Invesco Energy Fund NCSR Certified annual shareholder report (management investment company)

Invesco Energy Fund (IENAX) N-CSRCertified 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: 4/30

Date of reporting period: 4/30/23

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Comstock Fund

Nasdaq:

A: ACSTX ∎ C: ACSYX ∎ R: ACSRX ∎ Y: ACSDX ∎ R5: ACSHX ∎ R6: ICSFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Comstock Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.54	%
Class C Shares	2.78
Class R Shares	3.30
Class Y Shares	3.81
Class R5 Shares	3.88
Class R6 Shares	3.91
S&P 500 Index^▼(Broad Market Index)	2.66
Russell 1000 Value Index^▼(Style-Specific Index)	1.21
Lipper Large-Cap Value Funds Index^∎(Peer Group Index)	3.05

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade

highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal fund’s rate by just 0.25% in February and March of 2023, a slower pace than in 2022.³ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.¹ The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.¹ The labor market remained tight and the unemployment rate held at a historically low 3.5%.² As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

On the positive side, stock selection in the consumer discretionary sector was a large contributor to the Fund’s relative performance. Booking Holdings and Las Vegas Sands were top performers within the sector in part due to the continued rise in travel demand. Booking Holdings’ stock benefited as reservations materially increased versus prepandemic levels. Fourth quarter 2022 bookings grew 35% compared to 2019. Booking is still generating high free cash with plans to buy back company stock for the next four years reflecting senior management’s confidence. Las Vegas Sands benefited from the announcement that the Macau government opened visitation access from mainland China. A material underweight in the real estate sector also enhanced relative return, as the sector was the one of the worst returning sectors for the fiscal year. Stock selection within the industrials sector boosted relative returns. General Electric, FedEx and Eaton were top performers in the sector. Caterpillar reported strong earnings, marking an inflection in operating leverage after several quarters of disappointing results. Company profits correlated to oil and gas prices helped, given the short supply of oil versus demand. Improving order rates for dealer sales also increased investor confidence. Stock selection in the communications services and health care sectors also helped performance. Meta Platforms (formerly Facebook) outperformed during the first quarter of 2023 as investors celebrated a pivot to focus on efficiency and returns, while revenue and engagement trends are improving via cost reductions.

On the negative side, weak stock selection within the information technology sector detracted from the Fund’s relative performance. Semiconductor firms Cognizant Technology Solutions and Qualcomm underperformed for the fiscal year. Qualcomm underperformed on issues stemming from an increase in inventory with waning demand. While industry challenges remain, we see the company’s leadership in cellular technology as a differentiator given improving demand for handsets. Within the materials sector, CF Industries Holdings and International Paper were large detractors. International Paper suffered after management reported disappointing profits and guidance of weaker demand and lower profit margins due to a prolonged inflationary environment. Stock selection within the financials sector detracted from performance. During the first quarter of 2023, bank failures raised concerns about contagion within regional banks. The Fund’s regional banks’ holdings generally suffered, as the outlook for regional banks’ return drivers (cost of funds, loan growth and fees/expenses) is negative. Citizens Financial stock fell as the firm will likely face higher funding costs and possibly new regulations.

As of the end of the fiscal year, the Fund’s overweight exposures were in the information


2		Invesco Comstock Fund

technology, energy, health care and industrials sectors. Fund underweight exposures were in the utilities, real estate, communication services, financials and materials sectors.

Despite recent fears of inflation, prompting the Fed to further raise rates, we remain cautiously optimistic about the longer-term outlook for the US and global economies. Ongoing market volatility continues to create attractive investment opportunities which enables us to continue to offer a highly differentiated opportunity from the broad market indices and peers.

Thank you for your investment in the Invesco Comstock Fund and for sharing our long-term investment horizon.

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Devin Armstrong - Lead

Kevin Holt - Lead

James Warwick

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Comstock Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Comstock Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (10/7/68)	10.61	%
10 Years	9.02
5 Years	7.13
1 Year	-2.16

Class C Shares
Inception (10/26/93)	9.58	%
10 Years	9.00
5 Years	7.55
1 Year	1.86

Class R Shares
Inception (10/1/02)	9.12	%
10 Years	9.37
5 Years	8.07
1 Year	3.30

Class Y Shares
Inception (10/29/04)	8.22	%
10 Years	9.92
5 Years	8.62
1 Year	3.81

Class R5 Shares
Inception (6/1/10)	11.68	%
10 Years	10.00
5 Years	8.68
1 Year	3.88

Class R6 Shares
Inception (9/24/12)	11.01	%
10 Years	10.09
5 Years	8.77
1 Year	3.91

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.

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.


5		Invesco Comstock Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures

providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the

Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

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


6		Invesco Comstock Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Financials		18.50%

Health Care		18.33

Industrials		12.57

Information Technology		11.48

Energy		10.22

Consumer Staples		8.42

Communication Services		6.36

Consumer Discretionary		5.85

Materials		2.94

Utilities		1.53

Money Market Funds Plus Other Assets Less Liabilities		3.80

Top 10 Equity Holdings*


		% of total net assets

1.	Philip Morris International, Inc.	2.81%

2.	Chevron Corp.	2.55

3.	Meta Platforms, Inc., Class A	2.53

4.	Wells Fargo & Co.	2.32

5.	Bank of America Corp.	2.30

6.	Elevance Health, Inc.	2.22

7.	FedEx Corp.	2.19

8.	Microsoft Corp.	2.17

9.	American International Group, Inc.	2.07

10.	Cisco Systems, Inc.	2.02

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Comstock Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value
Common Stocks & Other Equity Interests–96.20%
Aerospace & Defense–0.91%

Textron, Inc.		1,350,267	$ 90,386,873

Air Freight & Logistics–2.19%

FedEx Corp.		957,603	218,122,811

Apparel Retail–0.41%

Ross Stores, Inc.		385,719	41,167,789

Apparel, Accessories & Luxury Goods–0.89%

Ralph Lauren Corp.^(b)		770,626	88,460,158

Asset Management & Custody Banks–1.75%

State Street Corp.		2,417,661	174,700,184

Automobile Manufacturers–1.39%

General Motors Co.		4,186,274	138,314,493

Biotechnology–0.09%

AbbVie, Inc.		60,219	9,100,295

Broadline Retail–0.68%

eBay, Inc.		1,448,484	67,253,112

Building Products–1.89%

Johnson Controls International PLC		3,141,102	187,963,544

Cable & Satellite–1.42%

Comcast Corp., Class A		3,408,435	141,006,956

Casinos & Gaming–1.52%

Las Vegas Sands Corp.^(b)(c)		2,365,562	151,041,134

Communications Equipment–3.11%

Cisco Systems, Inc.		4,260,735	201,319,729

F5, Inc.^(c)		805,269	108,195,943

			309,515,672

Construction Machinery & Heavy Transportation Equipment– 3.18%

Caterpillar, Inc.		776,558	169,910,891

Wabtec Corp.		1,497,020	146,213,943

			316,124,834

Diversified Banks–8.14%

Bank of America Corp.		7,807,423	228,601,345

Citigroup, Inc.		2,654,597	124,951,881

Fifth Third Bancorp		3,688,728	96,644,674

JPMorgan Chase & Co.		936,083	129,404,114

Wells Fargo & Co.		5,814,071	231,109,322

			810,711,336

Diversified Chemicals–0.53%

BASF SE (Germany)		1,030,609	53,213,453

Electrical Components & Equipment–3.09%

Eaton Corp. PLC		992,626	165,887,657

Emerson Electric Co.		1,706,543	142,086,770

			307,974,427


	Shares		Value
Fertilizers & Agricultural Chemicals–1.09%

CF Industries Holdings, Inc.		1,517,932	$ 108,653,573

Health Care Distributors–2.48%

Henry Schein, Inc.^(c)		1,487,184	120,179,339

McKesson Corp.		348,399	126,900,852

			247,080,191

Health Care Equipment–3.02%

Baxter International, Inc.		1,233,888	58,831,780

Becton, Dickinson and Co.		460,114	121,612,731

Medtronic PLC		1,321,351	120,176,874

			300,621,385

Health Care Facilities–1.12%

Universal Health Services, Inc., Class B^(b)		740,434	111,324,252

Health Care Services–1.70%

CVS Health Corp.		2,306,536	169,092,154

Health Care Supplies–0.50%

DENTSPLY SIRONA, Inc.^(b)		1,188,135	49,818,501

Hotels, Resorts & Cruise Lines–0.96%

Booking Holdings, Inc.^(c)		35,658	95,788,442

Household Products–1.48%

Kimberly-Clark Corp.		1,017,767	147,464,261

Industrial Conglomerates–1.31%

General Electric Co.^(b)		1,314,917	130,137,335

Integrated Oil & Gas–5.31%

Chevron Corp.		1,505,386	253,777,972

Exxon Mobil Corp.		850,805	100,684,264

Suncor Energy, Inc. (Canada)		5,558,797	174,101,522

			528,563,758

Interactive Media & Services–3.79%

Alphabet, Inc., Class A^(c)		1,171,773	125,778,114

Meta Platforms, Inc., Class A^(c)		1,047,077	251,633,544

			377,411,658

Investment Banking & Brokerage–1.91%

Goldman Sachs Group, Inc. (The)		383,090	131,568,430

Morgan Stanley		646,821	58,194,485

			189,762,915

IT Consulting & Other Services–2.50%

Cognizant Technology Solutions Corp., Class A		2,320,246	138,541,889

DXC Technology Co.^(b)(c)		4,643,271	110,742,013

			249,283,902

Life & Health Insurance–0.93%

MetLife, Inc.		1,506,782	92,410,940

Managed Health Care–3.20%

Elevance Health, Inc.		471,032	220,749,147

Humana, Inc.		184,231	97,732,703

			318,481,850

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


8		Invesco Comstock Fund


	Shares		Value


Multi-line Insurance–2.07%
American International Group, Inc.^(b)		3,882,857	$	205,946,735



Multi-Utilities–1.53%
Dominion Energy, Inc.		2,670,065		152,567,514



Oil & Gas Exploration & Production–4.91%
ConocoPhillips		1,363,989		140,340,828


Devon Energy Corp.^(b)		977,001		52,201,163


Hess Corp.^(b)		716,153		103,885,154


Marathon Oil Corp.		4,243,072		102,512,620


Pioneer Natural Resources Co.		412,321		89,700,434


				488,640,199



Packaged Foods & Meats–1.27%
Kraft Heinz Co. (The)		3,208,810		126,009,969



Paper & Plastic Packaging Products & Materials–1.32%
International Paper Co.		3,955,623		130,970,677



Personal Care Products–1.08%
Haleon PLC		24,361,163		107,559,257



Pharmaceuticals–6.22%
Bristol-Myers Squibb Co.		1,527,921		102,019,285


Johnson & Johnson		975,451		159,681,329


Merck & Co., Inc.		1,514,126		174,836,129


Sanofi, ADR^(b)		3,406,393		182,752,984


				619,289,727



Property & Casualty Insurance–0.84%
Allstate Corp. (The)		722,451		83,630,928



Regional Banks–2.86%
Citizens Financial Group, Inc.		3,053,762		94,483,397


Huntington Bancshares, Inc.		9,135,201		102,314,251


M&T Bank Corp.^(b)		700,079		88,069,938


				284,867,586



Semiconductors–3.71%
Intel Corp.		2,785,739		86,525,053


NXP Semiconductors N.V. (China)		941,494		154,160,228


QUALCOMM, Inc.		1,099,959		128,475,211


				369,160,492



Soft Drinks & Non-alcoholic Beverages–1.78%
Coca-Cola Co. (The)		1,176,454		75,469,524


	Shares		Value


Soft Drinks & Non-alcoholic Beverages–(continued)
Keurig Dr Pepper, Inc.		3,101,657	$	101,424,184


				176,893,708



Systems Software–2.16%
Microsoft Corp.		700,868		215,348,702



Tobacco–2.81%
Philip Morris International, Inc.		2,799,787		279,894,706



Wireless Telecommunication Services–1.15%
T-Mobile US, Inc.^(c)		797,246		114,723,699


Total Common Stocks & Other Equity Interests (Cost $6,597,724,080)				9,576,456,087



Money Market Funds–4.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		140,569,059		140,569,059


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		100,026,590		100,056,598


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		160,650,353		160,650,353


Total Money Market Funds (Cost $401,225,399)				401,276,010


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.23% (Cost $6,998,949,479)				9,977,732,097



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.98%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		29,449,199		29,449,199


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		68,502,855		68,502,855


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $97,952,054)				97,952,054


TOTAL INVESTMENTS IN SECURITIES–101.21% (Cost $7,096,901,533)				10,075,684,151


OTHER ASSETS LESS LIABILITIES–(1.21)%				(120,668,927	)


NET ASSETS–100.00%			$	9,955,015,224

Investment Abbreviations:

ADR – American Depositary Receipt

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


9		Invesco Comstock 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)	All or a portion of this security was out on loan at April 30, 2023.

^(c)	Non-income producing security.

^(d)

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 fiscal year ended April 30, 2023.


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	185,898,585	$	366,609,884	$	(411,939,410)	$	-	$	-	$	140,569,059	$	4,495,733
Invesco Liquid Assets Portfolio, Institutional Class		132,378,481		261,864,203		(294,242,435)		43,767		12,582		100,056,598		3,275,307
Invesco Treasury Portfolio, Institutional Class		212,455,525		418,982,725		(470,787,897)		-		-		160,650,353		5,056,618
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,385,302		838,384,867		(827,320,970)		-		-		29,449,199		1,035,667*
Invesco Private Prime Fund		42,899,037		1,846,375,890		(1,820,743,931)		(420)		(27,721)		68,502,855		2,885,612*
Total	$	592,016,930	$	3,732,217,569	$	(3,825,034,643)	$	43,347	$	(15,139)	$	499,228,064	$	16,748,937

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.

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

05/09/2023

Deutsche Bank AG

CAD

120,860,513

USD

89,844,482

$626,155

05/09/2023

Deutsche Bank AG

USD

1,878,608

CAD

2,562,038

12,669

Subtotal–Appreciation

638,824

Currency Risk

05/09/2023

Deutsche Bank AG

EUR

111,453,168

USD

122,709,715

(146,910)

05/09/2023

Deutsche Bank AG

GBP

42,230,076

USD

52,717,654

(363,080)

05/09/2023

J.P. Morgan Chase Bank, N.A.

EUR

2,324,116

USD

2,552,370

(9,541)

05/09/2023

Royal Bank of Canada

USD

3,993,897

CAD

5,377,961

(23,926)

Subtotal–Depreciation

(543,457)

Total Forward Foreign Currency Contracts

$95,367

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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


10		Invesco Comstock Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $6,597,724,080)*		$ 9,576,456,087

Investments in affiliated money market funds, at value (Cost $499,177,453)		499,228,064

Other investments:

Unrealized appreciation on forward foreign currency contracts outstanding		638,824

Foreign currencies, at value (Cost $1,795)		1,802

Receivable for:

Fund shares sold		5,436,242

Dividends		11,773,566

Investment for trustee deferred compensation and retirement plans		678,814

Other assets		267,458

Total assets		10,094,480,857

Liabilities:
Other investments:

Unrealized depreciation on forward foreign currency contracts outstanding		543,457
Payable for:

Investments purchased		25,601,195

Fund shares reacquired		9,453,965

Amount due custodian		10,902

Collateral upon return of securities loaned		97,952,054

Accrued fees to affiliates		4,766,151

Accrued trustees’ and officers’ fees and benefits		1,930

Accrued other operating expenses		369,258

Trustee deferred compensation and retirement plans		766,721

Total liabilities		139,465,633

Net assets applicable to shares outstanding		$ 9,955,015,224

Net assets consist of:

Shares of beneficial interest		$ 6,733,239,848

Distributable earnings		3,221,775,376

		$ 9,955,015,224


Net Assets:

Class A		$ 6,023,409,148

Class C		$ 98,734,656

Class R		$ 133,623,586

Class Y		$ 1,744,438,888

Class R5		$ 390,922,418

Class R6		$ 1,563,886,528

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		225,481,238

Class C		3,692,044

Class R		5,000,015

Class Y		65,313,738

Class R5		14,653,227

Class R6		58,650,402

Class A:

Net asset value per share		$ 26.71

Maximum offering price per share (Net asset value of $26.71 ÷ 94.50%)		$ 28.26
Class C:

Net asset value and offering price per share		$ 26.74
Class R:

Net asset value and offering price per share		$ 26.72
Class Y:

Net asset value and offering price per share		$ 26.71
Class R5:

Net asset value and offering price per share		$ 26.68
Class R6:

Net asset value and offering price per share		$ 26.66

*	At April 30, 2023, securities with an aggregate value of $96,589,953 were on loan to brokers.

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


11		Invesco Comstock Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:

Dividends (net of foreign withholding taxes of $3,113,219)	$	240,618,760


Dividends from affiliated money market funds (includes net securities lending income of $210,724)		13,038,382


Total investment income		253,657,142



Expenses:
Advisory fees		37,209,247


Administrative services fees		1,411,164


Custodian fees		321,536


Distribution fees:
Class A		14,983,816


Class C		983,215


Class R		657,749


Transfer agent fees – A, C, R and Y		11,928,225


Transfer agent fees – R5		391,847


Transfer agent fees – R6		445,341


Trustees’ and officers’ fees and benefits		80,800


Registration and filing fees		330,123


Reports to shareholders		395,545


Professional services fees		158,829


Other		77,909


Total expenses		69,375,346


Less: Fees waived and/or expense offset arrangement(s)		(496,281	)


Net expenses		68,879,065


Net investment income		184,778,077



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		712,714,148


Affiliated investment securities		(15,139	)


Foreign currencies		(279,242	)


Forward foreign currency contracts		2,560,208


		714,979,975


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(545,724,087	)


Affiliated investment securities		43,347


Foreign currencies		23,569


Forward foreign currency contracts		(3,096,164	)


		(548,753,335	)


Net realized and unrealized gain		166,226,640


Net increase in net assets resulting from operations	$	351,004,717

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


12		Invesco Comstock Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	184,778,077		$	162,200,853


Net realized gain		714,979,975			1,295,596,714


Change in net unrealized appreciation (depreciation)		(548,753,335	)		(562,099,796	)


Net increase in net assets resulting from operations		351,004,717			895,697,771



Distributions to shareholders from distributable earnings:
Class A		(717,802,335	)		(503,622,835	)


Class C		(11,193,908	)		(6,744,320	)


Class R		(15,359,958	)		(10,723,125	)


Class Y		(203,571,979	)		(125,976,912	)


Class R5		(47,541,834	)		(36,975,919	)


Class R6		(180,493,564	)		(143,157,969	)


Total distributions from distributable earnings		(1,175,963,578	)		(827,201,080	)



Share transactions–net:
Class A		453,340,136			144,326,364


Class C		13,456,075			1,972,852


Class R		11,182,732			(6,912,302	)


Class Y		297,608,254			72,326,174


Class R5		15,548,187			(130,036,799	)


Class R6		247,465,077			(119,889,944	)


Net increase (decrease) in net assets resulting from share transactions		1,038,600,461			(38,213,655	)


Net increase in net assets		213,641,600			30,283,036



Net assets:
Beginning of year		9,741,373,624			9,711,090,588


End of year	$	9,955,015,224		$	9,741,373,624

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


13		Invesco Comstock Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$29.17		$0.50		$ 0.50			$ 1.00			$(0.52	)		$(2.94	)		$(3.46	)		$26.71		3.54	%		$6,023,409		0.81	%		0.81	%		1.79	%		21	%
Year ended 04/30/22		29.09		0.46		2.19			2.65			(0.42	)		(2.15	)		(2.57	)		29.17		9.29			6,077,682		0.80			0.80			1.52			20
Year ended 04/30/21		18.95		0.40		10.24			10.64			(0.50	)		–			(0.50	)		29.09		56.89			5,900,704		0.82			0.82			1.74			19
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
Class C
Year ended 04/30/23		29.18		0.29		0.51			0.80			(0.30	)		(2.94	)		(3.24	)		26.74		2.78			98,735		1.56			1.56			1.04			21
Year ended 04/30/22		29.10		0.23		2.19			2.42			(0.19	)		(2.15	)		(2.34	)		29.18		8.46			93,877		1.55			1.55			0.77			20
Year ended 04/30/21		18.95		0.23		10.25			10.48			(0.33	)		–			(0.33	)		29.10		55.82	^(d)		91,597		1.56	^(d)		1.56	^(d)		1.00	^(d)		19
Year ended 04/30/20		25.16		0.35		(4.87	)		(4.52	)		(0.35	)		(1.34	)		(1.69	)		18.95		(19.32	)^(d)		96,492		1.49	^(d)		1.50	^(d)		1.49	^(d)		30
Year ended 04/30/19		26.66		0.27		0.21			0.48			(0.21	)		(1.77	)		(1.98	)		25.16		2.68	^(d)		158,707		1.54	^(d)		1.55	^(d)		1.05	^(d)		23
Class R
Year ended 04/30/23		29.17		0.43		0.51			0.94			(0.45	)		(2.94	)		(3.39	)		26.72		3.30			133,624		1.06			1.06			1.54			21
Year ended 04/30/22		29.09		0.39		2.18			2.57			(0.34	)		(2.15	)		(2.49	)		29.17		9.01			133,669		1.05			1.05			1.27			20
Year ended 04/30/21		18.95		0.34		10.24			10.58			(0.44	)		–			(0.44	)		29.09		56.50			139,451		1.07			1.07			1.49			19
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
Class Y
Year ended 04/30/23		29.17		0.57		0.50			1.07			(0.59	)		(2.94	)		(3.53	)		26.71		3.81			1,744,439		0.56			0.56			2.04			21
Year ended 04/30/22		29.09		0.54		2.19			2.73			(0.50	)		(2.15	)		(2.65	)		29.17		9.57			1,589,325		0.55			0.55			1.77			20
Year ended 04/30/21		18.95		0.45		10.25			10.70			(0.56	)		–			(0.56	)		29.09		57.28			1,511,312		0.57			0.57			1.99			19
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
Class R5
Year ended 04/30/23		29.14		0.58		0.50			1.08			(0.60	)		(2.94	)		(3.54	)		26.68		3.88			390,922		0.51			0.51			2.09			21
Year ended 04/30/22		29.06		0.55		2.19			2.74			(0.51	)		(2.15	)		(2.66	)		29.14		9.63			408,406		0.50			0.50			1.82			20
Year ended 04/30/21		18.93		0.47		10.23			10.70			(0.57	)		–			(0.57	)		29.06		57.39			529,916		0.50			0.50			2.06			19
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
Class R6
Year ended 04/30/23		29.13		0.60		0.49			1.09			(0.62	)		(2.94	)		(3.56	)		26.66		3.91			1,563,887		0.44			0.44			2.16			21
Year ended 04/30/22		29.05		0.57		2.19			2.76			(0.53	)		(2.15	)		(2.68	)		29.13		9.72			1,438,415		0.43			0.43			1.89			20
Year ended 04/30/21		18.92		0.48		10.24			10.72			(0.59	)		–			(0.59	)		29.05		57.56			1,538,111		0.42			0.42			2.14			19
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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99%, 0.92% and 0.99% for the years ended April 30, 2021, 2020 and 2019, respectively.

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


14		Invesco Comstock Fund

Notes to Financial Statements

April 30, 2023

NOTE 1– Significant Accounting Policies

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

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

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

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


15		Invesco Comstock Fund

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

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.

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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $8,381 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


16		Invesco Comstock Fund

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “"lock in"” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, 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).

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2– Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets		Rate

First $1 billion		0.500%

Next $ 1 billion		0.450%

Next $ 1 billion		0.400%

Over $3 billion		0.350%

For the year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.38%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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 year ended April 30, 2023, the Adviser waived advisory fees of $459,323.

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 year ended April 30, 2023, 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 year ended April 30, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.


17		Invesco Comstock Fund

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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $632,213 in front-end sales commissions from the sale of Class A shares and $23,045 and $21,738 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $88,213 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. 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 Adviser’s 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 April 30, 2023. 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	$	9,415,683,377	$	160,772,710		$–	$	9,576,456,087


Money Market Funds		401,276,010		97,952,054		–		499,228,064


Total Investments in Securities		9,816,959,387		258,724,764		–		10,075,684,151



Other Investments - Assets*


Forward Foreign Currency Contracts		–		638,824		–		638,824



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(543,457	)	–		(543,457	)


Total Other Investments		–		95,367		–		95,367


Total Investments	$	9,816,959,387	$	258,820,131		$–	$	10,075,779,518

*	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 April 30, 2023:


	Value
Derivative Assets	Currency Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	638,824


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	638,824


18		Invesco Comstock Fund


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(543,457	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(543,457	)

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 April 30, 2023.

Financial

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Forward Foreign

Net Value of

Net

Counterparty

Currency Contracts

Derivatives

Non-Cash

Cash

Amount

Deutsche Bank AG

$638,824

$(509,990)

$128,834

$–

$128,834

J.P. Morgan Chase Bank, N.A.

–

(9,541)

–

(9,541

)

Royal Bank of Canada

–

(23,926)

–

(23,926

)

Total

$638,824

$(543,457)

$ 95,367

$–

$95,367

Effect of Derivative Investments for the year ended April 30, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk


Realized Gain:
Forward foreign currency contracts		$ 2,560,208


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(3,096,164)


Total		$ (535,956)

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


	Forward Foreign Currency Contracts


Average notional value		$236,184,763

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended April 30, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $36,958.

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 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.


19		Invesco Comstock Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	241,654,450	$	240,354,257


Long-term capital gain		934,309,128		586,846,823


Total distributions	$	1,175,963,578	$	827,201,080

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	40,142,829


Undistributed long-term capital gain		288,918,636


Net unrealized appreciation – investments		2,893,165,317


Net unrealized appreciation – foreign currencies		23,541


Temporary book/tax differences		(474,947	)


Shares of beneficial interest		6,733,239,848


Total net assets	$	9,955,015,224

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of April 30, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $2,133,586,425 and $1,926,867,603, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$3,090,364,582


Aggregate unrealized (depreciation) of investments	(197,199,265	)


Net unrealized appreciation of investments	$2,893,165,317

Cost of investments for tax purposes is $7,182,614,201.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2023, undistributed net investment income was decreased by $263,254, undistributed net realized gain was decreased by $37,763,746 and shares of beneficial interest was increased by $38,027,000. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended April 30, 2023^(a)				Year ended April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		17,238,616	$	481,081,312		14,724,385	$	445,624,445


Class C		1,196,491		33,599,312		980,910		29,760,075


Class R		1,189,118		33,169,894		1,072,501		32,527,460


Class Y		21,825,600		609,727,823		14,511,877		439,572,560


Class R5		1,906,241		53,163,516		2,060,677		62,436,337


Class R6		19,207,625		534,469,338		14,507,758		438,193,074


20		Invesco Comstock Fund


	Summary of Share Activity


	Year ended April 30, 2023^(a)						Year ended April 30, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		24,529,238		$	657,005,818			16,009,887		$	461,451,798


Class C		390,349			10,482,679			218,242			6,278,592


Class R		572,851			15,357,697			372,270			10,727,536


Class Y		6,215,736			166,364,562			3,673,337			105,950,211


Class R5		1,775,373			47,451,853			1,282,190			36,965,100


Class R6		6,495,386			173,505,725			4,869,786			140,308,053



Automatic conversion of Class C shares to Class A shares:
Class A		418,692			11,548,349			487,373			14,667,550


Class C		(418,383	)		(11,548,349	)		(487,190	)		(14,667,550	)



Reacquired:
Class A		(25,071,795	)		(696,295,343	)		(25,722,064	)		(777,417,429	)


Class C		(693,550	)		(19,077,567	)		(643,006	)		(19,398,265	)


Class R		(1,343,816	)		(37,344,859	)		(1,656,582	)		(50,167,298	)


Class Y		(17,214,667	)		(478,484,131	)		(15,654,017	)		(473,196,597	)


Class R5		(3,043,428	)		(85,067,182	)		(7,562,051	)		(229,438,236	)


Class R6		(16,435,127	)		(460,509,986	)		(22,941,161	)		(698,391,071	)


Net increase (decrease) in share activity		38,740,550		$	1,038,600,461			105,122		$	(38,213,655	)

^(a)

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


21		Invesco Comstock Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Comstock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Comstock Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


22		Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,031.60	$4.03	$1,020.83	$4.01	0.80%
Class C	1,000.00	1,027.90	7.79	1,017.11	7.75	1.55
Class R	1,000.00	1,030.30	5.29	1,019.59	5.26	1.05
Class Y	1,000.00	1,033.00	2.77	1,022.07	2.76	0.55
Class R5	1,000.00	1,033.30	2.57	1,022.27	2.56	0.51
Class R6	1,000.00	1,033.30	2.22	1,022.61	2.21	0.44

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2022 through April 30, 2023, 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 181/365 to reflect the most recent fiscal half year.


23		Invesco Comstock Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions			$972,336,128
Qualified Dividend Income*			96.53%
Corporate Dividends Received Deduction*			89.03%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			0.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$53,245,316


24		Invesco Comstock Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Comstock Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Comstock Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Comstock Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Comstock Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Comstock Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Comstock 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

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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		VK-COM-AR-1

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Comstock Select Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

T-7		Proxy Results

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Comstock Select Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Value Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, 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	8.36	%
Class C Shares	7.51
Class R Shares	8.05
Class Y Shares	8.58
Class R5 Shares	8.71
Class R6 Shares	8.70
Russell 1000 Value Index^▼	1.21

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

federal funds rate by 0.75% in November and by 0.50% in December.³

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

On the positive side, stock selection in consumer discretionary was a large contributor to the Fund’s relative performance. Booking Holdings and Las Vegas Sands were top

performers within the sector in part due to the continued rise in travel demand. Booking Holdings’ stock benefited as reservations materially increased versus pre-pandemic levels. Due to the strong performance and elevated valuations, we sold Booking Holdings stock during the fiscal year. Las Vegas Sands benefited from the announcement that the Macau government opened visitation access from inland China. Stock selection in the communications services and health care sectors also helped the Fund’s relative performance. Meta Platforms (formerly Facebook) outperformed during the first quarter of 2023 as investors celebrated a pivot to focus on efficiency and returns, while revenue and engagement trends are improving via cost reductions. Within health care, pharmaceutical giants Merck and Sanofi were top performers within the sector after posting healthy profits throughout the fiscal year. Stock selection in the energy sector boosted relative returns with all holdings adding to relative returns for the fiscal year. Holdings, ExxonMobil and ConocoPhillips were the best performers. Energy stocks were buoyed by rising oil prices driven by Russia’s invasion of Ukraine and continued supply shortages. We believe tailwinds for energy companies remain favorable due to limited supply, with no short-term solution. We sold ConocoPhillips stock during the fiscal year. A material underweight in the real estate sector also enhanced relative return, as the sector was one of the worst returning sectors for the fiscal year. Stock selection within the industrials sector boosted relative returns. FedEx was a top performer in the sector.

On the negative side, weak stock selection within the financials sectors was a large detractor to the Fund’s relative performance. During the first quarter of 2023, bank failures raised concerns about contagion within regional banks. The Fund’s regional banks’ holdings generally suffered, as the outlook for regional banks’ return drivers (cost of funds, loan growth and fees/expenses) was negative. Citizens Financial stock fell as the firm will likely face higher funding costs and possibly new regulations, in our opinion. We exited our position in the holding during the fiscal year. Consumer banks, Bank of America and Wells Fargo, also detracted from the Fund’s relative performance. Weak stock selection within the information technology sector also detracted from the Fund’s relative performance. Semiconductor firms Cognizant Technology Solutions and DXC Technology underperformed for the fiscal year. Cognizant Technology Solutions underperformed after reporting third quarter 2022 revenue and bookings below expectations as company specific fulfillment challenges were compounded by the impact of an uncertain macroeconomic backdrop. The CEO also provided weak guidance for 2023 in our view. We exited our position in the Cognizant Technology Solutions during the fiscal year.


2		Invesco Comstock Select Fund

As of the end of the fiscal year, the Fund’s overweight exposures were in the consumer staples, information technology, health care, industrials and energy sectors. The Fund’s underweight exposures were in utilities, real estate, financials, materials, consumer discretionary and communication services sectors.

Thank you for your investment in the Invesco Comstock Select Fund and for sharing our long-term investment horizon.

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Devin Armstrong - Lead

Kevin Holt - Lead

James Warwick

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Comstock Select Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Comstock Select Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (9/16/85)	9.53	%
10 Years	9.17
5 Years	8.52
1 Year	2.39

Class C Shares
Inception (5/1/96)	7.22	%
10 Years	9.13
5 Years	8.93
1 Year	6.60

Class R Shares
Inception (3/1/01)	6.92	%
10 Years	9.51
5 Years	9.47
1 Year	8.05

Class Y Shares
Inception (12/16/96)	7.62	%
10 Years	10.05
5 Years	10.01
1 Year	8.58

Class R5 Shares
10 Years	9.93	%
5 Years	10.06
1 Year	8.71

Class R6 Shares
Inception (2/28/12)	10.77	%
10 Years	10.23
5 Years	10.16
1 Year	8.70

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.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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


5		Invesco Comstock Select Fund

Supplemental Information

Invesco Comstock Select Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	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 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.

Liquidity Risk Management Program

flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and

resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Comstock Select Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Health Care		19.83	%

Financials		17.38

Consumer Staples		14.61

Industrials		12.78

Information Technology		11.28

Energy		9.40

Communication Services		6.92

Consumer Discretionary		4.04

Money Market Funds Plus Other Assets Less Liabilities		3.76

Top 10 Equity Holdings*


		% of total net assets

1.	Merck & Co., Inc.		5.22	%

2.	Kraft Heinz Co. (The)		4.94

3.	Meta Platforms, Inc., Class A		4.78

4.	Kimberly-Clark Corp.		4.42

5.	Wells Fargo & Co.		4.38

6.	Las Vegas Sands Corp.		4.04

7.	FedEx Corp.		3.92

8.	Exxon Mobil Corp.		3.80

9.	Sanofi, ADR		3.63

10.	Universal Health Services, Inc., Class B		3.31

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Comstock Select Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value


Common Stocks & Other Equity Interests–96.24%
Air Freight & Logistics–3.91%
FedEx Corp.		121,939	$	27,775,265



Asset Management & Custody Banks–2.99%
State Street Corp.		293,095		21,179,045



Building Products–2.24%
Johnson Controls International PLC		265,771		15,903,737



Casinos & Gaming–4.04%
Las Vegas Sands Corp.^(b)		448,404		28,630,595



Communications Equipment–3.11%
F5, Inc.^(b)		164,080		22,045,789



Construction Machinery & Heavy Transportation Equipment–4.54%
Caterpillar, Inc.		68,900		15,075,320


Wabtec Corp.		175,726		17,163,158


				32,238,478



Diversified Banks–9.45%
Bank of America Corp.		750,242		21,967,086


Fifth Third Bancorp		535,553		14,031,488


Wells Fargo & Co.		781,884		31,079,889


				67,078,463



Electrical Components & Equipment–2.09%
Emerson Electric Co.		178,480		14,860,245



Health Care Facilities–3.31%
Universal Health Services, Inc., Class B		156,262		23,493,992



Health Care Services–1.80%
CVS Health Corp.		174,244		12,773,828



Health Care Supplies–3.07%
DENTSPLY SIRONA, Inc.		519,105		21,766,073



Household Products–4.42%
Kimberly–Clark Corp.		216,316		31,342,025



Integrated Oil & Gas–3.80%
Exxon Mobil Corp.		227,655		26,940,693



Interactive Media & Services–6.92%
Alphabet, Inc., Class A^(b)		141,591		15,198,378


Meta Platforms, Inc., Class A^(b)		141,072		33,902,423


				49,100,801


	Shares		Value


IT Consulting & Other Services–2.79%
DXC Technology Co.^(b)		829,191	$	19,776,205



Multi–line Insurance–2.76%
American International Group, Inc.		369,211		19,582,951



Oil & Gas Exploration & Production–5.60%
Marathon Oil Corp.		937,224		22,643,332


Pioneer Natural Resources Co.		78,674		17,115,529


				39,758,861



Packaged Foods & Meats–4.94%
Kraft Heinz Co. (The)		892,705		35,056,525



Personal Care Products–2.20%
Haleon PLC		3,538,139		15,621,570



Pharmaceuticals–11.65%
Johnson & Johnson		121,227		19,844,860


Merck & Co., Inc.		320,842		37,047,626


Sanofi, ADR		480,322		25,769,275


				82,661,761



Regional Banks–2.18%
Huntington Bancshares, Inc.		1,382,983		15,489,410



Semiconductors–2.23%
NXP Semiconductors N.V. (China)		96,615		15,819,740



Systems Software–3.15%
Microsoft Corp.		72,690		22,334,729



Tobacco–3.05%
Philip Morris International, Inc.		216,368		21,630,309


Total Common Stocks & Other Equity Interests (Cost $593,497,630)				682,861,090



Money Market Funds–3.69%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d)		9,164,368		9,164,368


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(c)(d)		6,558,721		6,560,689


Invesco Treasury Portfolio, Institutional Class, 4.77%^(c)(d)		10,473,564		10,473,564


Total Money Market Funds (Cost $26,196,083)				26,198,621


TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $619,693,713)				709,059,711


OTHER ASSETS LESS LIABILITIES–0.07%				483,874


NET ASSETS–100.00%			$	709,543,585

Investment Abbreviations:

ADR – American Depositary Receipt

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


8		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, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	9,241,192	$	37,464,950	$	(37,541,774	)	$	-	$	-	$	9,164,368	$	340,516
Invesco Liquid Assets Portfolio, Institutional Class		6,612,347		26,760,680		(26,815,553	)		2,489		726		6,560,689		252,956
Invesco Treasury Portfolio, Institutional Class		10,561,363		42,817,086		(42,904,885	)		-		-		10,473,564		391,646
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		63,845,852		(63,845,852	)		-		-		-		103,392*
Invesco Private Prime Fund		-		98,861,918		(98,864,789	)		-		2,871		-		264,819*
Total	$	26,414,902	$	269,750,486	$	(269,972,853	)	$	2,489	$	3,597	$	26,198,621	$	1,353,329

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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


9		Invesco Comstock Select Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $593,497,630)	$	682,861,090


Investments in affiliated money market funds, at value (Cost $26,196,083)		26,198,621


Cash		1,001,947


Foreign currencies, at value (Cost $97)		99


Receivable for:
Fund shares sold		467,417


Dividends		292,928


Investment for trustee deferred compensation and retirement plans		121,262


Other assets		43,234


Total assets		710,986,598



Liabilities:

Payable for:
Fund shares reacquired		502,260


Accrued fees to affiliates		349,780


Accrued trustees’ and officers’ fees and benefits		63,507


Accrued other operating expenses		406,204


Trustee deferred compensation and retirement plans		121,262


Total liabilities		1,443,013


Net assets applicable to shares outstanding	$	709,543,585



Net assets consist of:

Shares of beneficial interest	$	598,046,443


Distributable earnings		111,497,142


	$	709,543,585


Net Assets:

Class A	$	548,500,443


Class C	$	30,600,500


Class R	$	42,401,518


Class Y	$	67,601,099


Class R5	$	9,879


Class R6	$	20,430,146



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		17,348,893


Class C		1,050,718


Class R		1,388,364


Class Y		2,059,012


Class R5		313


Class R6		624,391


Class A:
Net asset value per share	$	31.62


Maximum offering price per share (Net asset value of $31.62 ÷ 94.50%)	$	33.46


Class C:
Net asset value and offering price per share	$	29.12


Class R:
Net asset value and offering price per share	$	30.54


Class Y:
Net asset value and offering price per share	$	32.83


Class R5:
Net asset value and offering price per share	$	31.56


Class R6:
Net asset value and offering price per share	$	32.72

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


10		Invesco Comstock Select Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:

Dividends (net of foreign withholding taxes of $181,236)	$	14,861,987


Dividends from affiliated money market funds (includes net securities lending income of $13,653)		998,771


Total investment income		15,860,758



Expenses:

Advisory fees		3,474,483


Administrative services fees		96,356


Custodian fees		5,730


Distribution fees:
Class A		1,264,720


Class C		303,177


Class R		200,327


Transfer agent fees – A, C, R and Y		907,872


Transfer agent fees – R5		4


Transfer agent fees – R6		3,889


Trustees’ and officers’ fees and benefits		29,228


Registration and filing fees		94,848


Reports to shareholders		456,726


Professional services fees		91,254


Other		22,339


Total expenses		6,950,953


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(56,094	)


Net expenses		6,894,859


Net investment income		8,965,899



Realized and unrealized gain (loss) from:

Net realized gain from:
Unaffiliated investment securities		70,897,562


Affiliated investment securities		3,597


Foreign currencies		7,004


		70,908,163


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(25,262,841	)


Affiliated investment securities		2,489


Foreign currencies		9


		(25,260,343	)


Net realized and unrealized gain		45,647,820


Net increase in net assets resulting from operations	$	54,613,719

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


11		Invesco Comstock Select Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	8,965,899		$	7,633,004


Net realized gain		70,908,163			96,393,239


Change in net unrealized appreciation (depreciation)		(25,260,343	)		(59,032,747	)


Net increase in net assets resulting from operations		54,613,719			44,993,496



Distributions to shareholders from distributable earnings:

Class A		(78,352,475	)		(27,906,326	)
Class C		(4,667,309	)		(1,444,535	)
Class R		(6,002,660	)		(2,003,955	)
Class Y		(8,560,097	)		(2,915,550	)
Class R5		(1,643	)		(607	)
Class R6		(2,122,214	)		(460,670	)


Total distributions from distributable earnings		(99,706,398	)		(34,731,643	)



Share transactions-net:

Class A		54,311,924			(24,896,217	)
Class C		2,016,797			320,455
Class R		5,796,323			(637,629	)
Class Y		19,704,735			4,150,254
Class R6		11,427,606			3,136,968


Net increase (decrease) in net assets resulting from share transactions		93,257,385			(17,926,169	)


Net increase (decrease) in net assets		48,164,706			(7,664,316	)



Net assets:

Beginning of year		661,378,879			669,043,195



End of year	$	709,543,585		$	661,378,879

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


12		Invesco Comstock Select Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 04/30/23		$34.11		$0.45		$ 2.19			$ 2.64			$(0.45	)		$(4.68	)		$(5.13	)		$31.62		8.36	%^(e)		$ 548,500		1.01	%^(e)		1.02	%^(e)		1.37	%^(e)		57	%
Year ended 04/30/22		33.66		0.40		1.87			2.27			(0.38	)		(1.44	)		(1.82	)		34.11		6.88	^(e)		530,151		0.91	^(e)		0.92	^(e)		1.15	^(e)		54
Year ended 04/30/21		21.50		0.46		12.39			12.85			(0.69	)		–			(0.69	)		33.66		60.66	^(e)		546,503		0.93	^(e)		1.04	^(e)		1.75	^(e)		46
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	^(f)		0.97	^(f)		2.17	^(f)		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
Class C
Year ended 04/30/23		31.76		0.18		2.04			2.22			(0.18	)		(4.68	)		(4.86	)		29.12		7.51			30,601		1.77			1.78			0.61			57
Year ended 04/30/22		31.44		0.13		1.74			1.87			(0.11	)		(1.44	)		(1.55	)		31.76		6.05			31,095		1.67			1.68			0.39			54
Year ended 04/30/21		20.08		0.24		11.58			11.82			(0.46	)		–			(0.46	)		31.44		59.49			30,455		1.68			1.80			1.00			46
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	^(f)		1.73	^(f)		1.41	^(f)		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
Class R
Year ended 04/30/23		33.10		0.35		2.12			2.47			(0.35	)		(4.68	)		(5.03	)		30.54		8.05			42,402		1.27			1.28			1.11			57
Year ended 04/30/22		32.70		0.30		1.82			2.12			(0.28	)		(1.44	)		(1.72	)		33.10		6.62			39,500		1.17			1.18			0.89			54
Year ended 04/30/21		20.89		0.38		12.04			12.42			(0.61	)		–			(0.61	)		32.70		60.24			39,590		1.18			1.30			1.50			46
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	^(f)		1.23	^(f)		1.92	^(f)		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
Class Y
Year ended 04/30/23		35.26		0.54		2.26			2.80			(0.55	)		(4.68	)		(5.23	)		32.83		8.58			67,601		0.77			0.78			1.61			57
Year ended 04/30/22		34.75		0.50		1.93			2.43			(0.48	)		(1.44	)		(1.92	)		35.26		7.13			50,894		0.67			0.68			1.39			54
Year ended 04/30/21		22.19		0.54		12.80			13.34			(0.78	)		–			(0.78	)		34.75		61.10			45,879		0.68			0.80			2.00			46
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	^(f)		0.73	^(f)		2.41	^(f)		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
Class R5
Year ended 04/30/23		34.07		0.56		2.18			2.74			(0.57	)		(4.68	)		(5.25	)		31.56		8.71			10		0.66			0.67			1.72			57
Year ended 04/30/22		33.62		0.52		1.87			2.39			(0.50	)		(1.44	)		(1.94	)		34.07		7.24			11		0.57			0.58			1.49			54
Year ended 04/30/21		21.47		0.55		12.38			12.93			(0.78	)		–			(0.78	)		33.62		61.27			11		0.57			0.60			2.11			46
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	^(f)		0.57	^(f)		2.52	^(f)		11
Period ended 10/31/19^(g)		31.94		0.31		1.93			2.24			(0.38	)		–			(0.38	)		33.80		7.03			11		0.57	^(f)		0.57	^(f)		2.15	^(f)		129
Class R6
Year ended 04/30/23		35.16		0.57		2.25			2.82			(0.58	)		(4.68	)		(5.26	)		32.72		8.70			20,430		0.66			0.67			1.72			57
Year ended 04/30/22		34.65		0.54		1.93			2.47			(0.52	)		(1.44	)		(1.96	)		35.16		7.26			9,729		0.55			0.58			1.51			54
Year ended 04/30/21		22.13		0.51		12.83			13.34			(0.82	)		–			(0.82	)		34.65		61.33			6,606		0.52			0.58			2.16			46
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	^(f)		0.54	^(f)		2.58	^(f)		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

^(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 and 2018, 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 years ended April 30, 2023, 2022 and 2021.

^(f)	Annualized.

^(g)	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.


13		Invesco Comstock Select Fund

Notes to Financial Statements

April 30, 2023

NOTE 1–Significant Accounting Policies

Invesco Comstock Select 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. The Fund is classified as non-diversified. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


14		Invesco Comstock Select Fund

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

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.

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.

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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $1,218 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


15		Invesco Comstock Select 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 exchange of the two currencies on the settlement date, 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).

L.	Other Risks - The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate*


First $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 year ended April 30, 2023, 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.

Effective September 1, 2022, the Adviser has contractually agreed, through June 30, 2023, 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 the Fund’s average daily net assets (the “expense limits”). Prior to September 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.96%, 1.71%, 1.21%, 0.71%, 0.71% and 0.71%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $34,755 and reimbursed class level expenses of $0, $91, $169, $258, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


16		Invesco Comstock Select Fund

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 year ended April 30, 2023, 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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $52,995 in front-end sales commissions from the sale of Class A shares and $713 and $2,527 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $27,796 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 Adviser’s 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	$	667,239,520	$	15,621,570		$–	$	682,861,090


Money Market Funds		26,198,621		–		–		26,198,621


Total Investments	$	693,438,141	$	15,621,570		$–	$	709,059,711

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


17		Invesco Comstock Select Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	24,229,493	$	7,243,233


Long-term capital gain		75,476,905		27,488,410


Total distributions	$	99,706,398	$	34,731,643

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	11,173,402


Undistributed long-term capital gain		11,659,728


Net unrealized appreciation – investments		88,840,425


Net unrealized appreciation – foreign currencies		2


Temporary book/tax differences		(176,415	)


Shares of beneficial interest		598,046,443


Total net assets	$	709,543,585

The Fund does not have a capital loss carryforward as of April 30, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $365,814,963 and $362,592,899, 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	$112,569,317


Aggregate unrealized (depreciation) of investments	(23,728,892	)


Net unrealized appreciation of investments	$88,840,425

Cost of investments for tax purposes is $620,219,286.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2023, undistributed net investment income was increased by $7,005, undistributed net realized gain was decreased by $2,875,005 and shares of beneficial interest was increased by $2,868,000. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended				Year ended
	April 30, 2023^(a)				April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,586,678	$	51,386,921		1,082,331	$	37,753,214


Class C		219,346		6,676,668		214,561		6,998,728


Class R		229,855		7,224,026		161,090		5,460,264


Class Y		1,159,693		38,046,106		608,577		21,838,340


Class R6		469,934		15,551,913		170,135		6,133,170



Issued as reinvestment of dividends:
Class A		2,444,925		75,045,448		795,324		26,728,393


Class C		163,203		4,617,392		45,652		1,424,506


Class R		201,700		5,981,536		61,355		1,999,184


Class Y		169,752		5,405,107		53,894		1,871,371


Class R6		63,109		2,002,369		12,937		448,672


18		Invesco Comstock Select Fund


	Summary of Share Activity



	Year ended						Year ended
	April 30, 2023^(a)						April 30, 2022
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		89,090		$	2,866,421			82,312		$	2,863,917


Class C		(96,230	)		(2,866,421	)		(88,252	)		(2,863,917	)



Reacquired:
Class A		(2,312,576	)		(74,986,866	)		(2,653,825	)		(92,241,741	)


Class C		(214,580	)		(6,410,842	)		(161,562	)		(5,238,862	)


Class R		(236,518	)		(7,409,239	)		(239,675	)		(8,097,077	)


Class Y		(713,888	)		(23,746,478	)		(539,340	)		(19,559,457	)


Class R6		(185,393	)		(6,126,676	)		(96,995	)		(3,444,874	)


Net increase (decrease) in share activity		3,038,100		$	93,257,385			(491,481	)	$	(17,926,169	)

^(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.


19		Invesco Comstock Select Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Comstock Select Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Comstock Select Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended April 30, 2023, the six months ended April 30, 2020 and the year ended October 31, 2019 for Class A, Class C, Class R, Class Y, and Class R6.

For each of the three years in the period ended April 30, 2023, the six months ended April 30, 2020 and the period May 24, 2019 (commencement date) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Value Fund (subsequently renamed Invesco Comstock Select Fund) as of and for the year ended October 31, 2018 and the financial highlights for the year ended October 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


20		Invesco Comstock Select Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period^2,3	Ending Account Value (04/30/23)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,075.20	$5.25	$1,019.74	$5.11	1.02%
Class C	1,000.00	1,070.90	9.14	1,015.97	8.90	1.78
Class R	1,000.00	1,073.70	6.58	1,018.45	6.41	1.28
Class Y	1,000.00	1,076.00	4.01	1,020.93	3.91	0.78
Class R5	1,000.00	1,076.70	3.45	1,021.47	3.36	0.67
Class R6	1,000.00	1,076.80	3.45	1,021.47	3.36	0.67

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. The annualized expense ratios have been restated due to non-routine expenses pertaining to converting the Fund from diversified to non-diversified. Had these expenses not occurred the annualized expense ratios for the most recent fiscal half year would have been 0.94%, 1.70%, 1.20%, 0.70%, 0.59% and 0.59% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.84, $8.73, $6.17, $3.60, $3.04 and $3.04 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.71, $8.50, $6.01, $3.51, $2.96 and $2.96 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


21		Invesco Comstock Select Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$78,344,905
Qualified Dividend Income*	65.56	%
Corporate Dividends Received Deduction*	59.71	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$15,446,668


22		Invesco Comstock Select Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Comstock Select Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Comstock Select Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Comstock Select Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Comstock Select Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Comstock Select Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Comstock Select Fund

Proxy Results

A Joint Special Meeting (“Meeting”) of Shareholders of Invesco Comstock Select Fund was held on November 10, 2022. The Meeting on November 10, 2022 was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The November 10, 2022 results of the voting on the above matter were as follows:


			Votes	Votes
	Matter	Votes For	Against	Abstain
(1)	Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction	6,852,960.56	745,584.71	610,361.67


T-7		Invesco Comstock Select Fund

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Fund holdings and proxy voting information

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		O-VAL-AR-1

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Dividend Income Fund

Nasdaq:

A: IAUTX ∎ C: IUTCX ∎ R: IRTCX ∎ Y: IAUYX ∎ Investor: FSTUX ∎ R5: FSIUX ∎ R6: IFUTX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Dividend Income Fund (the Fund), at net asset value (NAV), outperformed the Dow Jones U.S. Select Dividend Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	2.01	%
Class C Shares	1.23
Class R Shares	1.74
Class Y Shares	2.22
Investor Class Shares	1.99
Class R5 Shares	2.30
Class R6 Shares	2.36
S&P 500 Index^▼(Broad Market Index)	2.66
Dow Jones U.S. Select Dividend Index^▼(Style-Specific Index)	-0.84
Russell 1000 Value Index^▼(Style-Specific Index)	1.21
Lipper Equity Income Funds Index^∎(Peer Group Index)	2.17

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

During the fiscal year, our management discipline remained unchanged. The Fund continued to prioritize current income and long-term growth of capital by investing in above-market-yielding stocks that may help investors earn income, preserve assets and build capital. We believe that dividend-paying stocks may provide a conservative foundation for investors’ portfolios and we seek to enhance the value of dividend investing by identifying above-market-yielding stocks with consistent and defensible dividends. Through fundamental research, we measure the strength and sustainability of a company’s dividend by analyzing its free cash flow potential over the next two to three years. We construct a portfolio that we believe provides above-average dividend income and the potential to build capital over the long-term. We seek to manage portfolio risk utilizing careful stock selection, maintaining exposure to multiple sectors and employing a rigorous buy-and-sell discipline.

Holdings in the energy and health care sectors made the largest positive contributions to overall Fund performance during the fiscal year. Shares of integrated oil and gas company ExxonMobil rose along with the energy sector in general due to the rise in oil prices during much of the fiscal year. The company reported strong financial results and remained committed to maintaining cautious capital spending policies. Pharmaceutical company Merck was also a large contributor to overall Fund performance for the fiscal year. Merck’s sales were driven by higher than forecasted oncology and vaccine revenues for much of the fiscal year. Underlying strength across its core franchises led to an increase in sales and earnings guidance going forward as well.

The largest detractors from Fund performance were mainly stock specific during the fiscal year. Information Technology (IT) services provider Cognizant Technology Solutions was the largest detractor from overall Fund performance. Shares of the company fell as management reported disappointing financial results for much of the fiscal year due mainly to a challenging macroeconomic backdrop. We sold our position in Cognizant Technology Solutions in late 2022 due to a lack of progress on the company’s turnaround plan. We also believe that solving the company’s labor challenges would be more difficult and would take longer to solve than previously anticipated. Health care services company CVS Health was also a large detractor from overall Fund performance for the fiscal year. Shares of CVS Health were hurt by a rotation away from more defensive sectors like health care toward the end of the fiscal year. Concerns about deceleration in


2		Invesco Dividend Income Fund

medicare advantage growth rates and potential regulation of pharmacy benefits managers also weighed on the stock.

Within the Dow Jones U.S. Select Dividend Index, the energy and health care sectors were the best-performing sectors during the fiscal year, while materials and IT were the worst. The Fund outperformed the Dow Jones U.S. Select Dividend Index during the fiscal year, driven primarily by good stock selection in the IT and financials sectors. The Fund’s underweight position in materials also made a significant contribution to relative performance. The Fund’s overweight position in real estate detracted from relative performance during the fiscal year. Stock selection in consumer staples and utilities also detracted from the Fund’s performance versus the Dow Jones U.S. Select Dividend Index.

Sector exposure within the Fund was generally balanced as of fiscal year-end April 2023 with the largest overweights compared to the Dow Jones U.S. Select Dividend Index in health care and industrials, and the largest underweights in utilities and financials. Acknowledging that the market is facing some crossroads in regard to macroeconomic events such as rising interest rates, inflation, added geopolitical risk and potential liquidity issues in the banking industry, the driving principles of our investment process remain rooted in our approach that seeks to identify above-market-yielding stocks with consistent and defensible dividends that can help investors earn income, preserve assets and build capital.

No matter the backdrop, we focus on companies generating attractive free cash flow and analyzing its drivers and its ability to support future dividend growth as well as balance sheet strength and flexibility. We continue to emphasize the growth and sustainability of a company’s dividend, as we believe companies with these characteristics have historically outperformed the market over a cycle.

It has been our privilege to manage Invesco Dividend Income Fund, and we thank you for your investment.

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Caroline Le Feuvre

Craig Leopold

Chris McMeans

Peter Santoro - Lead

considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Dividend Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

*It	is Invesco’s policy to chart the Fund’s oldest share class(es). Because Investor Class shares do not have a sales charge, we also show the oldest share class with a sales charge, Class C shares.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Dividend Income Fund


Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	7.77	%
10 Years	7.38
5 Years	5.96
1 Year	-3.60

Class C Shares
Inception (2/14/00)	4.52	%
10 Years	7.34
5 Years	6.35
1 Year	0.27

Class R Shares
10 Years	7.72	%
5 Years	6.90
1 Year	1.74

Class Y Shares
Inception (10/3/08)	8.70	%
10 Years	8.26
5 Years	7.42
1 Year	2.22

Investor Class Shares
Inception (6/2/86)	8.27	%
10 Years	7.99
5 Years	7.16
1 Year	1.99

Class R5 Shares
Inception (10/25/05)	8.10	%
10 Years	8.30
5 Years	7.47
1 Year	2.30

Class R6 Shares
Inception (9/24/12)	9.01	%
10 Years	8.38
5 Years	7.57
1 Year	2.36

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 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.


5		Invesco Dividend Income Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

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

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments

exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the

Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Dividend Income Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Health Care		18.21	%

Financials		15.26

Industrials		11.55

Consumer Staples		10.48

Energy		10.17

Information Technology		8.94

Consumer Discretionary		5.87

Utilities		5.13

Communication Services		4.94

Materials		2.99

Real Estate		1.95

Money Market Funds Plus Other Assets Less Liabilities		4.51

Top 10 Equity Holdings*


		% of total net assets

1.	Exxon Mobil Corp.		4.66	%

2.	Johnson & Johnson		3.54

3.	Merck & Co., Inc.		3.13

4.	Chevron Corp.		2.64

5.	Walmart, Inc.		2.46

6.	UnitedHealth Group, Inc.		2.34

7.	Raytheon Technologies Corp.		2.34

8.	JPMorgan Chase & Co.		2.32

9.	Bank of America Corp.		2.32

10.	CVS Health Corp.		2.20

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Dividend Income Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value


Common Stocks & Other Equity Interests–95.49%
Aerospace & Defense–3.42%
Lockheed Martin Corp.		86,188	$	40,030,017


Raytheon Technologies Corp.^(b)		869,128		86,825,887


				126,855,904



Air Freight & Logistics–1.34%
United Parcel Service, Inc., Class B^(b)		276,532		49,723,219



Asset Management & Custody Banks–1.38%
State Street Corp.		710,992		51,376,282



Automobile Manufacturers–0.84%
Bayerische Motoren Werke AG (Germany)		278,094		31,083,116



Building Products–1.15%
Trane Technologies PLC		230,697		42,865,810



Cable & Satellite–2.04%
Comcast Corp., Class A		1,827,528		75,604,833



Construction Machinery & Heavy Transportation Equipment– 1.12%
Caterpillar, Inc.		190,831		41,753,823



Consumer Staples Merchandise Retail–4.15%
Target Corp.		396,587		62,561,599


Walmart, Inc.		606,101		91,503,068


				154,064,667



Diversified Banks–5.66%
Bank of America Corp.		2,938,066		86,026,572


Fifth Third Bancorp		1,456,349		38,156,344


JPMorgan Chase & Co.		623,229		86,155,177


				210,338,093



Electric Utilities–0.97%
Entergy Corp.		335,914		36,137,628



Electrical Components & Equipment–1.89%
ABB Ltd. (Switzerland)		989,488		35,714,712


Emerson Electric Co.		413,137		34,397,786


				70,112,498



Electronic Manufacturing Services–0.80%
TE Connectivity Ltd.^(b)		242,367		29,658,450



Financial Exchanges & Data–1.62%
CME Group, Inc., Class A		324,508		60,283,851



Food Distributors–0.52%
Sysco Corp.		253,511		19,454,434



Gas Utilities–0.99%
National Fuel Gas Co.^(b)		656,904		36,720,934



Gold–0.69%
Newmont Corp.^(b)		541,643		25,673,878



Health Care Equipment–3.92%
Becton, Dickinson and Co.^(b)		297,888		78,734,777


	Shares		Value


Health Care Equipment–(continued)
Medtronic PLC		733,238	$	66,687,996


				145,422,773



Health Care Services–2.20%
CVS Health Corp.		1,113,519		81,632,078



Heavy Electrical Equipment–0.00%
Accelleron Industries AG (Switzerland)^(c)		1		25



Home Improvement Retail–1.51%
Lowe’s Cos., Inc.		269,050		55,916,662



Industrial Machinery & Supplies & Components–1.24%
Parker-Hannifin Corp.		141,660		46,022,501



Integrated Oil & Gas–7.30%
Chevron Corp.		582,420		98,184,364


Exxon Mobil Corp.^(b)		1,461,418		172,944,206


				271,128,570



Integrated Telecommunication Services–2.90%
Deutsche Telekom AG (Germany)		2,539,844		61,238,557


Verizon Communications, Inc.		1,194,022		46,363,874


				107,602,431



IT Consulting & Other Services–2.27%
Accenture PLC, Class A		165,907		46,502,073


International Business Machines Corp.		297,984		37,668,157


				84,170,230



Managed Health Care–2.34%
UnitedHealth Group, Inc.		176,773		86,988,226



Multi-line Insurance–1.75%
Hartford Financial Services Group, Inc. (The)		916,372		65,053,248



Multi-Utilities–3.17%
Dominion Energy, Inc.		690,798		39,472,198


Public Service Enterprise Group, Inc.		1,236,724		78,160,957


				117,633,155



Oil & Gas Exploration & Production–1.85%
ConocoPhillips		668,473		68,779,187



Oil & Gas Storage & Transportation–1.02%
Enbridge, Inc. (Canada)		956,022		38,012,256



Packaged Foods & Meats–3.75%
Kraft Heinz Co. (The)^(b)		1,996,504		78,402,712


Nestle S.A.		474,158		60,792,222


				139,194,934



Paper & Plastic Packaging Products & Materials–0.67%
Sonoco Products Co.		410,222		24,867,658



Pharmaceuticals–9.75%
AstraZeneca PLC (United Kingdom)		404,080		59,459,514


Eli Lilly and Co.		138,923		54,994,059


Johnson & Johnson		801,940		131,277,578

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


8		Invesco Dividend Income Fund


	Shares		Value


Pharmaceuticals–(continued)
Merck & Co., Inc.		1,005,718	$	116,130,257


				361,861,408



Property & Casualty Insurance–3.61%
Chubb Ltd.		374,968		75,578,550


Travelers Cos., Inc. (The)		323,060		58,519,088


				134,097,638



Rail Transportation–1.39%
Union Pacific Corp.		263,614		51,589,260



Regional Banks–1.24%
M&T Bank Corp.^(b)		367,308		46,207,346



Restaurants–3.52%
McDonald’s Corp.		274,625		81,220,344


Starbucks Corp.		431,725		49,341,850


				130,562,194



Semiconductor Materials & Equipment–0.78%
Lam Research Corp.		55,356		29,010,972



Semiconductors–3.15%
Analog Devices, Inc.^(b)		297,218		53,463,574


Broadcom, Inc.		40,915		25,633,248


Microchip Technology, Inc.^(b)		518,968		37,879,474


				116,976,296



Soft Drinks & Non-alcoholic Beverages–2.06%
Coca-Cola Co. (The)		1,193,569		76,567,451



Specialty Chemicals–1.63%
DuPont de Nemours, Inc.		498,745		34,772,501


PPG Industries, Inc.		184,608		25,893,118


				60,665,619



Systems Software–1.94%
Microsoft Corp.		234,410		72,024,817


	Shares		Value


Telecom Tower REITs–0.96%
Crown Castle, Inc.		288,889	$	35,559,347



Timber REITs–0.99%
Weyerhaeuser Co.		1,233,317		36,888,511


Total Common Stocks & Other Equity Interests (Cost $2,781,596,098)				3,546,142,213



Money Market Funds–3.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		39,324,600		39,324,600


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		28,077,295		28,085,718


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		44,942,400		44,942,400


Total Money Market Funds (Cost $112,352,357)				112,352,718


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.52% (Cost $2,893,948,455)				3,658,494,931



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.56%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		26,609,123		26,609,123


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		68,423,459		68,423,459


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $95,032,582)				95,032,582


TOTAL INVESTMENTS IN SECURITIES–101.08% (Cost $2,988,981,037)				3,753,527,513


OTHER ASSETS LESS LIABILITIES–(1.08)%				(40,010,729	)


NET ASSETS–100.00%			$	3,713,516,784

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)	All or a portion of this security was out on loan at April 30, 2023.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$31,903,201		$136,595,694		$(129,174,295	)		$ -		$ -		$39,324,600		$1,136,811
Invesco Liquid Assets Portfolio, Institutional Class		45,313,620		97,568,352		(114,816,283	)		3,828		16,201		28,085,718		1,101,166
Invesco Treasury Portfolio, Institutional Class		36,460,801		156,109,364		(147,627,765	)		-		-		44,942,400		1,280,367

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


9		Invesco Dividend Income Fund


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	10,993,699	$	328,364,177	$	(312,748,753	)		$ -	$	-	$	26,609,123		$ 290,307*
Invesco Private Prime Fund		25,651,965		782,123,740		(739,346,346	)		-		(5,500)		68,423,459		825,162*
Total	$	150,323,286	$	1,500,761,327	$	(1,443,713,442	)		$3,828	$	10,701	$	207,385,300		$4,633,813

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

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


10		Invesco Dividend Income Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $2,781,596,098)*	$	3,546,142,213

Investments in affiliated money market funds, at value (Cost $207,384,939)		207,385,300

Foreign currencies, at value (Cost $1,021,277)		1,019,059

Receivable for:
Investments sold		50,457,684

Fund shares sold		813,483

Dividends		6,695,267

Investment for trustee deferred compensation and retirement plans		262,346

Other assets		110,492

Total assets		3,812,885,844


Liabilities:
Payable for:
Fund shares reacquired		2,040,783

Amount due custodian		5,909

Collateral upon return of securities loaned		95,032,582

Accrued fees to affiliates		1,811,617

Accrued trustees’ and officers’ fees and benefits		49,830

Accrued other operating expenses		98,749

Trustee deferred compensation and retirement plans		329,590

Total liabilities		99,369,060

Net assets applicable to shares outstanding	$	3,713,516,784


Net assets consist of:
Shares of beneficial interest	$	2,872,972,643

Distributable earnings		840,544,141

	$	3,713,516,784


Net Assets:

Class A	$	2,806,537,126
Class C	$	184,186,645
Class R	$	108,030,188
Class Y	$	331,823,103
Investor Class	$	68,494,617
Class R5	$	1,709,182
Class R6	$	212,735,923

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		114,555,740
Class C		7,408,223
Class R		4,409,884
Class Y		13,388,062
Investor Class		2,762,797
Class R5		69,734
Class R6		8,671,809
Class A:
Net asset value per share	$	24.50
Maximum offering price per share (Net asset value of $24.50 ÷ 94.50%)	$	25.93
Class C:
Net asset value and offering price per share	$	24.86
Class R:
Net asset value and offering price per share	$	24.50
Class Y:
Net asset value and offering price per share	$	24.78
Investor Class:
Net asset value and offering price per share	$	24.79
Class R5:
Net asset value and offering price per share	$	24.51
Class R6:
Net asset value and offering price per share	$	24.53

*	At April 30, 2023, securities with an aggregate value of $93,853,594 were on loan to brokers.

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


11		Invesco Dividend Income Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:

Dividends (net of foreign withholding taxes of $1,540,847)	$	99,495,382


Dividends from affiliated money market funds (includes net securities lending income of $54,923)		3,573,267


Total investment income		103,068,649



Expenses:

Advisory fees		19,701,097


Administrative services fees		549,677


Custodian fees		17,886


Distribution fees:
Class A		6,676,275


Class C		2,036,087


Class R		537,225


Investor Class		172,521


Transfer agent fees – A, C, R, Y and Investor Class		4,540,276


Transfer agent fees – R5		1,667


Transfer agent fees – R6		65,873


Trustees’ and officers’ fees and benefits		53,614


Registration and filing fees		173,783


Reports to shareholders		233,754


Professional services fees		98,307


Other		(313,314	)


Total expenses		34,544,728


Less: Fees waived and/or expense offset arrangement(s)		(205,064	)


Net expenses		34,339,664


Net investment income		68,728,985



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		120,720,300


Affiliated investment securities		10,701


Foreign currencies		(20,697	)


		120,710,304


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(119,880,542	)


Affiliated investment securities		3,828


Foreign currencies		244,938


		(119,631,776	)


Net realized and unrealized gain		1,078,528


Net increase in net assets resulting from operations	$	69,807,513

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


12		Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	68,728,985		$	71,956,694


Net realized gain		120,710,304			280,920,595


Change in net unrealized appreciation (depreciation)		(119,631,776	)		(127,436,968	)


Net increase in net assets resulting from operations		69,807,513			225,440,321



Distributions to shareholders from distributable earnings:
Class A		(158,822,155	)		(184,985,266	)


Class C		(9,749,575	)		(14,163,762	)


Class R		(5,849,789	)		(6,846,245	)


Class Y		(19,369,867	)		(21,845,924	)


Investor Class		(3,888,879	)		(4,657,827	)


Class R5		(92,826	)		(103,464	)


Class R6		(13,170,241	)		(15,657,644	)


Total distributions from distributable earnings		(210,943,332	)		(248,260,132	)



Share transactions–net:
Class A		23,874,589			(16,481,577	)


Class C		(36,937,633	)		(54,843,590	)


Class R		393,670			1,706,647


Class Y		8,563,525			(6,948,273	)


Investor Class		(1,130,168	)		(995,449	)


Class R5		334,978			(926,423	)


Class R6		(1,503,594	)		(18,109,638	)


Net increase (decrease) in net assets resulting from share transactions		(6,404,633	)		(96,598,303	)


Net increase (decrease) in net assets		(147,540,452	)		(119,418,114	)



Net assets:
Beginning of year		3,861,057,236			3,980,475,350


End of year	$	3,713,516,784		$	3,861,057,236

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


13		Invesco Dividend Income Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$25.42		$0.46		$0.03			$0.49			$(0.44	)		$(0.97	)		$(1.41	)		$24.50		2.01	%^(d)		$2,806,537		0.92	%^(d)		0.92	%^(d)		1.85	%^(d)		17	%
Year ended 04/30/22		25.62		0.48		1.00			1.48			(0.47	)		(1.21	)		(1.68	)		25.42		5.95	^(d)		2,887,737		0.93	^(d)		0.93	^(d)		1.84	^(d)		38
Year ended 04/30/21		20.11		0.47		5.53			6.00			(0.49	)		–			(0.49	)		25.62		30.23	^(d)		2,921,798		0.97	^(d)		0.97	^(d)		2.10	^(d)		4
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
Class C
Year ended 04/30/23		25.78		0.27		0.04			0.31			(0.26	)		(0.97	)		(1.23	)		24.86		1.23			184,187		1.68			1.68			1.09			17
Year ended 04/30/22		25.97		0.29		1.01			1.30			(0.28	)		(1.21	)		(1.49	)		25.78		5.13			229,596		1.69			1.69			1.08			38
Year ended 04/30/21		20.38		0.30		5.61			5.91			(0.32	)		–			(0.32	)		25.97		29.29			285,321		1.73			1.73			1.34			4
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
Class R
Year ended 04/30/23		25.42		0.39		0.04			0.43			(0.38	)		(0.97	)		(1.35	)		24.50		1.74			108,030		1.18			1.18			1.59			17
Year ended 04/30/22		25.62		0.42		1.00			1.42			(0.41	)		(1.21	)		(1.62	)		25.42		5.68			111,671		1.19			1.19			1.58			38
Year ended 04/30/21		20.11		0.41		5.53			5.94			(0.43	)		–			(0.43	)		25.62		29.89			110,667		1.23			1.23			1.84			4
Period ended 04/30/20^(e)		20.18		0.01		(0.08	)		(0.07	)		–			–			–			20.11		(0.35	)		97,560		1.20	^(f)		1.21	^(f)		2.16	^(f)		47
Class Y
Year ended 04/30/23		25.71		0.52		0.03			0.55			(0.51	)		(0.97	)		(1.48	)		24.78		2.22			331,823		0.68			0.68			2.09			17
Year ended 04/30/22		25.89		0.55		1.02			1.57			(0.54	)		(1.21	)		(1.75	)		25.71		6.24			335,608		0.69			0.69			2.08			38
Year ended 04/30/21		20.32		0.52		5.59			6.11			(0.54	)		–			(0.54	)		25.89		30.55			344,755		0.73			0.73			2.34			4
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
Investor Class
Year ended 04/30/23		25.71		0.46		0.03			0.49			(0.44	)		(0.97	)		(1.41	)		24.79		1.99			68,495		0.93			0.93			1.84			17
Year ended 04/30/22		25.89		0.48		1.02			1.50			(0.47	)		(1.21	)		(1.68	)		25.71		5.96			72,230		0.94			0.94			1.83			38
Year ended 04/30/21		20.31		0.47		5.59			6.06			(0.48	)		–			(0.48	)		25.89		30.25			73,628		0.98			0.98			2.09			4
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
Class R5
Year ended 04/30/23		25.43		0.52		0.04			0.56			(0.51	)		(0.97	)		(1.48	)		24.51		2.30			1,709		0.65			0.65			2.12			17
Year ended 04/30/22		25.63		0.55		1.00			1.55			(0.54	)		(1.21	)		(1.75	)		25.43		6.24			1,425		0.66			0.66			2.11			38
Year ended 04/30/21		20.11		0.53		5.54			6.07			(0.55	)		–			(0.55	)		25.63		30.66			2,337		0.66			0.66			2.41			4
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
Class R6
Year ended 04/30/23		25.45		0.54		0.04			0.58			(0.53	)		(0.97	)		(1.50	)		24.53		2.36			212,736		0.58			0.58			2.19			17
Year ended 04/30/22		25.65		0.57		1.00			1.57			(0.56	)		(1.21	)		(1.77	)		25.45		6.31			222,790		0.59			0.59			2.18			38
Year ended 04/30/21		20.13		0.55		5.54			6.09			(0.57	)		–			(0.57	)		25.65		30.75			241,970		0.58			0.58			2.49			4
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

^(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 years ended April 30, 2023, 2022 and 2021.

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

^(f)	Annualized.

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


14		Invesco Dividend Income Fund

Notes to Financial Statements

April 30, 2023

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 eight 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 eighth anniversary after a purchase of Class C shares.

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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


15		Invesco Dividend Income Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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.

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.

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 based on relative net assets of Class R5 and Class R6. 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.


16		Invesco Dividend Income Fund

consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $2,267 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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		0.6325%


Next $500 million		0.6125%


Next $600 million		0.6000%


Next $400 million		0.5325%


Next $2 billion		0.4500%


Next $2 billion		0.4000%


Next $2 billion		0.3750%


Over $8 billion		0.3500%

For the year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.53%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $125,533.


17		Invesco Dividend Income Fund

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 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 Plan, the Class R Plan and the Investor Class Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, at the annual rate of 0.50% of the average daily net assets of Class R shares and at the annual rate of 0.25% of the average daily net assets of the Investor Class 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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $304,878 in front-end sales commissions from the sale of Class A shares and $1,728 and $9,122 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $5,798 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 Adviser’s 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		$3,297,854,067		$248,288,146		$–		$3,546,142,213


Money Market Funds		112,352,718		95,032,582		–		207,385,300


Total Investments		$3,410,206,785		$343,320,728		$–		$3,753,527,513

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.


18		Invesco Dividend Income Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023	2022


Ordinary income*	$ 66,431,724	$ 80,392,813


Long-term capital gain	144,511,608	167,867,319


Total distributions	$210,943,332	$248,260,132

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	5,556,954


Undistributed long-term capital gain		83,626,498


Net unrealized appreciation – investments		751,610,005


Net unrealized appreciation – foreign currencies		88,066


Temporary book/tax differences		(337,382	)


Shares of beneficial interest		2,872,972,643


Total net assets	$	3,713,516,784

The Fund does not have a capital loss carryforward as of April 30, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $612,307,276 and $803,755,950, 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	$835,156,981


Aggregate unrealized (depreciation) of investments	(83,546,976	)


Net unrealized appreciation of investments	$751,610,005

Cost of investments for tax purposes is $3,001,917,508.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs and equalization, on April 30, 2023, undistributed net investment income was increased by $3,311,206, undistributed net realized gain was decreased by $3,745,208 and shares of beneficial interest was increased by $434,002. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended April 30, 2023^(a)				Year ended April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		8,181,316	$	200,683,459		6,340,049	$	164,467,996


Class C		972,600		24,236,210		913,912		24,036,507


Class R		656,699		16,075,677		595,803		15,446,818


Class Y		2,635,776		65,539,290		2,327,366		61,053,165


Investor Class		58,743		1,461,846		92,799		2,460,980


Class R5		45,834		1,124,670		3,820		99,896


Class R6		1,930,894		47,461,479		1,273,764		33,037,328


19		Invesco Dividend Income Fund


	Summary of Share Activity


	Year ended April 30, 2023^(a)						Year ended April 30, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		5,915,820		$	145,153,119			6,729,190		$	169,261,961


Class C		368,543			9,190,731			518,792			13,192,205


Class R		237,176			5,821,671			270,987			6,809,610


Class Y		615,182			15,267,997			703,247			17,892,341


Investor Class		140,333			3,483,582			163,622			4,161,601


Class R5		3,758			92,172			4,070			102,666


Class R6		507,581			12,463,250			598,439			15,090,758



Automatic conversion of Class C shares to Class A shares:
Class A		1,413,759			34,438,742			1,746,500			45,028,256


Class C		(1,393,440	)		(34,438,742	)		(1,722,604	)		(45,028,256	)



Reacquired:
Class A		(14,553,365	)		(356,400,731	)		(15,266,993	)		(395,239,790	)


Class C		(1,444,857	)		(35,925,832	)		(1,792,600	)		(47,044,046	)


Class R		(877,380	)		(21,503,678	)		(793,548	)		(20,549,781	)


Class Y		(2,918,473	)		(72,243,762	)		(3,289,638	)		(85,893,779	)


Investor Class		(245,831	)		(6,075,596	)		(290,741	)		(7,618,030	)


Class R5		(35,884	)		(881,864	)		(43,054	)		(1,128,985	)


Class R6		(2,519,174	)		(61,428,323	)		(2,552,837	)		(66,237,724	)


Net increase (decrease) in share activity		(304,390	)	$	(6,404,633	)		(3,469,655	)	$	(96,598,303	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco Dividend Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Dividend Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Dividend Income Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


21		Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,030.80	$4.53	$1,020.33	$4.51	0.90%
Class C	1,000.00	1,026.50	8.39	1,016.51	8.35	1.67
Class R	1,000.00	1,029.40	5.89	1,018.99	5.86	1.17
Class Y	1,000.00	1,031.80	3.38	1,021.47	3.36	0.67
Investor Class	1,000.00	1,030.40	4.63	1,020.23	4.61	0.92
Class R5	1,000.00	1,032.20	3.22	1,021.62	3.21	0.64
Class R6	1,000.00	1,032.50	2.87	1,021.97	2.86	0.57

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 181/365 to reflect the most recent fiscal half year.


22		Invesco Dividend Income Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	144,511,608
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco Dividend Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Dividend Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Dividend Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Dividend Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Dividend Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Dividend Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Dividend Income 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

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/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		I-DIVI-AR-1

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Energy Fund

Nasdaq:

A: IENAX ∎ C: IEFCX ∎ Y: IENYX ∎ Investor: FSTEX ∎ R5: IENIX ∎ R6: IENSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

T-7		Proxy Results

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Energy Fund (the Fund), at net asset value (NAV), underperformed the MSCI World Energy Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, 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	12.85	%
Class C Shares	11.99
Class Y Shares	13.16
Investor Class Shares	12.82
Class R5 Shares	13.26
Class R6 Shares	13.30
S&P 500 Index^▼(Broad Market Index)	2.66
MSCI World Energy Index^▼(Style-Specific Index)	13.73
Lipper Natural Resource Funds Index^∎(Peer Group Index)	8.78

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

West Texas Crude oil prices declined for most of the fiscal year, after reaching a fiscal year high of $122 in June 2022 but ending the fiscal year at $71 a barrel.³ Despite the decline of oil prices, the energy sector was the best performing sector within the S&P 500 Index during the fiscal year, as many oil and gas companies continued to report healthy profits and provided strong guidance for 2023. Over the past several years, investors have pressured oil and gas companies’ senior management to focus on profitability versus production and to align compensation commensurate with that goal. As energy companies focused on profitability during periods of lower oil prices, capital expenditures on oil and gas production declined drastically over the past several years. As such, energy companies were the biggest beneficiaries over the past few years with a combination of lower expenses and higher commodity costs, and their stock prices reflected this with the MSCI World Energy Index returning 13.73% for the fiscal year.⁴

The Fund underperformed its style-specific benchmark, the MSCI World Energy Index, for the fiscal year, mainly because of security selection. On the positive side, stock selection within the oil and gas storage and transportation industry, as well as exploration and production (E&P) companies, were large contributors. Within oil and gas storage and transportation, companies the Fund did not own, Enbridge, TC Energy and Williams Companies, contributed the most to the style-specific benchmark’s returns. E&P firm Devon Energy was a large contributor to the Fund’s relative performance within the industry due to a material overweight allocation versus the style-specific benchmark.

On the negative side, within integrated oil and gas, having material underweights to BP, Chevron, ExxonMobil and TotalEnergies, were large detractors from the Fund’s relative returns. These companies had strong returns for the fiscal year, therefore, not owning as much of an allocation as the benchmark hurt relative performance. Also, a material overweight to Suncor Energy hurt performance, as the stock underperformed for the fiscal year. Out of benchmark exposure to fertilizer and agricultural chemical company CF Industries Holdings detracted from relative Fund performance, as the company posted negative returns compared to the strong returns of the style-specific benchmark.

We continue to focus on companies we perceive have solid balance sheets and free cash flow, trading at a relatively low valuation. We remain cautiously optimistic about the longer-term outlook for the US and global economies. We believe equity markets and oil prices may experience continued volatility due to rising yields, continued inflation and the Russia/Ukraine war.

While oil prices may be headline news, we believe the Fund should be considered a long-term investment. As always, thank you for


2		Invesco Energy Fund

your continued investment in Invesco Energy Fund.

1	Source: US Bureau of Economic Analysis

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg LP

4	Source: Lipper Inc.

Portfolio manager(s):

Kevin Holt - Lead

Umang Khetan

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Energy Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

*	It is Invesco’s policy to chart the Fund’s oldest share class(es). Because Investor Class shares do not have a sales charge, we also show the oldest share class with a sales charge, Class C shares.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Energy Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	5.09	%
10 Years	-1.38
5 Years	2.29
1 Year	6.63

Class C Shares
Inception (2/14/00)	6.31	%
10 Years	-1.40
5 Years	2.68
1 Year	10.99

Class Y Shares
Inception (10/3/08)	1.61	%
10 Years	-0.57
5 Years	3.71
1 Year	13.16

Investor Class Shares
Inception (1/19/84)	6.84	%
10 Years	-0.82
5 Years	3.45
1 Year	12.82

Class R5 Shares
Inception (1/31/06)	1.40	%
10 Years	-0.39
5 Years	3.93
1 Year	13.26

Class R6 Shares
10 Years	-0.52	%
5 Years	3.96
1 Year	13.30

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.


5		Invesco Energy Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎	The MSCI World Energy Index is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently

than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

(the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Energy Fund

Fund Information

Portfolio Composition


By industry		% of total net assets

Integrated Oil & Gas		50.40%

Oil & Gas Exploration & Production		21.48

Oil & Gas Refining & Marketing		5.44

Oil & Gas Equipment & Services		4.12

Multi-Utilities		3.12

Oil & Gas Storage & Transportation		2.92

Diversified Metals & Mining		2.88

Copper		2.66

Fertilizers & Agricultural Chemicals		2.51

Heavy Electrical Equipment		2.39

Oil & Gas Drilling		1.63

Money Market Funds Plus Other Assets Less Liabilities		0.45

Top 10 Equity Holdings*


		% of total net assets

1.	Exxon Mobil Corp.	21.53%

2.	Chevron Corp.	11.09

3.	ConocoPhillips	7.86

4.	Shell PLC, ADR	4.61

5.	Suncor Energy, Inc.	4.60

6.	TotalEnergies SE	4.51

7.	BP PLC, ADR	3.24

8.	Dominion Energy, Inc.	3.11

9.	Marathon Petroleum Corp.	3.05

10.	Cheniere Energy, Inc.	2.92

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Energy Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value


Common Stocks & Other Equity Interests–99.55%
Copper–2.66%
Southern Copper Corp. (Mexico)		194,902	$	14,974,321



Diversified Metals & Mining–2.88%
Glencore PLC (Australia)		2,744,553		16,194,478



Fertilizers & Agricultural Chemicals–2.51%
CF Industries Holdings, Inc.		197,286		14,121,732



Heavy Electrical Equipment–2.39%
Vestas Wind Systems A/S (Denmark)^(b)		487,037		13,437,103



Integrated Oil & Gas–50.40%
BP PLC, ADR (United Kingdom)		451,760		18,196,893


Chevron Corp.		369,637		62,313,406


Equinor ASA (Norway)		162,728		4,676,614


Exxon Mobil Corp.		1,022,451		120,996,851


Shell PLC, ADR (Netherlands)		417,934		25,903,549


Suncor Energy, Inc. (Canada)		825,524		25,846,941


TotalEnergies SE (France)		397,425		25,335,338


				283,269,592



Multi-Utilities–3.12%
Dominion Energy, Inc.		306,502		17,513,524



Oil & Gas Drilling–1.63%
Helmerich & Payne, Inc.		276,531		9,169,768



Oil & Gas Equipment & Services–4.12%
Baker Hughes Co., Class A		453,830		13,269,989


Halliburton Co.^(c)		302,358		9,902,225


				23,172,214



Oil & Gas Exploration & Production–21.48%
APA Corp.		242,820		8,947,917


Canadian Natural Resources Ltd. (Canada)		174,186		10,614,309


ConocoPhillips		429,572		44,198,663


Coterra Energy, Inc.		231,067		5,915,315


Devon Energy Corp.		45,202		2,415,143


Diamondback Energy, Inc.		43,115		6,130,953


EOG Resources, Inc.		126,970		15,169,106

Investment Abbreviations:

ADR - American Depositary Receipt


	Shares		Value


Oil & Gas Exploration & Production–(continued)
Hess Corp.		38,745	$	5,620,350


Marathon Oil Corp.		408,116		9,860,082


Pioneer Natural Resources Co.		54,637		11,886,279


				120,758,117



Oil & Gas Refining & Marketing–5.44%
Marathon Petroleum Corp.		140,439		17,133,558


Phillips 66		135,541		13,418,559


				30,552,117



Oil & Gas Storage & Transportation–2.92%
Cheniere Energy, Inc.		107,176		16,397,928


Total Common Stocks & Other Equity Interests (Cost $486,405,906)				559,560,894



Money Market Funds–0.63%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		1,233,295		1,233,295


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		879,926		880,190


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		1,409,480		1,409,480


Total Money Market Funds (Cost $3,522,952)				3,522,965


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $489,928,858)				563,083,859



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.27%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		425,430		425,430


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		1,093,963		1,093,963


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,519,393)				1,519,393


TOTAL INVESTMENTS IN SECURITIES–100.45% (Cost $491,448,251)				564,603,252


OTHER ASSETS LESS LIABILITIES–(0.45)%				(2,522,887	)


NET ASSETS–100.00%			$	562,080,365

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


8		Invesco Energy Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	3,661,588	$	59,387,131	$	(61,815,424	)	$	-	$	-	$	1,233,295	$	112,950
Invesco Liquid Assets Portfolio, Institutional Class		2,457,469		42,419,380		(43,997,702	)		395		648		880,190		82,356
Invesco Treasury Portfolio, Institutional Class		4,184,672		67,871,007		(70,646,199	)		-		-		1,409,480		126,751
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		13,255,983		203,822,704		(216,653,257	)		-		-		425,430		252,623*
Invesco Private Prime Fund		30,930,628		441,588,395		(471,424,514	)		(464)		(82)		1,093,963		701,767*
Total	$	54,490,340	$	815,088,617	$	(864,537,096	)	$	(69)	$	566	$	5,042,358	$	1,276,447

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

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


9		Invesco Energy Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $486,405,906)*	$	559,560,894


Investments in affiliated money market funds, at value (Cost $5,042,345)		5,042,358


Foreign currencies, at value (Cost $78,520)		69,975


Receivable for:
Fund shares sold		370,260


Dividends		102,914


Investment for trustee deferred compensation and retirement plans		164,414


Other assets		72,750


Total assets		565,383,565



Liabilities:
Payable for:
Fund shares reacquired		1,034,846


Amount due custodian		2,283


Collateral upon return of securities loaned		1,519,393


Accrued fees to affiliates		360,508


Accrued trustees’ and officers’ fees and benefits		56


Accrued other operating expenses		211,098


Trustee deferred compensation and retirement plans		175,016


Total liabilities		3,303,200


Net assets applicable to shares outstanding	$	562,080,365



Net assets consist of:
Shares of beneficial interest	$	784,681,223


Distributable earnings (loss)		(222,600,858	)


	$	562,080,365


Net Assets:

Class A	$	353,050,444


Class C	$	31,806,970


Class Y	$	64,237,925


Investor Class	$	95,589,060


Class R5	$	8,358,551


Class R6	$	9,037,415



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,606,159


Class C		1,359,123


Class Y		2,286,393


Investor Class		3,428,410


Class R5		289,158


Class R6		312,522


Class A:
Net asset value per share	$	28.01


Maximum offering price per share (Net asset value of $28.01 ÷ 94.50%)	$	29.64


Class C:
Net asset value and offering price per share	$	23.40


Class Y:
Net asset value and offering price per share	$	28.10


Investor Class:
Net asset value and offering price per share	$	27.88


Class R5:
Net asset value and offering price per share	$	28.91


Class R6:
Net asset value and offering price per share	$	28.92

*	At April 30, 2023, security with a value of $1,522,875 was on loan to brokers.

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


10		Invesco Energy Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:
Dividends (net of foreign withholding taxes of $596,565)	$	21,692,572


Dividends from affiliated money market funds (includes net securities lending income of $59,624)		381,681


Total investment income		22,074,253



Expenses:
Advisory fees		4,111,300


Administrative services fees		91,013


Custodian fees		14,698


Distribution fees:
Class A		875,815


Class C		315,484


Investor Class		248,570


Transfer agent fees – A, C, Y and Investor Class		1,065,541


Transfer agent fees – R5		8,105


Transfer agent fees – R6		2,616


Trustees’ and officers’ fees and benefits		19,318


Registration and filing fees		115,819


Reports to shareholders		395,486


Professional services fees		84,375


Other		82,973


Total expenses		7,431,113


Less: Fees waived and/or expense offset arrangement(s)		(29,237	)


Net expenses		7,401,876


Net investment income		14,672,377



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		97,717,009


Affiliated investment securities		566


Foreign currencies		4,755


		97,722,330


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(54,918,321	)


Affiliated investment securities		(69	)


Foreign currencies		(2,851	)


		(54,921,241	)


Net realized and unrealized gain		42,801,089


Net increase in net assets resulting from operations	$	57,473,466

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


11		Invesco Energy Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	14,672,377		$	8,058,087


Net realized gain		97,722,330			16,795,638


Change in net unrealized appreciation (depreciation)		(54,921,241	)		153,449,946


Net increase in net assets resulting from operations		57,473,466			178,303,671



Distributions to shareholders from distributable earnings:
Class A		(3,341,210	)		(3,510,544	)


Class C		(264,688	)		(280,587	)


Class Y		(833,212	)		(809,323	)


Investor Class		(917,828	)		(1,268,629	)


Class R5		(98,706	)		(73,510	)


Class R6		(104,548	)		(59,727	)


Total distributions from distributable earnings		(5,560,192	)		(6,002,320	)



Share transactions–net:
Class A		19,371,103			33,863,277


Class C		3,098,926			5,456,993


Class Y		(26,668,416	)		33,455,283


Investor Class		(11,218,126	)		(2,197,713	)


Class R5		1,100,040			1,966,434


Class R6		925,000			4,956,416


Net increase (decrease) in net assets resulting from share transactions		(13,391,473	)		77,500,690


Net increase in net assets		38,521,801			249,802,041



Net assets:
Beginning of year		523,558,564			273,756,523


End of year	$	562,080,365		$	523,558,564

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


12		Invesco Energy Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Net asset value, end of period		Total return^(b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$25.05		$ 0.69		$ 2.52		$ 3.21		$(0.25)		$28.01		12.85%		$353,050		1.29%		1.29%		2.52%		52%
Year ended 04/30/22		15.57		0.43		9.39		9.82		(0.34)		25.05		63.83		301,546		1.36		1.36		2.22		18
Year ended 04/30/21		11.54		0.25		4.05		4.30		(0.27)		15.57		37.77		166,204		1.56		1.56		2.00		68
Year ended 04/30/20		21.05		0.41		(9.64)		(9.23)		(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)		21.05		(16.48)		248,396		1.32		1.32		1.25		17
Class C
Year ended 04/30/23		21.06		0.41		2.11		2.52		(0.18)		23.40		11.99		31,807		2.04		2.04		1.77		52
Year ended 04/30/22		13.18		0.24		7.91		8.15		(0.27)		21.06		62.54		26,493		2.11		2.11		1.47		18
Year ended 04/30/21		9.82		0.13		3.44		3.57		(0.21)		13.18		36.87		12,763		2.31		2.31		1.25		68
Year ended 04/30/20		17.99		0.24		(8.22)		(7.98)		(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)		17.99		(17.14)		33,036		2.07		2.07		0.50		17
Class Y
Year ended 04/30/23		25.10		0.76		2.54		3.30		(0.30)		28.10		13.16		64,238		1.04		1.04		2.77		52
Year ended 04/30/22		15.59		0.49		9.39		9.88		(0.37)		25.10		64.20		85,631		1.11		1.11		2.47		18
Year ended 04/30/21		11.54		0.28		4.06		4.34		(0.29)		15.59		38.14		29,497		1.31		1.31		2.25		68
Year ended 04/30/20		21.04		0.45		(9.64)		(9.19)		(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)		21.04		(16.29)		38,550		1.07		1.07		1.50		17
Investor Class
Year ended 04/30/23		24.94		0.69		2.50		3.19		(0.25)		27.88		12.82		95,589		1.29		1.29		2.52		52
Year ended 04/30/22		15.51		0.43		9.34		9.77		(0.34)		24.94		63.76		96,027		1.36		1.36		2.22		18
Year ended 04/30/21		11.49		0.25		4.04		4.29		(0.27)		15.51		37.85		61,754		1.56		1.56		2.00		68
Year ended 04/30/20		20.96		0.40		(9.59)		(9.19)		(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)		20.96		(16.47)		97,716		1.32		1.32		1.25		17
Class R5
Year ended 04/30/23		25.81		0.81		2.60		3.41		(0.31)		28.91		13.26		8,359		0.95		0.95		2.86		52
Year ended 04/30/22		16.02		0.53		9.65		10.18		(0.39)		25.81		64.39		6,352		0.97		0.97		2.61		18
Year ended 04/30/21		11.83		0.32		4.19		4.51		(0.32)		16.02		38.69		2,488		0.99		0.99		2.57		68
Year ended 04/30/20		21.54		0.50		(9.87)		(9.37)		(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)		21.54		(16.12)		6,052		0.90		0.90		1.67		17
Class R6
Year ended 04/30/23		25.82		0.83		2.60		3.43		(0.33)		28.92		13.30		9,037		0.88		0.88		2.93		52
Year ended 04/30/22		16.02		0.56		9.63		10.19		(0.39)		25.82		64.51		7,509		0.91		0.91		2.67		18
Year ended 04/30/21		11.83		0.34		4.17		4.51		(0.32)		16.02		38.69		1,050		0.99		0.99		2.57		68
Year ended 04/30/20		21.53		0.49		(9.85)		(9.36)		(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)		21.53		(16.11)		473		0.89		0.89		1.68		17

^(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.

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


13		Invesco Energy Fund

Notes to Financial Statements

April 30, 2023

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. The Fund is classified as non-diversified. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


14		Invesco Energy 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $2,246 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


15		Invesco Energy 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.

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.

The Fund holds a more limited number of securities than other funds with a similar investment strategy. As a result, each investment has a greater effect on the Fund’s overall performance and any change in the value of these securities could significantly affect the value of your investment in the Fund.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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 year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.71%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $14,912.


16		Invesco Energy Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $116,938 in front-end sales commissions from the sale of Class A shares and $7,265 and $8,081 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $12,799 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 Adviser’s 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	$	499,917,361	$	59,643,533		$–	$559,560,894

Money Market Funds		3,522,965		1,519,393		–	5,042,358

Total Investments	$	503,440,326	$	61,162,926		$–	$564,603,252

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


17		Invesco Energy Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	5,560,192	$	6,002,320

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	9,761,364


Net unrealized appreciation – investments		72,838,544


Net unrealized appreciation (depreciation) – foreign currencies		(8,342	)


Temporary book/tax differences		(103,405	)


Capital loss carryforward		(305,089,019	)


Shares of beneficial interest		784,681,223


Total net assets	$	562,080,365

The Fund has a capital loss carryforward as of April 30, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$862,110	$304,226,909	$305,089,019

*	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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $294,639,857 and $291,034,325, 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	$91,099,617


Aggregate unrealized (depreciation) of investments	(18,261,073	)


Net unrealized appreciation of investments	$72,838,544

Cost of investments for tax purposes is $491,764,708.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on April 30, 2023, undistributed net investment income was decreased by $3,996,057, undistributed net realized gain (loss) was increased by $4,000,263 and shares of beneficial interest was decreased by $4,206. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended				Year ended
	April 30, 2023^(a)				April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		5,202,207	$	143,039,733		5,184,535	$	110,611,271


Class C		762,031		17,633,468		716,149		12,872,339


Class Y		2,338,989		64,185,403		2,940,183		60,693,479


Investor Class		1,570,683		42,120,094		1,620,524		34,729,398


Class R5		196,129		5,385,830		207,421		4,280,244


Class R6		224,880		6,366,684		304,490		6,585,058


18		Invesco Energy Fund


	Summary of Share Activity



	Year ended						Year ended
	April 30, 2023^(a)						April 30, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		113,992		$	3,118,777			178,561		$	3,278,383


Class C		10,704			245,326			16,817			260,318


Class Y		24,611			674,832			37,119			682,623


Investor Class		31,416			855,764			64,632			1,181,476


Class R5		3,496			98,628			3,885			73,414


Class R6		3,382			95,413			2,872			54,282



Automatic conversion of Class C shares to Class A shares:
Class A		118,325			3,278,354			68,840			1,424,906


Class C		(141,333	)		(3,278,354	)		(81,663	)		(1,424,906	)



Reacquired:
Class A		(4,867,160	)		(130,065,761	)		(4,064,851	)		(81,451,283	)


Class C		(530,214	)		(11,501,514	)		(361,868	)		(6,250,758	)


Class Y		(3,488,118	)		(91,528,651	)		(1,457,984	)		(27,920,819	)


Investor Class		(2,024,491	)		(54,193,984	)		(1,816,778	)		(38,108,587	)


Class R5		(156,519	)		(4,384,418	)		(120,578	)		(2,387,224	)


Class R6		(206,573	)		(5,537,097	)		(82,076	)		(1,682,924	)


Net increase (decrease) in share activity		(813,563	)	$	(13,391,473	)		3,360,230		$	77,500,690

^(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.


19		Invesco Energy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Energy Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Energy Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


20		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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period^2,3	Ending Account Value (04/30/23)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$965.10	$6.14	$1,018.55	$6.31	1.26%
Class C	1,000.00	961.50	9.78	1,014.83	10.04	2.01
Class Y	1,000.00	966.40	4.92	1,019.79	5.06	1.01
Investor Class	1,000.00	965.00	6.14	1,018.55	6.31	1.26
Class R5	1,000.00	966.70	4.53	1,020.18	4.66	0.93
Class R6	1,000.00	966.80	4.19	1,020.53	4.31	0.86

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective July 1, 2023, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expense of Class A, Class 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.19%, 1.94%, 0.94%, 1.19%, 0.86% and 0.79% for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $5.80, $9.44, $4.58, $5.80, $4.19 and $3.85 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $5.96, $9.69, $4.71, $5.96, $4.31 and $3.96 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.


21		Invesco Energy Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


22		Invesco Energy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Energy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Energy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Energy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Energy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Energy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Energy Fund

Proxy Results

A Joint Special Meeting (“Meeting”) of Shareholders of Invesco Energy Fund was held on November 10, 2022 and was adjourned until December 6, 2022. The Meeting on December 6, 2022 was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The December 6, 2022 results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

(1)

Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental

investment restriction.

7,566,920.28

692,752.70

616,878.63


T-7		Invesco Energy Fund

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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:

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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

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		I-ENE-AR-1

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Gold & Special Minerals Fund

Nasdaq:

A: OPGSX ∎ C: OGMCX ∎ R: OGMNX ∎ Y: OGMYX ∎ R5: IOGYX ∎ R6: OGMIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Consolidated Schedule of Investments

12		Consolidated Financial Statements

15		Consolidated Financial Highlights

16		Notes to Consolidated Financial Statements

23		Report of Independent Registered Public Accounting Firm

24		Fund Expenses

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Gold & Special Minerals Fund (the Fund), at net asset value (NAV), underperformed the MSCI World Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, 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	-7.90	%
Class C Shares	-8.58
Class R Shares	-8.10
Class Y Shares	-7.68
Class R5 Shares	-7.60
Class R6 Shares	-7.52
MSCI World Index^▼	3.18

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Risk assets reflected a tale of two halves during the fiscal year ending April 30, 2023. For the first five months of this fiscal year, risk asset prices fell steadily on the back of aggressive rate hikes by the US Federal Reserve (the Fed) and other central banks as part of an effort to slow the global economy and curb rampant inflation. The US dollar rose sharply during the fiscal year as did the yield on the 10-year Treasury note, putting significant downward pressure on both gold and the gold mining equities. Beginning in late September 2022, the dollar peaked and then started falling, followed by a peak and subsequent decline in the 10-year Treasury note yield. At the same time, risk assets began to rebound. Both gold and the gold mining equities rebounded sharply over the next seven months.

Against this backdrop, the Fund’s Class A shares (without sales charge) generated a total return of -7.90% during the fiscal year, underperforming the 3.18% return of the benchmark MSCI World Index.¹ Focusing on January 1 to April 30, 2023, the Fund climbed 13.27%, outpacing the 9.84% rise in the MSCI World Index by 343 basis points (bps). The Fund also outperformed the S&P 500 Index by 409 bps and the Bloomberg US Aggregate Bond Index by 968 bps from January 1 to April 30, 2023. During the fiscal year, the Fund won the 2023 Refinitiv Lipper Fund Award for Best Fund Over Three Years in the Precious Metals Equity category. We focus on firms with high-quality reserves, solid growth prospects, attractive cost structures and free cash flows, sound balance sheets and talented management teams.

The gold price oscillated within a wide $433 range during the fiscal year before climbing to $1,990 for a gain of 4.9% (up $93).¹ The gold mining equities, as represented by the Philadelphia Gold & Silver Index (XAU Index), followed a similar pattern, oscillating within a wide band before ending the

fiscal year with a modest decline of 3.94%.¹ From January 1 through April 30, 2023, the XAU Index has climbed 11.57%, outpacing the MSCI World Index as well as US stocks and bonds.¹ We believe some investors view gold and other precious metals as potential hedges against inflation, geopolitical risk and/or competitive currency debasement.

The biggest detractors from relative Fund performance during the fiscal year included Newmont, Ganfeng Lithium and Wesdome Gold Mines.

Our position in Newmont, the largest gold producer globally, detracted from absolute Fund performance as the stock fell 32% in the fiscal year.² The company faced operational challenges and delivered disappointing quarterly results. In addition, Newmont offered to acquire Australian gold producer, Newcrest Mining in February 2023 for $17 billion and has since raised its offer to $19.7 billion, which has weighed on the stock price.²

Our holdings in Ganfeng Lithium, a Chinese lithium producer, also detracted from absolute Fund performance as the stock declined 25% in the fiscal year.² The company’s financial performance was negatively impacted by the 62% drop in the price of lithium carbonate during the fiscal year.

Finally, our position in Wesdome Gold Mines, a small-cap Canadian gold producer, detracted from absolute Fund performance as the stock fell 35% during the fiscal year.² The company struggled to meet production and cost guidance in the fiscal year, and consequently, the Board of Directors removed the CEO in an effort to improve overall operations.

The top contributors to the Fund’s relative performance during the fiscal year included Northern Star Resources, Lundin Gold and De Grey Mining.

Our position in Northern Star Resources, a large Australian gold producer, contributed to absolute Fund performance as the share price

appreciated 42% during the fiscal year.² The company benefited from improvements in its underlying operations as well as its leverage to movements in the gold price.

Our holdings in Lundin Gold, a Canadian gold producer with operations in Ecuador, also contributed to absolute Fund performance as the share price climbed 72% in the fiscal year.² The company benefited from strong operational performance including upside surprises in production, cash flow and earnings combined with good cost control in an inflationary environment.

Our position in De Grey Mining, an early stage Australian gold developer, contributed to absolute Fund performance as the stock climbed 34% in the fiscal year.² The stock performed well on the back of success with the drill bit in expanding resources at the Mallina Gold Project. The company is targeting a production profile of 540,000 ounces annually for the first 10 years of mine life.³

There were numerous crosswinds in the macroeconomic environment that impacted gold during the fiscal year. Several factors that we believe tended to support the gold price included heightened geopolitical turmoil from the war in Ukraine, prospects for slowing economic growth, inflation at 40-year highs in the US and multi-decade highs elsewhere and the US government debt at record levels. However, several factors that tended to exert downward pressure on the gold price were also in play, including a much stronger US dollar, rising Treasury yields, aggressive rate hikes by the Fed and other central banks as they sought to tame inflation and rising real interest rates.

Gold is a hard asset that tends to do well in slower growth environments when equities are volatile, geopolitical turmoil is brewing, real interest rates are stable or falling and/or investors fear weakening currencies. Investor focus recently shifted to slowing economic growth, regional bank weakness, falling inflation and the prospects for a pause or end to the current rate hiking cycle. We note that gold has performed well relative to other risk assets during the five most recent US recessions dating back to 1981.² We believe gold could eventually trade higher from current levels and mining equities could perform well from here, but we do not believe the path will be smooth. Accordingly, we favor a longer-term strategic allocation to the Fund that allows investors to look beyond high day-to-day volatility of the physical metal and gold mining equities.

The portfolio has a growth-at-a-reasonable-price tilt. We favor companies with more resources in the ground, higher-quality ore bodies and lower cost structures than Wall Street appreciates, partly because we believe these characteristics can lead to upside surprises in production growth, revenue, cash flow and earnings, which in turn can lead to rising net asset values and (potentially) rising stock prices. We like growth, but we will not overpay


2		Invesco Gold & Special Minerals Fund

for it and we do not chase stocks. We maintain a diversified portfolio across gold and other precious metals as well as a number of base metals and special minerals. We continue to use a contrarian growth strategy, which means we tend to buy companies that we like when they are on sale and we tend to trim or sell positions when others are buying aggressively.

The Fund’s portfolio manager remains focused on the growth potential of companies, the quality and size of their ore bodies in the ground, their cost structures, the strength of their balance sheets and the quality of their management teams. Moreover, we concentrate our efforts on analyzing the gold mining equities and we tend to stay fully invested. Unlike many competitors, we typically do not hold large positions in cash or bullion and we do not own Treasuries in an effort to dampen portfolio volatility. The reasons are simple. We are investors, not short-term traders or market timers. In fact, we believe it is extremely difficult to time the precious metals markets well on a consistent basis. In addition, our skill is in analyzing ore bodies, mines and management teams, and investing in mining companies, not government fixed-income securities.

Consistent with our disciplined and contrarian growth strategy, we continue to look for opportunities to buy companies with assets, cost structures and production/earnings growth profiles that we like at valuations that we consider attractive. We believe the core holdings in the portfolio are well-capitalized senior and intermediate producers. The Fund’s portfolio manager expects to continue to hold most of the Fund’s assets in gold, special minerals and mining-related equities that the investment team believes offer attractive revenue and earnings growth at a reasonable price.

Thank you for investing in Invesco Gold & Special Minerals Fund and sharing our long-term investment horizon.

1 Source: Bloomberg, May 12, 2023. US stocks are represented by the S&P 500 Index, and US bonds are represented by the Bloomberg US Aggregate Bond Index.

2 Source: Bloomberg, May 12, 2023.

3 Source: De Grey corporate disclosures, June 2023

Portfolio manager(s):

Shanquan Li

these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Gold & Special Minerals Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Gold & Special Minerals Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (7/19/83)	5.94	%
10 Years	3.15
5 Years	9.98
1 Year	-12.96

Class C Shares
Inception (11/1/95)	5.87	%
10 Years	3.11
5 Years	10.39
1 Year	-9.49

Class R Shares
Inception (3/1/01)	8.50	%
10 Years	3.49
5 Years	10.94
1 Year	-8.10

Class Y Shares
Inception (9/7/10)	-1.81	%
10 Years	3.98
5 Years	11.49
1 Year	-7.68

Class R5 Shares
10 Years	3.88	%
5 Years	11.53
1 Year	-7.60

Class R6 Shares
Inception (10/26/12)	-1.25	%
10 Years	4.19
5 Years	11.68
1 Year	-7.52

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. 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.

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


5		Invesco Gold & Special Minerals Fund

Supplemental Information

Invesco Gold & Special Minerals Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI World Index^SM 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 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.

Liquidity Risk Management Program

resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Gold & Special Minerals Fund

Fund Information

Portfolio Composition


By industry	% of total net assets

Gold		67.88	%

Diversified Metals & Mining		14.51

Copper		5.20

Silver		3.05

Precious Metals & Minerals		2.75

Other Sectors, Each Less than 2% of Net Assets		5.47

Money Market Funds Plus Other Assets Less Liabilities		1.14

Top 10 Equity Holdings*


		% of total net assets

1.	Barrick Gold Corp.		4.84	%

2.	Northern Star Resources Ltd.		4.45

3.	Agnico Eagle Mines Ltd.		4.22

4.	Freeport-McMoRan, Inc.		3.70

5.	Newmont Corp.		3.50

6.	Ivanhoe Mines Ltd., Class A		3.17

7.	De Grey Mining Ltd.		3.09

8.	Chalice Mining Ltd.		3.01

9.	Evolution Mining Ltd.		2.92

10.	Zijin Mining Group Co. Ltd., H Shares		2.19

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Gold & Special Minerals Fund

Consolidated Schedule of Investments

April 30, 2023


	Shares		Value
Common Stocks & Other Equity Interests–98.85%
Australia–25.16%

Allkem Ltd.^(a)		4,639,765	$	37,814,616

AngloGold Ashanti Ltd., ADR		248,100		6,594,498

Bellevue Gold Ltd.^(a)		41,183,252		38,382,753

Chalice Mining Ltd.^(a)		11,781,692		62,025,333

De Grey Mining Ltd.^(a)		59,937,305		63,781,162

Evolution Mining Ltd.		25,728,806		60,269,367

Firefinch Ltd.^(a)		12,910,104		512,557

Gold Road Resources Ltd.		27,913,275		34,439,300

Lynas Rare Earths Ltd.^(a)		2,990,000		12,806,700

Mineral Resources Ltd.		424,195		20,744,551

Northern Star Resources Ltd.		10,368,895		91,896,830

OceanaGold Corp.		14,190,300		32,468,487

Perseus Mining Ltd.		9,870,000		14,512,971

Ramelius Resources Ltd.		27,368,612		23,677,453

Silver Lake Resources Ltd.^(a)		23,431,900		19,557,647

				519,484,225

Bosnia Hercegovina–0.44%

Adriatic Metals PLC, CDI^(a)		3,750,000		9,032,554

Brazil–2.13%

Wheaton Precious Metals Corp.		890,035		43,949,928

Burkina Faso–1.89%

Endeavour Mining PLC		1,512,966		38,950,625

Canada–45.82%

Agnico Eagle Mines Ltd.^(b)(c)		1,533,395		86,989,498

Agnico Eagle Mines Ltd.^(b)(c)		406,574		23,064,751

Alamos Gold, Inc., Class A		3,341,108		43,200,527

Arizona Metals Corp.^(a)		3,795,300		11,093,027

Artemis Gold, Inc.^(a)		4,764,241		15,999,776

Aya Gold & Silver, Inc.^(a)		2,615,082		20,807,162

B2Gold Corp.		10,122,000		39,880,680

Barrick Gold Corp.^(b)		5,251,499		99,988,542

Calibre Mining Corp., Class C^(a)		18,303,168		20,939,521

Cameco Corp.		1,262,000		34,692,380

Capstone Copper Corp.^(a)		1,550,000		7,287,523

Coppernico Metals, Inc.^(d)		3,028,200		719,198

Dundee Precious Metals, Inc.		1,080,000		7,923,534

Filo Mining Corp.^(a)		160,000		2,661,845

Franco-Nevada Corp.		243,302		36,928,378

Hudbay Minerals, Inc.		40,000		200,400

i-80 Gold Corp.^(a)		2,550,000		6,399,232

Ivanhoe Mines Ltd., Class A^(a)		7,545,365		65,437,531

K92 Mining, Inc.^(a)		7,652,630		36,375,198

Karora Resources, Inc.^(a)(e)		11,573,332		41,429,428

Kinross Gold Corp.		5,405,925		27,299,921

Lithium Americas Corp.^(a)		817,000		16,323,660

Lundin Gold, Inc.		3,508,815		44,493,074

MAG Silver Corp.^(a)		1,008,522		13,090,616

Orezone Gold Corp.^(a)		920,000		1,025,353

Orla Mining Ltd.^(a)		5,351,621		24,173,835

Osisko Gold Royalties Ltd.		2,285,339		37,159,612

Pan American Silver Corp.		1,136,682		20,244,306


	Shares		Value
Canada–(continued)

Pan American Silver Corp., Rts., expiring 02/22/2029^(a)		2,300,100	$	1,265,055

Rupert Resources Ltd.^(a)		3,203,812		10,759,379

Sandstorm Gold Ltd.		4,099,055		23,569,566

SilverCrest Metals, Inc.^(a)		4,476,667		29,308,068

Skeena Resources Ltd.^(a)		2,094,336		14,097,756

Solaris Resources, Inc.^(a)		1,431,200		7,362,781

SSR Mining, Inc.		2,433,133		34,842,465

Torex Gold Resources, Inc.^(a)		21,000		344,562

Triple Flag Precious Metals Corp.		1,226,682		19,837,327

Wesdome Gold Mines Ltd.^(a)		3,000,000		18,754,844

				945,970,311

China–4.01%

Ganfeng Lithium Group Co. Ltd., H Shares^(f)		5,332,320		35,141,753

Tianqi Lithium Corp.^(a)		390,000		2,444,444

Zijin Mining Group Co. Ltd., H Shares		26,930,000		45,233,466

				82,819,663

Colombia–0.38%

Aris Mining Corp.		2,808,423		7,959,807

Indonesia–1.06%

Nickel Industries Ltd.		34,488,858		21,794,501

South Africa–3.29%

Gold Fields Ltd., ADR		2,596,241		40,397,510

Sibanye Stillwater Ltd., ADR		3,072,587		27,499,653

				67,897,163

Turkey–1.39%

Eldorado Gold Corp.^(a)		2,591,502		28,636,097

United States–12.17%

Alcoa Corp.		170,000		6,313,800

Aura Minerals, Inc.		1,677,825		13,560,308

Freeport-McMoRan, Inc.		2,013,000		76,312,830

GrafTech International Ltd.		350,000		1,648,500

Hecla Mining Co.		1,275,304		7,715,589

Ivanhoe Electric, Inc.^(a)		918,101		10,934,583

MP Materials Corp.^(a)		276,000		5,980,920

Newmont Corp.^(b)		1,523,914		72,233,524

Ormat Technologies, Inc.		184,500		15,831,945

Piedmont Lithium, Inc.^(a)		263,000		15,122,500

Royal Gold, Inc.		65,100		8,621,844

Tronox Holdings PLC, Class A		1,244,000		17,030,360

				251,306,703

Zambia–1.11%

First Quantum Minerals Ltd.		945,000		22,961,509
Total Common Stocks & Other Equity Interests (Cost $1,458,599,803)				2,040,763,086

Exchange-Traded Funds–0.01%
United States–0.01%

SPDR^® Gold Trust–ETF^(a)(Cost $155,059)		1,000		184,800

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


8		Invesco Gold & Special Minerals Fund


	Shares		Value


Money Market Funds–2.21%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(e)(g)		15,954,071	$	15,954,071


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(e)(g)		11,392,464		11,395,882


Invesco Treasury Portfolio, Institutional Class, 4.77%^(e)(g)		18,233,224		18,233,224


Total Money Market Funds (Cost $45,581,835)				45,583,177


TOTAL INVESTMENTS IN SECURITIES—101.07% (Cost $1,504,336,697)				2,086,531,063


OTHER ASSETS LESS LIABILITIES–(1.07)%				(22,137,299	)


NET ASSETS–100.00%			$	2,064,393,764


Investment Abbreviations:

ADR		– American Depositary Receipt
CDI		– CREST Depository Interest
Rts.		– Rights
SPDR		– Standard & Poor’s Depositary Receipt

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

^(e)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended April 30, 2023.


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	18,271,907	$	128,372,055	$	(130,689,891)	$	-	$	-	$	15,954,071	$	310,778
Invesco Liquid Assets Portfolio, Institutional Class		13,023,355		91,694,324		(93,324,598)		342		2,459		11,395,882		226,406
Invesco Treasury Portfolio, Institutional Class		20,882,179		146,710,919		(149,359,874)		-		-		18,233,224		346,179
Investments in Other Affiliates:
Karora Resources, Inc.		52,574,624		4,581,710		-		(15,726,906)		-		41,429,428		-
Osino Resources Corp.		6,835,964		-		(4,403,321)		(1,555,942)		(876,701)		-		-
Westgold Resources Ltd.		29,053,879		-		(13,610,214)		6,863,795		(22,307,460)		-		-
Total	$	140,641,908	$	371,359,008	$	(391,387,898)	$	(10,418,711)	$	(23,181,702)	$	87,012,605	$	883,363

^(f)

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 April 30, 2023 represented 1.70% of the Fund’s Net Assets.

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

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


9		Invesco Gold & Special Minerals Fund


Open Exchange-Traded Equity Options Written^(a)


	Type of		Expiration		Number of		Exercise			Notional
Description	Contract		Date		Contracts		Price			Value*			Value


Equity Risk


Agnico Eagle Mines Ltd.		Call		05/19/2023		4,000		CAD	80.00		CAD	32,000,000	$	(321,807	)


Agnico Eagle Mines Ltd.		Call		11/17/2023		4,000		USD	70.00		USD	28,000,000		(930,000	)


Alamos Gold, Inc.		Call		06/16/2023		5,000		USD	12.50		USD	6,250,000		(487,500	)


Alcoa Corp.		Call		07/21/2023		1,000		USD	50.00		USD	5,000,000		(54,500	)


Allkem Ltd.		Call		05/18/2023		2,000		AUD	13.75		AUD	2,750,000		(9,926	)


AngloGold Ashanti Ltd.		Call		07/21/2023		2,000		USD	24.00		USD	4,800,000		(740,000	)


Barrick Gold Corp.		Call		09/15/2023		4,000		USD	21.00		USD	8,400,000		(358,000	)


Cameco Corp.		Call		09/15/2023		9,000		USD	30.00		USD	27,000,000		(1,566,000	)


Eldorado Gold Corp.		Call		07/21/2023		4,000		USD	12.00		USD	4,800,000		(240,000	)


Endeavour Mining PLC		Call		08/18/2023		3,000		CAD	36.00		CAD	10,800,000		(417,389	)


Filo Mining Corp.		Call		08/18/2023		1,000		CAD	28.00		CAD	2,800,000		(84,880	)


First Quantum Minerals Ltd.		Call		08/18/2023		9,000		CAD	38.00		CAD	34,200,000		(993,099	)


Franco-Nevada Corp.		Call		07/21/2023		1,600		USD	180.00		USD	28,800,000		(228,000	)


Freeport-McMoRan, Inc.		Call		08/18/2023		8,000		USD	47.00		USD	37,600,000		(596,000	)


Gold Fields Ltd.		Call		10/20/2023		7,000		USD	13.00		USD	9,100,000		(2,485,000	)


Hecla Mining Co.		Call		09/15/2023		6,000		USD	7.00		USD	4,200,000		(267,000	)


Ivanhoe Mines Ltd.		Call		08/18/2023		5,000		CAD	14.00		CAD	7,000,000		(208,510	)


K92 Mining, Inc.		Call		05/19/2023		3,000		CAD	8.25		CAD	2,475,000		(5,536	)


Kinross Gold Corp.		Call		05/19/2023		5,000		USD	5.50		USD	2,750,000		(32,500	)


Lithium Americas Corp.		Call		05/19/2023		3,000		USD	32.50		USD	9,750,000		(7,500	)


Lundin Gold Inc.		Call		06/16/2023		3,000		CAD	15.00		CAD	4,500,000		(548,031	)


MAG Silver Corp.		Call		05/19/2023		3,000		USD	17.50		USD	5,250,000		(7,500	)


Mineral Resources Ltd.		Call		05/18/2023		2,000		AUD	95.00		AUD	19,000,000		(6,617	)


MP Materials Corp.		Call		09/15/2023		1,000		USD	45.00		USD	4,500,000		(7,500	)


Newmont Corp.		Call		09/15/2023		6,000		USD	60.00		USD	36,000,000		(420,000	)


Northern Star Resources Ltd.		Call		06/15/2023		6,000		AUD	13.00		AUD	7,800,000		(422,826	)


Ormat Technologies, Inc.		Call		06/16/2023		1,500		USD	100.00		USD	15,000,000		(30,000	)


Pan American Silver Corp.		Call		07/21/2023		5,000		USD	21.00		USD	10,500,000		(275,000	)


Piedmont Lithium, Inc.		Call		05/19/2023		1,600		USD	80.00		USD	12,800,000		(20,000	)


Sibanye Stillwater Ltd.		Call		07/21/2023		2,000		USD	12.50		USD	2,500,000		(15,000	)


SSR Mining, Inc.		Call		06/16/2023		6,000		USD	18.00		USD	10,800,000		(45,000	)


Tronox Holdings PLC		Call		05/19/2023		12,000		USD	16.00		USD	19,200,000		(30,000	)


Wheaton Precious Metals Corp.		Call		06/16/2023		3,000		USD	50.00		USD	15,000,000		(645,000	)


Subtotal – Equity Call Options Written														(12,505,621	)


Equity Risk


Agnico Eagle Mines Ltd.		Put		11/17/2023		1,000		USD	45.00		USD	4,500,000		(162,500	)


Alcoa Corp.		Put		07/21/2023		2,000		USD	35.00		USD	7,000,000		(490,000	)


Allkem Ltd.		Put		05/18/2023		2,000		AUD	11.00		AUD	2,200,000		(15,219	)


AngloGold Ashanti Ltd.		Put		07/21/2023		2,000		USD	17.00		USD	3,400,000		(20,000	)


Barrick Gold Corp.		Put		09/15/2023		2,000		USD	16.00		USD	3,200,000		(91,000	)


Cameco Corp.		Put		06/16/2023		1,000		USD	24.00		USD	2,400,000		(29,000	)


Endeavour Mining PLC		Put		05/19/2023		2,000		CAD	29.00		CAD	5,800,000		(19,190	)


Evolution Mining Ltd.		Put		05/18/2023		5,000		AUD	2.80		AUD	1,400,000		(331	)


Filo Mining Corp.		Put		08/18/2023		1,000		CAD	20.00		CAD	2,000,000		(114,404	)


First Quantum Minerals Ltd.		Put		05/19/2023		2,000		CAD	23.50		CAD	4,700,000		(8,119	)


Franco-Nevada Corp.		Put		07/21/2023		1,000		USD	115.00		USD	11,500,000		(37,500	)


Freeport-McMoRan, Inc.		Put		05/19/2023		2,000		USD	32.00		USD	6,400,000		(17,000	)


GrafTech International Ltd.		Put		07/21/2023		3,000		USD	5.00		USD	1,500,000		(180,000	)


Hudbay Minerals, Inc.		Put		07/21/2023		3,000		USD	5.00		USD	1,500,000		(135,000	)


Ivanhoe Mines Ltd.		Put		08/18/2023		4,000		CAD	9.50		CAD	3,800,000		(107,761	)

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


10		Invesco Gold & Special Minerals Fund


Open Exchange-Traded Equity Options Written^(a)—(continued)


	Type of		Expiration		Number of		Exercise			Notional
Description	Contract		Date		Contracts		Price			Value*			Value


Lithium Americas Corp.		Put		05/19/2023		1,000		USD	17.50		USD	1,750,000	$	(30,000	)


MAG Silver Corp.		Put		05/19/2023		2,000		USD	15.00		USD	3,000,000		(410,000	)


Mineral Resources Ltd.		Put		05/18/2023		1,000		AUD	76.00		AUD	7,600,000		(252,770	)


MP Materials Corp.		Put		06/16/2023		1,000		USD	25.00		USD	2,500,000		(380,000	)


Newmont Corp.		Put		09/15/2023		1,000		USD	37.50		USD	3,750,000		(74,500	)


Northern Star Resources Ltd.		Put		06/15/2023		3,000		AUD	10.00		AUD	3,000,000		(5,955	)


Ormat Technologies, Inc.		Put		06/16/2023		1,000		USD	75.00		USD	7,500,000		(82,500	)


Pan American Silver Corp.		Put		07/21/2023		2,000		USD	16.00		USD	3,200,000		(125,000	)


Piedmont Lithium, Inc.		Put		05/19/2023		1,000		USD	45.00		USD	4,500,000		(52,500	)


Royal Gold, Inc.		Put		07/21/2023		1,000		USD	110.00		USD	11,000,000		(135,000	)


Sibanye Stillwater Ltd.		Put		07/21/2023		2,000		USD	10.00		USD	2,000,000		(270,000	)


SSR Mining, Inc.		Put		06/16/2023		2,000		USD	15.00		USD	3,000,000		(240,000	)


Teck Resources Ltd.		Put		05/19/2023		1,000		USD	35.00		USD	3,500,000		(5,500	)


Tronox Holdings PLC		Put		08/18/2023		1,000		USD	13.00		USD	1,300,000		(72,500	)


Wesdome Gold Mines Ltd.		Put		05/19/2023		2,000		CAD	6.00		CAD	1,200,000		(1,476	)


Subtotal – Equity Put Options Written														(3,564,725	)


Total Open Exchange-Traded Equity Options Written													$	(16,070,346	)

^(a)	Open Exchange-Traded Options Written collateralized by $79,714 cash held with Morgan Stanley.

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

AUD –Australian Dollar

CAD –Canadian Dollar

USD –U.S. Dollar

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


11		Invesco Gold & Special Minerals Fund

Consolidated Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $1,428,701,861)	$	1,999,518,458


Investments in affiliates, at value (Cost $75,634,836)		87,012,605


Cash collateral – exchange-traded options contracts		79,714


Cash		1,803,749


Foreign currencies, at value (Cost $6,152,309)		6,188,451


Receivable for:
Investments sold		641,832


Fund shares sold		3,323,025


Dividends		1,608,631
Investment for trustee deferred compensation and retirement plans		139,476


Other assets		44,543


Total assets		2,100,360,484



Liabilities:
Other investments:
Options written, at value (premiums received $22,212,800)		16,070,346


Payable for:
Investments purchased		11,447,747


Fund shares reacquired		7,031,665


Due to broker		36,171


Accrued fees to affiliates		1,083,787


Accrued trustees’ and officers’ fees and benefits		36,336


Accrued other operating expenses		109,281


Trustee deferred compensation and retirement plans		151,387


Total liabilities		35,966,720


Net assets applicable to shares outstanding	$	2,064,393,764



Net assets consist of:
Shares of beneficial interest	$	3,136,271,931


Distributable earnings (loss)		(1,071,878,167	)


	$	2,064,393,764


Net Assets:
Class A	$	924,056,569


Class C	$	93,030,859


Class R	$	136,937,379


Class Y	$	568,855,755


Class R5	$	1,143,512


Class R6	$	340,369,690



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		37,597,511


Class C		4,260,497


Class R		5,888,312


Class Y		23,112,018


Class R5		46,431


Class R6		13,685,896


Class A:
Net asset value per share	$	24.58


Maximum offering price per share (Net asset value of $24.58 ÷ 94.50%)	$	26.01


Class C:
Net asset value and offering price per share	$	21.84


Class R:
Net asset value and offering price per share	$	23.26


Class Y:
Net asset value and offering price per share	$	24.61


Class R5:
Net asset value and offering price per share	$	24.63


Class R6:
Net asset value and offering price per share	$	24.87

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


12		Invesco Gold & Special Minerals Fund

Consolidated Statement of Operations

For the year ended April 30, 2023


Investment income:
Dividends (net of foreign withholding taxes of $2,748,185)	$	26,796,108


Dividends from affiliates		883,363


Total investment income		27,679,471



Expenses:
Advisory fees		11,164,330


Administrative services fees		268,367


Custodian fees		30,888


Distribution fees:
Class A		2,051,797


Class C		878,612


Class R		610,506


Transfer agent fees – A, C, R and Y		2,970,028


Transfer agent fees – R5		664


Transfer agent fees – R6		83,177


Trustees’ and officers’ fees and benefits		33,761


Registration and filing fees		139,923


Reports to shareholders		78,418


Professional services fees		80,420


Other		(99,374	)


Total expenses		18,291,517


Less: Fees waived and/or expense offset arrangement(s)		(50,819	)


Net expenses		18,240,698


Net investment income		9,438,773



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(273,727,977	)


Affiliated investment securities		(23,181,702	)


Foreign currencies		8,372


Forward foreign currency contracts		11,631


Option contracts written		40,767,790


		(256,121,886	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		36,162,305


Affiliated investment securities		(10,418,711	)


Foreign currencies		(1,654	)


Forward foreign currency contracts		19


Option contracts written		8,413,631


		34,155,590


Net realized and unrealized gain (loss)		(221,966,296	)


Net increase (decrease) in net assets resulting from operations	$	(212,527,523	)

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


13		Invesco Gold & Special Minerals Fund

Consolidated Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	9,438,773		$	5,905,741


Net realized gain (loss)		(256,121,886	)		195,339,116


Change in net unrealized appreciation (depreciation)		34,155,590			(207,142,399	)


Net increase (decrease) in net assets resulting from operations		(212,527,523	)		(5,897,542	)



Distributions to shareholders from distributable earnings:
Class A		(3,777,806	)		(35,482,130	)


Class C		–			(4,610,763	)


Class R		(185,799	)		(5,243,534	)


Class Y		(3,820,437	)		(21,980,050	)


Class R5		(4,070	)		(63,093	)


Class R6		(2,622,908	)		(10,621,185	)


Total distributions from distributable earnings		(10,411,020	)		(78,000,755	)



Share transactions–net:
Class A		(49,378,469	)		10,607,034


Class C		(10,841,252	)		(6,325,420	)


Class R		(5,748,846	)		10,398,852


Class Y		(38,913,355	)		98,006,379


Class R5		(701,763	)		1,978,328


Class R6		15,804,056			72,099,591


Net increase (decrease) in net assets resulting from share transactions		(89,779,629	)		186,764,764


Net increase (decrease) in net assets		(312,718,172	)		102,866,467



Net assets:
Beginning of year		2,377,111,936			2,274,245,469


End of year	$	2,064,393,764		$	2,377,111,936

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


14		Invesco Gold & Special Minerals Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$26.81		$ 0.09			$(2.22	)		$(2.13	)		$(0.10	)		$24.58		(7.90	)%^(d)		$ 924,057		1.06	%^(d)		1.06	%^(d)		0.43	%^(d)		30	%
Year ended 04/30/22		27.70		0.05			(0.01	)		0.04			(0.93	)		26.81		0.43	^(d)		1,070,962		1.05	^(d)		1.05	^(d)		0.19	^(d)		32
Year ended 04/30/21		21.77		0.06			6.30			6.36			(0.43	)		27.70		29.28	^(d)		1,098,007		1.05	^(d)		1.05	^(d)		0.21	^(d)		43
Ten months ended 04/30/20		17.87		0.02			3.94			3.96			(0.06	)		21.77		22.21			705,341		1.17	^(e)		1.20	^(e)		0.13	^(e)		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	)		15.51		(1.88	)		490,065		1.16			1.17			(0.39	)		44
Class C
Year ended 04/30/23		23.89		(0.06	)		(1.99	)		(2.05	)		–			21.84		(8.58	)		93,031		1.82			1.82			(0.33	)		30
Year ended 04/30/22		24.98		(0.14	)		(0.02	)		(0.16	)		(0.93	)		23.89		(0.34	)		116,380		1.81			1.81			(0.57	)		32
Year ended 04/30/21		19.68		(0.14	)		5.70			5.56			(0.26	)		24.98		28.27			128,089		1.81			1.81			(0.55	)		43
Ten months ended 04/30/20		16.20		(0.09	)		3.57			3.48			–			19.68		21.48			99,528		1.92	^(e)		1.96	^(e)		(0.62	)^(e)		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	)		14.17		(2.62	)		121,350		1.92			1.93			(1.15	)		44
Class R
Year ended 04/30/23		25.35		0.04			(2.10	)		(2.06	)		(0.03	)		23.26		(8.10	)		136,937		1.32			1.32			0.17			30
Year ended 04/30/22		26.32		(0.02	)		(0.02	)		(0.04	)		(0.93	)		25.35		0.14			157,476		1.31			1.31			(0.07	)		32
Year ended 04/30/21		20.69		(0.01	)		5.98			5.97			(0.34	)		26.32		28.90			153,232		1.31			1.31			(0.05	)		43
Ten months ended 04/30/20		16.98		(0.02	)		3.75			3.73			(0.02	)		20.69		21.99			125,316		1.42	^(e)		1.46	^(e)		(0.12	)^(e)		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	)		14.77		(2.23	)		114,608		1.42			1.43			(0.65	)		44
Class Y
Year ended 04/30/23		26.86		0.15			(2.24	)		(2.09	)		(0.16	)		24.61		(7.68	)		568,856		0.82			0.82			0.67			30
Year ended 04/30/22		27.69		0.12			(0.02	)		0.10			(0.93	)		26.86		0.64			675,653		0.81			0.81			0.43			32
Year ended 04/30/21		21.78		0.12			6.31			6.43			(0.52	)		27.69		29.57			600,958		0.81			0.81			0.45			43
Ten months ended 04/30/20		17.88		0.06			3.93			3.99			(0.09	)		21.78		22.41			349,290		0.92	^(e)		0.96	^(e)		0.38	^(e)		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	)		15.48		(1.65	)		147,282		0.92			0.93			(0.15	)		44
Class R5
Year ended 04/30/23		26.89		0.17			(2.24	)		(2.07	)		(0.19	)		24.63		(7.60	)		1,144		0.73			0.73			0.76			30
Year ended 04/30/22		27.69		0.14			(0.01	)		0.13			(0.93	)		26.89		0.75			2,164		0.72			0.72			0.52			32
Year ended 04/30/21		21.79		0.16			6.31			6.47			(0.57	)		27.69		29.75			141		0.69			0.69			0.57			43
Ten months ended 04/30/20		17.87		0.08			3.95			4.03			(0.11	)		21.79		22.65			30		0.77	^(e)		0.77	^(e)		0.53	^(e)		44
Period ended 06/30/19^(f)		14.75		0.01			3.11			3.12			–			17.87		21.15			12		0.80	^(e)		0.80	^(e)		0.35	^(e)		35
Class R6
Year ended 04/30/23		27.15		0.18			(2.25	)		(2.07	)		(0.21	)		24.87		(7.52	)		340,370		0.66			0.66			0.83			30
Year ended 04/30/22		27.94		0.16			(0.02	)		0.14			(0.93	)		27.15		0.78			354,476		0.65			0.65			0.59			32
Year ended 04/30/21		21.98		0.16			6.37			6.53			(0.57	)		27.94		29.79			293,817		0.66			0.66			0.60			43
Ten months ended 04/30/20		18.03		0.09			3.98			4.07			(0.12	)		21.98		22.65			197,933		0.74	^(e)		0.74	^(e)		0.56	^(e)		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	)		15.58		(1.53	)		104,921		0.75			0.75			0.02			44

^(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, 2021, 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 year ended April 30, 2023, 2022 and 2021, respectively.

^(e)	Annualized.

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

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


15		Invesco Gold & Special Minerals Fund

Notes to Consolidated Financial Statements

April 30, 2023

NOTE 1–Significant Accounting Policies

Invesco 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 and the Invesco 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. 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 Subsidiary. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

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, significant governmental actions 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.


16		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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

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


17		Invesco Gold & Special Minerals Fund

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.

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 for hedging 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.

M.	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.

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.


18		Invesco Gold & Special Minerals Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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.

For the year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $30,305.

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 year ended April 30, 2023, 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 Plans, 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 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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $119,626 in front-end sales commissions from the sale of Class A shares and $16,960 and $10,954 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $101,312 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.


19		Invesco Gold & Special Minerals 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 Adviser’s 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 April 30, 2023. 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	$	39,062,985		$	480,421,240	$	–	$	519,484,225


Bosnia Hercegovina		–			9,032,554		–		9,032,554


Brazil		43,949,928			–		–		43,949,928


Burkina Faso		38,950,625			–		–		38,950,625


Canada		945,251,113			–		719,198		945,970,311


China		–			82,819,663		–		82,819,663


Colombia		7,959,807			–		–		7,959,807


Indonesia		–			21,794,501		–		21,794,501


South Africa		67,897,163			–		–		67,897,163


Turkey		28,636,097			–		–		28,636,097


United States		251,491,503			–		–		251,491,503


Zambia		22,961,509			–		–		22,961,509


Money Market Funds		45,583,177			–		–		45,583,177


Total Investments in Securities		1,491,743,907			594,067,958		719,198		2,086,531,063



Other Investments - Liabilities*


Options Written		(16,070,346	)		–		–		(16,070,346	)


Total Investments	$	1,475,673,561		$	594,067,958	$	719,198	$	2,070,460,717

*	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.

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 April 30, 2023:


	Value
	Equity
Derivative Liabilities	Risk


Options written, at value – Exchange-Traded	$	(16,070,346	)


Derivatives not subject to master netting agreements		16,070,346


Total Derivative Liabilities subject to master netting agreements	$	–

Effect of Derivative Investments for the year ended April 30, 2023

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


	Location of Gain on
	Consolidated Statement of Operations
	Currency		Equity
	Risk		Risk		Total


Realized Gain:
Forward foreign currency contracts	$	11,631	$	-	$	11,631


Options written		-		40,767,790		40,767,790


20		Invesco Gold & Special Minerals Fund


	Location of Gain on
	Consolidated Statement of Operations
	Currency		Equity
	Risk		Risk		Total


Change in Net Unrealized Appreciation:
Forward foreign currency contracts	$	19	$	-	$	19


Options written		-		8,413,631		8,413,631


Total	$	11,650	$	49,181,421	$	49,193,071

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

Forward

Equity

Foreign Currency

Options

Contracts

Written

Average notional value

$1,440,093

$386,824,851

Average contracts

–

169,596

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	10,411,020	$	78,000,755

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	16,551,082


Net unrealized appreciation – investments		500,386,543


Net unrealized appreciation (depreciation) – foreign currencies		(11,337	)


Temporary book/tax differences		(155,083	)


Capital loss carryforward		(1,588,649,372	)


Shares of beneficial interest		3,136,271,931


Total net assets	$	2,064,393,764


21		Invesco Gold & Special Minerals Fund

The Fund has a capital loss carryforward as of April 30, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$244,108,519

$1,344,540,853

$1,588,649,372

*	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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $553,623,074 and $588,041,143, 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	$	601,667,799


Aggregate unrealized (depreciation) of investments		(101,281,256	)


Net unrealized appreciation of investments	$	500,386,543

Cost of investments for tax purposes is $1,570,074,174.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on April 30, 2023, undistributed net investment income was increased by $5,542,979, undistributed net realized gain (loss) was decreased by $5,539,486 and shares of beneficial interest was decreased by $3,493. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	April 30, 2023^(a)						April 30, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		7,174,707		$	156,993,090			9,796,466		$	272,429,732


Class C		752,893			14,825,588			1,226,255			30,258,484


Class R		1,679,267			34,709,397			2,088,465			54,833,259


Class Y		9,661,675			210,274,225			11,731,724			323,633,373


Class R5		32,221			775,134			81,288			2,159,887


Class R6		6,728,378			148,650,412			7,090,670			197,507,809



Issued as reinvestment of dividends:
Class A		160,276			3,421,902			1,295,409			32,126,159


Class C		-			-			179,347			3,974,323


Class R		9,168			185,372			222,903			5,233,769


Class Y		139,194			2,973,187			723,318			17,959,973


Class R5		187			4,000			2,525			62,745


Class R6		119,172			2,570,535			411,428			10,322,727



Automatic conversion of Class C shares to Class A shares:
Class A		327,581			7,079,647			397,284			10,644,145


Class C		(368,386	)		(7,079,647	)		(443,191	)		(10,644,145	)



Reacquired:
Class A		(10,015,837	)		(216,873,108	)		(11,170,547	)		(304,593,002	)


Class C		(996,151	)		(18,587,193	)		(1,217,541	)		(29,914,082	)


Class R		(2,011,492	)		(40,643,615	)		(1,921,241	)		(49,668,176	)


Class Y		(11,841,667	)		(252,160,767	)		(9,003,239	)		(243,586,967	)


Class R5		(66,464	)		(1,480,897	)		(8,436	)		(244,304	)


Class R6		(6,217,403	)		(135,416,891	)		(4,963,426	)		(135,730,945	)


Net increase (decrease) in share activity		(4,732,681	)	$	(89,779,629	)		6,519,461		$	186,764,764

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


22		Invesco Gold & Special Minerals Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Gold & Special Minerals Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Gold & Special Minerals Fund and its subsidiary (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related consolidated statement of operations for the year ended April 30, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended April 30, 2023, the ten months ended April 30, 2020 and the year ended June 30, 2019 for Class A, Class C, Class R, Class Y, and Class R6

For each of the three years in the period ended April 30, 2023, the ten months ended April 30, 2020 and the period May 24, 2019 (commencement date) through June 30, 2019 for Class R5

The consolidated financial statements of Oppenheimer Gold & Special Minerals Fund (subsequently renamed Invesco Gold & Special Minerals Fund) as of and for the year ended June 30, 2018 and the consolidated financial highlights for the year ended June 30, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated August 24, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


23		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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period	Ending Account Value (04/30/23)²	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,378.00	$6.19	$1,019.59	$5.26	1.05%
Class C	1,000.00	1,372.70	10.59	1,015.87	9.00	1.80
Class R	1,000.00	1,376.00	7.66	1,018.35	6.51	1.30
Class Y	1,000.00	1,379.20	4.72	1,020.83	4.01	0.80
Class R5	1,000.00	1,380.40	4.25	1,021.22	3.61	0.72
Class R6	1,000.00	1,380.40	3.84	1,021.57	3.26	0.65

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 181/365 to reflect the most recent fiscal half year.


24		Invesco Gold & Special Minerals Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	32.07	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco Gold & Special Minerals Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Gold & Special Minerals Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Gold & Special Minerals Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Gold & Special Minerals Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Gold & Special Minerals Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Gold & Special Minerals Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Gold & Special Minerals Fund

LOGO

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

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		O-GSM-AR-1

LOGO


Annual Report to Shareholders		April 30, 2023

Invesco Small Cap Value Fund

Nasdaq:

A: VSCAX ∎ C: VSMCX ∎ R: VSRAX ∎ Y: VSMIX ∎ R6: SMVSX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended April 30, 2023, Class A shares of Invesco Small Cap Value Fund (the Fund), at net asset value (NAV), outperformed the Russell 2000 Value Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 4/30/22 to 4/30/23, 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	4.09	%
Class C Shares	3.36
Class R Shares	3.83
Class Y Shares	4.31
Class R6 Shares	4.50
S&P 500 Index^▼(Broad Market Index)	2.66
Russell 2000 Value Index^▼(Style-Specific Index)	-7.99
Lipper Small-Cap Value Funds Index^∎(Peer Group Index)	-3.21

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

During the fiscal year, we continued to use our intrinsic value strategy, seeking to create

wealth by maintaining a long-term investment horizon and investing in companies selling at a significant discount to our estimate of their intrinsic value. We believe intrinsic value represents the fair economic worth of a business. Since our application of this strategy is highly disciplined and relatively unique, it is important to understand the benefits and limitations of our process. First, the investment strategy is intended to preserve your capital while growing it at above-market rates over the long-term. Second, our investments have little in common with popular stock market indexes and most of our peers. And third, the Fund’s short-term relative performance will naturally be different from stock market indexes and peers since we typically structure the portfolio significantly differently than these benchmarks.

The Fund outperformed the Russell 2000 Value Index during the fiscal year. Drivers of Fund performance were mainly stock-specific. However, the Fund’s avoidance of real estate and communication services helped the Fund’s relative performance versus the Russell 2000 Value Index as these sectors underperformed. Conversely, the Fund’s overweight positions in industrials and energy helped relative performance. Holdings within the energy sector contributed to absolute Fund performance. Select holdings in financials and health care were among the largest detractors.

Energy companies TechnipFMC and Northern Oil and Gas were the largest contributors to overall Fund performance during the fiscal year. Shares of oil and gas equipment and services company TechnicFMC rose after management reported strong financial results for much of the fiscal year. The company is a top provider for subsea equipment and services in the offshore market. Shares of oil and gas exploration and production company Northern Oil and Gas rose as the company reported strong financial results with record quarterly production in the second quarter of 2022.

Regional bank SVB Financial was the largest detractor from overall Fund performance. We purchased SVB Financial in the fourth quarter of 2022 after suboptimal balance sheet management decisions negatively affected the bank’s near-term financial outlook. At the time, we assessed that the bank’s $180 billion in available liquidity along with capital ratios that were above required regulatory levels would allow SVB Financial to weather a period of below-average profitability. However, in early March 2023, bank management sold a large block of investment securities at a loss to improve near-term profitability while simultaneously opting to raise equity capital. These inopportune decisions alarmed depositors, sparking a bank run of unprecedented speed, which caused the bank to fail. Health care company Fresenius Medical Care was also a large detractor from Fund performance during the fiscal year. The

2 Invesco Small Cap Value Fund

company is one of the largest providers of dialysis services and products in the world. Fresenius Medical Care shares fell due to worse-than-expected patient demand destruction from COVID-19 and the company’s inability to increase pricing to offset labor wage pressure. This resulted in a lower estimate of intrinsic value for the company and we sold our position during the fiscal year.

We believe the single most important indicator of how the Fund is positioned for potential future success is not our recent investment results or popular statistical measures, but rather the difference between current market prices and the Fund’s estimated intrinsic value – the aggregate business value of the portfolio based on our estimate of intrinsic value for each individual holding.

At the end of the fiscal year, the difference between the market price and the estimated intrinsic value of the Fund was very attractive, according to our estimation. While there is no assurance that market value will ever reflect our estimate of the Fund’s intrinsic value, we believe the gap between price and estimated intrinsic value may provide above-average capital appreciation.

We will continue to work hard to protect and grow the Fund’s estimated intrinsic value. We thank you for your investment in Invesco Small Cap Value Fund and for sharing our long-term investment perspective.

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Jonathan Edwards - Lead

Jonathan Mueller

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Small Cap Value Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Small Cap Value Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	10.29	%
10 Years	9.84
5 Years	8.49
1 Year	-1.65

Class C Shares
Inception (6/21/99)	10.28	%
10 Years	9.81
5 Years	8.93
1 Year	2.50

Class R Shares
10 Years	10.18	%
5 Years	9.44
1 Year	3.83

Class Y Shares
Inception (8/12/05)	10.18	%
10 Years	10.74
5 Years	10.00
1 Year	4.31

Class R6 Shares
10 Years	10.74	%
5 Years	10.17
1 Year	4.50

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Small Cap Value Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Small Cap Value Fund (renamed Invesco Small Cap Value Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are 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 Class A shares at net asset value 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 at net asset value and includes the 12b-1 fees applicable to Class A shares.

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 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.

5 Invesco Small Cap Value Fund

Supplemental Information

Invesco Small Cap Value Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less

frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Small Cap Value Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials		26.72%
Energy		18.16
Financials		12.70
Materials		11.98
Consumer Discretionary		8.15
Information Technology		7.04
Health Care		5.58
Consumer Staples		4.73
Utilities		2.30
Money Market Funds Plus Other Assets Less Liabilities		2.64

Top 10 Equity Holdings*


		% of total net assets

1.	Western Alliance Bancorporation	3.03%
2.	Northern Oil and Gas, Inc.	2.73
3.	Teck Resources Ltd., Class B	2.52
4.	Pinnacle Financial Partners, Inc.	2.41
5.	KBR, Inc.	2.24
6.	Spectrum Brands Holdings, Inc.	2.10
7.	AECOM	2.02
8.	Expedia Group, Inc.	1.99
9.	Huntington Bancshares, Inc.	1.99
10.	MasTec, Inc.	1.96

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.

7 Invesco Small Cap Value Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value

Common Stocks & Other Equity Interests–97.36%
Aerospace & Defense–3.79%
BWX Technologies, Inc.		102,300	$	6,606,534

Hensoldt AG (Germany)		1,075,308		40,337,768

Huntington Ingalls Industries, Inc.		121,500		24,501,690

Leonardo DRS, Inc.^(b)(c)		2,023,036		30,446,692

				101,892,684


Application Software–0.25%
Cerence, Inc.^(b)(c)		261,700		6,686,435


Automotive Parts & Equipment–1.31%
Dana, Inc.		1,781,396		26,346,847

Modine Manufacturing Co.^(b)(c)		427,800		8,945,298

				35,292,145


Coal & Consumable Fuels–0.67%
Cameco Corp. (Canada)		540,050		14,845,974

NexGen Energy Ltd. (Canada)^(b)		813,400		3,163,906

				18,009,880


Commodity Chemicals–1.70%
Cabot Corp.^(c)		342,900		24,606,504

Orion Engineered Carbons S.A. (Germany)		868,500		21,026,385

				45,632,889


Communications Equipment–1.74%
Lumentum Holdings, Inc.^(b)(c)		970,472		46,825,274


Construction & Engineering–6.82%
AECOM		652,318		54,175,010

Balfour Beatty PLC (United Kingdom)		812,975		3,920,426

Concrete Pumping Holdings, Inc.^(b)		644,300		4,477,885

HOCHTIEF AG (Germany)		206,100		17,200,355

MasTec, Inc.^(b)		593,700		52,726,497

Primoris Services Corp.		1,464,834		37,060,300

Sterling Infrastructure, Inc.^(b)		372,500		13,752,700

				183,313,173


Construction Machinery & Heavy Transportation Equipment– 3.54%
Astec Industries, Inc.		245,778		10,145,716

Manitowoc Co., Inc. (The)^(b)		1,030,900		15,762,461

Oshkosh Corp.^(c)		282,300		21,601,596

REV Group, Inc.^(c)		815,000		8,744,950

Terex Corp.^(c)		872,500		38,904,775

				95,159,498


Copper–1.80%
Capstone Copper Corp. (Canada)^(b)		7,500,600		35,265,027

ERO Copper Corp. (Brazil)^(b)		668,700		13,168,186

				48,433,213


Diversified Chemicals–1.36%
Huntsman Corp.^(c)		1,364,163		36,545,927


Diversified Metals & Mining–3.31%
Hudbay Minerals, Inc. (Canada)		4,252,900		21,307,029


	Shares		Value

Diversified Metals & Mining–(continued)
Teck Resources Ltd., Class B (Canada)		1,454,400	$	67,775,040

				89,082,069


Diversified Support Services–0.07%
VSE Corp.		42,199		1,784,596


Education Services–2.05%
Adtalem Global Education, Inc.^(b)(c)		1,020,400		41,397,628

Grand Canyon Education, Inc.^(b)		114,500		13,591,150

				54,988,778


Electric Utilities–1.06%
NRG Energy, Inc.		830,100		28,364,517


Electrical Components & Equipment–2.76%
EnerSys		337,200		27,977,484

Vertiv Holdings Co.		3,104,500		46,319,140

				74,296,624


Electronic Manufacturing Services–2.94%
Benchmark Electronics, Inc.		288,800		6,165,880

Flex Ltd.^(b)		2,348,900		48,316,873

Jabil, Inc.^(c)		313,700		24,515,655

				78,998,408


Environmental & Facilities Services–0.07%
Li-Cycle Holdings Corp. (Canada)^(b)		399,615		1,898,171


Food Distributors–2.63%
Performance Food Group Co.^(b)(c)		465,200		29,163,388

US Foods Holding Corp.^(b)		1,084,571		41,647,526

				70,810,914


Gold–0.58%
Agnico Eagle Mines Ltd. (Canada)		132,708		7,528,525

Kinross Gold Corp. (Canada)		1,591,300		8,036,065

				15,564,590


Health Care Distributors–0.37%
Henry Schein, Inc.^(b)		124,700		10,077,007


Health Care Equipment–1.56%
Integer Holdings Corp.^(b)(c)		510,500		42,039,675


Health Care Facilities–2.18%
Select Medical Holdings Corp.^(c)		972,000		29,646,000

Universal Health Services, Inc., Class B		192,600		28,957,410

				58,603,410


Hotels, Resorts & Cruise Lines–3.17%
Expedia Group, Inc.^(b)		570,700		53,622,972

Travel + Leisure Co.^(c)		828,676		31,713,430

				85,336,402


Household Products–2.10%
Spectrum Brands Holdings, Inc.^(c)		849,259		56,475,723


Human Resource & Employment Services–1.31%
Kelly Services, Inc., Class A		375,910		6,168,683

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

8 Invesco Small Cap Value Fund


	Shares		Value

Human Resource & Employment Services–(continued)
ManpowerGroup, Inc.		382,200	$	28,936,362

				35,105,045


Independent Power Producers & Energy Traders–1.24%
Vistra Corp.		1,396,400		33,318,104


Industrial Machinery & Supplies & Components–0.47%
Gates Industrial Corp. PLC^(b)		944,500		12,722,415


Life & Health Insurance–1.27%
American Equity Investment Life Holding Co.^(c)		884,947		34,105,857


Managed Health Care–1.47%
Molina Healthcare, Inc.^(b)		133,000		39,619,370


Office Services & Supplies–1.06%
Interface, Inc.		415,320		3,256,109

MillerKnoll, Inc.^(c)		912,100		15,514,821

Steelcase, Inc., Class A		1,224,700		9,797,600

				28,568,530


Oil & Gas Equipment & Services–2.59%
Helix Energy Solutions Group, Inc.^(b)(c)		3,396,981		24,628,112

NexTier Oilfield Solutions, Inc.^(b)		2,308,511		18,652,769

TechnipFMC PLC (United Kingdom)^(b)		1,928,123		26,396,004

				69,676,885


Oil & Gas Exploration & Production–13.39%
Advantage Energy Ltd. (Canada)^(b)		2,381,900		13,396,374

APA Corp.		1,188,000		43,777,800

ARC Resources Ltd. (Canada)		4,212,500		52,327,841

Crescent Point Energy Corp. (Canada)		5,059,400		37,417,565

Enerplus Corp. (Canada)		1,714,100		25,632,111

EQT Corp.		93,200		3,247,088

Kosmos Energy Ltd. (Ghana)^(b)(c)		7,676,600		49,130,240

Northern Oil and Gas, Inc.^(c)		2,211,780		73,364,743

Ovintiv, Inc.		978,300		35,297,064

Southwestern Energy Co.^(b)(c)		3,411,900		17,707,761

Tamarack Valley Energy Ltd. (Canada)^(c)		3,222,400		8,895,284

				360,193,871


Oil & Gas Storage & Transportation–1.51%
New Fortress Energy, Inc.^(c)		1,337,523		40,513,572


Passenger Ground Transportation–0.23%
National Express Group PLC (United Kingdom)		4,105,060		6,268,816


Regional Banks–10.89%
Five Star Bancorp		360,754		7,669,630

Huntington Bancshares, Inc.		4,766,958		53,389,930

Pinnacle Financial Partners, Inc.		1,195,500		64,831,965

Synovus Financial Corp.^(c)		434,100		13,370,280

Texas Capital Bancshares, Inc.^(b)		466,400		23,436,600

Webster Financial Corp.		1,306,300		48,724,990

Western Alliance Bancorporation^(c)		2,191,700		81,355,904

				292,779,299


Research & Consulting Services–3.28%
CACI International, Inc., Class A^(b)		89,318		27,985,116

KBR, Inc.^(c)		1,060,200		60,145,146

				88,130,262


	Shares		Value

Restaurants–1.62%
Cheesecake Factory, Inc. (The)^(c)		1,179,047	$	39,722,094

Marston’s PLC (United Kingdom)^(b)		8,752,649		3,836,180

				43,558,274


Semiconductor Materials & Equipment–2.11%
Ichor Holdings Ltd.^(b)		507,216		14,125,966

MKS Instruments, Inc.^(c)		187,258		15,705,328

Ultra Clean Holdings, Inc.^(b)		946,500		27,013,110

				56,844,404


Silver–1.19%
Pan American Silver Corp. (Canada)		1,795,613		31,979,868


Specialized Finance–0.54%
Burford Capital Ltd.		1,089,926		14,517,814


Specialty Chemicals–0.23%
Axalta Coating Systems Ltd.^(b)(c)		192,900		6,089,853


Steel–1.81%
Carpenter Technology Corp.		925,330		48,801,904


Trading Companies & Distributors–3.32%
Air Lease Corp.		969,300		38,985,246

Beacon Roofing Supply, Inc.^(b)(c)		218,866		13,171,356

DXP Enterprises, Inc.^(b)		247,091		6,226,693

WESCO International, Inc.		214,400		30,873,600

				89,256,895

Total Common Stocks & Other Equity Interests (Cost $2,503,243,011)				2,618,163,040


Money Market Funds–1.53%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		14,518,112		14,518,112

Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		9,995,881		9,998,880

Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		16,592,129		16,592,129

Total Money Market Funds (Cost $41,106,399)				41,109,121

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.89% (Cost $2,544,349,410)				2,659,272,161


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.24%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		61,733,491		61,733,491

Invesco Private Prime Fund, 4.99%^(d)(e)(f)		159,859,183		159,859,183

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $221,596,782)				221,592,674

TOTAL INVESTMENTS IN SECURITIES–107.13% (Cost $2,765,946,192)				2,880,864,835

OTHER ASSETS LESS LIABILITIES–(7.13)%				(191,679,006	)

NET ASSETS–100.00%			$	2,689,185,829

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

9 Invesco Small Cap Value Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	28,128,261	$	336,846,898	$	(350,457,047	)	$	-	$	-	$	14,518,112	$	1,050,704
Invesco Liquid Assets Portfolio, Institutional Class		19,708,213		240,604,927		(250,326,461	)		1,745		10,456		9,998,880		756,356
Invesco Treasury Portfolio, Institutional Class		32,146,584		384,967,884		(400,522,339	)		-		-		16,592,129		1,187,494
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		31,889,639		569,852,521		(540,008,669	)		-		-		61,733,491		1,432,103*
Invesco Private Prime Fund		74,524,001		1,179,943,325		(1,094,592,463	)		(7,385)		(8,295)		159,859,183		3,999,566*
Total	$	186,396,698	$	2,712,215,555	$	(2,635,906,979	)	$	(5,640)	$	2,161	$	262,701,795	$	8,426,223

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized
Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

05/11/2023

Bank of America, N.A.

USD

4,397,369

EUR

3,981,980

$ (7,447)

05/11/2023

Bank of America, N.A.

USD

2,154,738

GBP

1,712,639

(1,952)

05/11/2023

Canadian Imperial Bank of Commerce

EUR

53,773,764

USD

58,863,827

(418,903)

05/11/2023

Canadian Imperial Bank of Commerce

GBP

12,698,304

USD

15,830,552

(131,210)

05/11/2023

Royal Bank of Canada

EUR

3,086,310

USD

3,377,349

(25,144)

Total Forward Foreign Currency Contracts

$(584,656)

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

10 Invesco Small Cap Value Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $2,503,243,011)*	$	2,618,163,040

Investments in affiliated money market funds, at value (Cost $262,703,181)		262,701,795

Foreign currencies, at value (Cost $443,337)		441,199

Receivable for:
Investments sold		54,402,459

Fund shares sold		4,670,007

Dividends		2,360,326

Investment for trustee deferred compensation and retirement plans		188,533

Other assets		180,191

Total assets		2,943,107,550


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		584,656

Payable for:
Investments purchased		24,516,736

Fund shares reacquired		5,775,087

Amount due custodian		17,199

Collateral upon return of securities loaned		221,596,782

Accrued fees to affiliates		1,174,913

Accrued other operating expenses		50,870

Trustee deferred compensation and retirement plans		205,478

Total liabilities		253,921,721

Net assets applicable to shares outstanding	$	2,689,185,829


Net assets consist of:
Shares of beneficial interest	$	2,524,177,262

Distributable earnings		165,008,567

	$	2,689,185,829


Net Assets:
Class A	$	798,427,905

Class C	$	32,363,047

Class R	$	15,241,036

Class Y	$	1,416,555,131

Class R6	$	426,598,710


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		46,063,263

Class C		3,758,825

Class R		884,907

Class Y		75,096,613

Class R6		22,395,130

Class A:
Net asset value per share	$	17.33

Maximum offering price per share (Net asset value of $17.33 ÷ 94.50%)	$	18.34

Class C:
Net asset value and offering price per share	$	8.61

Class R:
Net asset value and offering price per share	$	17.22

Class Y:
Net asset value and offering price per share	$	18.86

Class R6:
Net asset value and offering price per share	$	19.05

*	At April 30, 2023, securities with an aggregate value of $219,870,734 were on loan to brokers.

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

11 Invesco Small Cap Value Fund

Statement of Operations

For the year ended April 30, 2023



Investment income:
Dividends (net of foreign withholding taxes of $1,053,203)	$	36,972,267

Dividends from affiliated money market funds (includes net securities lending income of $381,688)		3,376,242

Total investment income		40,348,509


Expenses:
Advisory fees		15,380,904

Administrative services fees		351,723

Custodian fees		33,472

Distribution fees:
Class A		1,891,091

Class C		279,021

Class R		66,579

Transfer agent fees – A, C, R and Y		3,561,685

Transfer agent fees – R6		103,341

Trustees’ and officers’ fees and benefits		29,166

Registration and filing fees		288,765

Reports to shareholders		108,751

Professional services fees		72,098

Other		10,568

Total expenses		22,177,164

Less: Fees waived and/or expense offset arrangement(s)		(116,520	)

Net expenses		22,060,644

Net investment income		18,287,865


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		107,037,818

Affiliated investment securities		2,161

Foreign currencies		(105,951	)

Forward foreign currency contracts		(9,145,395	)

		97,788,633

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(23,159,735	)

Affiliated investment securities		(5,640	)

Foreign currencies		16,511

Forward foreign currency contracts		(584,656	)

		(23,733,520	)

Net realized and unrealized gain		74,055,113

Net increase in net assets resulting from operations	$	92,342,978

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

12 Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022

Operations:
Net investment income	$	18,287,865		$	4,361,774

Net realized gain		97,788,633			345,808,958

Change in net unrealized appreciation (depreciation)		(23,733,520	)		(316,078,267	)

Net increase in net assets resulting from operations		92,342,978			34,092,465


Distributions to shareholders from distributable earnings:
Class A		(71,798,839	)		(101,790,912	)

Class C		(4,955,135	)		(4,343,882	)

Class R		(1,274,881	)		(1,502,521	)

Class Y		(115,989,366	)		(106,700,334	)

Class R6		(32,077,278	)		(17,684,381	)

Total distributions from distributable earnings		(226,095,499	)		(232,022,030	)


Share transactions–net:
Class A		120,945,262			112,944,825

Class C		13,206,738			10,049,530

Class R		4,726,898			3,342,282

Class Y		398,772,213			370,852,528

Class R6		221,460,575			160,103,595

Net increase in net assets resulting from share transactions		759,111,686			657,292,760

Net increase in net assets		625,359,165			459,363,195


Net assets:
Beginning of year		2,063,826,664			1,604,463,469

End of year	$	2,689,185,829		$	2,063,826,664

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

13 Invesco Small Cap Value Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$18.37		$ 0.10			$ 0.62			$ 0.72			$(0.06	)		$(1.70	)		$(1.76	)		$17.33		4.09	%		$ 798,428		1.09	%		1.09	%		0.58	%		51	%
Year ended 04/30/22		20.84		0.01			0.62			0.63			(0.00	)		(3.10	)		(3.10	)		18.37		3.75			721,429		1.09			1.09			0.11			79
Year ended 04/30/21		9.62		0.03			11.24			11.27			(0.05	)		–			(0.05	)		20.84		117.30			687,428		1.12			1.12			0.24			71
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
Class C
Year ended 04/30/23		10.00		(0.02	)		0.33			0.31			(0.00	)		(1.70	)		(1.70	)		8.61		3.36			32,363		1.84			1.84			(0.17	)		51
Year ended 04/30/22		12.85		(0.07	)		0.32			0.25			(0.00	)		(3.10	)		(3.10	)		10.00		2.99			23,397		1.84			1.84			(0.64	)		79
Year ended 04/30/21		5.96		(0.04	)		6.94			6.90			(0.01	)		–			(0.01	)		12.85		115.93	^(d)		17,598		1.81	^(d)		1.81	^(d)		(0.45	)^(d)		71
Year ended 04/30/20		8.93		(0.04	)		(2.57	)		(2.61	)		–			(0.36	)		(0.36	)		5.96		(30.50	)^(d)		10,133		1.84	^(d)		1.84	^(d)		(0.55	)^(d)		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
Class R
Year ended 04/30/23		18.28		0.06			0.61			0.67			(0.03	)		(1.70	)		(1.73	)		17.22		3.83			15,241		1.34			1.34			0.33			51
Year ended 04/30/22		20.79		(0.03	)		0.62			0.59			(0.00	)		(3.10	)		(3.10	)		18.28		3.52			11,315		1.34			1.34			(0.14	)		79
Year ended 04/30/21		9.61		(0.00	)^(e)		11.21			11.21			(0.03	)		–			(0.03	)		20.79		116.81			9,140		1.37			1.37			(0.01	)		71
Period ended 04/30/20^(f)		8.49		(0.00	)^(e)		1.12			1.12			–			–			–			9.61		13.19			3,866		1.37	^(g)		1.37	^(g)		(0.08	)^(g)		47
Class Y
Year ended 04/30/23		19.84		0.16			0.66			0.82			(0.10	)		(1.70	)		(1.80	)		18.86		4.31			1,416,555		0.84			0.84			0.83			51
Year ended 04/30/22		22.23		0.08			0.67			0.75			(0.04	)	��	(3.10	)		(3.14	)		19.84		4.06			1,085,935		0.84			0.84			0.36			79
Year ended 04/30/21		10.25		0.07			11.98			12.05			(0.07	)		–			(0.07	)		22.23		117.78			812,019		0.87			0.87			0.49			71
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
Class R6
Year ended 04/30/23		20.01		0.19			0.68			0.87			(0.13	)		(1.70	)		(1.83	)		19.05		4.50			426,599		0.70			0.70			0.97			51
Year ended 04/30/22		22.39		0.11			0.67			0.78			(0.06	)		(3.10	)		(3.16	)		20.01		4.17			221,751		0.70			0.70			0.50			79
Year ended 04/30/21		10.31		0.09			12.07			12.16			(0.08	)		–			(0.08	)		22.39		118.25			78,279		0.73			0.73			0.63			71
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

^(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)	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 0.94% for the year ended April 30, 2021 and 0.96% for the year ended April 30, 2020, respectively.

^(e)	Amount represents less than $(0.005).

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

^(g)	Annualized.

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

14 Invesco Small Cap Value Fund

Notes to Financial Statements

April 30, 2023

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 eight 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 eighth anniversary after a purchase of Class C shares.

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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

15 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $17,295 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

16 Invesco Small Cap Value Fund

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.

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 year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.64%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $105,280.

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 year ended April 30, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

17 Invesco Small Cap Value Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2023, IDI advised the Fund that IDI retained $151,543 in front-end sales commissions from the sale of Class A shares and $13,230 and $9,980 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $62,534 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 Adviser’s 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	$	2,546,599,495	$	71,563,545			$–	$	2,618,163,040


Money Market Funds		41,109,121		221,592,674			–		262,701,795


Total Investments in Securities		2,587,708,616		293,156,219			–		2,880,864,835



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(584,656	)		–		(584,656	)


Total Investments	$	2,587,708,616	$	292,571,563			$–	$	2,880,280,179

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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 April 30, 2023:


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(584,656	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(584,656	)

18 Invesco Small Cap Value 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 April 30, 2023.


	Financial Derivative Liabilities			Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives		Non-Cash	Cash	Net Amount

Bank of America, N.A.	$ (9,399)	$	(9,399)	$–	$–	$	(9,399	)

Canadian Imperial Bank of Commerce	(550,113)		(550,113)	–	–		(550,113	)

Royal Bank of Canada	(25,144)		(25,144)	–	–		(25,144	)

Total	$(584,656)	$	(584,656)	$–	$–	$	(584,656	)

Effect of Derivative Investments for the year ended April 30, 2023

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		$(9,145,395)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(584,656)


Total		$(9,730,051)

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


		Forward Foreign Currency Contracts


Average notional value		$87,957,752

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	90,901,796	$	130,679,553


Long-term capital gain		135,193,703		101,342,477


Total distributions	$	226,095,499	$	232,022,030

*	Includes short-term capital gain distributions, if any.

19 Invesco Small Cap Value Fund


Tax Components of Net Assets at Period-End:
	2023

Undistributed ordinary income	$	5,922,246

Undistributed long-term capital gain		57,871,297

Net unrealized appreciation – investments		108,013,954

Net unrealized appreciation – foreign currencies		14,912

Temporary book/tax differences		(125,358	)

Capital loss carryforward		(6,688,484	)

Shares of beneficial interest		2,524,177,262

Total net assets	$	2,689,185,829

The Fund has a capital loss carryforward as of April 30, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,569,001	$	1,119,483	$	6,688,484

*	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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $1,736,726,422 and $1,200,806,681, 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	$308,247,565


Aggregate unrealized (depreciation) of investments	(200,233,611	)


Net unrealized appreciation of investments	$108,013,954

Cost of investments for tax purposes is $2,772,266,225.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on April 30, 2023, undistributed net investment income was decreased by $4,087,140 and undistributed net realized gain was increased by $4,087,140. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended						Year ended
	April 30, 2023^(a)						April 30, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		11,231,349		$	203,041,369			9,439,506		$	190,915,847

Class C		1,909,727			18,175,305			1,290,219			14,798,454

Class R		309,010			5,549,466			163,890			3,251,723

Class Y		51,152,710			996,010,001			34,018,696			724,197,121

Class R6		15,858,483			310,382,838			8,818,284			189,023,755


Issued as reinvestment of dividends:
Class A		3,995,064			67,956,014			5,504,500			96,493,889

Class C		559,784			4,741,369			436,669			4,178,927

Class R		75,348			1,274,881			85,969			1,501,008

Class Y		5,183,189			95,889,004			4,533,685			85,731,979

Class R6		1,637,428			30,570,788			907,606			17,298,965


Automatic conversion of Class C shares to Class A shares:
Class A		85,885			1,540,040			88,447			1,742,554

Class C		(166,840	)		(1,540,040	)		(153,262	)		(1,742,554	)

20 Invesco Small Cap Value Fund


				Summary of Share Activity

	Year ended						Year ended
	April 30, 2023^(a)						April 30, 2022
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(8,515,585	)	$	(151,592,161	)		(8,757,393	)	$	(176,207,465	)

Class C		(882,740	)		(8,169,896	)		(603,967	)		(7,185,297	)

Class R		(118,347	)		(2,097,449	)		(70,618	)		(1,410,449	)

Class Y		(35,985,175	)		(693,126,792	)		(20,335,846	)		(439,076,572	)

Class R6		(6,183,012	)		(119,493,051	)		(2,140,508	)		(46,219,125	)

Net increase in share activity		40,146,278		$	759,111,686			33,225,877		$	657,292,760

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% 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.

21 Invesco Small Cap Value Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Value Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023

22 Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (11/01/22)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)¹		Expenses Paid During Period²		Ending Account Value (04/30/23)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,027.90		$5.53		$1,019.34		$5.51		1.10%
Class C		1,000.00		1,024.30		9.29		1,015.62		9.25		1.85
Class R		1,000.00		1,027.10		6.79		1,018.10		6.76		1.35
Class Y		1,000.00		1,029.60		4.28		1,020.58		4.26		0.85
Class R6		1,000.00		1,030.50		3.52		1,021.32		3.51		0.70

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 181/365 to reflect the most recent fiscal half year.

23 Invesco Small Cap Value Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	135,193,703
Qualified Dividend Income*		39.20	%
Corporate Dividends Received Deduction*		36.92	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

24 Invesco Small Cap Value Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Small Cap Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Small Cap Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Small Cap Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Small Cap Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Small Cap Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Small Cap Value Fund

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		VK-SCV-AR-1

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Annual Report to Shareholders		April 30, 2023

Invesco Technology Fund

Nasdaq:

A: ITYAX ∎ C: ITHCX ∎ Y: ITYYX ∎ Investor: FTCHX ∎ R5: FTPIX ∎ R6: FTPSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Technology Fund (the Fund), at net asset value (NAV), underperformed the NASDAQ Composite Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, 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	-8.35	%
Class C Shares	-9.05
Class Y Shares	-8.11
Investor Class Shares	-8.24
Class R5 Shares	-8.05
Class R6 Shares	-7.99
NASDAQ Composite Index^▼(Broad Market/Style-Specific Index)	0.02
Lipper Science & Technology Funds Index^∎(Peer Group Index)	-3.58

Source(s): ^▼Bloomberg LP; ^∎Lipper Inc.

Market conditions and your Fund

economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴ During the fiscal year, the Fund’s Class A shares at NAV underperformed the NASDAQ

Composite Index. Underperformance was primarily due to weaker stock selection in the systems software sub-industry as well as our overweight allocation to the internet services and infrastructure and application software industries. Our underweight allocation to automobile manufacturers and overweight allocation to semiconductors partially offset these results.

The top individual contributors on an absolute basis during the fiscal year included

NVIDIA, Lattice Semiconductor and Netflix.

NVIDIA engages in the design and manufacture of computer graphics processors, chipsets and related multimedia software. The company is benefiting from an artificial intelligence (AI) upgrade cycle in cloud spending.

Lattice Semiconductor designs, develops and markets programmable logic products and related software. While most semiconductor companies were reducing forward guidance, Lattice Semiconductor posted numbers ahead of street consensus estimates due to strong product cycles in the datacenter segment. The company also benefited from an AI upgrade cycle in cloud spending.

Netflix is a streaming entertainment service. The company launched a lower price point ad-supported model during the fiscal year at a pace that was faster than expected.

The top individual detractors on an absolute basis during the fiscal year included Amazon.com, Cloudflare and Atlassian Corporation.

Amazon.com is the leading global e-commerce platform. Amazon.com’s third quarter earnings report showed slower than expected growth in their Amazon Web Services (AWS) division as well as weaker AWS margins given rising wage and energy costs. Management also lowered fourth quarter of 2022 guidance that implied slowing retail into the holidays.

Cloudflare provides cloud-based services to secure websites. Despite reporting earnings that beat expectations in the fall of 2022, the stock price fell on concerns regarding slowing growth. We exited the position during the fiscal year.

Atlassian Corporation provides team collaboration and productivity software. The stock price fell in the fall of 2022 as the company reported earnings that missed expectations and issued guidance that was below expectations. We exited the position during the fiscal year.

As we look forward, financial markets remain challenged by a complex macroeconomic environment. We believe technology-driven innovation continues to disrupt large portions of the global economy and we remain focused on capturing those opportunities for fund shareholders.

Ash Shah took over as portfolio manager for the Invesco Technology Fund effective November 28, 2022. Erik Voss announced plans to retire on June 30, 2023 and is no longer the Fund’s portfolio manager.


2		Invesco Technology Fund

Thank you for your continued investment in the Invesco Technology Fund.

1 Source: US Bureau of Labor Statistics

2 Source: Bloomberg LP

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Technology Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

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1 Source: Bloomberg LP

2 Source: Lipper Inc.

* It is Invesco’s policy to chart the Fund’s oldest share class(es). Because Investor Class shares do not have a sales charge, we also show the oldest share class with a sales charge, Class C shares.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Technology Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	5.74	%
10 Years	10.73
5 Years	6.29
1 Year	-13.38

Class C Shares
Inception (2/14/00)	0.26	%
10 Years	10.69
5 Years	6.68
1 Year	-9.93

Class Y Shares
Inception (10/3/08)	11.87	%
10 Years	11.64
5 Years	7.76
1 Year	-8.11

Investor Class Shares
Inception (1/19/84)	9.91	%
10 Years	11.47
5 Years	7.61
1 Year	-8.24

Class R5 Shares
Inception (12/21/98)	5.75	%
10 Years	11.84
5 Years	7.87
1 Year	-8.05

Class R6 Shares
10 Years	11.63	%
5 Years	7.92
1 Year	-7.99

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.


5		Invesco Technology Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.

∎	The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.

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

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

Liquidity Risk Management Program

and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Technology Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		65.15	%

Communication Services		14.16

Consumer Discretionary		8.89

Industrials		4.74

Financials		3.02

Health Care		1.48

Money Market Funds Plus Other Assets Less Liabilities		2.56

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		8.25	%

2.	NVIDIA Corp.		6.76

3.	Apple, Inc.		5.34

4.	Meta Platforms, Inc., Class A		5.05

5.	Alphabet, Inc., Class A		4.13

6.	Monolithic Power Systems, Inc.		3.04

7.	Workday, Inc., Class A		3.03

8.	Advanced Micro Devices, Inc.		2.99

9.	Synopsys, Inc.		2.82

10.	Salesforce, Inc.		2.81

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Technology Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value


Common Stocks & Other Equity Interests–97.44%
Advertising–1.98%
Trade Desk, Inc. (The), Class A^(b)		341,879	$	21,996,495



Aerospace & Defense–2.78%
Airbus SE (France)		100,174		14,062,245


Axon Enterprise, Inc.^(b)		24,981		5,263,747


TransDigm Group, Inc.		15,144		11,585,160


				30,911,152



Agricultural & Farm Machinery–0.97%
Deere & Co.		28,401		10,736,146



Apparel, Accessories & Luxury Goods–1.09%
LVMH Moet Hennessy Louis Vuitton SE (France)		12,560		12,069,342



Application Software–17.11%
HubSpot, Inc.^(b)		68,620		28,885,589


Intuit, Inc.		45,981		20,413,265


Procore Technologies, Inc.^(b)		183,256		9,787,703


Salesforce, Inc.^(b)		157,215		31,186,739


Samsara, Inc., Class A^(b)		301,212		5,436,876


Smartsheet, Inc., Class A^(b)		256,503		10,483,278


Sprout Social, Inc., Class A^(b)		165,076		8,131,644


SPS Commerce, Inc.^(b)(c)		72,913		10,740,085


Synopsys, Inc.^(b)		84,287		31,297,449


Workday, Inc., Class A^(b)		180,522		33,602,365


				189,964,993



Automobile Manufacturers–0.25%
Tesla, Inc.^(b)(c)		16,798		2,760,079



Automotive Parts & Equipment–1.42%
Aptiv PLC^(b)		54,212		5,576,247


Mobileye Global, Inc., Class A (Israel)^(b)(c)		269,727		10,152,524


				15,728,771



Broadline Retail–3.76%
Amazon.com, Inc.^(b)		217,962		22,984,093


MercadoLibre, Inc. (Brazil)^(b)		14,679		18,752,276


				41,736,369



Casinos & Gaming–1.07%
Las Vegas Sands Corp.^(b)		186,470		11,906,110



Communications Equipment–3.14%
Arista Networks, Inc.^(b)		123,238		19,737,798


Motorola Solutions, Inc.		51,679		15,059,261


				34,797,059



Electronic Manufacturing Services–1.00%
Flex Ltd.^(b)		537,190		11,049,998



Footwear–0.75%
Deckers Outdoor Corp.^(b)		17,474		8,375,987



Health Care Equipment–1.48%
DexCom, Inc.^(b)		92,208		11,188,519


	Shares		Value


Health Care Equipment–(continued)
IDEXX Laboratories, Inc.^(b)		10,701	$	5,266,604


				16,455,123



Hotels, Resorts & Cruise Lines–0.55%
Booking Holdings, Inc.^(b)		2,275		6,111,355



Industrial Machinery & Supplies & Components–0.99%
Parker-Hannifin Corp.		33,822		10,988,091



Interactive Media & Services–9.80%
Alphabet, Inc., Class A^(b)		427,584		45,896,866


Meta Platforms, Inc., Class A^(b)		233,259		56,056,803


Pinterest, Inc., Class A^(b)		296,659		6,823,157


				108,776,826



Internet Services & Infrastructure–1.97%
MongoDB, Inc.^(b)		78,658		18,874,774


Snowflake, Inc., Class A^(b)		20,088		2,974,631


				21,849,405



Movies & Entertainment–1.81%
Liberty Media Corp.-Liberty Formula One, Class C^(b)(c)		153,359		11,070,986


Netflix, Inc.^(b)		27,362		9,027,545


				20,098,531



Semiconductor Materials & Equipment–2.45%
Applied Materials, Inc.		95,086		10,747,571


ASML Holding N.V., New York Shares (Netherlands)		25,898		16,493,400


				27,240,971



Semiconductors–19.09%
Advanced Micro Devices, Inc.^(b)		370,884		33,145,903


Allegro MicroSystems, Inc. (Japan)^(b)(c)		153,073		5,475,421


GLOBALFOUNDRIES, Inc.^(b)(c)		211,155		12,415,914


Lattice Semiconductor Corp.^(b)(c)		293,202		23,368,199


Monolithic Power Systems, Inc.		72,938		33,695,168


NVIDIA Corp.		270,477		75,054,663


Silicon Laboratories, Inc.^(b)(c)		66,025		9,197,283


Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		232,111		19,566,957


				211,919,508



Systems Software–15.05%
CyberArk Software Ltd.^(b)		72,687		9,056,800


Fortinet, Inc.^(b)		82,620		5,209,191


Microsoft Corp.		298,128		91,602,809


Oracle Corp.		258,050		24,442,496


Palo Alto Networks, Inc.^(b)		58,598		10,691,791


ServiceNow, Inc.^(b)		56,802		26,095,975


				167,099,062



Technology Hardware, Storage & Peripherals–5.34%
Apple, Inc.		349,381		59,282,968



Transaction & Payment Processing Services–3.02%
Mastercard, Inc., Class A		36,779		13,977,123

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


8		Invesco Technology Fund


	Shares		Value


Transaction & Payment Processing Services–(continued)
Visa, Inc., Class A^(c)		83,920	$	19,530,702


				33,507,825



Wireless Telecommunication Services–0.57%
T-Mobile US, Inc.^(b)		44,279		6,371,748


Total Common Stocks & Other Equity Interests (Cost $822,755,230)				1,081,733,914



Money Market Funds–1.54%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		5,835,409		5,835,409


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		4,595,930		4,597,308


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		6,669,039		6,669,039


Total Money Market Funds (Cost $17,100,766)				17,101,756


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.98% (Cost $839,855,996)				1,098,835,670


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.08%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		15,785,224	$	15,785,224


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		40,590,577		40,590,577


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,376,214)				56,375,801


TOTAL INVESTMENTS IN SECURITIES–104.06% (Cost $896,232,210)				1,155,211,471


OTHER ASSETS LESS LIABILITIES–(4.06)%				(45,085,762	)


NET ASSETS–100.00%			$	1,110,125,709

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 April 30, 2023.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	17,624,636	$	135,746,312	$	(147,535,539	)		$ -	$	-	$	5,835,409	$	227,166
Invesco Liquid Assets Portfolio, Institutional Class		13,155,917		96,961,652		(105,525,096	)		1,435		3,400		4,597,308		184,138
Invesco Treasury Portfolio, Institutional Class		20,142,441		155,138,643		(168,612,045	)		-		-		6,669,039		258,306
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,664,621		395,933,525		(384,812,922	)		-		-		15,785,224		673,898*
Invesco Private Prime Fund		10,884,116		767,693,901		(737,980,946	)		(413)		(6,081)		40,590,577		1,796,615*
Total	$	66,471,731	$	1,551,474,033	$	(1,544,466,548	)		$1,022	$	(2,681)	$	73,477,557	$	3,140,123

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

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


9		Invesco Technology Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $822,755,230)*	$	1,081,733,914


Investments in affiliated money market funds, at value (Cost $73,476,980)		73,477,557


Foreign currencies, at value (Cost $254,585)		254,227


Receivable for:
Investments sold		25,539,381


Fund shares sold		305,629


Dividends		352,293


Investment for trustee deferred compensation and retirement plans		134,987


Other assets		60,713


Total assets		1,181,858,701



Liabilities:
Payable for:
Investments purchased		13,949,088


Fund shares reacquired		543,414


Amount due custodian		6,431


Collateral upon return of securities loaned		56,376,214


Accrued fees to affiliates		626,782


Accrued trustees’ and officers’ fees and benefits		1,017


Accrued other operating expenses		80,588


Trustee deferred compensation and retirement plans		149,458


Total liabilities		71,732,992


Net assets applicable to shares outstanding	$	1,110,125,709



Net assets consist of:
Shares of beneficial interest	$	872,726,426


Distributable earnings		237,399,283


	$	1,110,125,709


Net Assets:

Class A	$	600,499,709


Class C	$	29,413,471


Class Y	$	33,882,351


Investor Class	$	443,543,533


Class R5	$	452,896


Class R6	$	2,333,749



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,878,417


Class C		1,124,234


Class Y		807,387


Investor Class		11,013,626


Class R5		8,532


Class R6		43,847


Class A:
Net asset value per share	$	40.36


Maximum offering price per share (Net asset value of $40.36 ÷ 94.50%)	$	42.71


Class C:
Net asset value and offering price per share	$	26.16


Class Y:
Net asset value and offering price per share	$	41.97


Investor Class:
Net asset value and offering price per share	$	40.27


Class R5:
Net asset value and offering price per share	$	53.08


Class R6:
Net asset value and offering price per share	$	53.22

*	At April 30, 2023, securities with an aggregate value of $56,339,840 were on loan to brokers.

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


10		Invesco Technology Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:
Dividends (net of foreign withholding taxes of $268,782)	$	6,694,096


Dividends from affiliated money market funds (includes net securities lending income of $498,057)		1,167,667


Total investment income		7,861,763



Expenses:
Advisory fees		7,198,771


Administrative services fees		137,889


Custodian fees		8,118


Distribution fees:
Class A		1,509,711


Class C		304,539


Investor Class		528,774


Transfer agent fees – A, C, Y and Investor		2,098,332


Transfer agent fees – R5		478


Transfer agent fees – R6		524


Trustees’ and officers’ fees and benefits		24,049


Registration and filing fees		154,195


Reports to shareholders		183,506


Professional services fees		74,181


Other		(24,929	)


Total expenses		12,198,138


Less: Fees waived and/or expense offset arrangement(s)		(69,167	)


Net expenses		12,128,971


Net investment income (loss)		(4,267,208	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(10,852,315	)


Affiliated investment securities		(2,681	)


Foreign currencies		166,976


		(10,688,020	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(96,065,341	)


Affiliated investment securities		1,022


Foreign currencies		4,227


		(96,060,092	)


Net realized and unrealized gain (loss)		(106,748,112	)


Net increase (decrease) in net assets resulting from operations	$	(111,015,320	)

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


11		Invesco Technology Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income (loss)	$	(4,267,208	)	$	(12,267,559	)


Net realized gain (loss)		(10,688,020	)		230,924,324


Change in net unrealized appreciation (depreciation)		(96,060,092	)		(558,336,094	)


Net increase (decrease) in net assets resulting from operations		(111,015,320	)		(339,679,329	)



Distributions to shareholders from distributable earnings:
Class A		(8,480,586	)		(208,241,881	)


Class C		(629,186	)		(15,986,805	)


Class Y		(481,970	)		(14,567,335	)


Investor Class		(6,284,245	)		(155,570,359	)


Class R5		(5,774	)		(201,871	)


Class R6		(20,093	)		(377,737	)


Total distributions from distributable earnings		(15,901,854	)		(394,945,988	)



Share transactions–net:
Class A		(26,687,914	)		158,176,772


Class C		(3,474,883	)		6,767,797


Class Y		(7,558,270	)		11,183,160


Investor Class		(21,571,417	)		106,029,412


Class R5		(19,449	)		130,044


Class R6		1,021,731			608,043


Net increase (decrease) in net assets resulting from share transactions		(58,290,202	)		282,895,228


Net increase (decrease) in net assets		(185,207,376	)		(451,730,089	)



Net assets:
Beginning of year		1,295,333,085			1,747,063,174


End of year	$	1,110,125,709		$	1,295,333,085

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


12		Invesco Technology Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 04/30/23		$	44.73		$	(0.17	)		$	(3.63	)		$	(3.80	)		$	(0.57	)		$	40.36		(8.37	)%		$	600,500		1.13	%		1.13	%		(0.43	)%		142	%
Year ended 04/30/22			72.50			(0.49	)			(10.69	)			(11.18	)			(16.59	)			44.73		(20.67	)			695,429		1.02			1.02			(0.75	)		95
Year ended 04/30/21			50.35			(0.46	)			27.38				26.92				(4.77	)			72.50		54.37				927,620		1.10			1.10			(0.71	)		59
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
Class C
Year ended 04/30/23			29.46			(0.31	)			(2.42	)			(2.73	)			(0.57	)			26.16		(9.08	)			29,413		1.88			1.88			(1.18	)		142
Year ended 04/30/22			53.59			(0.68	)			(6.86	)			(7.54	)			(16.59	)			29.46		(21.24	)^(d)			37,022		1.74	^(d)		1.74	^(d)		(1.47	)^(d)		95
Year ended 04/30/21			38.38			(0.72	)			20.70				19.98				(4.77	)			53.59		53.20	^(d)			56,566		1.84	^(d)		1.84	^(d)		(1.45	)^(d)		59
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
Class Y
Year ended 04/30/23			46.37			(0.07	)			(3.76	)			(3.83	)			(0.57	)			41.97		(8.14	)			33,882		0.88			0.88			(0.18	)		142
Year ended 04/30/22			74.39			(0.34	)			(11.09	)			(11.43	)			(16.59	)			46.37		(20.46	)			46,149		0.77			0.77			(0.50	)		95
Year ended 04/30/21			51.45			(0.31	)			28.02				27.71				(4.77	)			74.39		54.75				62,294		0.85			0.85			(0.46	)		59
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
Investor Class
Year ended 04/30/23			44.58			(0.12	)			(3.62	)			(3.74	)			(0.57	)			40.27		(8.26	)^(e)			443,544		1.00	^(e)		1.00	^(e)		(0.30	)^(e)		142
Year ended 04/30/22			72.24			(0.42	)			(10.65	)			(11.07	)			(16.59	)			44.58		(20.59	)^(e)			514,752		0.91	^(e)		0.91	^(e)		(0.64	)^(e)		95
Year ended 04/30/21			50.13			(0.39	)			27.27				26.88				(4.77	)			72.24		54.53	^(e)			698,143		1.00	^(e)		1.00	^(e)		(0.61	)^(e)		59
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
Class R5
Year ended 04/30/23			58.42			(0.05	)			(4.72	)			(4.77	)			(0.57	)			53.08		(8.07	)			453		0.79			0.79			(0.09	)		142
Year ended 04/30/22			89.51			(0.38	)			(14.12	)			(14.50	)			(16.59	)			58.42		(20.43	)			520		0.72			0.72			(0.45	)		95
Year ended 04/30/21			61.17			(0.32	)			33.43				33.11				(4.77	)			89.51		54.88				794		0.77			0.77			(0.38	)		59
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
Class R6
Year ended 04/30/23			58.54			(0.01	)			(4.74	)			(4.75	)			(0.57	)			53.22		(8.02	)			2,334		0.72			0.72			(0.02	)		142
Year ended 04/30/22			89.60			(0.32	)			(14.15	)			(14.47	)			(16.59	)			58.54		(20.37	)			1,460		0.65			0.65			(0.38	)		95
Year ended 04/30/21			61.21			(0.29	)			33.45				33.16				(4.77	)			89.60		54.93				1,647		0.74			0.74			(0.35	)		59
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

^(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)	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% and 0.99% for the year ended April 30, 2022 and 2021, 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 0.12%, 0.14%, 0.15%, 0.15% and 0.13% for the years ended April 30, 2023, 2022, 2021, 2020 and 2019, respectively.

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


13		Invesco Technology Fund

Notes to Financial Statements

April 30, 2023

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. The Fund is classified as non-diversified. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


14		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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $48,617 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


15		Invesco Technology 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.

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.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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 year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.64%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $26,241.


16		Invesco Technology Fund

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 year ended April 30, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, 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 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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $106,900 in front-end sales commissions from the sale of Class A shares and $2,632 and $1,967 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $53,957 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 Adviser’s 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		$1,055,602,327		$26,131,587		$–		$1,081,733,914


Money Market Funds		17,101,756		56,375,801		–		73,477,557


Total Investments		$1,072,704,083		$82,507,388		$–		$1,155,211,471

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


17		Invesco Technology Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	–	$	4,616,762


Long-term capital gain		15,901,854		390,329,226


Total distributions	$	15,901,854	$	394,945,988

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	250,184,649


Net unrealized appreciation – foreign currencies		4,206


Temporary book/tax differences		(91,714	)


Late-Year ordinary loss deferral		(1,801,939	)


Capital loss carryforward		(10,895,919	)


Shares of beneficial interest		872,726,426


Total net assets	$	1,110,125,709

The Fund has a capital loss carryforward as of April 30, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	10,895,919	$–	$	10,895,919

*	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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $1,568,826,007 and $1,628,257,614, 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	$	269,932,805


Aggregate unrealized (depreciation) of investments		(19,748,156	)


Net unrealized appreciation of investments	$	250,184,649

Cost of investments for tax purposes is $905,026,822.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on April 30, 2023, undistributed net investment income (loss) was increased by $6,524,641, undistributed net realized gain (loss) was decreased by $95,114 and shares of beneficial interest was decreased by $6,429,527. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended April 30, 2023^(a)				Year ended April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,492,652	$	59,794,545		1,371,249	$	87,998,241


Class C		326,522		8,541,652		234,628		10,650,234


Class Y		205,849		8,636,636		204,239		14,130,751


Investor Class		263,201		10,511,644		239,589		15,831,631


Class R5		1,580		79,272		9,890		855,884


Class R6		31,780		1,681,803		20,075		1,635,365


18		Invesco Technology Fund


	Summary of Share Activity


	Year ended April 30, 2023^(a)						Year ended April 30, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		220,620		$	8,039,076			3,381,794		$	196,278,887


Class C		25,783			610,811			399,683			15,323,844


Class Y		11,153			422,234			208,824			12,552,395


Investor Class		163,393			5,939,318			2,530,324			146,328,615


Class R5		109			5,194			2,589			196,050


Class R6		403			19,321			4,777			362,355



Automatic conversion of Class C shares to Class A shares:
Class A		70,604			2,774,024			77,251			4,881,266


Class C		(108,110	)		(2,774,024	)		(111,048	)		(4,881,266	)



Reacquired:
Class A		(2,451,473	)		(97,295,559	)		(2,078,969	)		(130,981,622	)


Class C		(376,717	)		(9,853,322	)		(322,051	)		(14,325,015	)


Class Y		(404,891	)		(16,617,140	)		(255,186	)		(15,499,986	)


Investor Class		(960,051	)		(38,022,379	)		(887,693	)		(56,130,834	)


Class R5		(2,057	)		(103,915	)		(12,448	)		(921,890	)


Class R6		(13,276	)		(679,393	)		(18,291	)		(1,389,677	)


Net increase (decrease) in share activity		(1,502,926	)	$	(58,290,202	)		4,999,226		$	282,895,228

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco Technology Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Technology Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Technology Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


20		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 (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,098.20	$5.88	$1,019.19	$5.66	1.13%
Class C	1,000.00	1,094.10	9.76	1,015.47	9.39	1.88
Class Y	1,000.00	1,099.80	4.58	1,020.43	4.41	0.88
Investor Class	1,000.00	1,099.00	5.20	1,019.84	5.01	1.00
Class R5	1,000.00	1,100.10	4.11	1,020.88	3.96	0.79
Class R6	1,000.00	1,100.70	3.75	1,021.22	3.61	0.72

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 181/365 to reflect the most recent fiscal half year.


21		Invesco Technology Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$15,901,854
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


22		Invesco Technology Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong -1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Technology 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

Fund holdings and proxy voting information

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		I-TEC-AR-1

LOGO



Annual Report to Shareholders		April 30, 2023

Invesco Value Opportunities Fund

Nasdaq:

A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended April 30, 2023, Class A shares of Invesco Value Opportunities Fund (the Fund), at net asset value (NAV), underperformed the S&P 1500 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 4/30/22 to 4/30/23, 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	1.09	%
Class C Shares	0.30
Class R Shares	0.89
Class Y Shares	1.33
Class R5 Shares	1.37
Class R6 Shares	1.50
S&P 500 Index^▼(Broad Market Index)	2.66
S&P 1500 Value Index^▼(Style-Specific Index)	6.18
Lipper Mid-Cap Value Funds Index^∎(Peer Group Index)	1.95

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

multidecade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

During the fiscal year, we continued to use our intrinsic value strategy, seeking to create wealth by maintaining a long-term investment horizon and investing in companies selling at a significant discount to our estimate of their intrinsic value. We believe intrinsic value represents the fair economic worth of a business. Since our application of this strategy is highly disciplined and relatively unique, it is important to understand the benefits and limitations of our process. First, the investment strategy is intended to preserve your capital while growing it at above-market rates over the long-term. Second, our investments have little in common with popular stock market indexes and most of our peers. And third, the Fund’s short-term relative performance will naturally be different from stock market indexes and peers since we typically structure the portfolio significantly differently than these benchmarks.

The Fund underperformed the S&P 1500 Value Index during the fiscal year. Drivers of Fund performance were mainly stock-specific. However, stock selection in the energy and financials sectors hurt the Fund’s relative performance versus the S&P 1500 Value Index. Conversely, the Fund’s underweight position in real estate and overweight position in industrials sectors helped relative performance versus the benchmark. Select holdings within the health care, materials and information technology (IT) sectors contributed to absolute Fund performance. Select holdings in financials and health care sectors were the largest detractors.

Drug manufacturer Horizon Therapeutics was the largest contributor to overall Fund performance during the fiscal year. Shares of the company rose after it was announced that the company would be acquired by Amgen (not a fund holding) for a significant premium. We sold our investment in Horizon Therapeutics after the announcement. IT holding Jabil also made a large contribution to Fund performance. Jabil is a US based electronic components company. Shares rose after the company reported an increase in profits and revenue for its fiscal second quarter of 2022 that were above analyst expectations. Management also provided a positive outlook for the full fiscal year.


2		Invesco Value Opportunities Fund

raise equity capital. These inopportune decisions alarmed depositors, sparking a bank run of unprecedented speed, which caused the bank to fail. Health care company Fresenius Medical Care was also a large detractor from Fund performance during the fiscal year. The company is one of the largest providers of dialysis services and products in the world. Fresenius Medical Care shares fell due to worse-than-expected patient demand destruction from COVID-19 and the company’s inability to increase pricing to offset labor wage pressure. This resulted in a lower estimate of intrinsic value for the company and we sold our position during the fiscal year.

We believe the single most important indicator of how the Fund is positioned for potential future success is not our recent investment results or popular statistical measures, but rather the difference between current market prices and the Fund’s estimated intrinsic value –the aggregate business value of the portfolio based on our estimate of intrinsic value for each individual holding.

We will continue to work hard to protect and grow the Fund’s estimated intrinsic value. We thank you for your investment in Invesco Value Opportunities Fund and for sharing our long-term investment perspective.

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Jonathan Edwards - Lead

Jonathan Mueller

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Value Opportunities Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 4/30/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Value Opportunities Fund



Average Annual Total Returns
As of 4/30/23, including maximum applicable sales charges

Class A Shares
Inception (6/25/01)	6.02	%
10 Years	7.94
5 Years	7.28
1 Year	-4.46

Class C Shares
Inception (6/25/01)	6.00	%
10 Years	7.94
5 Years	7.73
1 Year	-0.61

Class R Shares
Inception (5/23/11)	8.66	%
10 Years	8.28
5 Years	8.24
1 Year	0.89

Class Y Shares
Inception (3/23/05)	6.56	%
10 Years	8.82
5 Years	8.77
1 Year	1.33

Class R5 Shares
Inception (5/23/11)	9.39	%
10 Years	8.97
5 Years	8.90
1 Year	1.37

Class R6 Shares
10 Years	8.83	%
5 Years	8.95
1 Year	1.50

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 R6 shares incepted on April 4, 2017. 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 of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Value Opportunities Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of April 30, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	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 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.

Liquidity Risk Management Program

relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Value Opportunities Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials		20.97%

Energy		18.03

Financials		14.44

Materials		11.19

Information Technology		8.44

Consumer Discretionary		8.31

Health Care		7.64

Consumer Staples		5.56

Utilities		2.72

Money Market Funds Plus Other Assets Less Liabilities		2.70

Top 10 Equity Holdings*


		% of total net assets

1.	Centene Corp.	3.12%

2.	Western Alliance Bancorporation	3.02

3.	KBR, Inc.	2.89

4.	Teck Resources Ltd., Class B	2.83

5.	Flex Ltd.	2.60

6.	APA Corp.	2.52

7.	ARC Resources Ltd.	2.49

8.	Agnico Eagle Mines Ltd.	2.39

9.	AECOM	2.32

10.	Huntington Bancshares, Inc.	2.32

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2023.


7		Invesco Value Opportunities Fund

Schedule of Investments^(a)

April 30, 2023


	Shares		Value
Common Stocks & Other Equity Interests–97.30%
Aerospace & Defense–1.34%

BWX Technologies, Inc.		109,600	$ 7,077,968

Huntington Ingalls Industries, Inc.		151,600	30,571,656
			37,649,624

Automotive Parts & Equipment–1.63%

Dana, Inc.		3,098,868	45,832,258

Casinos & Gaming–1.92%

Las Vegas Sands Corp.^(b)		846,700	54,061,795

Coal & Consumable Fuels–0.55%

Cameco Corp. (Canada)		565,095	15,534,462

Commercial & Residential Mortgage Finance–0.00%

MGIC Investment Corp.		1,858	27,628

Radian Group, Inc.		1,903	46,186

			73,814

Construction & Engineering–5.35%

AECOM		786,226	65,296,069

HOCHTIEF AG (Germany)		318,900	26,614,232

MasTec, Inc.^(b)(c)		660,800	58,685,648

			150,595,949

Construction Machinery & Heavy Transportation Equipment– 0.89%

Oshkosh Corp.		325,546	24,910,780

Copper–2.17%

Freeport-McMoRan, Inc.		1,609,700	61,023,727

Distributors–1.02%

LKQ Corp.		495,329	28,595,343

Diversified Chemicals��1.76%

Huntsman Corp.^(c)		1,847,600	49,497,204

Diversified Financial Services–1.40%

Apollo Global Management, Inc.^(c)		623,821	39,544,013

Diversified Metals & Mining–2.83%

Teck Resources Ltd., Class B (Canada)		1,712,200	79,788,520

Electric Utilities–1.08%

NRG Energy, Inc.		890,700	30,435,219

Electrical Components & Equipment–1.72%

nVent Electric PLC		1,200	50,316

Vertiv Holdings Co.		3,246,014	48,430,529

			48,480,845

Electronic Manufacturing Services–3.99%

Flex Ltd.^(b)		3,553,723	73,100,082

Jabil, Inc.^(c)		502,878	39,299,916

			112,399,998

Food Distributors–3.50%

Performance Food Group Co.^(b)(c)		610,454	38,269,361

US Foods Holding Corp.^(b)		1,570,916	60,323,175

			98,592,536


	Shares		Value
Forest Products–0.00%

Louisiana-Pacific Corp.		1,900	$ 113,506

Gold–2.39%

Agnico Eagle Mines Ltd. (Canada)		1,185,470	67,251,713

Health Care Distributors–0.57%

Henry Schein, Inc.^(b)		197,000	15,919,570

Health Care Facilities–0.02%

Encompass Health Corp.		5,088	326,395

Universal Health Services, Inc., Class B		2,110	317,239

			643,634

Health Care Services–1.92%

Cigna Group (The)^(c)		213,800	54,153,402

Hotels, Resorts & Cruise Lines–2.65%

Expedia Group, Inc.^(b)(c)		609,700	57,287,412

Hilton Grand Vacations, Inc.^(b)(c)		6,656	284,877

Travel + Leisure Co.		441,632	16,901,256

			74,473,545

Household Products–2.06%

Spectrum Brands Holdings, Inc.^(c)		872,271	58,006,021

Human Resource & Employment Services–1.11%

ManpowerGroup, Inc.^(c)		413,304	31,291,246

Independent Power Producers & Energy Traders–1.64%

Vistra Corp.		1,935,400	46,178,644

Industrial Machinery & Supplies & Components–0.21%

Crane Co.^(b)		2,541	183,130

Crane NXT Co.		2,541	120,342

Timken Co. (The)^(c)		74,400	5,717,640

			6,021,112

Integrated Oil & Gas–1.92%

Cenovus Energy, Inc. (Canada)^(c)		3,217,400	54,052,320

Investment Banking & Brokerage–1.84%

Goldman Sachs Group, Inc. (The)		150,700	51,756,408

Managed Health Care–5.13%

Centene Corp.^(b)		1,272,021	87,680,407

Molina Healthcare, Inc.^(b)		190,600	56,777,834

			144,458,241

Oil & Gas Exploration & Production–11.65%

APA Corp.		1,920,900	70,785,165

ARC Resources Ltd. (Canada)		5,646,700	70,143,530

Diamondback Energy, Inc.		312,087	44,378,771

EQT Corp.		1,077,500	37,540,100

Murphy Oil Corp.		723,200	26,548,672

Ovintiv, Inc.^(c)		1,373,300	49,548,664

Southwestern Energy Co.^(b)(c)		5,578,200	28,950,858

			327,895,760

Oil & Gas Refining & Marketing–2.08%

Phillips 66		592,500	58,657,500

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


8		Invesco Value Opportunities Fund


	Shares		Value


Oil & Gas Storage & Transportation–1.83%
New Fortress Energy, Inc.^(c)		1,703,950	$	51,612,645



Paper & Plastic Packaging Products & Materials–0.37%
Sealed Air Corp.		215,000		10,317,850



Regional Banks–9.03%
Huntington Bancshares, Inc.		5,824,799		65,237,749


Pinnacle Financial Partners, Inc.		953,900		51,729,997


Webster Financial Corp.		1,400,032		52,221,193


Western Alliance Bancorporation		2,292,300		85,090,176


				254,279,115



Research & Consulting Services–6.87%
CACI International, Inc., Class A^(b)(c)		181,244		56,787,370


Jacobs Solutions, Inc.		477,600		55,143,696


KBR, Inc.^(c)		1,433,000		81,294,090


Science Applications International Corp.		1,900		193,857


				193,419,013



Restaurants–1.09%
Restaurant Brands International, Inc. (Canada)^(c)		439,400		30,815,122



Semiconductor Materials & Equipment–2.50%
Applied Materials, Inc.		204,900		23,159,847


Lam Research Corp.		47,800		25,051,024


MKS Instruments, Inc.^(c)		264,703		22,200,641


				70,411,512



Semiconductors–1.95%
Skyworks Solutions, Inc.		519,200		54,983,280



Silver–1.34%
Pan American Silver Corp. (Canada)		2,113,172		37,635,593



Specialty Chemicals–0.33%
Axalta Coating Systems Ltd.^(b)(c)		288,800		9,117,416


Element Solutions, Inc.		2,000		36,300


				9,153,716


	Shares		Value


Trading Companies & Distributors–3.48%
AerCap Holdings N.V. (Ireland)^(b)		4,800	$	270,528


Air Lease Corp.^(c)		1,567,000		63,024,740


WESCO International, Inc.		241,400		34,761,600


				98,056,868



Transaction & Payment Processing Services–2.17%
Fidelity National Information Services, Inc.		1,038,400		60,974,848


Total Common Stocks & Other Equity Interests (Cost $2,645,514,604)				2,739,548,271



Money Market Funds–3.35%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)		33,035,495		33,035,495


Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(d)(e)		23,453,111		23,460,147


Invesco Treasury Portfolio, Institutional Class, 4.77%^(d)(e)		37,754,851		37,754,851


Total Money Market Funds (Cost $94,246,332)				94,250,493


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.65% (Cost $2,739,760,936)				2,833,798,764



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–3.50%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		28,820,789		28,820,789


Invesco Private Prime Fund, 4.99%^(d)(e)(f)		69,737,895		69,737,895


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,560,206)				98,558,684


TOTAL INVESTMENTS IN SECURITIES–104.15% (Cost $2,838,321,142)				2,932,357,448


OTHER ASSETS LESS LIABILITIES–(4.15)%				(116,963,271	)


NET ASSETS–100.00%			$	2,815,394,177

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 April 30, 2023.

^(d)


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	28,871,686	$	216,934,583	$	(212,770,774)	$	1	$	(1)	$	33,035,495	$	610,001
Invesco Liquid Assets Portfolio, Institutional Class		20,483,182		154,952,494		(151,978,345)		3,766		(950)		23,460,147		438,634
Invesco Treasury Portfolio, Institutional Class		32,996,212		247,925,238		(243,166,599)		-		-		37,754,851		684,939

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


9		Invesco Value Opportunities Fund


	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	16,983,103	$	402,839,301	$	(391,001,615)	$	-	$	-	$	28,820,789	$	574,474*
Invesco Private Prime Fund		39,627,240		849,347,710		(819,234,736)		(1,522)		(797)		69,737,895		1,593,404*
Total	$	138,961,423	$	1,871,999,326	$	(1,818,152,069)	$	2,245	$	(1,748)	$	192,809,177	$	3,901,452

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(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.

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

05/11/2023

J.P. Morgan Chase Bank, N.A.

EUR 25,448,368

USD 27,860,604

$(194,876)

Abbreviations:

EUR – Euro

USD – U.S. Dollar

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


10		Invesco Value Opportunities Fund

Statement of Assets and Liabilities

April 30, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $2,645,514,604)*	$	2,739,548,271



Investments in affiliated money market funds, at value (Cost $192,806,538)		192,809,177



Foreign currencies, at value (Cost $539,622)		532,283



Receivable for:

Fund shares sold		875,336



Dividends		3,218,636



Investment for trustee deferred compensation and retirement plans		581,675



Other assets		89,923



Total assets		2,937,655,301



Liabilities:
Other investments:

Unrealized depreciation on forward foreign currency contracts outstanding		194,876


Payable for:

Investments purchased		18,619,473



Fund shares reacquired		2,716,775



Amount due custodian		15,894



Collateral upon return of securities loaned		98,560,206



Accrued fees to affiliates		1,143,510



Accrued trustees’ and officers’ fees and benefits		51



Accrued other operating expenses		302,707



Trustee deferred compensation and retirement plans		707,632



Total liabilities		122,261,124



Net assets applicable to shares outstanding	$	2,815,394,177



Net assets consist of:

Shares of beneficial interest	$	2,818,463,478



Distributable earnings (loss)		(3,069,301	)



	$	2,815,394,177


Net Assets:

Class A	$	2,074,879,970



Class C	$	60,081,528



Class R	$	70,743,837



Class Y	$	276,928,777



Class R5	$	9,322,348



Class R6	$	323,437,717



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		136,224,140



Class C		4,346,717



Class R		4,724,176



Class Y		18,106,143



Class R5		603,462



Class R6		20,906,514



Class A:

Net asset value per share	$	15.23



Maximum offering price per share (Net asset value of $15.23 ÷ 94.50%)	$	16.12


Class C:

Net asset value and offering price per share	$	13.82


Class R:

Net asset value and offering price per share	$	14.97


Class Y:

Net asset value and offering price per share	$	15.29


Class R5:

Net asset value and offering price per share	$	15.45


Class R6:

Net asset value and offering price per share	$	15.47

*	At April 30, 2023, securities with an aggregate value of $97,950,709 were on loan to brokers.

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


11		Invesco Value Opportunities Fund

Statement of Operations

For the year ended April 30, 2023


Investment income:

Dividends (net of foreign withholding taxes of $918,294)	$	31,449,134


Dividends from affiliated money market funds (includes net securities lending income of $147,466)		1,881,040


Total investment income		33,330,174



Expenses:
Advisory fees		9,742,255


Administrative services fees		175,649


Custodian fees		19,791


Distribution fees:
Class A		2,568,816


Class C		258,775


Class R		128,376


Transfer agent fees – A, C, R and Y		1,887,703


Transfer agent fees – R5		2,328


Transfer agent fees – R6		81,709


Trustees’ and officers’ fees and benefits		33,454


Registration and filing fees		149,899


Reports to shareholders		79,804


Professional services fees		63,604


Other		(22,679	)


Total expenses		15,169,484


Less: Fees waived and/or expense offset arrangement(s)		(88,739	)


Net expenses		15,080,745


Net investment income		18,249,429



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $2,700,575)		24,026,457


Affiliated investment securities		(1,748	)


Foreign currencies		(10,217	)


Forward foreign currency contracts		(1,748,774	)


		22,265,718


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(177,693,681	)


Affiliated investment securities		2,245


Foreign currencies		17,595


Forward foreign currency contracts		(194,876	)


		(177,868,717	)


Net realized and unrealized gain (loss)		(155,602,999	)


Net increase (decrease) in net assets resulting from operations	$	(137,353,570	)

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


12		Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the years ended April 30, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	18,249,429		$	4,408,219


Net realized gain		22,265,718			137,850,385


Change in net unrealized appreciation (depreciation)		(177,868,717	)		(121,054,418	)


Net increase (decrease) in net assets resulting from operations		(137,353,570	)		21,204,186



Distributions to shareholders from distributable earnings:
Class A		(68,612,556	)		(61,999,730	)


Class C		(1,654,187	)		(1,327,689	)


Class R		(1,280,060	)		(961,705	)


Class Y		(11,608,802	)		(5,271,622	)


Class R5		(28,476	)		(50,047	)


Class R6		(24,873,218	)		(5,572,097	)


Total distributions from distributable earnings		(108,057,299	)		(75,182,890	)



Share transactions–net:
Class A		1,517,501,777			47,424,930


Class C		49,167,618			4,801,774


Class R		65,002,994			2,232,995


Class Y		179,925,533			49,736,649


Class R5		9,856,926			(398,634	)


Class R6		108,688,495			201,419,924


Net increase in net assets resulting from share transactions		1,930,143,343			305,217,638


Net increase in net assets		1,684,732,474			251,238,934



Net assets:
Beginning of year		1,130,661,703			879,422,769


End of year	$	2,815,394,177		$	1,130,661,703

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


13		Invesco Value Opportunities Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 04/30/23		$16.52		$ 0.18			$ 0.07			$ 0.25			$(0.12	)		$(1.42	)		$(1.54	)		$15.23		1.09	%		$2,074,880		1.08	%		1.08	%		1.12	%		70	%
Year ended 04/30/22		17.34		0.08			0.60			0.68			(0.10	)		(1.40	)		(1.50	)		16.52		4.01			739,860		1.11			1.11			0.44			65
Year ended 04/30/21		9.44		0.06			7.87			7.93			(0.03	)		–			(0.03	)		17.34		84.15			726,801		1.22			1.22			0.45			62
Year ended 04/30/20		12.84		0.03			(3.18	)^(d)		(3.15	)		–			(0.25	)		(0.25	)		9.44		(25.02	)^(d)		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
Class C
Year ended 04/30/23		15.14		0.06			0.06			0.12			(0.02	)		(1.42	)		(1.44	)		13.82		0.37	^(e)		60,082		1.80	^(e)		1.80	^(e)		0.40	^(e)		70
Year ended 04/30/22		16.04		(0.05	)		0.55			0.50			–			(1.40	)		(1.40	)		15.14		3.16			16,682		1.86			1.86			(0.31	)		65
Year ended 04/30/21		8.77		(0.02	)		7.29			7.27			–			–			–			16.04		82.90	^(e)		12,906		1.89	^(e)		1.89	^(e)		(0.22	)^(e)		62
Year ended 04/30/20		12.02		(0.04	)		(2.96	)^(d)		(3.00	)		–			(0.25	)		(0.25	)		8.77		(25.48	)^(d)(e)		10,107		1.85	^(e)		1.85	^(e)		(0.37	)^(e)		41
Year ended 04/30/19		13.54		(0.09	)		0.15			0.06			–			(1.58	)		(1.58	)		12.02		2.83	^(e)		17,027		1.92	^(e)		1.92	^(e)		(0.69	)^(e)		51
Class R
Year ended 04/30/23		16.27		0.14			0.06			0.20			(0.08	)		(1.42	)		(1.50	)		14.97		0.82			70,744		1.33			1.33			0.87			70
Year ended 04/30/22		17.09		0.03			0.60			0.63			(0.05	)		(1.40	)		(1.45	)		16.27		3.73			12,018		1.36			1.36			0.19			65
Year ended 04/30/21		9.31		0.03			7.75			7.78			–			–			–			17.09		83.57			10,385		1.47			1.47			0.20			62
Year ended 04/30/20		12.69		0.00			(3.13	)^(d)		(3.13	)		–			(0.25	)		(0.25	)		9.31		(25.16	)^(d)		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
Class Y
Year ended 04/30/23		16.58		0.22			0.07			0.29			(0.16	)		(1.42	)		(1.58	)		15.29		1.33			276,929		0.83			0.83			1.37			70
Year ended 04/30/22		17.42		0.12			0.61			0.73			(0.17	)		(1.40	)		(1.57	)		16.58		4.25			123,154		0.86			0.86			0.69			65
Year ended 04/30/21		9.49		0.09			7.91			8.00			(0.07	)		–			(0.07	)		17.42		84.48			81,115		0.97			0.97			0.70			62
Year ended 04/30/20		12.86		0.06			(3.18	)^(d)		(3.12	)		–			(0.25	)		(0.25	)		9.49		(24.74	)^(d)		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
Class R5
Year ended 04/30/23		16.74		0.22			0.08			0.30			(0.17	)		(1.42	)		(1.59	)		15.45		1.37			9,322		0.78			0.78			1.42			70
Year ended 04/30/22		17.58		0.13			0.62			0.75			(0.19	)		(1.40	)		(1.59	)		16.74		4.35			311		0.81			0.81			0.74			65
Year ended 04/30/21		9.58		0.11			7.98			8.09			(0.09	)		–			(0.09	)		17.58		84.70			714		0.84			0.84			0.83			62
Year ended 04/30/20		12.95		0.08			(3.20	)^(d)		(3.12	)		–			(0.25	)		(0.25	)		9.58		(24.57	)^(d)		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
Class R6
Year ended 04/30/23		16.75		0.24			0.08			0.32			(0.18	)		(1.42	)		(1.60	)		15.47		1.50			323,438		0.71			0.71			1.49			70
Year ended 04/30/22		17.60		0.14			0.62			0.76			(0.21	)		(1.40	)		(1.61	)		16.75		4.38			238,636		0.74			0.74			0.81			65
Year ended 04/30/21		9.59		0.11			8.00			8.11			(0.10	)		–			(0.10	)		17.60		84.81			47,501		0.78			0.78			0.89			62
Year ended 04/30/20		12.97		0.09			(3.22	)^(d)		(3.13	)		–			(0.25	)		(0.25	)		9.59		(24.61	)^(d)		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

^(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, 2023, the portfolio turnover calculation excludes the value of securities purchased of $1,658,856,812 in connection with the acquisition of Invesco American Value Fund into the Fund.

^(d)

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.

^(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%, 0.92%, 0.89% and 0.96% for the years ended April 30, 2023, 2021, 2020 and 2019, respectively.

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


14		Invesco Value Opportunities Fund

Notes to Financial Statements

April 30, 2023

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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


15		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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2023, the Fund paid the Adviser $8,869 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


16		Invesco Value Opportunities Fund

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.

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

Effective February 10, 2023, the Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets		Rate

First $250 million		0.695%

Next $250 million		0.670%

Next $500 million		0.645%

Next $1.5 billion		0.610%

Next $3.5 billion		0.560%

Next $4 billion		0.545%

Over $10 billion		0.520%

Prior to February 10, 2023, 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

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 year ended April 30, 2023, the effective advisory fee rate incurred by the Fund was 0.64%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 the Fund’s 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the year ended April 30, 2023, the Adviser waived advisory fees of $56,280.


17		Invesco Value Opportunities Fund

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 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 a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to 0.50% of the average net assets of Class R shares. Prior to February 10, 2023, the Fund pursuant to the Class R Plan, paid 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 year ended April 30, 2023, 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 year ended April 30, 2023, IDI advised the Fund that IDI retained $91,228 in front-end sales commissions from the sale of Class A shares and $107,319 and $1,378 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2023, the Fund incurred $26,033 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 Adviser’s 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	$	2,712,934,039	$	26,614,232			$–	$	2,739,548,271


Money Market Funds		94,250,493		98,558,684			–		192,809,177


Total Investments in Securities		2,807,184,532		125,172,916			–		2,932,357,448



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(194,876	)		–		(194,876	)


Total Investments	$	2,807,184,532	$	124,978,040			$–	$	2,932,162,572

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments


18		Invesco Value Opportunities Fund

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
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(194,876	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(194,876	)

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 April 30, 2023.


	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount


J.P. Morgan Chase Bank, N.A.	$(194,876)	$(194,876)	$–	$–	$(194,876)

Effect of Derivative Investments for the year ended April 30, 2023

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		$(1,748,774)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(194,876)


Total		$(1,943,650)

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


		Forward Foreign Currency Contracts


Average notional value		$22,971,921

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended April 30, 2023, the Fund engaged in securities purchases of $15,594,488 and securities sales of $14,605,955, which resulted in net realized gains of $2,700,575.

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–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.


19		Invesco Value Opportunities Fund

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:


	2023		2022


Ordinary income*	$	29,542,910	$	24,749,559


Long-term capital gain		78,514,389		50,433,331


Total distributions	$	108,057,299	$	75,182,890

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	86,822,572


Net unrealized appreciation – foreign currencies		16,010


Temporary book/tax differences		(517,218	)


Capital loss carryforward		(89,390,665	)


Shares of beneficial interest		2,818,463,478


Total net assets	$	2,815,394,177

The Fund has a capital loss carryforward as of April 30, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$77,832,743	$11,557,922	$89,390,665

*	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 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2023 was $863,353,494 and $815,641,466, 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	$283,772,234


Aggregate unrealized (depreciation) of investments	(196,949,662	)


Net unrealized appreciation of investments	$ 86,822,572

Cost of investments for tax purposes is $2,845,340,000.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on April 30, 2023, undistributed net investment income was decreased by $10,735,970, undistributed net realized gain (loss) was increased by $10,767,377 and shares of beneficial interest was decreased by $31,407. Further, as a result of tax deferrals acquired in the reorganization of Invesco American Value Fund into the Fund, undistributed net investment income was decreased by $329,913, undistributed net realized gain (loss) was decreased by $101,793,492 and shares of beneficial interest was increased by $102,123,405. These reclassifications had no effect on the net assets of the Fund.

NOTE 12–Share Information


	Summary of Share Activity


	Year ended April 30, 2023^(a)				Year ended April 30, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		5,708,709	$	91,615,505		5,596,836	$	98,890,458


Class C		409,186		6,012,929		537,592		8,724,393


Class R		513,995		8,036,177		215,038		3,725,619


Class Y		8,514,047		138,761,080		7,694,815		135,458,385


Class R5		40,918		648,953		3,020		54,364


Class R6		5,722,008		91,725,786		12,222,090		213,785,199


20		Invesco Value Opportunities Fund


	Summary of Share Activity


	Year ended April 30, 2023^(a)						Year ended April 30, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		4,027,358		$	64,357,184			3,569,641		$	58,470,723


Class C		107,987			1,570,130			85,368			1,285,645


Class R		81,301			1,278,864			59,549			961,705


Class Y		632,536			10,139,560			237,341			3,899,517


Class R5		1,164			18,852			2,442			40,489


Class R6		1,511,522			24,501,770			326,930			5,423,773



Automatic conversion of Class C shares to Class A shares:
Class A		220,950			3,420,139			90,227			1,564,188


Class C		(243,066	)		(3,420,139	)		(98,066	)		(1,564,188	)



Issued in connection with acquisitions:^(b)
Class A		90,760,772			1,504,034,870			-			-


Class C		3,342,631			50,339,180			-			-


Class R		3,881,097			63,270,433			-			-


Class Y		8,110,851			134,901,684			-			-


Class R5		611,702			10,275,987			-			-


Class R6		3,529,313			59,357,533			-			-



Reacquired:
Class A		(9,278,577	)		(145,925,921	)		(6,382,803	)		(111,500,439	)


Class C		(371,583	)		(5,334,482	)		(228,137	)		(3,644,076	)


Class R		(490,787	)	��	(7,582,480	)		(143,657	)		(2,454,329	)


Class Y		(6,578,317	)		(103,876,791	)		(5,161,762	)		(89,621,253	)


Class R5		(68,928	)		(1,086,866	)		(27,484	)		(493,487	)


Class R6		(4,100,984	)		(66,896,594	)		(1,002,981	)		(17,789,048	)


Net increase in share activity		116,595,805		$	1,930,143,343			17,595,999		$	305,217,638

^(a)

^(b)

After the close of business on February 10, 2023, the Fund acquired all the net assets of Invesco American Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2022. 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 110,236,366 shares of the Fund for 62,423,301 shares outstanding of the Target Fund as of the close of business on February 10, 2023. 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, February 10, 2023. The Target Fund’s net assets as of the close of business on February 10, 2023 of $1,822,179,687, including $133,143,707 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,284,207,818 and $3,106,387,505 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2023 assuming the reorganization had been completed on May 1, 2022, the beginning of the annual reporting period are as follows:


Net investment income	$	32,887,684


Net realized/unrealized gains		3,468,110


Change in net assets resulting from operations	$	36,355,794

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 have been included in the Fund’s Statement of Operations since February 11, 2023.


21		Invesco Value Opportunities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Value Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Value Opportunities Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 21, 2023


22		Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)¹	Expenses Paid During Period²	Ending Account Value (04/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,003.60	$5.22	$1,019.59	$5.26	1.05%
Class C	1,000.00	999.70	8.78	1,016.02	8.85	1.77
Class R	1,000.00	1,002.10	6.45	1,018.35	6.51	1.30
Class Y	1,000.00	1,004.20	3.98	1,020.83	4.01	0.80
Class R5	1,000.00	1,004.70	3.78	1,021.03	3.81	0.76
Class R6	1,000.00	1,005.40	3.38	1,021.42	3.41	0.68

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 181/365 to reflect the most recent fiscal half year.


23		Invesco Value Opportunities Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions			$78,514,389
Qualified Dividend Income*			81.76%
Corporate Dividends Received Deduction*			78.91%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			0.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$9,485,546


24		Invesco Value Opportunities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	173	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	173	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	173	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	173	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	173	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	173	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	173	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	173	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	173	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	173	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	173	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Value Opportunities Fund

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SEC file number(s): 811-03826 and 002-85905		Invesco Distributors, Inc.		VK-VOPP-AR-1

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner held a financial interest directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that was inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting the matter to the Audit Committee, PwC noted, among other things, that the impermissible holding was disposed of by the individual, the individual was not in the chain of command of the audit or the audit partners of the Funds, the financial interest was not material to the net worth of the individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matter was confirmed to be an independence exception . In addition, PwC considered that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2023		Fees Billed for Services Rendered to the Registrant for fiscal year end 2022
Audit Fees	$	274,431	$	287,550
Audit-Related Fees⁽¹⁾	$	11,000	$	0
Tax Fees⁽²⁾	$	170,873	$	158,721
All Other Fees	$	0	$	0

Total Fees	$	456,304	$	446,271

(1)	Audit-Related Fees for the fiscal year ended April 30, 2023 includes fees billed for reviewing regulatory filings.

(2)	Tax Fees for the fiscal years ended April 30, 2023 and April 30, 2022 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	1,074,000	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	1,074,000	$	760,000

(1)	Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

¹	Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or

fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services ;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

•

Actuarial services; and

•

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,738,000 for the fiscal year ended April 30, 2023 and $5,699,000 for the fiscal year ended April 30, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,982,873 for the fiscal year ended April 30, 2023 and $6,617,721 for the fiscal year ended April 30, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of June 15, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 15, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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)		Code of Ethics.

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:		June 30, 2023

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:		June 30, 2023

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		June 30, 2023

Non-Resident Alien Shareholders

Short-Term Capital Gain Distributions