			2.05			6
Year ended 04/30/16		21.04		0.47		1.75			2.22			(0.47	)		(0.47	)		(0.94	)		22.32		10.98			551		0.84			0.85			2.20			9
Class R6
Six months ended 10/31/20		20.13		0.27		0.59			0.86			(0.29	)		-			(0.29	)		20.70		4.28			215,454		0.56	^(e)		0.57	^(e)		2.60	^(e)		2
Year ended 04/30/20		22.73		0.60		(2.34	)		(1.74	)		(0.61	)		(0.25	)		(0.86	)		20.13		(7.97	)		245,526		0.66			0.67			2.70			47
Year ended 04/30/19		23.00		0.67		1.46			2.13			(0.69	)		(1.71	)		(2.40	)		22.73		9.96			252,176		0.69			0.69			2.91			4
Year ended 04/30/18		23.98		0.60		(0.42	)		0.18			(0.56	)		(0.60	)		(1.16	)		23.00		0.59			322,530		0.64			0.65			2.49			11
Year ended 04/30/17		22.34		0.50		1.80			2.30			(0.50	)		(0.16	)		(0.66	)		23.98		10.42			83,352		0.64			0.66			2.13			6
Year ended 04/30/16		21.05		0.49		1.77			2.26			(0.50	)		(0.47	)		(0.97	)		22.34		11.13			63,000		0.74			0.75			2.30			9

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,372,954,426 in connection with the acquisitions of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,545,940, $370,062, $99,349, $319,401 , $63,500 , $2,206 and $237,919 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

^(g)	Annualized.

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

11 Invesco Dividend Income Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

12 Invesco Dividend Income Fund

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

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

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

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

13 Invesco Dividend Income Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $500 million		0.633%
Next $500 million		0.613%
Next $600 million		0.600%
Next $400 million		0.533%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.53%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.05%, 1.80%, 1.30%, 0.80%, 1.05%, 0.66% and 0.61%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $123,599 and reimbursed class level expenses of $0, $0, $0, $0, $0, $8 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

14 Invesco Dividend Income Fund

Investor Class shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $152,775 in front-end sales commissions from the sale of Class A shares and $3,329 and $5,657 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $4,830 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 –

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

Level 2 –

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

Level 3 –

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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,866,100,731	$	409,145,527		$–	$3,275,246,258
U.S. Dollar Denominated Bonds & Notes		–		454,554		–	454,554
Money Market Funds		154,143,056		–		–	154,143,056
Total Investments	$	3,020,243,787	$	409,600,081		$–	$3,429,843,868

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

15 Invesco Dividend Income Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	10,605,098	$	33,701,406	$44,306,504

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $73,271,458 and $281,284,665, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	460,093,528

Aggregate unrealized (depreciation) of investments		(207,897,535	)

Net unrealized appreciation of investments	$	252,195,993

Cost of investments for tax purposes is $3,177,647,875.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended October 31, 2020^(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount

Sold:

Class A		3,908,139		$	81,468,352			3,812,090		$	81,632,098

Class C		714,789			15,095,017			554,738			11,968,892

Class R		314,395			6,557,446			11,114			224,671

Class Y		1,466,487			30,968,074			2,055,071			44,867,487

Investor Class		30,967			653,801			76,479			1,727,207

Class R5		9,474			200,279			40,185			877,287

Class R6		794,544			16,585,251			1,913,724			41,417,956

Issued as reinvestment of dividends:

Class A		1,317,315			27,549,361			981,064			21,890,282

Class C		131,345			2,779,638			133,337			3,027,051

Class R		50,650			1,059,067			-			-

Class Y		155,570			3,286,083			289,938			6,543,541

Investor Class		31,820			672,386			99,503			2,242,265

Class R5		1,416			29,626			4,103			91,461

Class R6		154,276			3,227,567			403,535			8,995,223

Automatic conversion of Class C shares to Class A shares:

Class A		1,338,237			28,022,993			284,086			6,110,263

Class C		(1,320,244	)		(28,022,993	)		(280,232	)		(6,110,263	)

Issued in connection with acquisitions:^(b)

Class A		-			-			94,223,079			1,901,350,313

Class C		-			-			13,963,114			285,741,496

Class R		-			-			4,873,243			98,338,348

Class Y		-			-			8,117,361			165,532,230

Class R5		-			-			873			17,631

Class R6		-			-			1,882,299			38,019,462

16 Invesco Dividend Income Fund


	Summary of Share Activity

	Six months ended October 31, 2020^(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount


Reacquired:

Class A		(12,872,650	)	$	(269,869,134	)		(8,304,445	)	$	(179,058,000	)


Class C		(2,903,676	)		(61,749,223	)		(2,082,082	)		(45,961,182	)


Class R		(603,150	)		(12,626,789	)		(32,004	)		(632,040	)


Class Y		(3,943,096	)		(83,420,025	)		(5,039,052	)		(110,953,871	)


Investor Class		(193,802	)		(4,101,137	)		(442,281	)		(9,664,350	)


Class R5		(16,618	)		(353,389	)		(19,865	)		(444,608	)

Class R6		(2,738,741	)		(57,678,609	)		(3,097,835	)		(67,373,899	)

Net increase (decrease) in share activity		(14,172,553	)	$	(299,666,358	)		114,421,140		$	2,300,416,951

(a)

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

(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 123,059,969 shares of the Fund for 10,079,523 and 94,493,678 shares outstanding of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund, respectively, as of the close of business on April 17, 2020. Shares of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund’s net assets as of the close of business on April 17, 2020 of $203,484,378 and $2,285,515,102, respectively, including $17,399,010 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,175,677,851 and $3,664,677,331 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:


Net investment income	$	98,767,428

Net realized/unrealized gains (losses)		(534,309,797	)

Change in net assets resulting from operations	$	(435,542,369	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund that have been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

17 Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,040.80	$4.94	$1,020.37	$4.89	0.96%
Class C	1,000.00	1,037.00	8.83	1,016.53	8.74	1.72
Class R	1,000.00	1,039.40	6.27	1,019.06	6.21	1.22
Class Y	1,000.00	1,042.20	3.71	1,021.58	3.67	0.72
Investor Class	1,000.00	1,040.70	4.99	1,020.32	4.94	0.97
Class R5	1,000.00	1,042.80	3.35	1,021.93	3.31	0.65
Class R6	1,000.00	1,042.80	2.88	1,022.38	2.85	0.56

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

18 Invesco Dividend Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

19 Invesco Dividend Income Fund

group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20 Invesco Dividend Income Fund

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LOGO

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

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

LOGO


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


		Semiannual Report to Shareholders		October 31, 2020
		Invesco Energy Fund
		Nasdaq:
		A: IENAX ∎ C: IEFCX ∎ Y: IENYX ∎ Investor: FSTEX ∎ R5: IENIX ∎ R6: IENSX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Bruce Crockett

Dear Fellow Shareholders:

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

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


Andrew Schlossberg		Dear Shareholders:
		This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.
		Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
		In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at

blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Energy Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-21.49	%

Class C Shares	-21.79

Class Y Shares	-21.40

Investor Class Shares	-21.50

Class R5 Shares	-21.22

Class R6 Shares	-21.15

S&P 500 Index^q(Broad Market Index)	13.29

MSCI World Energy Index^q(Style-Specific Index)	-20.19

Lipper Natural Resource Funds Index^⬛(Peer Group Index)	-8.18

Source(s): ^qRIMES Technologies Corp.; ^⬛Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The MSCI World Energy Index is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper Natural Resource Funds Index is an unmanaged index considered representative of natural resource funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Energy Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	-0.70	%
10 Years	-11.09
5 Years	-19.13
1 Year	-48.23

Class C Shares
Inception (2/14/00)	1.19	%
10 Years	-11.12
5 Years	-18.83
1 Year	-46.15

Class Y Shares
Inception (10/3/08)	-7.57	%
10 Years	-10.37
5 Years	-18.01
1 Year	-45.08

Investor Class Shares
Inception (1/19/84)	3.94	%
10 Years	-10.58
5 Years	-18.21
1 Year	-45.19

Class R5 Shares
Inception (1/31/06)	-6.22	%
10 Years	-10.21
5 Years	-17.82
1 Year	-44.87

Class R6 Shares
10 Years	-10.42	%
5 Years	-17.91
1 Year	-44.84

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

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

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

4 Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests-96.91%

Integrated Oil & Gas-50.22%
BP PLC, ADR (United Kingdom)		317,740	$	4,918,615

Cenovus Energy, Inc. (Canada)		1,264,987		4,139,716

Chevron Corp.		204,151		14,188,494

Eni S.p.A. (Italy)		849,818		5,980,689

Equinor ASA (Norway)		546,101		7,005,918

Exxon Mobil Corp.		276,587		9,022,268

Galp Energia SGPS S.A. (Portugal)		712,724		5,779,978

Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		256,903		6,563,872

Suncor Energy, Inc. (Canada)		475,557		5,364,874

TOTAL SE (France)		420,479		12,733,313

				75,697,737


Oil & Gas Equipment & Services-3.83%
Baker Hughes Co., Class A		221,785		3,275,764

Tenaris S.A., ADR		260,732		2,492,598

				5,768,362


Oil & Gas Exploration & Production-29.79%
Apache Corp.		341,120		2,831,296

Cabot Oil & Gas Corp.		316,899		5,637,633

Canadian Natural Resources Ltd. (Canada)		264,358		4,206,552

Concho Resources, Inc.		67,268		2,792,295

ConocoPhillips		189,971		5,436,970

Devon Energy Corp.		507,993		4,536,377

Diamondback Energy, Inc.		89,805		2,331,338

EQT Corp.		190,825		2,889,091

Hess Corp.		81,120		3,019,286


	Shares		Value

Oil & Gas Exploration & Production-(continued)
Marathon Oil Corp.		668,179	$	2,645,989

Parsley Energy, Inc., Class A		437,982		4,384,200

Pioneer Natural Resources Co.		52,664		4,189,948

				44,900,975


Oil & Gas Refining & Marketing-6.36%
Phillips 66		104,201		4,862,019

Valero Energy Corp.		122,633		4,734,860

				9,596,879


Oil & Gas Storage & Transportation-6.71%
Cheniere Energy, Inc.^(b)		131,187		6,279,922

Plains All American Pipeline L.P.		614,093		3,838,081

				10,118,003

Total Common Stocks & Other Equity Interests (Cost $282,042,759)				146,081,956


Money Market Funds-3.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		1,698,435		1,698,435

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		1,104,337		1,104,779

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		1,941,069		1,941,069

Total Money Market Funds (Cost $4,744,607)				4,744,283

TOTAL INVESTMENTS IN SECURITIES–100.06% (Cost $286,787,366)				150,826,239

OTHER ASSETS LESS LIABILITIES-(0.06)%				(92,596	)

NET ASSETS-100.00%			$	150,733,643

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,580,599		$	9,690,642		$	(11,572,806	)		$	-			$	-		$	1,698,435		$	946
Invesco Liquid Assets Portfolio, Institutional Class			2,449,148			6,921,888			(8,266,289	)			(921	)			953			1,104,779			2,452
Invesco Treasury Portfolio, Institutional Class			4,092,113			11,075,020			(13,226,064	)			-				-			1,941,069			829
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			48,260,528			(48,260,528	)			-				-			-			619*
Invesco Private Prime Fund			-			15,316,825			(15,317,158	)			-				333			-			561*
Total		$	10,121,860		$	91,264,903		$	(96,642,845	)		$	(921	)		$	1,286		$	4,744,283		$	5,407

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

5 Invesco Energy Fund

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2020


Integrated Oil & Gas	50.22	%
Oil & Gas Exploration & Production	29.79
Oil & Gas Storage & Transportation	6.71
Oil & Gas Refining & Marketing	6.36
Oil & Gas Equipment & Services	3.83
Money Market Funds Plus Other Assets Less Liabilities	3.09

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

6 Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:

Investments in securities, at value (Cost $282,042,759)	$	146,081,956


Investments in affiliated money market funds, at value (Cost $4,744,607)		4,744,283


Cash		998


Foreign currencies, at value (Cost $78,172)		82,029


Receivable for:
Fund shares sold		174,829

Dividends		233,843

Investment for trustee deferred compensation and retirement plans		246,006

Other assets		50,823

Total assets		151,614,767


Liabilities:

Payable for:
Fund shares reacquired		258,597

Accrued fees to affiliates		227,484

Accrued other operating expenses		130,384

Trustee deferred compensation and retirement plans		264,659

Total liabilities		881,124


Net assets applicable to shares outstanding	$	150,733,643


Net assets consist of:

Shares of beneficial interest	$	705,779,304


Distributable earnings (loss)		(555,045,661	)


	$	150,733,643


Net Assets:

Class A	$	92,093,123


Class C	$	9,290,316


Class Y	$	11,236,692


Investor Class	$	36,142,728


Class R5	$	1,814,510


Class R6	$	156,274


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		10,169,172


Class C		1,209,533


Class Y		1,238,692


Investor Class		4,008,025


Class R5		194,770


Class R6		16,776


Class A:
Net asset value per share	$	9.06

Maximum offering price per share (Net asset value of $9.06 ÷ 94.50%)	$	9.59


Class C:
Net asset value and offering price per share	$	7.68


Class Y:
Net asset value and offering price per share	$	9.07


Investor Class:
Net asset value and offering price per share	$	9.02


Class R5:
Net asset value and offering price per share	$	9.32


Class R6:
Net asset value and offering price per share	$	9.32

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

7 Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $240,693)	$	3,985,291

Dividends from affiliated money market funds (includes securities lending income of $8,351)		12,578

Total investment income		3,997,869


Expenses:
Advisory fees		723,218

Administrative services fees		16,652

Custodian fees		7,769

Distribution fees:
Class A		146,687

Class C		64,964

Investor Class		57,283

Transfer agent fees – A, C, Y and Investor Class		441,369

Transfer agent fees – R5		1,149

Transfer agent fees – R6		111

Trustees’ and officers’ fees and benefits		10,042

Registration and filing fees		40,275

Reports to shareholders		44,799

Professional services fees		24,192

Other		9,539

Total expenses		1,588,049

Less: Fees waived and/or expense offset arrangement(s)		(3,967	)

Net expenses		1,584,082

Net investment income		2,413,787


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(121,682,986	)

Foreign currencies		60,535

		(121,622,451	)

Change in net unrealized appreciation of:
Investment securities		77,366,054

Foreign currencies		7,594

		77,373,648

Net realized and unrealized gain (loss)		(44,248,803	)

Net increase (decrease) in net assets resulting from operations	$	(41,835,016	)

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

8 Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31, 2020			April 30, 2020

Operations:
Net investment income	$	2,413,787		$	7,252,128

Net realized gain (loss)		(121,622,451	)		(128,741,741	)

Change in net unrealized appreciation (depreciation)		77,373,648			(39,419,004	)

Net increase (decrease) in net assets resulting from operations		(41,835,016	)		(160,908,617	)


Distributions to shareholders from distributable earnings:
Class A		–			(2,840,957	)

Class C		–			(273,589	)

Class Y		–			(430,547	)

Investor Class		–			(1,179,125	)

Class R5		–			(70,758	)

Class R6		–			(9,338	)

Total distributions from distributable earnings		–			(4,804,314	)


Share transactions–net:
Class A		(3,523,131	)		(29,634,848	)

Class C		(1,867,468	)		(7,447,719	)

Class Y		(93,136	)		(10,082,858	)

Investor Class		(876,578	)		(10,795,182	)

Class R5		(39,989	)		(1,548,796	)

Class R6		(172,632	)		140,389

Net increase (decrease) in net assets resulting from share transactions		(6,572,934	)		(59,369,014	)

Net increase (decrease) in net assets		(48,407,950	)		(225,081,945	)


Net assets:
Beginning of period		199,141,593			424,223,538

End of period	$	150,733,643		$	199,141,593

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

9 Invesco Energy Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income ^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Six months ended 10/31/20		$11.54		$0.14			$ (2.62	)		$ (2.48	)		$ –			$ –			$ –			$9.06		(21.49	)%		$92,093		1.62	%^(d)		1.62	%^(d)		2.54	%^(d)		64	%
Year ended 04/30/20		21.05		0.41			(9.64	)		(9.23	)		(0.28	)		–			(0.28	)		11.54		(44.30	)		121,102		1.45			1.45			2.42			16
Year ended 04/30/19		25.91		0.29			(4.61	)		(4.32	)		(0.54	)		–			(0.54	)		21.05		(16.48	)		248,396		1.32			1.32			1.25			17
Year ended 04/30/18		24.54		0.49	^(e)		1.44			1.93			(0.56	)		–			(0.56	)		25.91		8.08			323,247		1.33			1.33			2.07	^(e)		9
Year ended 04/30/17		27.04		0.22			(2.41	)		(2.19	)		(0.31	)		–			(0.31	)		24.54		(8.29	)		393,998		1.27			1.27			0.84			22
Year ended 04/30/16		35.41		0.27			(8.28	)^(f)		(8.01	)		(0.15	)		(0.21	)		(0.36	)		27.04		(22.45	)^(f)		521,910		1.26			1.27			1.05			22
Class C
Six months ended 10/31/20		9.82		0.09			(2.23	)		(2.14	)		–			–			–			7.68		(21.79	)		9,290		2.37	^(d)		2.37	^(d)		1.79	^(d)		64
Year ended 04/30/20		17.99		0.24			(8.22	)		(7.98	)		(0.19	)		–			(0.19	)		9.82		(44.72	)		13,868		2.20			2.20			1.67			16
Year ended 04/30/19		22.17		0.10			(3.93	)		(3.83	)		(0.35	)		–			(0.35	)		17.99		(17.14	)		33,036		2.07			2.07			0.50			17
Year ended 04/30/18		20.88		0.26	^(e)		1.24			1.50			(0.21	)		–			(0.21	)		22.17		7.29			92,349		2.08			2.08			1.32	^(e)		9
Year ended 04/30/17		23.05		0.02			(2.07	)		(2.05	)		(0.12	)		–			(0.12	)		20.88		(8.97	)		120,722		2.02			2.02			0.09			22
Year ended 04/30/16		30.39		0.06			(7.11	)^(f)		(7.05	)		(0.08	)		(0.21	)		(0.29	)		23.05		(23.03	)^(f)		156,964		2.01			2.02			0.30			22
Class Y
Six months ended 10/31/20		11.54		0.16			(2.63	)		(2.47	)		–			–			–			9.07		(21.40	)		11,237		1.37	^(d)		1.37	^(d)		2.79	^(d)		64
Year ended 04/30/20		21.04		0.45			(9.64	)		(9.19	)		(0.31	)		–			(0.31	)		11.54		(44.17	)		14,398		1.20			1.20			2.67			16
Year ended 04/30/19		25.93		0.35			(4.63	)		(4.28	)		(0.61	)		–			(0.61	)		21.04		(16.29	)		38,550		1.07			1.07			1.50			17
Year ended 04/30/18		24.63		0.55	^(e)		1.43			1.98			(0.68	)		–			(0.68	)		25.93		8.34			56,061		1.08			1.08			2.32	^(e)		9
Year ended 04/30/17		27.12		0.29			(2.41	)		(2.12	)		(0.37	)		–			(0.37	)		24.63		(8.03	)		63,783		1.02			1.02			1.09			22
Year ended 04/30/16		35.47		0.34			(8.31	)^(f)		(7.97	)		(0.17	)		(0.21	)		(0.38	)		27.12		(22.28	)^(f)		50,706		1.01			1.02			1.30			22
Investor Class
Six months ended 10/31/20		11.49		0.14			(2.61	)		(2.47	)		–			–			–			9.02		(21.50	)		36,143		1.62	^(d)		1.62	^(d)		2.54	^(d)		64
Year ended 04/30/20		20.96		0.40			(9.59	)		(9.19	)		(0.28	)		–			(0.28	)		11.49		(44.30	)		47,046		1.45			1.45			2.42			16
Year ended 04/30/19		25.80		0.29			(4.59	)		(4.30	)		(0.54	)		–			(0.54	)		20.96		(16.47	)		97,716		1.32			1.32			1.25			17
Year ended 04/30/18		24.44		0.49	^(e)		1.43			1.92			(0.56	)		–			(0.56	)		25.80		8.07			136,141		1.33			1.33			2.07	^(e)		9
Year ended 04/30/17		26.93		0.22			(2.40	)		(2.18	)		(0.31	)		–			(0.31	)		24.44		(8.29	)		159,402		1.27			1.27			0.84			22
Year ended 04/30/16		35.27		0.27			(8.25	)^(f)		(7.98	)		(0.15	)		(0.21	)		(0.36	)		26.93		(22.45	)^(f)		210,374		1.26			1.27			1.05			22
Class R5
Six months ended 10/31/20		11.83		0.18			(2.69	)		(2.51	)		–			–			–			9.32		(21.22	)		1,815		1.01	^(d)		1.01	^(d)		3.15	^(d)		64
Year ended 04/30/20		21.54		0.50			(9.87	)		(9.37	)		(0.34)			–			(0.34	)		11.83		(44.03	)		2,371		0.96			0.96			2.91			16
Year ended 04/30/19		26.53		0.40			(4.73	)		(4.33	)		(0.66)			–			(0.66	)		21.54		(16.12	)		6,052		0.90			0.90			1.67			17
Year ended 04/30/18		25.23		0.61	^(e)		1.46			2.07			(0.77)			–			(0.77	)		26.53		8.51			8,092		0.91			0.91			2.49	^(e)		9
Year ended 04/30/17		27.77		0.34			(2.46	)		(2.12	)		(0.42)			–			(0.42	)		25.23		(7.88	)		8,871		0.86			0.86			1.25			22
Year ended 04/30/16		36.24		0.40			(8.48	)^(f)		(8.08	)		(0.18)			(0.21	)		(0.39	)		27.77		(22.10	)^(f)		22,298		0.84			0.85			1.47			22
Class R6
Six months ended 10/31/20		11.83		0.18			(2.69	)		(2.51	)		–			–			–			9.32		(21.22	)		156		1.01	^(d)		1.01	^(d)		3.15	^(d)		64
Year ended 04/30/20		21.53		0.49			(9.85	)		(9.36	)		(0.34	)		–			(0.34	)		11.83		(44.00	)		357		0.96			0.96			2.91			16
Year ended 04/30/19		26.52		0.39			(4.72	)		(4.33	)		(0.66	)		–			(0.66	)		21.53		(16.11	)		473		0.89			0.89			1.68			17
Year ended 04/30/18		25.23		0.62	^(e)		1.46			2.08			(0.79	)		–			(0.79	)		26.52		8.55			185		0.90			0.90			2.50	^(e)		9
Year ended 04/30/17^(g)		26.31		0.03			(1.11	)		(1.08	)		–			–			–			25.23		(4.11	)		10		0.81	^(h)		0.81	^(h)		1.30	^(h)		22

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $116,393, $12,887, $14,054, $45,453 , $2,281 and $219 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)

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

^(f)

Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(8.35), $(7.18), $(8.38), $(8.32) and $(8.55) for Class A, Class C, Class Y, Investor Class and Class R5 shares, respectively. Total returns would have been lower.

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

^(h)	Annualized.

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

10 Invesco Energy Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

11 Invesco Energy Fund

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

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

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

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

12 Invesco Energy Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $350 million		0.750%

Next $350 million		0.650%

Next $1.3 billion		0.550%

Next $2 billion		0.450%

Next $2 billion		0.400%

Next $2 billion		0.375%

Over $8 billion		0.350%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $2,924.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

13 Invesco Energy Fund

shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $14,758 in front-end sales commissions from the sale of Class A shares and $1 and $1,152 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $762 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$114,582,058		$31,499,898		$–		$146,081,956

Money Market Funds		4,744,283		–		–		4,744,283

Total Investments		$119,326,341		$31,499,898		$–		$150,826,239

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

14 Invesco Energy Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	14,114,536	$	284,747,665	$	298,862,201

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $116,457,384 and $113,877,259, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	–

Aggregate unrealized (depreciation) of investments		(139,577,098	)

Net unrealized appreciation (depreciation) of investments	$	(139,577,098	)


Cost of investments for tax purposes is $290,403,337.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended October 31, 2020^(a)						Year ended April 30, 2020

	Shares			Amount			Shares			Amount

Sold:
Class A		1,391,455		$	15,743,807			2,571,914		$	33,183,715

Class C		147,467			1,413,689			438,690			4,916,508

Class Y		226,227			2,507,234			401,217			6,062,809

Investor Class		517,323			5,777,031			728,308			9,831,497

Class R5		45,216			529,800			78,175			1,133,675

Class R6		17,137			176,492			22,344			399,123


Issued as reinvestment of dividends:
Class A		-			-			150,438			2,643,200

Class C		-			-			15,642			234,472

Class Y		-			-			20,797			364,981

Investor Class		-			-			64,785			1,133,096

Class R5		-			-			3,923			70,530

Class R6		-			-			511			9,175


Automatic conversion of Class C shares to Class A shares:
Class A		70,130			769,755			156,538			2,709,341

Class C		(82,568	)		(769,755	)		(183,578	)		(2,709,341	)


Reacquired:
Class A		(1,786,130	)		(20,036,693	)		(4,185,125	)		(68,171,104	)

Class C		(267,003	)		(2,511,402	)		(695,203	)		(9,889,358	)

Class Y		(234,708	)		(2,600,370	)		(1,007,003	)		(16,510,648	)

Investor Class		(603,580	)		(6,653,609	)		(1,361,486	)		(21,759,775	)

Class R5		(50,774	)		(569,789	)		(162,680	)		(2,753,001	)

Class R6		(30,559	)		(349,124	)		(14,614	)		(267,909	)

Net increase (decrease) in share activity		(640,367	)	$	(6,572,934	)		(2,956,407	)	$	(59,369,014	)

^(a)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

15 Invesco Energy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$785.10		$7.29		$1,017.04		$8.24	1.62%
Class C		1,000.00		782.10		10.65		1,013.26		12.03	2.37
Class Y		1,000.00		786.00		6.17		1,018.30		6.97	1.37
Investor Class		1,000.00		785.00		7.29		1,017.04		8.24	1.62
Class R5		1,000.00		787.80		4.55		1,020.11		5.14	1.01
Class R6		1,000.00		788.50		4.55		1,020.11		5.14	1.01

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

16 Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Energy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

17 Invesco Energy Fund

percentage of average daily net assets for each class of the Fund.

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

18 Invesco Energy Fund

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LOGO

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

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∎ Fund reports and prospectuses

∎ Quarterly statements

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

LOGO


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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco Gold & Special Minerals Fund Effective September 30, 2020, Invesco Oppenheimer Gold & Special Minerals Fund was renamed Invesco Gold & Special Minerals Fund.
		Nasdaq:
		A: OPGSX ∎ C: OGMCX ∎ R: OGMNX ∎ Y: OGMYX ∎ R5: IOGYX ∎ R6: OGMIX

LOGO

Letters to Shareholders

Fund Performance

Consolidated Schedule of Investments

Consolidated Financial Statements

Consolidated Financial Highlights

Notes to Consolidated Financial Statements

Fund Expenses

Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Gold & Special Minerals Fund

Fund Performance


Performance summary
Fund vs. Indexes Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	27.93	%
Class C Shares	27.39
Class R Shares	27.70
Class Y Shares	28.05
Class R5 Shares	28.13
Class R6 Shares	28.16
MSCI World Index^q	12.57
Source(s): ^qRIMES Technologies Corp.

The MSCI World Index (Net) is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Gold & Special Minerals Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (7/19/83)	6.54	%
10 Years	-3.25
5 Years	21.06
1 Year	36.68

Class C Shares
Inception (11/1/95)	6.76	%
10 Years	-3.28
5 Years	21.50
1 Year	42.42

Class R Shares
Inception (3/1/01)	10.04	%
10 Years	-2.97
5 Years	22.11
1 Year	44.14

Class Y Shares
Inception (9/7/10)	-1.66	%
10 Years	-2.48
5 Years	22.71
1 Year	44.85

Class R5 Shares
10 Years	-2.66	%
5 Years	22.56
1 Year	45.13

Class R6 Shares
Inception (10/26/12)	-0.93	%
5 Years	22.93
1 Year	45.19

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

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

figures do not reflect deduction of taxes a shareholder would pay on

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

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

4 Invesco Gold & Special Minerals Fund

Consolidated Schedule of Investments

October 31, 2020

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–100.45%
Australia–23.02%
Alkane Resources Ltd.^(a)		8,500,000	$ 7,388,798
Auteco Minerals Ltd.^(a)		11,500,000	888,433
Bellevue Gold Ltd.^(a)		21,563,252	17,302,611
Chalice Gold Mines Ltd.^(a)		9,378,359	17,851,517
De Grey Mining Ltd.^(a)		57,017,305	44,050,438
E2 Metals Ltd.^(a)		470,000	232,678
Evolution Mining Ltd.		22,968,806	89,988,739
Gold Road Resources Ltd.^(a)		22,323,275	20,793,352
Legend Mining Ltd.^(a)		45,840,095	4,185,703
Lynas Corp. Ltd.^(a)		1,030,000	2,058,796
Musgrave Minerals Ltd.^(a)		22,570,000	7,789,655
Newcrest Mining Ltd.		1,174,968	24,259,511
Nickel Mines Ltd.		36,021,112	22,653,055
Northern Star Resources Ltd.		8,823,380	92,595,090
OceanaGold Corp.^(a)		10,400,300	13,582,918
Pantoro Ltd.^(a)		23,958,979	3,281,273
Perseus Mining Ltd.^(a)		4,820,000	4,138,728
Ramelius Resources Ltd.		24,098,612	32,856,000
Red 5 Ltd.^(a)		32,220,000	6,223,903
Resolute Mining Ltd.^(a)		17,000,000	9,602,748
Rox Resources Ltd.^(a)		7,800,000	295,947
Saracen Mineral Holdings Ltd.^(a)		9,050,000	35,965,906
Silver Lake Resources Ltd.^(a)		15,951,900	23,798,317
SolGold PLC^(a)		19,400,000	8,629,134
Westgold Resources Ltd.^(a)		19,654,853	35,675,896
			526,089,146

Brazil–1.21%
Wheaton Precious Metals Corp.		599,035	27,621,504

Canada–50.98%
Adventus Mining Corp.^(a)		4,701,058	3,422,672
Agnico Eagle Mines Ltd.		1,273,095	100,943,703
Alamos Gold, Inc., Class A^(b)		2,741,108	25,081,138
Americas Gold & Silver Corp.^(a)		2,469,400	6,357,459
Artemis Gold, Inc.^(a)(c)		708,144	2,604,448
Artemis Gold, Inc.^(a)(c)		2,700,000	9,930,196
Ascot Resources Ltd.^(a)		4,194,053	3,368,338
B2Gold Corp.^(b)		9,362,000	60,291,280
Barrick Gold Corp.^(b)		3,523,499	94,183,130
Battle North Gold Corp.^(a)		210,000	286,872
Battle North Gold Corp.		2,500,956	3,461,823
Calibre Mining Corp., Class C^(a)		2,358,189	3,840,929
Centerra Gold, Inc.		330,000	2,883,134
Dundee Precious Metals, Inc.		2,240,000	14,862,719
Equinox Gold Corp.^(a)		3,057,278	32,560,011
Fiore Gold Ltd.^(a)		837,482	942,898
Franco-Nevada Corp.		75,000	10,231,175
Freegold Ventures Ltd.^(a)		1,500,000	900,698
Fury Gold Mines Ltd.^(a)		2,245,933	2,695,120
Galway Metals, Inc.^(a)		2,546,825	2,236,572
Gran Colombia Gold Corp.		820,000	3,655,933
Great Bear Resources Ltd.^(a)		938,515	11,256,826
GT Gold Corp.^(a)		6,003,800	5,723,055


	Shares		Value
Canada–(continued)
IAMGOLD Corp.^(a)		5,299,000	$ 19,447,330
Ivanhoe Mines Ltd., Class A^(a)		23,597,582	92,810,425
K92 Mining, Inc.^(a)		9,703,030	51,344,563
Karora Resources, Inc.^(a)		4,917,777	12,217,850
Karora Resources, Inc., Wts., expiring 9/21/2021^(a)		2,500,000	938,227
Kinross Gold Corp.		4,805,925	38,296,305
Kirkland Lake Gold Ltd.		2,203,233	100,379,977
Liberty Gold Corp.^(a)		10,138,000	13,544,727
Lion One Metals Ltd.^(a)		5,885,391	7,112,122
Lion One Metals Ltd.^(a)(d)		1,650,451	1,994,465
Lion One Metals Ltd., Wts., expiring 8/21/2021^(a)		825,225	183,554
Lundin Gold, Inc.^(a)		4,118,815	34,315,730
MAG Silver Corp.^(a)		513,522	8,699,063
Marathon Gold Corp.^(a)		1,490,000	2,594,611
Maverix Metals, Inc.		1,438,100	7,523,498
McEwen Mining, Inc.^(a)		1,700,000	1,651,380
Midas Gold Corp.^(a)		2,581,000	2,208,467
Minera Alamos, Inc.^(a)		4,628,743	2,362,490
Montage Gold Corp.		1,289,457	967,843
New Pacific Metals Corp.^(a)		401,800	1,800,455
Nomad Royalty Co. Ltd.		235,529	215,676
Northern Dynasty Minerals, Ltd.^(a)		1,020,300	904,496
Novagold Resources, Inc.^(a)		280,000	2,900,800
Novo Resources Corp.^(a)		1,080,000	2,602,117
Orla Mining Ltd.^(a)		20,000	80,613
Osino Resources Corp.^(a)(d)		7,911,551	7,304,066
Osino Resources Corp.^(a)(e)		160,000	0
Osino Resources Corp.^(a)		1,000,000	206,710
Osisko Gold Royalties Ltd.		1,975,339	22,084,290
Osisko Mining, Inc.^(a)		1,819,453	5,011,929
Pan American Silver Corp.		551,000	17,521,800
Pan American Silver Corp., Rts. Expiring 2/22/2029^(a)		2,300,100	1,656,072
Premier Gold Mines Ltd.^(a)		3,810,000	7,835,623
Pretium Resources, Inc.^(a)		1,200,000	14,636,343
Pure Gold Mining, Inc.^(a)		7,779,461	13,605,152
Roxgold, Inc.^(a)		12,877,093	16,720,987
Rupert Resources Ltd.^(a)		2,016,128	7,747,936
Sandstorm Gold Ltd.^(a)(b)		4,659,055	34,464,159
SilverCrest Metals, Inc.^(a)		2,540,000	22,973,054
Skeena Resources Ltd.^(a)		4,524,269	8,048,125
Sombrero Resources I^(a)(e)		3,028,200	1,438,395
SSR Mining, Inc.^(a)		1,480,333	27,400,964
Teranga Gold Corp.^(a)		3,768,700	39,206,021
Tier One Metal, Inc.^(a)(e)		3,028,200	1,438,395
Torex Gold Resources, Inc.^(a)		2,390,000	32,218,269
Tudor Gold Corp.^(a)		1,049,068	2,228,374
Victoria Gold Corp.^(a)		90,000	988,291
Wallbridge Mining Co. Ltd.^(a)		17,814,800	11,365,743
Wesdome Gold Mines Ltd.^(a)		6,105,800	60,448,474
			1,165,366,085

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

5 Invesco Gold & Special Minerals Fund


	Shares		Value

China–1.37%
Zhaojin Mining Industry Co. Ltd., H Shares		18,270,000	$	23,627,438

Zijin Mining Group Co. Ltd., H Shares		10,706,000		7,768,909

				31,396,347


Ivory Coast–1.60%
Endeavour Mining Corp.^(a)		1,485,822		36,445,743


Mongolia–0.14%
Turquoise Hill Resources Ltd.^(a)		395,000		3,100,750


Russia–0.03%
Petropavlovsk PLC^(a)		2,100,000		726,800


South Africa–8.49%
Gold Fields Ltd., ADR		10,169,741		111,155,269

Harmony Gold Mining Co. Ltd., ADR^(a)		4,990,000		24,500,900

Sibanye Stillwater Ltd., ADR		4,914,891		58,339,756

				193,995,925


Tanzania–4.64%
AngloGold Ashanti Ltd., ADR		4,587,100		106,145,494


Turkey–1.33%
Eldorado Gold Corp.^(a)		2,431,502		30,466,720


United Kingdom–0.29%
Bushveld Minerals Ltd.^(a)		8,300,000		1,214,791

Greatland Gold PLC^(a)		18,400,000		5,495,760

				6,710,551


	Shares		Value

United States–7.25%
Argonaut Gold, Inc.^(a)		320,000	$	595,661

Freeport-McMoRan, Inc.^(a)		1,200,000		20,808,000

Newmont Corp.^(b)		1,777,614		111,705,264

Royal Gold, Inc.		245,000		29,108,450

SPDR ® Gold Trust–ETF^(a)		20,000		3,524,000

				165,741,375


Zambia–0.10%
First Quantum Minerals Ltd.		200,000		2,298,281

Total Common Stocks & Other Equity Interests (Cost $1,384,477,567)				2,296,104,721


Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(f)		2,858,971		2,858,971

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(f)		2,039,838		2,040,654

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(f)		3,267,395		3,267,395

Total Money Market Funds (Cost $8,167,208)				8,167,020

TOTAL INVESTMENTS IN SECURITIES–100.81% (Cost $1,392,644,775)				2,304,271,741

OTHER ASSETS LESS LIABILITIES–(0.81)%				(18,406,025	)

NET ASSETS–100.00%			$	2,285,865,716


Investment Abbreviations:

ADR		– American Depositary Receipt
Rts.		– Rights
Wts.		– Warrants

Notes to Consolidated Schedule of Investments:



^(a)		Non-income producing security.
^(b)		All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. See Note 1K and Note 1L.
^(c)		The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
^(d)		Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	April 30, 2020			at Cost			from Sales				(Depreciation)				(Loss)				October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	70,542,372		$	149,823,773		$	(217,507,174	)		$	-			$	-			$	2,858,971		$	9,374
Invesco Liquid Assets Portfolio, Institutional Class			-			102,016,831			(99,971,306	)			(188	)			(4,683	)			2,040,654			11,725
Invesco Treasury Portfolio, Institutional Class			-			164,001,759			(160,734,364	)			-				-				3,267,395			4,502
Investments in Other Affiliates:
Dacian Gold Ltd.			6,615,445			-			(7,132,013	)			13,810,156				(13,293,588	)			-			-
Lion One Metals Ltd.			-			2,484,499			-				(490,034	)			-				1,994,465			-
Osino Resources Corp.			2,935,968			2,594,998			-				1,773,100				-				7,304,066			-
Total		$	80,093,785		$	420,921,860		$	(485,344,857	)		$	15,093,034			$	(13,298,271	)		$	17,465,551		$	25,601

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6 Invesco Gold & Special Minerals Fund


Open Exchange-Traded Equity Options Written

																			Unrealized
	Type of	Expiration		Number of		Exercise				Premiums				Notional					Appreciation
Description	Contract	Date		Contracts		Price				Received				Value*		Value			(Depreciation)

Equity Risk

Agnico Eagle Mines Ltd.	Call		01/15/2021		2,000			$	100.00	$	(265,942	)		$	20,000,000	$	(220,000	)	$	45,942

Alamos Gold, Inc.	Call		01/15/2021		1,000				10.00		(54,993	)			1,000,000		(60,000	)		(5,007	)

Anglogold Ashanti Ltd.	Call		01/15/2021		1,000				35.00		(97,996	)			3,500,000		(25,000	)		72,996

Anglogold Ashanti Ltd.	Call		01/15/2021		3,000				33.00		(319,706	)			9,900,000		(105,000	)		214,706

B2gold Corp.	Call		01/15/2021		2,000				7.50		(87,927	)			1,500,000		(75,000	)		12,927

Dundee Precious Metals, Inc.	Call		01/15/2021		3,000		CAD		11.00		(151,573	)	CAD		3,300,000		(45,035	)		106,538

Eldorado Gold Corp.	Call		01/15/2021		2,000				16.00		(207,778	)			3,200,000		(105,000	)		102,778

Eldorado Gold Corp.	Call		01/15/2021		12,000				13.00		(1,648,099	)			15,600,000		(1,410,000	)		238,099

Endeavour Mining Corp.	Call		12/18/2020		5,000		CAD		40.00		(868,832	)	CAD		20,000,000		(215,792	)		653,040

Equinox Gold Corp.	Call		12/18/2020		1,000				15.00		(45,963	)			1,500,000		(10,000	)		35,963

First Quantum Minerals Ltd.	Call		01/15/2021		2,000		CAD		15.00		(206,303	)	CAD		3,000,000		(291,226	)		(84,923	)

Franco-Nevada Corp.	Call		11/20/2020		400		CAD		195.00		(116,649	)	CAD		7,800,000		(53,291	)		63,358

Freeport-McMoran, Inc.	Call		11/20/2020		1,000				18.00		(98,962	)			1,800,000		(71,500	)		27,462

Freeport-McMoran, Inc.	Call		11/20/2020		7,000				17.00		(885,730	)			11,900,000		(836,500	)		49,230

Gold Fields Ltd.	Call		01/15/2021		2,000				17.00		(232,823	)			3,400,000		(45,000	)		187,823

Harmony Gold Mining Co. Ltd.	Call		11/20/2020		6,000				7.00		(369,409	)			4,200,000		(60,000	)		309,409

Kinross Gold Corp.	Call		11/20/2020		5,000		CAD		11.00		(252,659	)	CAD		5,500,000		(159,499	)		93,160

Kinross Gold Corp.	Call		11/20/2020		4,000				10.00		(183,847	)			4,000,000		(30,000	)		153,847

Kirkland Lake Gold Ltd.	Call		01/15/2021		2,000		CAD		80.00		(173,583	)	CAD		16,000,000		(112,587	)		60,996

Kirkland Lake Gold Ltd.	Call		01/15/2021		2,000		CAD		76.00		(163,750	)	CAD		15,200,000		(165,128	)		(1,378	)

Lundin Gold, Inc.	Call		01/15/2021		2,000		CAD		14.00		(72,915	)	CAD		2,800,000		(33,776	)		39,139

MAG Silver Corp.	Call		11/20/2020		5,000				15.00		(1,001,993	)			7,500,000		(1,162,500	)		(160,507	)

Newcrest Mining Ltd.	Call		01/21/2021		2,500		AUD		35.00		(130,551	)	AUD		8,750,000		(52,718	)		77,833

Newmont Corp.	Call		01/15/2021		1,000				70.00		(128,961	)			7,000,000		(176,500	)		(47,539	)

Pan American Silver Corp.	Call		11/20/2020		2,000				38.00		(193,256	)			7,600,000		(88,000	)		105,256

Pretium Resources, Inc.	Call		12/18/2020		4,000		CAD		18.00		(237,995	)	CAD		7,200,000		(255,198	)		(17,203	)

Royal Gold, Inc.	Call		11/20/2020		1,000				130.00		(175,410	)			13,000,000		(182,500	)		(7,090	)

Sandstorm Gold Ltd.	Call		01/15/2021		4,000		CAD		12.00		(212,124	)	CAD		4,800,000		(97,575	)		114,549

Sibanye Stillwater Ltd.	Call		01/15/2021		1,000				17.50		(95,962	)			1,750,000		(27,500	)		68,462

SSR Mining, Inc.	Call		12/18/2020		2,000				24.00		(110,956	)			4,800,000		(55,000	)		55,956

Teranga Gold Corp.	Call		01/15/2021		1,000		CAD		16.00		(47,472	)	CAD		1,600,000		(37,529	)		9,943

Torex Gold Resources, Inc.	Call		01/15/2021		1,000		CAD		24.00		(55,345	)	CAD		2,400,000		(22,517	)		32,828

Wesdome Gold Mines Ltd.	Call		01/15/2021		2,000		CAD		15.00		(93,419	)	CAD		3,000,000		(56,294	)		37,125

Wheaton Precious Metals Corp.	Call		12/18/2020		3,000				65.00		(497,875	)			19,500,000		(61,500	)		436,375

Subtotal – Equity Call Options Written											(9,486,758	)					(6,404,665	)		3,082,093

Equity Risk

Agnico Eagle Mines Ltd.	Put		01/15/2021		1,000				65.00		(127,010	)			6,500,000		(142,500	)		(15,490	)

Alamos Gold, Inc.	Put		01/15/2021		1,000				7.50		(46,213	)			750,000		(27,500	)		18,713

Anglogold Ashanti Ltd.	Put		12/18/2020		3,000				24.00		(393,114	)			7,200,000		(727,500	)		(334,386	)

Barrick Gold Corp.	Put		12/18/2020		3,000				23.00		(329,129	)			6,900,000		(132,000	)		197,129

Barrick Gold Corp.	Put		01/15/2021		1,000				24.00		(99,022	)			2,400,000		(91,000	)		8,022

Dundee Precious Metals, Inc.	Put		01/15/2021		1,000		CAD		9.00		(38,046	)	CAD		900,000		(65,676	)		(27,630	)

Eldorado Gold Corp.	Put		01/15/2021		1,000				10.00		(111,962	)			1,000,000		(35,000	)		76,962

Endeavour Mining Corp.	Put		12/18/2020		4,000		CAD		29.00		(433,769	)	CAD		11,600,000		(322,750	)		111,019

Equinox Gold Corp.	Put		12/18/2020		1,000				12.50		(94,012	)			1,250,000		(215,000	)		(120,988	)

First Quantum Minerals Ltd.	Put		01/15/2021		1,000		CAD		11.00		(81,122	)	CAD		1,100,000		(32,650	)		48,472

Franco-Nevada Corp.	Put		01/15/2021		2,000				115.00		(621,765	)			23,000,000		(430,000	)		191,765

Gold Fields Ltd.	Put		01/15/2021		5,000				11.00		(536,109	)			5,500,000		(687,500	)		(151,391	)

Harmony Gold Mining Co. Ltd.	Put		11/20/2020		6,000				5.00		(242,200	)			3,000,000		(255,000	)		(12,800	)

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

7 Invesco Gold & Special Minerals Fund


Open Exchange-Traded Equity Options Written–(continued)

																			Unrealized
	Type of	Expiration		Number of		Exercise				Premiums				Notional					Appreciation
Description	Contract	Date		Contracts		Price				Received				Value*		Value			(Depreciation)

Kinross Gold Corp.	Put		11/20/2020		4,000			$	8.00	$	(225,846	)		$	3,200,000	$	(210,000	)	$	15,846

Kirkland Lake Gold Ltd.	Put		01/15/2021		2,000		CAD		54.00		(248,540	)	CAD		10,800,000		(341,514	)		(92,974	)

Lundin Gold, Inc.	Put		01/15/2021		2,000		CAD		11.00		(80,511	)	CAD		2,200,000		(153,870	)		(73,359	)

Mag Silver Corp.	Put		11/20/2020		3,000				15.00		(435,743	)			4,500,000		(120,000	)		315,743

Newcrest Mining Ltd.	Put		01/21/2021		2,000		AUD		29.00		(129,453	)	AUD		5,800,000		(232,660	)		(103,207	)

Newmont Corp.	Put		01/15/2021		2,000				55.00		(433,319	)			11,000,000		(317,000	)		116,319

Northern Dynasty Minerals, Ltd.	Put		11/20/2020		9,997				1.00		(377,527	)			999,700		(274,918	)		102,609

Novagold Resources, Inc.	Put		12/18/2020		2,000				10.00		(240,041	)			2,000,000		(135,000	)		105,041

Pan American Silver Corp.	Put		11/20/2020		2,000				28.00		(165,593	)			5,600,000		(134,000	)		31,593

Royal Gold, Inc.	Put		11/20/2020		1,000				105.00		(192,960	)			10,500,000		(130,000	)		62,960

Sandstorm Gold, Ltd.	Put		01/15/2021		1,000				8.00		(98,062	)			800,000		(112,500	)		(14,438	)

Sibanye Stillwater Ltd.	Put		01/15/2021		1,000				10.00		(69,963	)			1,000,000		(70,000	)		(37	)

SSR Mining, Inc.	Put		12/18/2020		4,000				19.00		(689,540	)			7,600,000		(770,000	)		(80,460	)

Teranga Gold Corp.	Put		01/15/2021		1,000		CAD		12.00		(62,542	)	CAD		1,200,000		(50,664	)		11,878

Torex Gold Resources, Inc.	Put		01/15/2021		1,000		CAD		18.00		(74,299	)	CAD		1,800,000		(127,599	)		(53,300	)

Turquoise Hill Resources Ltd.	Put		12/18/2020		10,000				1.00		(192,979	)			1,000,000		(275,000	)		(82,021	)

Wesdome Gold Mines Ltd.	Put		01/15/2021		2,000		CAD		12.00		(96,071	)	CAD		2,400,000		(82,564	)		13,507

Wheaton Precious Metals Corp.	Put		12/18/2020		1,000				45.00		(170,810	)			4,500,000		(292,500	)		(121,690	)

Subtotal – Equity Put Options Written											(7,137,272	)					(6,993,865	)		143,407

Total Exchange-Traded Equity Options Written										$	(16,624,030	)				$	(13,398,530	)	$	3,225,500

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

Abbreviations:

AUD -Australian Dollar

CAD -Canadian Dollar

Portfolio Composition

By industry% of total net assets


Gold	86.53	%
Diversified Metals & Mining	10.41
Other Industries, Each Less than 2% of Net Assets	3.51
Money Market Funds Plus Other Assets Less Liabilities	(0.45	)

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

8 Invesco Gold & Special Minerals Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $1,376,713,046)	$	2,286,806,190

Investments in affiliates, at value (Cost $15,931,729)		17,465,551

Cash		1,007,338

Foreign currencies, at value (Cost $1,034,194)		1,035,248

Receivable for:
Investments sold		626,249

Fund shares sold		6,172,484

Dividends		989,986

Investment for trustee deferred compensation and retirement plans		191,401

Other assets		505,432

Total assets		2,314,799,879


Liabilities:
Other investments:
Options written, at value (premiums received $16,624,030)		13,398,530

Payable for:
Investments purchased		6,914,834

Fund shares reacquired		6,157,150

Accrued fees to affiliates		1,719,121

Accrued trustees’ and officers’ fees and benefits		38,589

Accrued other operating expenses		506,845

Trustee deferred compensation and retirement plans		199,094

Total liabilities		28,934,163

Net assets applicable to shares outstanding	$	2,285,865,716


Net assets consist of:
Shares of beneficial interest	$	2,808,912,544

Distributable earnings (loss)		(523,046,828	)

	$	2,285,865,716


Net Assets:
Class A	$	1,099,694,514

Class C	$	148,428,278

Class R	$	164,217,870

Class Y	$	596,007,222

Class R5	$	74,808

Class R6	$	277,443,024


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		39,470,586

Class C		5,917,921

Class R		6,212,543

Class Y		21,361,695

Class R5		2,678

Class R6		9,844,916

Class A:
Net asset value per share	$	27.86

Maximum offering price per share (Net asset value of $27.86 ÷ 94.50%)	$	29.48

Class C:
Net asset value and offering price per share	$	25.08

Class R:
Net asset value and offering price per share	$	26.43

Class Y:
Net asset value and offering price per share	$	27.90

Class R5:
Net asset value and offering price per share	$	27.93

Class R6:
Net asset value and offering price per share	$	28.18

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

9 Invesco Gold & Special Minerals Fund

Consolidated Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $806,426)	$	11,228,430

Dividends from affiliated money market funds		25,601

Total investment income		11,254,031


Expenses:
Advisory fees		6,412,794

Administrative services fees		157,705

Custodian fees		61,742

Distribution fees:
Class A		1,313,198

Class C		732,316

Class R		408,614

Transfer agent fees – A, C, R and Y		1,955,144

Transfer agent fees – R5		10

Transfer agent fees – R6		42,188

Trustees’ and officers’ fees and benefits		1,910

Registration and filing fees		127,229

Reports to shareholders		78,638

Professional services fees		29,178

Other		8,028

Total expenses		11,328,694

Less: Fees waived and/or expense offset arrangement(s)		(17,701	)

Net expenses		11,310,993

Net investment income (loss)		(56,962	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		14,344,279

Affiliated investment securities		(13,298,271	)

Foreign currencies		(256,946	)

Forward foreign currency contracts		63,870

Option contracts written		42,368,458

		43,221,390

Change in net unrealized appreciation of:
Unaffiliated investment securities		387,291,716

Affiliated investment securities		15,093,034

Foreign currencies		432,154

Option contracts written		11,913,171

	414,730,075

Net realized and unrealized gain		457,951,465

Net increase in net assets resulting from operations	$	457,894,503

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

10 Invesco Gold & Special Minerals Fund

Consolidated Statement of Changes in Net Assets

For the six months ended October 31, 2020, period ended April 30, 2020, and the year ended June 30, 2019

(Unaudited)


	Six Months Ended			Ten Months Ended			Year Ended
	October 31, 2020			April 30, 2020			June 30, 2019

Operations:
Net investment income (loss)	$	(56,962	)	$	1,801,363		$	(206,293	)

Net realized gain (loss)		43,221,390			74,701,169			(19,637,801	)

Change in net unrealized appreciation		414,730,075			153,999,209			161,478,360

Net increase in net assets resulting from operations		457,894,503			230,501,741			141,634,266


Distributions to shareholders from distributable earnings:
Class A		–			(1,841,453	)		–

Class R		–			(133,756	)		–

Class Y		–			(1,503,817	)		–

Class R5		–			(75	)		–

Class R6		–			(983,754	)		–

Total distributions from distributable earnings		–			(4,462,855	)		–


Share transactions–net:
Class A		163,515,489			66,614,819			(21,157,820	)

Class C		17,752,216			(7,079,595	)		(45,910,870	)

Class R		3,642,057			(10,950,941	)		(15,199,193	)

Class Y		142,448,189			72,743,264			50,764,653

Class R5		39,060			9,834			10,000

Class R6		23,136,913			31,209,905			10,483,870

Net increase (decrease) in net assets resulting from share transactions		350,533,924			152,547,286			(21,009,360	)

Net increase in net assets		808,428,427			378,586,172			120,624,906


Net assets:
Beginning of period		1,477,437,289			1,098,851,117			978,226,211

End of period	$	2,285,865,716		$	1,477,437,289		$	1,098,851,117

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

11 Invesco Gold & Special Minerals Fund

Consolidated Financial Highlights

(Unaudited)

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


																																					Ratio of
																																					expenses			Ratio of
																																					to average			expenses
								Net gains																													net assets			to average net			Ratio of net
								(losses)																													with			assets without			investment
	Net asset			Net				on securities								Dividends																					fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net												Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				Return of				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)^(a)				unrealized)				operations				income				capital				distributions				of period			return^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover ^(c)
Class A
Six months ended 10/31/20		$	21.77		$	(0.01	)		$	6.10			$	6.09			$	–			$	–			$	–			$	27.86		27.97	%^(d)		$	1,099,695		1.07	%^(d)(e)		1.07	%^(d)(e)		(0.05	)%^(d)(e)		27	%
Ten months ended 04/30/20			17.87			0.02				3.94				3.96				(0.06	)			–				(0.06	)			21.77		22.21				705,341		1.17			1.20			0.13			44
Year ended 06/30/19			15.51			0.00				2.36				2.36				–				–				–				17.87		15.22				532,925		1.17			1.18			0.00			35
Year ended 06/30/18			16.28			(0.06	)			(0.25	)			(0.31	)			(0.46	)			–				(0.46	)			15.51		(1.88	)			490,065		1.16			1.17			(0.39	)		44
Year ended 06/30/17			19.82			(0.09	)			(2.40	)			(2.49	)			(1.05	)			–				(1.05	)			16.28		(12.12	)			570,847		1.15			1.16			(0.48	)		65
Year ended 06/30/16			12.63			(0.06	)			7.25				7.19				–				–				–				19.82		56.93				793,452		1.17			1.18			(0.44	)		69
Year ended 06/30/15			19.89			(0.04	)			(6.91	)			(6.95	)			(0.29	)			(0.02	)			(0.31	)			12.63		(34.91	)			499,903		1.16			1.22			(0.29	)		79
Class C
Six months ended 10/31/20			19.68			(0.10	)			5.50				5.40				–				–				–				25.08		27.44				148,428		1.83	^(e)		1.83	^(e)		(0.81	)^(e)		27
Ten months ended 04/30/20			16.20			(0.09	)			3.57				3.48				–				–				–				19.68		21.48				99,528		1.92			1.96			(0.62	)		44
Year ended 06/30/19			14.17			(0.10	)			2.13				2.03				–				–				–				16.20		14.33				88,904		1.92			1.93			(0.76	)		35
Year ended 06/30/18			14.91			(0.17	)			(0.22	)			(0.39	)			(0.35	)			–				(0.35	)			14.17		(2.62	)			121,350		1.92			1.93			(1.15	)		44
Year ended 06/30/17			18.26			(0.20	)			(2.21	)			(2.41	)			(0.94	)			–				(0.94	)			14.91		(12.80	)			138,114		1.91			1.92			(1.22	)		65
Year ended 06/30/16			11.73			(0.14	)			6.67				6.53				–				–				–				18.26		55.67				179,529		1.93			1.94			(1.19	)		69
Year ended 06/30/15			18.44			(0.15	)			(6.37	)			(6.52	)			(0.18	)			(0.01	)			(0.19	)			11.73		(35.35	)			122,325		1.92			1.98			(1.05	)		79
Class R
Six months ended 10/31/20			20.69			(0.04	)			5.78				5.74				–				–				–				26.43		27.74				164,218		1.33	^(e)		1.33	^(e)		(0.31	)^(e)		27
Ten months ended 04/30/20			16.98			(0.02	)			3.75				3.73				(0.02	)			–				(0.02	)			20.69		21.99				125,316		1.42			1.46			(0.12	)		44
Year ended 06/30/19			14.77			(0.04	)			2.25				2.21				–				–				–				16.98		14.96				113,589		1.42			1.43			(0.25	)		35
Year ended 06/30/18			15.54			(0.10	)			(0.25	)			(0.35	)			(0.42	)			–				(0.42	)			14.77		(2.23	)			114,608		1.42			1.43			(0.65	)		44
Year ended 06/30/17			18.98			(0.12	)			(2.31	)			(2.43	)			(1.01	)			–				(1.01	)			15.54		(12.34	)			136,979		1.41			1.42			(0.73	)		65
Year ended 06/30/16			12.12			(0.09	)			6.95				6.86				–				–				–				18.98		56.60				176,396		1.42			1.43			(0.70	)		69
Year ended 06/30/15			19.11			(0.08	)			(6.63	)			(6.71	)			(0.27	)			(0.01	)			(0.28	)			12.12		(35.07	)			102,624		1.42			1.48			(0.54	)		79
Class Y
Six months ended 10/31/20			21.78			0.03				6.09				6.12				–				–				–				27.90		28.10				596,007		0.83	^(e)		0.83	^(e)		0.19	^(e)		27
Ten months ended 04/30/20			17.88			0.06				3.93				3.99				(0.09	)			–				(0.09	)			21.78		22.41				349,290		0.92			0.96			0.38			44
Year ended 06/30/19			15.48			0.04				2.36				2.40				–				–				–				17.88		15.50				229,569		0.92			0.93			0.24			35
Year ended 06/30/18			16.26			(0.02	)			(0.25	)			(0.27	)			(0.51	)			–				(0.51	)			15.48		(1.65	)			147,282		0.92			0.93			(0.15	)		44
Year ended 06/30/17			19.81			(0.05	)			(2.41	)			(2.46	)			(1.09	)			–				(1.09	)			16.26		(11.91	)			152,334		0.91			0.92			(0.28	)		65
Year ended 06/30/16			12.59			(0.02	)			7.24				7.22				–				–				–				19.81		57.35				146,710		0.93			0.94			(0.19	)		69
Year ended 06/30/15			19.85			(0.01	)			(6.90	)			(6.91	)			(0.34	)			(0.01	)			(0.35	)			12.59		(34.74	)			102,438		0.92			0.98			(0.04	)		79
Class R5
Six months ended 10/31/20			21.79			0.05				6.09				6.14				–				–				–				27.93		28.18				75		0.66	^(e)		0.66	^(e)		0.36	^(e)		27
Period ended 04/30/20			17.87			0.08				3.95				4.03				(0.11	)			–				(0.11	)			21.79		22.65				30		0.77			0.77			0.53			44
Period ended 06/30/19^(f)			14.75			0.01				3.11				3.12				–				–				–				17.87		21.15				12		0.80	^(g)		0.80	^(g)		0.35	^(g)		35
Class R6
Six months ended 10/31/20			21.98			0.05				6.15				6.20				–				–				–				28.18		28.21				277,443		0.66	^(e)		0.66	^(e)		0.36	^(e)		27
Ten months ended 04/30/20			18.03			0.09				3.98				4.07				(0.12	)			–				(0.12	)			21.98		22.65				197,933		0.74			0.74			0.56			44
Year ended 06/30/19			15.58			0.06				2.39				2.45				–				–				–				18.03		15.73				133,853		0.75			0.76			0.41			35
Year ended 06/30/18			16.37			0.00				(0.26	)			(0.26	)			(0.53	)			–				(0.53	)			15.58		(1.53	)			104,921		0.75			0.75			0.02			44
Year ended 06/30/17			19.94			(0.02	)			(2.42	)			(2.44	)			(1.13	)			–				(1.13	)			16.37		(11.75	)			77,158		0.73			0.73			(0.09	)		65
Year ended 06/30/16			12.65			(0.00	)			7.29				7.29				–				–				–				19.94		57.63				69,889		0.74			0.75			(0.02	)		69
Year ended 06/30/15			19.96			0.02				(6.94	)			(6.92	)			(0.38	)			(0.01	)			(0.39	)			12.65		(34.62	)			39,359		0.72			0.78			0.16			79

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $210,653,892 and sold of $9,084,044 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Gold & Precious Metals Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,079,031, $145,269, $162,113, $530,878, $61 and $261,528 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(g)	Annualized.

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

12 Invesco Gold & Special Minerals Fund

Notes to Consolidated Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity market through investments in the Invesco Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion (Gold ETFs), commodity linked derivatives related to gold or other special mineral (including commodity futures, financial futures, options and swap contracts, and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions). The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

13 Invesco Gold & Special Minerals Fund

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

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

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

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

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

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

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

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

14 Invesco Gold & Special Minerals Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

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

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

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

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

Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

Other Risks – The Subsidiary will seek to gain exposure to gold bullion and other precious metals, Gold ETFs, commodity-linked derivatives related to gold or other special minerals (including commodity futures, financial futures, options and swap contracts), and certain fixed income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer or limited number of issuers than a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer or limited number of issuers, the Fund is more subject to the risks associated with and developments affecting that issuer or limited number of issuers than a fund that invests more widely.

N.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

15 Invesco Gold & Special Minerals Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets*	Rate

Up to $200 million		0.750%

Next $150 million		0.720%

Next $350 million		0.680%

Next $1.3 billion		0.560%

Next $2 billion		0.460%

Next $2 billion		0.410%

Next $2 billion		0.385%

Next $8 billion		0.360%

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

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate

Up to $200 million		0.750%

Next $200 million		0.720%

Next $200 million		0.690%

Next $200 million		0.660%

Next $2.2 billion		0.600%

Next $1 billion		0.590%

Next $2 billion		0.580%

Next $4 billion		0.570%

Over $10 billion		0.560%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.58%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.17%, 1.92%, 1.42%, 0.92%, 0.80% and 0.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $14,938.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of

16 Invesco Gold & Special Minerals Fund

the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $132,211 in front-end sales commissions from the sale of Class A shares and $7,520 and $11,501 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $33,628 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Australia	$	13,582,918		$	512,506,228	$	–	$	526,089,146

Brazil		27,621,504			–		–		27,621,504

Canada		1,150,174,370			12,314,925		2,876,790		1,165,366,085

China		–			31,396,347		–		31,396,347

Ivory Coast		36,445,743			–		–		36,445,743

Mongolia		3,100,750			–		–		3,100,750

Russia		–			726,800		–		726,800

South Africa		193,995,925			–		–		193,995,925

Tanzania		106,145,494			–		–		106,145,494

Turkey		30,466,720			–		–		30,466,720

United Kingdom		–			6,710,551		–		6,710,551

United States		165,741,375			–		–		165,741,375

Zambia		2,298,281			–		–		2,298,281

Money Market Funds		8,167,020			–		–		8,167,020

Total Investments in Securities		1,737,740,100			563,654,851		2,876,790		2,304,271,741


Other Investments - Liabilities*

Options Written		(13,398,530	)		–		–		(13,398,530	)

Total Investments	$	1,724,341,570		$	563,654,851	$	2,876,790	$	2,290,873,211


* Options written are shown at value.

NOTE 4–Derivative Investments

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

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

17 Invesco Gold & Special Minerals Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:


	Value
	Equity
Derivative Liabilities	Risk

Options written, at value – Exchange-Traded	$	(13,398,530	)

Derivatives not subject to master netting agreements		13,398,530

Total Derivative Liabilities subject to master netting agreements	$	-

Effect of Derivative Investments for the six months ended October 31, 2020

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


	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Currency		Equity
	Risk		Risk			Total

Realized Gain:
Forward foreign currency contracts	$	63,870	$	-		$	63,870

Options purchased^(a)		-		59,410			59,410

Options written		-		42,368,458			42,368,458

Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)		-		(47,442	)		(47,442	)

Options written		-		11,913,171			11,913,171

Total	$	63,870	$	54,293,597		$	54,357,467

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

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


	Forward Foreign Currency Contracts		Options Written

Average notional value	$	7,210,230	$	321,190,600

Average Contracts		–		166,449

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

18 Invesco Gold & Special Minerals Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	407,967,232	$	1,031,970,647	$	1,439,937,879

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $747,078,892 and $520,856,037, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	907,476,158

Aggregate unrealized (depreciation) of investments		(38,887,445	)

Net unrealized appreciation of investments	$	868,588,713

Cost of investments for tax purposes is $1,422,284,498.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Ten months ended						Year ended
	October 31, 2020^(a)						April 30, 2020						June 30, 2019
	Shares			Amount			Shares			Amount			Shares		Amount

Sold:
Class A		8,505,380		$	232,579,514			15,708,612		$	312,533,945			9,458,270	$	144,671,146

Class C		1,265,092			31,488,171			1,464,868			25,779,057			1,216,119		16,312,847

Class R		2,017,793			51,306,295			2,838,180			51,894,302			2,255,361		31,565,148

Class Y		7,904,889			217,330,986			12,434,776			241,097,968			10,082,276		149,305,227

Class R5^(b)		1,963			58,726			710			9,834			678		10,000

Class R6		3,870,108			107,082,481			5,660,874			109,305,126			5,773,319		85,525,000


Issued as reinvestment of dividends:
Class A		-			-			90,340			1,725,507			-		-

Class R		-			-			7,108			129,162			-		-

Class Y		-			-			70,911			1,354,399			-		-

Class R6		-			-			49,807			958,784			-		-


Automatic conversion of Class C shares to Class A shares:
Class A		305,556			8,820,891			381,626			7,368,235			-		-

Class C		(338,793	)		(8,820,891	)		(421,681	)		(7,368,235	)		-		-


Issued in connection with acquisitions:^(c)
Class A		8,323,236			198,839,437			-			-			-		-

Class C		999,656			21,575,827			-			-			-		-

Class Y		1,533,657			36,655,632			-			-			-		-

Class R6		12,562			303,046			-			-			-		-

19 Invesco Gold & Special Minerals Fund


	Summary of Share Activity

	Six months ended						Ten months ended						Year ended
	October 31, 2020^(a)						April 30, 2020						June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Reacquired:
Class A		(10,058,189	)	$	(276,724,353	)		(13,612,490	)	$	(255,012,868	)		(11,237,201	)	$	(165,828,966	)

Class C		(1,065,814	)		(26,490,891	)		(1,473,769	)		(25,490,417	)		(4,294,484	)		(62,223,717	)

Class R		(1,862,488	)		(47,664,238	)		(3,478,097	)		(62,974,405	)		(3,323,388	)		(46,764,341	)

Class Y		(4,113,212	)		(111,538,429	)		(9,312,284	)		(169,709,103	)		(6,756,704	)		(98,540,574	)

Class R5^(b)		(673	)		(19,666	)		-			-			-			-

Class R6		(3,042,102	)		(84,248,614	)		(4,131,957	)		(79,054,005	)		(5,082,586	)		(75,041,130	)

Net increase (decrease) in share activity		14,258,621		$	350,533,924			6,277,534		$	152,547,286			(1,908,340	)	$	(21,009,360	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

^(c)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Gold & Precious Metals Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 10,869,111 shares of the Fund for 52,648,312 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $257,373,942, including $36,247,875 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,643,781,611 and $1,901,155,553 immediately after the acquisition.

The pro forma results of operations for the six months ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:


Net investment income (loss)	$	(280,149	)

Net realized/unrealized gains		480,658,620

Change in net assets resulting from operations	$	480,378,471

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

20 Invesco Gold & Special Minerals Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)²	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,279.70	$6.15	$1,019.81	$5.45	1.07%
Class C	1,000.00	1,274.40	10.49	1,015.98	9.30	1.83
Class R	1,000.00	1,277.40	7.63	1,018.50	6.77	1.33
Class Y	1,000.00	1,281.00	4.77	1,021.02	4.23	0.83
Class R5	1,000.00	1,281.80	3.80	1,021.88	3.36	0.66
Class R6	1,000.00	1,282.10	3.80	1,021.88	3.36	0.66

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

21 Invesco Gold & Special Minerals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Special Minerals Fund’s (formerly, Invesco Oppenheimer Gold & Special Minerals Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Philadelphia Gold & Silver Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in

22 Invesco Gold & Special Minerals Fund

providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

under the federal securities laws and consistent with best execution obligations.

23 Invesco Gold & Special Minerals Fund

LOGO

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ 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

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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


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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco Small Cap Value Fund
		Nasdaq:
		A: VSCAX ∎ C: VSMCX ∎ R: VSRAX ∎ Y: VSMIX ∎ R6: SMVSX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

��

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Small Cap Value Fund

Fund Performance



Performance summary
Fund vs. Indexes Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	25.05	%

Class C Shares	24.66

Class R Shares	24.87

Class Y Shares	25.17

Class R6 Shares	25.31

S&P 500 Index^q(Broad Market Index)	13.29

Russell 2000 Value Index^q(Style-Specific Index)	12.44

Lipper Small-Cap Value Funds Index^⬛(Peer Group Index)	11.80

Source(s): ^qRIMES Technologies Corp.;^⬛Lipper Inc. The S&P 500^®Index is an unmanaged index considered representative of the US stock market. The Russell 2000^®Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co. The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Small Cap Value Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (6/21/99)	8.33	%
10 Years	6.99
5 Years	0.86
1 Year	-13.35

Class C Shares
Inception (6/21/99)	7.81	%
10 Years	6.81
5 Years	1.25
1 Year	-9.86

Class R Shares
10 Years	7.32	%
5 Years	1.72
1 Year	-8.67

Class Y Shares
Inception (8/12/05)	7.37	%
10 Years	7.87
5 Years	2.25
1 Year	-8.12

Class R6 Shares
10 Years	7.76	%
5 Years	2.30
1 Year	-7.94

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

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

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

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

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

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

4 Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.67%
Agricultural & Farm Machinery–2.06%
AGCO Corp.		251,669	$	19,386,063


Auto Parts & Equipment–7.47%
BorgWarner, Inc.		551,204		19,281,116

Dana, Inc.^(b)		2,060,696		28,829,137

Motorcar Parts of America, Inc.^(b)		21,431		315,679

Visteon Corp.^(b)		244,600		21,928,390

				70,354,322


Building Products–5.26%
Builders FirstSource, Inc.^(b)		510,978		15,482,633

JELD-WEN Holding, Inc.^(b)		1,115,495		23,458,860

Owens Corning		162,316		10,626,829

				49,568,322


Construction & Engineering–5.51%
AECOM^(b)		833,522		37,375,127

API Group Corp.^(b)(c)		981,400		14,122,346

Valmont Industries, Inc.		3,153		447,568

				51,945,041


Construction Machinery & Heavy Trucks–0.19%
Astec Industries, Inc.		34,516		1,753,413


Distributors–2.74%
LKQ Corp.^(b)		806,383		25,796,192


Diversified Chemicals–3.32%
Huntsman Corp.		1,287,484		31,272,986


Electrical Components & Equipment–1.61%
nVent Electric PLC		837,800		15,122,290


Electronic Manufacturing Services–3.90%
Flex Ltd.^(b)		2,115,223		29,930,405

Jabil, Inc.		70,600		2,339,684

Sanmina Corp.^(b)		182,423		4,458,418

				36,728,507


Environmental & Facilities Services–0.04%
Team, Inc.^(b)		74,625		399,990


Health Care Technology–0.57%
Change Healthcare, Inc.^(b)		378,000		5,348,700


Hotels, Resorts & Cruise Lines–2.92%
Hilton Grand Vacations, Inc.^(b)		624,300		12,860,580

Wyndham Destinations, Inc.		447,800		14,611,714

				27,472,294


Household Products–3.83%
Energizer Holdings, Inc.		273,049		10,744,478

Spectrum Brands Holdings, Inc.		446,095		25,369,423

				36,113,901


Human Resource & Employment Services–3.05%
ManpowerGroup, Inc.		346,201		23,496,662


	Shares		Value
Human Resource & Employment Services–(continued)
TrueBlue, Inc.^(b)		337,302	$	5,234,927

				28,731,589


Independent Power Producers & Energy Traders–0.44%
Vistra Corp.		241,500		4,194,855


Industrial Conglomerates–0.72%
Carlisle Cos., Inc.		54,402		6,738,776


Industrial Machinery–4.85%
Columbus McKinnon Corp.		193,200		6,547,548

Crane Co.		259,400		13,164,550

Timken Co. (The)		435,210		25,982,037

				45,694,135


Investment Banking & Brokerage–1.39%
Evercore, Inc., Class A		160,500		12,766,170

Greenhill & Co., Inc.		26,932		348,231

				13,114,401


Life & Health Insurance–4.74%
Athene Holding Ltd., Class A^(b)		897,000		28,775,760

CNO Financial Group, Inc.		893,815		15,865,216

				44,640,976


Oil & Gas Equipment & Services–1.01%
Helix Energy Solutions Group, Inc.^(b)		3,050,881		7,566,185

NexTier Oilfield Solutions, Inc.^(b)		1,038,311		1,962,408

				9,528,593


Oil & Gas Exploration & Production–2.26%
Diamondback Energy, Inc.		151,500		3,932,940

Northern Oil and Gas, Inc.^(b)(d)		579,980		2,145,926

Parsley Energy, Inc., Class A		1,517,403		15,189,204

				21,268,070


Oil & Gas Refining & Marketing–0.24%
HollyFrontier Corp.		121,900		2,256,369


Other Diversified Financial Services–2.05%
Equitable Holdings, Inc.		896,500		19,265,785


Paper Packaging–1.82%
Sealed Air Corp.		432,868		17,137,244


Regional Banks–9.65%
First Horizon National Corp.		1,164,910		12,126,713

Sterling Bancorp		2,146,900		28,725,522

TCF Financial Corp.		1,061,700		28,888,857

Western Alliance Bancorporation		512,800		21,127,360

				90,868,452


Research & Consulting Services–0.11%
Resources Connection, Inc.		99,092		1,064,248


Security & Alarm Services–2.00%
Brink’s Co. (The)		439,900		18,840,917

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

5 Invesco Small Cap Value Fund


	Shares		Value
Semiconductor Equipment–2.05%
Kulicke & Soffa Industries, Inc. (Singapore)		738,977	$	19,316,859


Specialty Chemicals–7.13%
Avient Corp.		309,000		9,600,630

Axalta Coating Systems Ltd.^(b)		729,500		18,317,745

Element Solutions, Inc.^(b)		1,106,200		12,964,664

Kraton Corp.^(b)		927,822		26,257,363

				67,140,402


Steel–1.02%
Carpenter Technology Corp.		547,330		9,567,328


Technology Distributors–0.16%
Insight Enterprises, Inc.^(b)		28,822		1,537,654


Thrifts & Mortgage Finance–4.85%
Axos Financial, Inc.^(b)		444,296		12,111,509

MGIC Investment Corp.		2,720,066		27,363,864

Radian Group, Inc.		344,016		6,175,087

				45,650,460


Trading Companies & Distributors–8.92%
AerCap Holdings N.V. (Ireland)^(b)		90,400		2,244,632

Beacon Roofing Supply, Inc.^(b)		594,466		18,250,106

BMC Stock Holdings, Inc.^(b)		17,456		691,083

DXP Enterprises, Inc.^(b)		141,291		2,209,791

Univar Solutions, Inc.^(b)		1,954,300		32,421,837

WESCO International, Inc.^(b)		684,416		28,225,316

				84,042,765


Trucking–0.79%
National Express Group PLC (United Kingdom)^(b)		3,853,025		7,476,127

Total Common Stocks & Other Equity Interests (Cost $903,203,410)				929,338,026


	Shares		Value
Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(e)(f)		2,911,771	$	2,911,771

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)		4,443,007		4,444,784

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		3,327,739		3,327,739

Total Money Market Funds (Cost $10,684,991)				10,684,294

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.80% (Cost $913,888,401)				940,022,320

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.20%
Invesco Private Government Fund, 0.04%^(e)(f)(g)		757,491		757,491

Invesco Private Prime Fund, 0.11%^(e)(f)(g)		1,135,896		1,136,237

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,893,728)				1,893,728

TOTAL INVESTMENTS IN SECURITIES–100.00% (Cost $915,782,129)				941,916,048

OTHER ASSETS LESS LIABILITIES–0.00%				359

NET ASSETS–100.00%			$	941,916,407

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

^(d)	All or a portion of this security was out on loan at October 31, 2020.

^(e)


	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	11,727,183	$	55,043,999	$	(63,859,411	)		$ -	$	-	$	2,911,771		$ 1,932

Invesco Liquid Assets Portfolio, Institutional Class		10,741,897		39,317,143		(45,613,865	)		(7,884)		7,493		4,444,784		7,710

Invesco Treasury Portfolio, Institutional Class		13,402,495		62,907,428		(72,982,184	)		-		-		3,327,739		1,695

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		36,841,473		(36,083,982	)		-		-		757,491		227*

Invesco Private Prime Fund		-		5,431,566		(4,295,366	)		-		37		1,136,237		228*

Total	$	35,871,575	$	199,541,609	$	(222,834,808	)		$ (7,884)	$	7,530	$	12,578,022		$11,792

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

6 Invesco Small Cap Value Fund

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Industrials	35.12	%
Financials	22.67
Materials	13.28
Consumer Discretionary	13.12
Information Technology	6.11
Consumer Staples	3.83
Energy	3.51
Other Sectors, Each Less than 2% of Net Assets	1.02
Money Market Funds Plus Other Assets Less Liabilities	1.34

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

7 Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 903,203,410)*	$	929,338,026

Investments in affiliated money market funds, at value (Cost $12,578,719)		12,578,022

Cash		699,185

Receivable for:
Investments sold		8,536,945

Fund shares sold		1,244,899

Dividends		483,946

Investment for trustee deferred compensation and retirement plans		257,954

Other assets		57,093

Total assets		953,196,070


Liabilities:
Payable for:
Investments purchased		4,823,356

Fund shares reacquired		3,450,025

Collateral upon return of securities loaned		1,893,728

Accrued fees to affiliates		618,977

Accrued trustees’ and officers’ fees and benefits		1,020

Accrued other operating expenses		210,171

Trustee deferred compensation and retirement plans		282,386

Total liabilities		11,279,663

Net assets applicable to shares outstanding	$	941,916,407


Net assets consist of:
Shares of beneficial interest	$	1,079,489,909

Distributable earnings (loss)		(137,573,502	)

	$	941,916,407


Net Assets:
Class A	$	403,319,420

Class C	$	9,710,236

Class R	$	4,931,826

Class Y	$	484,606,149

Class R6	$	39,348,776


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		33,536,936

Class C		1,306,250

Class R		410,844

Class Y		37,779,325

Class R6		3,045,613

Class A:
Net asset value per share	$	12.03

Maximum offering price per share (Net asset value of $12.03 ÷ 94.50%)	$	12.73

Class C:
Net asset value and offering price per share	$	7.43

Class R:
Net asset value and offering price per share	$	12.00

Class Y:
Net asset value and offering price per share	$	12.83

Class R6:
Net asset value and offering price per share	$	12.92

*	At October 31, 2020, securities with an aggregate value of $1,814,124 were on loan to brokers.

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

8 Invesco Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends	$	7,815,336

Dividends from affiliated money market funds (includes securities lending income of $8,751)		20,088

Total investment income		7,835,424


Expenses:
Advisory fees		3,187,026

Administrative services fees		62,245

Custodian fees		8,510

Distribution fees:
Class A		501,979

Class C		44,512

Class R		11,410

Transfer agent fees - A, C, R and Y		829,961

Transfer agent fees - R6		5,753

Trustees’ and officers’ fees and benefits		14,605

Registration and filing fees		41,226

Reports to shareholders		69,936

Professional services fees		21,454

Other		10,828

Total expenses		4,809,445

Less: Expenses reimbursed and/or expense offset arrangement(s)		(11,523	)

Net expenses		4,797,922

Net investment income		3,037,502


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		15,526,556

Foreign currencies		(5,154	)

		15,521,402

Change in net unrealized appreciation of investment securities		196,769,114

Net realized and unrealized gain		212,290,516

Net increase in net assets resulting from operations	$	215,328,018

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

9 Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31,			April 30,
	2020			2020

Operations:
Net investment income	$	3,037,502		$	3,864,332

Net realized gain (loss)		15,521,402			(137,691,191	)

Change in net unrealized appreciation (depreciation)		196,769,114			(254,623,721	)

Net increase (decrease) in net assets resulting from operations		215,328,018			(388,450,580	)


Distributions to shareholders from distributable earnings:
Class A		–			(14,362,363	)

Class C		–			(556,893	)

Class Y		–			(16,631,631	)

Class R6		–			(1,687,217	)

Total distributions from distributable earnings		–			(33,238,104	)


Share transactions–net:
Class A		(57,527,111	)		(111,203,767	)

Class C		(2,661,744	)		(7,786,632	)

Class R		90,268			3,414,878

Class Y		(83,333,776	)		(197,788,556	)

Class R6		(34,912,075	)		14,526,805

Net increase (decrease) in net assets resulting from share transactions		(178,344,438	)		(298,837,272	)

Net increase (decrease) in net assets		36,983,580			(720,525,956	)


Net assets:
Beginning of period		904,932,827			1,625,458,783

End of period	$	941,916,407		$	904,932,827

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

10 Invesco Small Cap Value Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period	Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 10/31/20	$ 9.62		$	0.03			$	2.38			$	2.41			$	–			$	–			$	–			$	12.03		25.05	%		$	403,319		1.14	%^(d)		1.14	%^(d)		0.48	%^(d)		22	%
Year ended 04/30/20	14.10			0.02				(4.14	)			(4.12	)			–				(0.36	)			(0.36	)			9.62		(30.02	)			372,448		1.13			1.13			0.16			47
Year ended 04/30/19	18.53			(0.04	)			(1.22	)			(1.26	)			–				(3.17	)			(3.17	)			14.10		(3.16	)			662,115		1.12			1.12			(0.22	)		43
Year ended 04/30/18	19.44			(0.06	)			2.31				2.25				–				(3.16	)			(3.16	)			18.53		11.32				933,986		1.12			1.12			(0.31	)		28
Year ended 04/30/17	16.21			(0.02	)			3.60				3.58				(0.03	)			(0.32	)			(0.35	)			19.44		22.14				1,094,070		1.10			1.11			(0.12	)		32
Year ended 04/30/16	20.33			0.04				(2.37	)			(2.33	)			(0.01	)			(1.78	)			(1.79	)			16.21		(11.43	)			1,320,826		1.11			1.11			0.24			45
Class C
Six months ended 10/31/20	5.96			(0.00	)			1.47				1.47				–				–				–				7.43		24.66	^(e)			9,710		1.75	^(d)(e)		1.75	^(d)(e)		(0.13	)^(d)(e)		22
Year ended 04/30/20	8.93			(0.04	)			(2.57	)			(2.61	)			–				(0.36	)			(0.36	)			5.96		(30.50	)^(e)			10,133		1.84	^(e)		1.84	^(e)		(0.55	)^(e)		47
Year ended 04/30/19	13.29			(0.11	)			(1.08	)			(1.19	)			–				(3.17	)			(3.17	)			8.93		(3.98	)			22,059		1.87			1.87			(0.97	)		43
Year ended 04/30/18	14.83			(0.15	)			1.77				1.62				–				(3.16	)			(3.16	)			13.29		10.53	^(e)			76,302		1.86	^(e)		1.86	^(e)		(1.05	)^(e)		28
Year ended 04/30/17	12.50			(0.12	)			2.76				2.65				–				(0.32	)			(0.32	)			14.83		21.23	^(e)			95,892		1.84	^(e)		1.85	^(e)		(0.86	)^(e)		32
Year ended 04/30/16	16.25			(0.07	)			(1.90	)			(1.97	)			–				(1.78	)			(1.78	)			12.50		(12.11	)			107,647		1.86			1.86			(0.51	)		45
Class R
Six months ended 10/31/20	9.61			0.01				2.38				2.39				–				–				–				12.00		24.87				4,932		1.39	^(d)		1.39	^(d)		0.23	^(d)		22
Period ended 04/30/20^(f)	8.49			(0.00	)			1.12				1.12				–				–				–				9.61		13.19				3,866		1.37	^(g)		1.37	^(g)		(0.08	)^(g)		47
Class Y
Six months ended 10/31/20	10.25			0.04				2.54				2.58				–				–				–				12.83		25.17				484,606		0.89	^(d)		0.89	^(d)		0.73	^(d)		22
Year ended 04/30/20	14.95			0.06				(4.40	)			(4.34	)			–				(0.36	)			(0.36	)			10.25		(29.79	)			457,857		0.88			0.88			0.41			47
Year ended 04/30/19	19.37			0.01				(1.26	)			(1.25	)			–				(3.17	)			(3.17	)			14.95		(2.97	)			875,875		0.87			0.87			0.03			43
Year ended 04/30/18	20.15			(0.01	)			2.39				2.38				–				(3.16	)			(3.16	)			19.37		11.58				1,397,754		0.87			0.87			(0.06	)		28
Year ended 04/30/17	16.79			0.02				3.74				3.76				(0.08	)			(0.32	)			(0.40	)			20.15		22.45				1,445,051		0.85			0.86			0.13			32
Year ended 04/30/16	20.97			0.09				(2.45	)			(2.36	)			(0.04	)			(1.78	)			(1.82	)			16.79		(11.19	)			1,329,637		0.86			0.86			0.49			45
Class R6
Six months ended 10/31/20	10.31			0.05				2.56				2.61				–				–				–				12.92		25.31				39,349		0.73	^(d)		0.73	^(d)		0.89	^(d)		22
Year ended 04/30/20	15.02			0.08				(4.43	)			(4.35	)			–				(0.36	)			(0.36	)			10.31		(29.71	)			60,628		0.70			0.70			0.59			47
Year ended 04/30/19	19.41			0.03				(1.25	)			(1.22	)			–				(3.17	)			(3.17	)			15.02		(2.80	)			65,409		0.71			0.71			0.19			43
Year ended 04/30/18	20.16			0.02				2.39				2.41				–				(3.16	)			(3.16	)			19.41		11.73				26,813		0.69			0.69			0.12			28
Period ended 04/30/17^(f)	20.29			0.01				(0.14	)			(0.13	)			–				–				–				20.16		(0.64	)			469		0.72	^(g)		0.72	^(g)		0.26	^(g)		32

^(a)	Calculated using average shares outstanding.

^(b⁾

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $23,823,797 in connection with the acquisition of Invesco Oppenheimer Small Cap Value Fund into the Fund.

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $400,655, $10,209, $4,527, $493,234 and $52,164 for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.86% for the six months ended October 31, 2020, 0.96% for the year ended April 30, 2020 and 0.99% for the years ended April 30, 2018 and 2017, respectively.

^(f)	Commencement date of April 17, 2020 and February 07, 2017 for Class R and Class R6 shares, respectively.

^(g)	Annualized.

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

11 Invesco Small Cap Value Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

12 Invesco Small Cap Value Fund

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

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

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

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

13 Invesco Small Cap Value Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.66%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 1.25%, 2.00%, 1.50%, 1.00% and 0.93%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $11,305.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $20,143 in front-end sales commissions from the sale of Class A shares and $23 and $577 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $1,713 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

14 Invesco Small Cap Value Fund

NOTE 3—Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$921,861,899		$7,476,127		$–		$929,338,026

Money Market Funds		10,684,294		1,893,728		–		12,578,022

Total Investments		$932,546,193		$9,369,855		$–		$941,916,048

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

NOTE 7—Tax Information

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

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$5,370,492		$225,825	$5,596,317

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

15 Invesco Small Cap Value Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $204,037,843 and $371,128,751, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	129,488,252

Aggregate unrealized (depreciation) of investments		(111,409,692	)

Net unrealized appreciation of investments	$	18,078,560

Cost of investments for tax purposes is $923,837,488.

NOTE 9—Share Information


	Summary of Share Activity

	Six months ended						Year ended
	October 31, 2020^(a)						April 30, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		2,079,383		$	22,812,420			5,513,281		$	65,029,289

Class C		110,015			766,885			257,674			1,809,377

Class R		45,259			493,855			997			8,461

Class Y		7,495,460			85,812,074			10,879,758			128,592,730

Class R6		659,453			7,463,085			2,524,904			27,936,888


Issued as reinvestment of dividends:
Class A		-			-			968,857			13,670,573

Class C		-			-			60,377			529,507

Class Y		-			-			982,726			14,760,539

Class R6		-			-			111,445			1,682,825


Automatic conversion of Class C shares to Class A shares:
Class A		161,616			1,757,903			545,253			6,869,152

Class C		(261,044	)		(1,757,903	)		(868,496	)		(6,869,152	)


Issued in connection with acquisitions:^(b)
Class A		-			-			1,439,465			12,226,769

Class C		-			-			508,981			2,679,898

Class R		-			-			402,791			3,420,152

Class Y		-			-			149,197			1,349,862

Class R6		-			-			2,554			23,256


Reacquired:
Class A		(7,419,530	)		(82,097,434	)		(16,723,769	)		(208,999,550	)

Class C		(241,557	)		(1,670,726	)		(729,153	)		(5,936,262	)

Class R		(36,536	)		(403,587	)		(1,667	)		(13,735	)

Class Y		(14,393,455	)		(169,145,850	)		(25,902,782	)		(342,491,687	)

Class R6		(3,492,587	)		(42,375,160	)		(1,114,436	)		(15,116,164	)

Net increase (decrease) in share activity		(15,293,523	)	$	(178,344,438	)		(20,992,043	)	$	(298,837,272	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Small Cap Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,502,988 shares of the Fund for 2,861,156 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $19,699,937, including $(6,059,914) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $775,042,726 and $794,742,663 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:


Net investment income	$	3,901,731

Net realized/unrealized gains (losses)		(405,370,942	)

Change in net assets resulting from operations	$	(401,469,211	)

16 Invesco Small Cap Value Fund

NOTE 10—Coronavirus (COVID-19) Pandemic

17 Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized Expense Ratio
	Beginning Account Value (05/01/20)			Ending Account Value (10/31/20)¹			Expenses Paid During Period²			Ending Account Value (10/31/20)			Expenses Paid During Period²			Annualized Expense Ratio
Class A		$	1,000.00		$	1,250.50		$	6.47		$	1,019.46		$	5.80		1.14	%
Class C			1,000.00			1,246.60			9.91			1,016.38			8.89		1.75
Class R			1,000.00			1,248.70			7.88			1,018.20			7.07		1.39
Class Y			1,000.00			1,251.70			5.05			1,020.72			4.53		0.89
Class R6			1,000.00			1,253.10			4.15			1,021.53			3.72		0.73

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

18 Invesco Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Value Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds. The Board noted that stock selection in certain sectors detracted from Fund performance and also discussed the impact of the Fund’s value style investing on Fund performance during certain market environments. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Small Cap Value Fund

applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

20 Invesco Small Cap Value Fund

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LOGO

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ 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

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

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



		Semiannual Report to Shareholders		October 31, 2020


		Invesco Technology Fund

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

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Dear Fellow Shareholders:

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

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Technology Fund

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	26.92	%
Class C Shares	26.39
Class Y Shares	27.06
Investor Class Shares	26.97
Class R5 Shares	27.12
Class R6 Shares	27.13
NASDAQ Composite Index^▼ (Broad Market/Style-Specific Index)	23.28
Lipper Science & Technology Funds Index^∎ (Peer Group Index)	25.81

Source(s): ^▼Bloomberg L.P.; ^∎Lipper Inc.
The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.
The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


3		Invesco Technology Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.24	%
10 Years	14.08
5 Years	16.67
1 Year	30.34

Class C Shares
Inception (2/14/00)	0.89	%
10 Years	14.05
5 Years	17.09
1 Year	35.83

Class Y Shares
Inception (10/3/08)	15.60	%
10 Years	15.02
5 Years	18.28
1 Year	38.24

Investor Class Shares
Inception (1/19/84)	10.97	%
10 Years	14.83
5 Years	18.11
1 Year	38.09

Class R5 Shares
Inception (12/21/98)	6.99	%
10 Years	15.32
5 Years	18.50
1 Year	38.41

Class R6 Shares
10 Years	14.90	%
5 Years	18.35
1 Year	38.44

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

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

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


4		Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.48%
Application Software–9.47%
Adobe, Inc.^(b)		51,062	$	22,829,820


RingCentral, Inc., Class A^(b)		151,279		39,081,417


salesforce.com, inc.^(b)		120,674		28,028,950


Splunk, Inc.^(b)		91,483		18,117,293


Synopsys, Inc.^(b)		118,091		25,254,941


Unity Software, Inc.^(b)(c)		41,105		3,900,043


				137,212,464



Biotechnology–1.34%
BeiGene Ltd., ADR (China)^(b)		46,374		13,750,819


BioNTech SE, ADR (Germany)^(b)(c)		67,154		5,732,265


				19,483,084



Consumer Electronics–1.94%
Sony Corp. (Japan)		337,300		28,112,983



Data Processing & Outsourced Services–6.48%
PayPal Holdings, Inc.^(b)		208,900		38,882,557


Visa, Inc., Class A		222,198		40,375,599


WEX, Inc.^(b)		116,493		14,742,189


				94,000,345



Health Care Equipment–5.11%
Abbott Laboratories		205,910		21,643,200


DexCom, Inc.^(b)		46,108		14,735,195


Intuitive Surgical, Inc.^(b)		23,930		15,963,224


Teleflex, Inc.		68,068		21,661,280


				74,002,899



Health Care Technology–0.93%
GoodRx Holdings, Inc., Class A^(b)		234,799		11,361,923


Teladoc Health, Inc.^(b)(c)		11,080		2,176,777


				13,538,700



Interactive Home Entertainment–7.18%
Activision Blizzard, Inc.		284,306		21,530,493


Electronic Arts, Inc.^(b)		126,062		15,106,009


Nintendo Co. Ltd. (Japan)		34,700		18,948,223


Sea Ltd., ADR (Taiwan)^(b)		209,335		33,012,129


Take-Two Interactive Software, Inc.^(b)		100,105		15,508,267


				104,105,121



Interactive Media & Services–11.37%
Alphabet, Inc., Class A^(b)		47,399		76,601,998


Facebook, Inc., Class A^(b)		283,068		74,478,022


ZoomInfo Technologies, Inc., Class A^(b)(c)		362,474		13,770,387


				164,850,407



Internet & Direct Marketing Retail–18.10%
Alibaba Group Holding Ltd., ADR (China)^(b)		346,958		105,714,633


Amazon.com, Inc.^(b)		43,045		130,691,077


Booking Holdings, Inc.^(b)		16,038		26,021,655


				262,427,365


	Shares		Value


Life Sciences Tools & Services–5.12%
10X Genomics, Inc., Class A^(b)		151,095	$	20,684,906


IQVIA Holdings, Inc.^(b)		214,401		33,015,610


Thermo Fisher Scientific, Inc.		43,493		20,577,408


				74,277,924



Managed Health Care–0.55%
UnitedHealth Group, Inc.		26,210		7,997,719



Movies & Entertainment–1.23%
Netflix, Inc.^(b)		37,363		17,775,074



Semiconductor Equipment–4.66%
Applied Materials, Inc.		850,944		50,401,413


ASML Holding N.V., New York Shares (Netherlands)		47,277		17,076,925


				67,478,338



Semiconductors–10.05%
NVIDIA Corp.		124,173		62,255,375


QUALCOMM, Inc.		524,052		64,647,055


Semtech Corp.^(b)		342,966		18,825,404


				145,727,834



Systems Software–9.99%
Microsoft Corp.		436,215		88,320,451


Palo Alto Networks, Inc.^(b)		97,616		21,591,683


ServiceNow, Inc.^(b)		70,246		34,952,302


				144,864,436



Technology Hardware, Storage & Peripherals–5.22%
Apple, Inc.		694,435		75,596,194



Trucking–0.74%
Uber Technologies, Inc.^(b)		319,262		10,666,543


Total Common Stocks & Other Equity Interests (Cost $667,426,215)				1,442,117,430



Money Market Funds–0.84%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		4,047,204		4,047,204


Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		3,538,784		3,540,200


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		4,625,376		4,625,376


Total Money Market Funds (Cost $12,212,268)				12,212,780


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.32% (Cost $679,638,483)				1,454,330,210


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.80%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		4,632,138		4,632,138

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


5		Invesco Technology Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,946,124	$	6,948,208


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,580,346)				11,580,346


TOTAL INVESTMENTS IN SECURITIES–101.12% (Cost $691,218,829)				1,465,910,556


OTHER ASSETS LESS LIABILITIES–(1.12)%				(16,187,875	)


NET ASSETS–100.00%			$	1,449,722,681

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)


	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,087,629		$	54,673,169		$	(55,713,594	)		$	-			$	-		$	4,047,204		$	1,660
Invesco Liquid Assets Portfolio, Institutional Class			4,500,938			39,052,264			(40,011,986	)			(3,871	)			2,855			3,540,200			5,473
Invesco Treasury Portfolio, Institutional Class			5,814,433			62,483,622			(63,672,679	)			-				-			4,625,376			1,543
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			46,241,474			(41,609,336	)			-				-			4,632,138			721	*
Invesco Private Prime Fund			-			26,486,383			(19,538,798	)			-				623			6,948,208			1,176	*
Total		$	15,403,000		$	228,936,912		$	(220,546,393	)		$	(3,871	)		$	3,478		$	23,793,126		$	10,573

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Information Technology			45.86%


Consumer Discretionary			20.04


Communication Services			19.78


Health Care			13.06


Industrials			0.74


Money Market Funds Plus Other Assets Less Liabilities			0.52

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


6		Invesco Technology Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $667,426,215)*	$	1,442,117,430


Investments in affiliated money market funds, at value (Cost $23,792,614)		23,793,126


Cash		2,496


Foreign currencies, at value (Cost $295)		304


Receivable for:
Fund shares sold		982,261


Dividends		251,643


Investment for trustee deferred compensation and retirement plans		227,679


Other assets		64,718


Total assets		1,467,439,657



Liabilities:
Payable for:
Investments purchased		3,958,338


Fund shares reacquired		710,137


Collateral upon return of securities loaned		11,580,346


Accrued fees to affiliates		997,656


Accrued other operating expenses		224,668


Trustee deferred compensation and retirement plans		245,831


Total liabilities		17,716,976


Net assets applicable to shares outstanding	$	1,449,722,681



Net assets consist of:
Shares of beneficial interest	$	568,598,729


Distributable earnings		881,123,952


	$	1,449,722,681


Net Assets:
Class A	$	755,910,486


Class C	$	51,147,533


Class Y	$	47,610,441


Investor Class	$	593,687,252


Class R5	$	414,442


Class R6	$	952,527



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,830,137


Class C		1,054,289


Class Y		728,309


Investor Class		9,327,733


Class R5		5,330


Class R6		12,240


Class A:
Net asset value per share	$	63.90


Maximum offering price per share (Net asset value of $63.90 ÷ 94.50%)	$	67.62


Class C:
Net asset value and offering price per share	$	48.51


Class Y:
Net asset value and offering price per share	$	65.37


Investor Class:
Net asset value and offering price per share	$	63.65


Class R5:
Net asset value and offering price per share	$	77.76


Class R6:
Net asset value and offering price per share	$	77.82

*	At October 31, 2020, securities with an aggregate value of $10,493,765 were on loan to brokers.

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


7		Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $22,427)	$	2,635,309


Dividends from affiliated money market funds (includes securities lending income of $10,444)		19,120


Total investment income		2,654,429



Expenses:
Advisory fees		4,296,679


Administrative services fees		81,957


Custodian fees		26,162


Distribution fees - Class A		848,512


Distribution fees - Class C		231,148


Distribution fees - Investor Class		382,574


Transfer agent fees– A, C, Y and Investor		1,451,642


Transfer agent fees – R5		167


Transfer agent fees – R6		277


Trustees’ and officers’ fees and benefits		14,075


Registration and filing fees		49,783


Reports to shareholders		63,687


Professional services fees		26,454


Other		10,638


Total expenses		7,483,755


Less: Fees waived and/or expense offset arrangement(s)		(14,946	)


Net expenses		7,468,809


Net investment income (loss)		(4,814,380	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		104,462,327


Foreign currencies		(3,082	)


		104,459,245


Change in net unrealized appreciation (depreciation) of:
Investment securities		207,305,038


Foreign currencies		(16,486	)


		207,288,552


Net realized and unrealized gain		311,747,797


Net increase in net assets resulting from operations	$	306,933,417

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


8		Invesco Technology Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31, 2020			April 30, 2020


Operations:
Net investment income (loss)	$	(4,814,380	)	$	(5,360,535	)


Net realized gain		104,459,245			49,503,384


Change in net unrealized appreciation		207,288,552			64,311,381


Net increase in net assets resulting from operations		306,933,417			108,454,230



Distributions to shareholders from distributable earnings:
Class A		–			(41,438,833	)


Class C		–			(3,289,057	)


Class Y		–			(2,853,254	)


Investor Class		–			(43,656,636	)


Class R5		–			(22,015	)


Class R6		–			(39,211	)


Total distributions from distributable earnings		–			(91,299,006	)



Share transactions–net:
Class A		26,194,624			118,730,288


Class C		8,886,581			4,966,683


Class Y		1,118,610			3,289,110


Investor Class		(19,546,791	)		1,069,484


Class R5		76,235			(7,732	)


Class R6		269,782			60,237


Net increase in net assets resulting from share transactions		16,999,041			128,108,070


Net increase in net assets		323,932,458			145,263,294



Net assets:
Beginning of period		1,125,790,223			980,526,929


End of period	$	1,449,722,681		$	1,125,790,223

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


9		Invesco Technology Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed				Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Six months ended 10/31/20		$	50.35		$	(0.22	)		$	13.77			$	13.55			$	–			$	63.90		26.91	%		$	755,910		1.11	%^(d)		1.11	%^(d)			(0.73	)%^(d)		26	%
Year ended 04/30/20			49.68			(0.29	)			5.71				5.42				(4.75	)			50.35		11.31				572,351		1.19			1.19				(0.58	)		38
Year ended 04/30/19			46.98			(0.34	)			6.66				6.32				(3.62	)			49.68		14.87				443,050		1.23			1.23				(0.71	)		48
Year ended 04/30/18			39.78			(0.29	)			9.31				9.02				(1.82	)			46.98		22.94				377,444		1.27			1.28				(0.63	)		47
Year ended 04/30/17			32.99			(0.23	)			9.39				9.16				(2.37	)			39.78		28.80				310,505		1.43			1.43				(0.65	)		49
Year ended 04/30/16			37.86			(0.26	)			(2.09	)			(2.35	)			(2.52	)			32.99		(6.83	)			279,234		1.39			1.39				(0.70	)		46
Class C
Six months ended 10/31/20			38.38			(0.35	)			10.48				10.13				–				48.51		26.39				51,148		1.87	^(d)		1.87	^(d)			(1.49	)^(d)		26
Year ended 04/30/20			39.21			(0.51	)			4.43				3.92				(4.75	)			38.38		10.47				32,723		1.94			1.94				(1.33	)		38
Year ended 04/30/19			38.15			(0.57	)			5.25				4.68				(3.62	)			39.21		13.98				28,217		1.98			1.98				(1.46	)		48
Year ended 04/30/18			32.84			(0.51	)			7.64				7.13				(1.82	)			38.15		22.02				39,954		2.02			2.03				(1.38	)		47
Year ended 04/30/17			27.80			(0.42	)			7.83				7.41				(2.37	)			32.84		27.85				29,930		2.18			2.18				(1.40	)		49
Year ended 04/30/16			32.53			(0.45	)			(1.76	)			(2.21	)			(2.52	)			27.80		(7.53	)			27,898		2.14			2.14				(1.45	)		46
Class Y
Six months ended 10/31/20			51.45			(0.15	)			14.07				13.92				–				65.37		27.05				47,610		0.87	^(d)		0.87	^(d)			(0.49	)^(d)		26
Year ended 04/30/20			50.55			(0.17	)			5.82				5.65				(4.75	)			51.45		11.57				36,341		0.94			0.94				(0.33	)		38
Year ended 04/30/19			47.62			(0.22	)			6.77				6.55				(3.62	)			50.55		15.16				32,658		0.98			0.98				(0.46	)		48
Year ended 04/30/18			40.21			(0.18	)			9.41				9.23				(1.82	)			47.62		23.22				27,364		1.02			1.03				(0.38	)		47
Year ended 04/30/17			33.24			(0.14	)			9.48				9.34				(2.37	)			40.21		29.13				17,205		1.18			1.18				(0.40	)		49
Year ended 04/30/16			38.04			(0.17	)			(2.11	)			(2.28	)			(2.52	)			33.24		(6.61	)			9,256		1.14			1.14				(0.45	)		46
Investor Class
Six months ended 10/31/20			50.13			(0.19	)			13.71				13.52				–				63.65		26.97	^(e)			593,687		1.00	^(d)(e)		1.00	^(d)(e)			(0.62	)^(d)(e)		26
Year ended 04/30/20			49.44			(0.24	)			5.68				5.44				(4.75	)			50.13		11.41	^(e)			483,563		1.09	^(e)		1.09	^(e)			(0.48	)^(e)		38
Year ended 04/30/19			46.71			(0.28	)			6.63				6.35				(3.62	)			49.44		15.02	^(e)			475,857		1.11	^(e)		1.11	^(e)			(0.59	)^(e)		48
Year ended 04/30/18			39.53			(0.25	)			9.25				9.00				(1.82	)			46.71		23.03	^(e)			447,456		1.19	^(e)		1.20	^(e)			(0.55	)^(e)		47
Year ended 04/30/17			32.78			(0.21	)			9.33				9.12				(2.37	)			39.53		28.86	^(e)			384,283		1.35	^(e)		1.35	^(e)			(0.57	)^(e)		49
Year ended 04/30/16			37.60			(0.22	)			(2.08	)			(2.30	)			(2.52	)			32.78		(6.73	)^(e)			330,298		1.30	^(e)		1.30	^(e)			(0.61	)^(e)		46
Class R5
Six months ended 10/31/20			61.17			(0.14	)			16.73				16.59				–				77.76		27.12				414		0.76	^(d)		0.76	^(d)			(0.38	)^(d)		26
Year ended 04/30/20			59.18			(0.12	)			6.86				6.74				(4.75	)			61.17		11.74				267		0.81			0.81				(0.20	)		38
Year ended 04/30/19			55.03			(0.16	)			7.93				7.77				(3.62	)			59.18		15.34				263		0.81			0.81				(0.29	)		48
Year ended 04/30/18			46.14			(0.11	)			10.82				10.71				(1.82	)			55.03		23.44				163		0.85			0.85				(0.21	)		47
Year ended 04/30/17			37.74			(0.05	)			10.82				10.77				(2.37	)			46.14		29.45				132		0.92			0.92		��		(0.14	)		49
Year ended 04/30/16			42.75			(0.08	)			(2.41	)			(2.49	)			(2.52	)			37.74		(6.36	)			465		0.87			0.87				(0.18	)		46
Class R6
Six months ended 10/31/20			61.21			(0.13	)			16.74				16.61				–				77.82		27.13				953		0.74	^(d)		0.74	^(d)			(0.36	)^(d)		26
Year ended 04/30/20			59.20			(0.10	)			6.86				6.76				(4.75	)			61.21		11.77				545		0.77			0.77				(0.16	)		38
Year ended 04/30/19			55.04			(0.15	)			7.93				7.78				(3.62	)			59.20		15.36				483		0.80			0.80				(0.28	)		48
Year ended 04/30/18			46.14			(0.11	)			10.83				10.72				(1.82	)			55.04		23.47				42		0.85			0.85				(0.21	)		47
Period ended 04/30/17^(f)			44.75			(0.00	)			1.39				1.39				–				46.14		3.10				10		0.89	^(g)		0.89	^(g)			(0.11	)^(g)		49

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $50,768,823 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Technology Sector Fund into the Fund.

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $713,051, $45,869, $45,448, $574,060 , $332 and $722 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.13%, 0.15%, 0.13%, 0.17%, 0.17% and 0.16% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

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

^(g)	Annualized.

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


10		Invesco Technology Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are


11		Invesco Technology Fund

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

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

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


12		Invesco Technology Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $500 million		0.670%


Next $500 million		0.640%


Next $1 billion		0.520%


Next $2 billion		0.450%


Next $2 billion		0.400%


Next $2 billion		0.375%


Over $8 billion		0.350%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least April 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.22%, 1.92%, 0.97%, 1.22%, 0.97% and 0.97%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or nonroutine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $11,561.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid


13		Invesco Technology Fund

as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $87,516 in front-end sales commissions from the sale of Class A shares and $327 and $390 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $4,360 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,395,056,224	$	47,061,206		$–	$	1,442,117,430


Money Market Funds		12,212,780		11,580,346		–		23,793,126


Total Investments	$	1,407,269,004	$	58,641,552		$–	$	1,465,910,556

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of April 30, 2020.


14		Invesco Technology Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $380,342,241 and $349,447,828, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$775,742,852


Aggregate unrealized (depreciation) of investments	(5,389,558	)


Net unrealized appreciation of investments	$770,353,294

Cost of investments for tax purposes is $695,557,262.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended October 31, 2020^(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,362,340		$	81,772,081			1,342,876		$	64,521,441


Class C		374,824			16,956,515			275,787			10,322,732


Class Y		131,625			8,120,209			454,191			22,597,462


Investor Class		200,848			11,905,854			357,306			17,095,081


Class R5		1,271			99,094			989			58,491


Class R6		3,844			304,344			5,036			294,925



Issued as reinvestment of dividends:
Class A		-			-			815,214			39,407,436


Class C		-			-			83,701			3,093,603


Class Y		-			-			51,986			2,566,017


Investor Class		-			-			859,801			41,356,437


Class R5		-			-			349			20,491


Class R6		-			-			638			37,433



Automatic conversion of Class C shares to Class A shares:
Class A		26,647			1,663,803			47,082			2,309,544


Class C		(35,036	)		(1,663,803	)		(60,747	)		(2,309,544	)



Issued in connection with acquisitions:^(b)
Class A		-			-			1,874,069			91,992,978


Class C		-			-			43,497			1,628,182


Class Y		-			-			95,840			4,807,496



Reacquired:
Class A		(925,962	)		(57,241,260	)		(1,630,997	)		(79,501,111	)


Class C		(138,105	)		(6,406,131	)		(209,207	)		(7,768,290	)


Class Y		(109,634	)		(7,001,599	)		(541,778	)		(26,681,865	)


Investor Class		(519,646	)		(31,452,645	)		(1,196,418	)		(57,382,034	)


Class R5		(300	)		(22,859	)		(1,419	)		(86,714	)


Class R6		(514	)		(34,562	)		(4,917	)		(272,121	)


Net increase in share activity		372,202		$	16,999,041			2,662,879		$	128,108,070

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Technology Sector Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,013,406 shares of the Fund for 4,100,576 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $98,428,656, including $46,078,157 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $997,498,351 and $1,095,927,007 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:


15		Invesco Technology Fund


Net investment income (loss)	$	(5,922,338	)


Net realized/unrealized gains		122,298,993


Change in net assets resulting from operations	$	116,376,655

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Significant Event

On September 25, 2020, the Board of Trustees of the Trust, approved a change in the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and the elimination of a related fundamental investment restriction (the “Proposal”). The Proposal requires approval by the shareholders of the Fund and will be submitted to shareholders at a special meeting to be held on January 22, 2021.


16		Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,269.20	$6.35	$1,019.61	$5.65	1.11%
Class C	1,000.00	1,263.90	10.67	1,015.78	9.50	1.87
Class Y	1,000.00	1,270.60	4.98	1,020.82	4.43	0.87
Investor Class	1,000.00	1,269.70	5.72	1,020.16	5.09	1.00
Class R5	1,000.00	1,271.20	4.35	1,021.37	3.87	0.76
Class R6	1,000.00	1,271.30	4.24	1,021.48	3.77	0.74

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


17		Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period, above the performance of the Index for the three year period, and below the performance of the Index for five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that certain peer funds focus on certain technology sub-industries. The Board noted that overweight and underweight exposures to and security selection in certain technology sub-sectors and industries negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


18		Invesco Technology Fund

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

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


19		Invesco Technology Fund

LOGO

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

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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



		Semiannual Report to Shareholders		October 31, 2020

		Invesco Value Opportunities Fund
		Nasdaq:
		A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Value Opportunities Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	13.56	%

Class C Shares	13.11

Class R Shares	13.43

Class Y Shares	13.71

Class R5 Shares	13.90

Class R6 Shares	13.76

S&P 500 Index^q(Broad Market Index)	13.29

S&P 1500 Value Index^q(Style-Specific Index)	5.59

Lipper Multi-Cap Value Funds Index^⬛(Peer Group Index)	8.88

Source(s): ^qRIMES Technologies Corp.; ^⬛Lipper Inc.

The S&P 500^®Index is an unmanaged index considered representative of the US stock market. The S&P 1500 Value Index tracks the performance of US large-, mid- and small-cap value stocks. The Lipper Multi-Cap Value Funds Index is an unmanaged index considered representative of multicap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Value Opportunities Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (6/25/01)	3.91	%
10 Years	5.54
5 Years	1.19
1 Year	-16.73

Class C Shares
Inception (6/25/01)	3.90	%
10 Years	5.53
5 Years	1.62
1 Year	-13.36

Class R Shares
10 Years	5.88	%
5 Years	2.11
1 Year	-12.06

Class Y Shares
Inception (3/23/05)	3.99	%
10 Years	6.40
5 Years	2.58
1 Year	-11.70

Class R5 Shares
10 Years	6.60	%
5 Years	2.78
1 Year	-11.44

Class R6 Shares
10 Years	6.30	%
5 Years	2.67
1 Year	-11.50
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares

and includes the 12b-1 fees applicable to Class A shares.

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

4 Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–98.23%
Agricultural & Farm Machinery–2.14%
AGCO Corp.		148,903	$	11,469,998


Auto Parts & Equipment–5.54%
BorgWarner, Inc.		366,584		12,823,108

Dana, Inc.^(b)		1,204,368		16,849,109

				29,672,217


Building Products–3.15%
Builders FirstSource, Inc.^(b)		257,000		7,787,100

Owens Corning		138,354		9,058,036

				16,845,136


Construction & Engineering–4.69%
AECOM^(b)		560,573		25,136,093


Consumer Finance–0.06%
SLM Corp.		36,900		339,111


Distributors–3.17%
LKQ Corp.^(b)		530,000		16,954,700


Diversified Banks–6.00%
Citigroup, Inc.		381,321		15,794,316

Wells Fargo & Co.		761,400		16,332,030

				32,126,346


Diversified Chemicals–3.94%
Huntsman Corp.		867,700		21,076,433


Electrical Components & Equipment–2.03%
nVent Electric PLC		603,100		10,885,955


Electronic Manufacturing Services–4.10%
Flex Ltd.^(b)		1,363,980		19,300,317

Jabil, Inc.		80,600		2,671,084

				21,971,401


Health Care Services–2.29%
Cigna Corp.		73,500		12,272,295


Health Care Technology–0.57%
Change Healthcare, Inc.^(b)		215,800		3,053,570


Hotels, Resorts & Cruise Lines–0.14%
Norwegian Cruise Line Holdings Ltd.^(b)		44,500		740,035


Household Products–4.42%
Energizer Holdings, Inc.		81,366		3,201,752

Spectrum Brands Holdings, Inc.		360,071		20,477,238

				23,678,990


Human Resource & Employment Services–2.99%
ManpowerGroup, Inc.		236,100		16,024,107


Independent Power Producers & Energy Traders–0.61%
Vistra Corp.		189,100		3,284,667


Industrial Conglomerates–2.08%
Carlisle Cos., Inc.		89,800		11,123,526


	Shares		Value

Industrial Machinery–4.06%
Crane Co.		167,000	$	8,475,250

Timken Co. (The)		222,300		13,271,310

				21,746,560


Interactive Media & Services–2.05%
Baidu, Inc., ADR (China)^(b)		82,700		11,003,235


Internet & Direct Marketing Retail–4.20%
Booking Holdings, Inc.^(b)		13,875		22,512,188


Investment Banking & Brokerage–3.58%
Goldman Sachs Group, Inc. (The)		101,300		19,149,752


Life & Health Insurance–3.09%
Athene Holding Ltd., Class A^(b)		506,600		16,251,728

MetLife, Inc.		8,000		302,800

				16,554,528


Managed Health Care–5.07%
Anthem, Inc.		48,900		13,339,920

Centene Corp.^(b)		233,600		13,805,760

				27,145,680


Oil & Gas Exploration & Production–2.55%
Diamondback Energy, Inc.		199,700		5,184,212

Parsley Energy, Inc., Class A		847,100		8,479,471

				13,663,683


Oil & Gas Refining & Marketing–2.77%
Marathon Petroleum Corp.		399,900		11,797,050

Phillips 66		65,500		3,056,230

				14,853,280


Other Diversified Financial Services–2.81%
Equitable Holdings, Inc.		700,400		15,051,596


Paper Packaging–2.35%
Sealed Air Corp.		317,500		12,569,825


Regional Banks–3.77%
TCF Financial Corp.		518,800		14,116,548

Western Alliance Bancorporation		147,000		6,056,400

				20,172,948


Specialty Chemicals–3.10%
Axalta Coating Systems Ltd.^(b)		495,200		12,434,472

Celanese Corp.		36,500		4,143,115

				16,577,587

Systems Software–3.91%
Oracle Corp.		372,700		20,912,197


Thrifts & Mortgage Finance–3.90%
MGIC Investment Corp.		1,685,528		16,956,412

Radian Group, Inc.		219,290		3,936,255

				20,892,667


Trading Companies & Distributors–3.10%
AerCap Holdings N.V. (Ireland)^(b)		58,700		1,457,521

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

5 Invesco Value Opportunities Fund


	Shares		Value

Trading Companies & Distributors–(continued)
Univar Solutions, Inc.^(b)		913,700	$	15,158,283

				16,615,804

Total Common Stocks & Other Equity Interests (Cost $515,842,856)				526,076,110


Money Market Funds–2.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		4,243,239		4,243,239

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		3,389,896		3,391,252


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		4,849,415	$	4,849,415

Total Money Market Funds (Cost $12,482,300)				12,483,906

TOTAL INVESTMENTS IN SECURITIES–100.56% (Cost $528,325,156)				538,560,016

OTHER ASSETS LESS LIABILITIES–(0.56)%				(2,975,538	)

NET ASSETS–100.00%			$	535,584,478

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	7,281,549	$	16,629,132	$	(19,667,442	)		$ -		$	-		$ 4,243,239		$ 1,300

Invesco Liquid Assets Portfolio, Institutional Class		5,561,439		11,877,950		(14,048,173	)		(1,705	)		1,741		3,391,252		3,721

Invesco Treasury Portfolio, Institutional Class		8,321,770		19,004,721		(22,477,076	)		-			-		4,849,415		1,170

Total	$	21,164,758	$	47,511,803	$	(56,192,691	)		$ (1,705	)	$	1,741		$ 12,483,906		$ 6,191

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020


Industrials	24.24	%
Financials	23.21
Consumer Discretionary	13.05
Materials	9.38
Information Technology	8.01
Health Care	7.93
Energy	5.33
Consumer Staples	4.42
Communication Services	2.05
Utilities	0.61
Money Market Funds Plus Other Assets Less Liabilities	1.77

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

6 Invesco Value Opportunities Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $515,842,856)	$	526,076,110

Investments in affiliated money market funds, at value (Cost $12,482,300)		12,483,906

Foreign currencies, at value (Cost $646)		712

Receivable for:
Investments sold		1,920,593

Fund shares sold		261,480

Dividends		564,890

Investment for trustee deferred compensation and retirement plans		474,602

Other assets		57,483

Total assets		541,839,776


Liabilities:
Payable for:
Investments purchased		4,605,880

Fund shares reacquired		595,471

Accrued fees to affiliates		382,386

Accrued other operating expenses		162,999

Trustee deferred compensation and retirement plans		508,562

Total liabilities		6,255,298

Net assets applicable to shares outstanding	$	535,584,478


Net assets consist of:
Shares of beneficial interest	$	596,294,066

Distributable earnings (loss)		(60,709,588	)

	$	535,584,478


Net Assets:
Class A	$	465,173,806

Class C	$	10,074,205

Class R	$	6,234,597

Class Y	$	25,527,796

Class R5	$	463,151

Class R6	$	28,110,923


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,377,720

Class C		1,015,305

Class R		590,654

Class Y		2,366,878

Class R5		42,508

Class R6		2,576,495

Class A:
Net asset value per share	$	10.72

Maximum offering price per share (Net asset value of $10.72 ÷ 94.50%)	$	11.34

Class C:
Net asset value and offering price per share	$	9.92

Class R:
Net asset value and offering price per share	$	10.56

Class Y:
Net asset value and offering price per share	$	10.79

Class R5:
Net asset value and offering price per share	$	10.90

Class R6:
Net asset value and offering price per share	$	10.91

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

7 Invesco Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)


Investment income:
Dividends	$	5,323,933

Dividends from affiliated money market funds		6,191

Total investment income		5,330,124


Expenses:
Advisory fees		1,854,062

Administrative services fees		37,160

Custodian fees		4,650

Distribution fees:
Class A		593,368

Class C		52,066

Class R		16,285

Transfer agent fees– A, C, R and Y		682,518

Transfer agent fees – R5		227

Transfer agent fees – R6		6,729

Trustees’ and officers’ fees and benefits		12,043

Registration and filing fees		41,625

Reports to shareholders		50,512

Professional services fees		20,682

Other		13,123

Total expenses		3,385,050

Less: Fees waived and/or expense offset arrangement(s)		(7,728	)

Net expenses		3,377,322

Net investment income		1,952,802


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,887,098	)

Foreign currencies		6,316

		(1,880,782	)

Change in net unrealized appreciation of:
Investment securities		67,994,498

Foreign currencies		5,400

		67,999,898

Net realized and unrealized gain		66,119,116

Net increase in net assets resulting from operations	$	68,071,918

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

8 Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	October 31, 2020			April 30, 2020

Operations:
Net investment income	$	1,952,802		$	1,940,996

Net realized gain (loss)		(1,880,782	)		(67,943,796	)

Change in net unrealized appreciation (depreciation)		67,999,898			(108,874,976	)

Net increase (decrease) in net assets resulting from operations		68,071,918			(174,877,776	)


Distributions to shareholders from distributable earnings:
Class A		–			(12,166,652	)

Class C		–			(312,891	)

Class R		–			(190,220	)

Class Y		–			(731,512	)

Class R5		–			(14,668	)

Class R6		–			(635,605	)

Total distributions from distributable earnings		–			(14,051,548	)


Share transactions–net:
Class A		(34,843,673	)		(53,126,304	)

Class C		(1,329,434	)		(2,968,582	)

Class R		(959,952	)		(2,009,859	)

Class Y		(1,486,755	)		(4,558,923	)

Class R5		967			(1,566,665	)

Class R6		(556,353	)		889,449

Net increase (decrease) in net assets resulting from share transactions		(39,175,200	)		(63,340,884	)

Net increase (decrease) in net assets		28,896,718			(252,270,208	)


Net assets:
Beginning of period		506,687,760			758,957,968

End of period	$	535,584,478		$	506,687,760

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

9 Invesco Value Opportunities Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period	Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 10/31/20	$ 9.44		$	0.04			$	1.24			$	1.28			$	–			$	–			$	–			$	10.72		13.56	%		$	465,174		1.26	%^(d)		1.26	%^(d)		0.69	%^(d)		25	%
Year ended 04/30/20	12.84			0.03				(3.18	)^(e)			(3.15	)			–				(0.25	)			(0.25	)			9.44		(25.02	)^(e)			440,826		1.21			1.21			0.27			41
Year ended 04/30/19	14.24			0.00				0.18				0.18				–				(1.58	)			(1.58	)			12.84		3.58				658,685		1.21			1.21			0.02			51
Year ended 04/30/18	13.50			0.01				1.48				1.49				–				(0.75	)			(0.75	)			14.24		10.87				662,211		1.21			1.21			0.04			30
Year ended 04/30/17	11.60			0.01				2.05				2.06				(0.02	)			(0.14	)			(0.16	)			13.50		17.81				645,216		1.26			1.27			0.07			33
Year ended 04/30/16	14.45			0.02				(1.08	)			(1.06	)			(0.13	)			(1.66	)			(1.79	)			11.60		(6.93	)			622,026		1.25			1.25			0.17			38
Class C
Six months ended 10/31/20	8.77			(0.00	)			1.15				1.15				–				–				–				9.92		13.11	^(f)			10,074		1.99	^(d)(f)		1.99	^(d)(f)		(0.04	)^(d)(f)		25
Year ended 04/30/20	12.02			(0.04	)			(2.96	)^(e)			(3.00	)			–				(0.25	)			(0.25	)			8.77		(25.48	)^(e)(f)			10,107		1.85	^(f)		1.85	^(f)		(0.37	)^(f)		41
Year ended 04/30/19	13.54			(0.09	)			0.15				0.06				–				(1.58	)			(1.58	)			12.02		2.83	^(f)			17,027		1.92	^(f)		1.92	^(f)		(0.69	)^(f)		51
Year ended 04/30/18	12.96			(0.09	)			1.42				1.33				–				(0.75	)			(0.75	)			13.54		10.07	^(f)			68,174		1.91	^(f)		1.91	^(f)		(0.66	)^(f)		30
Year ended 04/30/17	11.20			(0.08	)			1.98				1.90				–				(0.14	)			(0.14	)			12.96		17.00	^(f)			82,590		1.97	^(f)		1.98	^(f)		(0.64	)^(f)		33
Year ended 04/30/16	14.07			(0.07	)			(1.05	)			(1.12	)			(0.09	)			(1.66	)			(1.75	)			11.20		(7.57	)^(f)			79,538		1.97	^(f)		1.97	^(f)		(0.55	)^(f)		38
Class R
Six months ended 10/31/20	9.31			0.02				1.23				1.25				–				–				–				10.56		13.43				6,235		1.51	^(d)		1.51	^(d)		0.44	^(d)		25
Year ended 04/30/20	12.69			0.00				(3.13	)^(e)			(3.13	)			–				(0.25	)			(0.25	)			9.31		(25.16	)^(e)			6,362		1.46			1.46			0.02			41
Year ended 04/30/19	14.13			(0.03	)			0.17				0.14				–				(1.58	)			(1.58	)			12.69		3.32				10,898		1.46			1.46			(0.23	)		51
Year ended 04/30/18	13.43			(0.03	)			1.48				1.45				–				(0.75	)			(0.75	)			14.13		10.63				12,955		1.46			1.46			(0.21	)		30
Year ended 04/30/17	11.55			(0.02	)			2.04				2.02				–				(0.14	)			(0.14	)			13.43		17.53				14,135		1.51			1.52			(0.18	)		33
Year ended 04/30/16	14.41			(0.01	)			(1.07	)			(1.08	)			(0.12	)			(1.66	)			(1.78	)			11.55		(7.12	)			16,119		1.50			1.50			(0.08	)		38
Class Y
Six months ended 10/31/20	9.49			0.05				1.25				1.30				–				–				–				10.79		13.70				25,528		1.01	^(d)		1.01	^(d)		0.94	^(d)		25
Year ended 04/30/20	12.86			0.06				(3.18	)^(e)			(3.12	)			–				(0.25	)			(0.25	)			9.49		(24.74	)^(e)			23,760		0.96			0.96			0.52			41
Year ended 04/30/19	14.23			0.04				0.17				0.21				–				(1.58	)			(1.58	)			12.86		3.80				37,469		0.96			0.96			0.27			51
Year ended 04/30/18	13.46			0.04				1.48				1.52				–				(0.75	)			(0.75	)			14.23		11.13				39,323		0.96			0.96			0.29			30
Year ended 04/30/17	11.56			0.04				2.06				2.10				(0.06	)			(0.14	)			(0.20	)			13.46		18.17				46,105		1.01			1.02			0.32			33
Year ended 04/30/16	14.39			0.05				(1.08	)			(1.03	)			(0.14	)			(1.66	)			(1.80	)			11.56		(6.71	)			21,016		1.00			1.00			0.42			38
Class R5
Six months ended 10/31/20	9.58			0.06				1.26				1.32				–				–				–				10.90		13.78				463		0.85	^(d)		0.85	^(d)		1.10	^(d)		25
Year ended 04/30/20	12.95			0.08				(3.20	)^(e)			(3.12	)			–				(0.25	)			(0.25	)			9.58		(24.57	)^(e)			406		0.80			0.80			0.68			41
Year ended 04/30/19	14.29			0.05				0.19				0.24				–				(1.58	)			(1.58	)			12.95		4.01				2,212		0.84			0.84			0.39			51
Year ended 04/30/18	13.50			0.06				1.48				1.54				–				(0.75	)			(0.75	)			14.29		11.25				2,439		0.84			0.84			0.41			30
Year ended 04/30/17	11.60			0.06				2.06				2.12				(0.08	)			(0.14	)			(0.22	)			13.50		18.30				2,456		0.85			0.86			0.48			33
Year ended 04/30/16	14.42			0.08				(1.09	)			(1.01	)			(0.15	)			(1.66	)			(1.81	)			11.60		(6.56	)			2,850		0.84			0.84			0.58			38
Class R6
Six months ended 10/31/20	9.59			0.06				1.26				1.32				–				–				–				10.91		13.76				28,111		0.80	^(d)		0.80	^(d)		1.15	^(d)		25
Year ended 04/30/20	12.97			0.09				(3.22	)^(e)			(3.13	)			–				(0.25	)			(0.25	)			9.59		(24.61	)^(e)			25,226		0.75			0.75			0.73			41
Year ended 04/30/19	14.31			0.06				0.18				0.24				–				(1.58	)			(1.58	)			12.97		4.00				32,666		0.79			0.79			0.44			51
Year ended 04/30/18	13.50			0.08				1.48				1.56				–				(0.75	)			(0.75	)			14.31		11.40				28,305		0.77			0.77			0.48			30
Period ended 04/30/17^(g)	13.60			0.01				(0.11	)			(0.10	)			–				–				–				13.50		(0.74	)			10		0.76	^(h)		0.76	^(h)		0.57	^(h)		33

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $470,825, $10,502, $6,461, $25,377, $449 and $27,533 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(3.28), $(3.06), $(3.23), $(3.28), $(3.30) and $(3.32) for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Total returns would have been lower.

^(f)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.98%, 0.89%, 0.96%, 0.95%, 0.97% and 0.97% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

^(g)	Commencement date of April 04, 2017.

^(h)	Annualized.

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

10 Invesco Value Opportunities Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

11 Invesco Value Opportunities Fund

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

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

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

12 Invesco Value Opportunities Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets					Rate

First $250 million					0.695%

Next $250 million					0.670%

Next $500 million					0.645%

Next $1.5 billion					0.620%

Next $2.5 billion					0.595%

Next $2.5 billion					0.570%

Next $2.5 billion					0.545%

Over $10 billion					0.520%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $6,051.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $16,627 in front-end sales commissions from the sale of Class A shares and $4,764 and $126 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $7,144 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

13 Invesco Value Opportunities Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

The Fund had a capital loss carryforward as of April 30, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	1,035,838	$	68,290,908	$	69,326,746

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $132,661,441 and $163,947,309, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	62,586,472

Aggregate unrealized (depreciation) of investments		(55,417,367	)

Net unrealized appreciation of investments	$	7,169,105

Cost of investments for tax purposes is $531,390,911.

14 Invesco Value Opportunities Fund

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended October 31, 2020^(a)						Year ended April 30, 2020

	Shares			Amount			Shares			Amount

Sold:
Class A		995,534		$	10,332,042			2,737,347		$	29,957,805

Class C		53,075			506,929			188,021			1,997,144

Class R		35,686			370,348			97,864			1,101,127

Class Y		195,329			2,059,567			848,595			10,353,459

Class R5		354			4,021			8,037			102,961

Class R6		419,263			4,473,772			919,288			10,270,214


Issued as reinvestment of dividends:
Class A		-			-			903,651			11,548,662

Class C		-			-			25,632			305,017

Class R		-			-			15,094			190,179

Class Y		-			-			48,213			618,089

Class R5		-			-			1,126			14,563

Class R6		-			-			48,392			626,679


Automatic conversion of Class C shares to Class A shares:
Class A		63,462			661,842			155,430			1,816,257

Class C		(68,445	)		(661,842	)		(166,609	)		(1,816,257	)


Reacquired:
Class A		(4,359,168	)		(45,837,557	)		(8,422,923	)		(96,449,028	)

Class C		(121,661	)		(1,174,521	)		(310,746	)		(3,454,486	)

Class R		(128,600	)		(1,330,300	)		(288,336	)		(3,301,165	)

Class Y		(333,089	)		(3,546,322	)		(1,304,916	)		(15,530,471	)

Class R5		(276	)		(3,054	)		(137,562	)		(1,684,189	)

Class R6		(474,326	)		(5,030,125	)		(854,482	)		(10,007,444	)

Net increase (decrease) in share activity		(3,722,862	)	$	(39,175,200	)		(5,488,884	)	$	(63,340,884	)

^(a)

NOTE 10–Coronavirus (COVID-19) Pandemic

15 Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized Expense Ratio
	Beginning Account Value (05/01/20)			Ending Account Value (10/31/20)¹			Expenses Paid During Period²			Ending Account Value (10/31/20)			Expenses Paid During Period²			Annualized Expense Ratio
Class A		$	1,000.00		$	1,135.60		$	6.76		$	1,018.80		$	6.39		1.26	%
Class C			1,000.00			1,131.10			10.66			1,015.13			10.08		1.99
Class R			1,000.00			1,134.30			8.10			1,017.55			7.66		1.51
Class Y			1,000.00			1,137.10			5.43			1,020.06			5.13		1.01
Class R5			1,000.00			1,139.00			4.57			1,020.86			4.32		0.85
Class R6			1,000.00			1,137.60			4.30			1,021.11			4.06		0.80

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

16 Invesco Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Value Opportunities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P 1500^® Value Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s overweight and underweight exposures to certain sectors detracted from Fund performance and also discussed how the market environment for the Fund’s value investing style impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

17 Invesco Value Opportunities Fund

regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

18 Invesco Value Opportunities Fund

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LOGO

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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 list appears 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) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

LOGO


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

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 17, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 17, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Not applicable.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Sector Funds (Invesco Sector Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 8, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 8, 2021

By:		/s/ Adrien Deberghes
		Adrien Deberghes

		Principal Financial Officer

Date:		January 8, 2021

Invesco Comstock R6 (ICSFX) N-CSRSCertified semi-annual shareholder report (management investment company)