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

Invesco Energy Fund (IENAX) N-CSRCertified annual shareholder report (management investment company)


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03826

AIM Sector Funds (Invesco Sector Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 4/30

Date of reporting period: 04/30/15

Item 1. Report to Stockholders.

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest.

During the reporting period, the US economy showed unmistakable signs of improvement.

After contracting in the first quarter of 2014, the economy expanded strongly in the second and third quarters as employment data improved markedly. Given continuing positive economic trends, the US Federal Reserve (the Fed) ended its extraordinary asset purchase program in October – but it pledged in December to be “patient” before raising interest rates. Overseas, the story was much different. Concerns about economic stagnation and the potential for deflation depressed European

markets, while the Chinese economy was hurt by a slowdown in manufacturing.

Political change in Washington, DC; changes to monetary policy by the Fed and other central banks; the future direction of oil prices; and unexpected geopolitical events are likely to affect markets in the US and overseas in 2015. This may make some investors hesitant to begin to save for their long-term financial goals. That’s why Invesco has always encouraged investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s efforts to help investors achieve their financial objectives include providing individual investors and financial professionals with timely information about the markets, the economy and investing – whenever and wherever they want it.

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

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

Have questions?

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco American Value Fund


Bruce Crockett		Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

		n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

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

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco American Value Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco American Value Fund (the Fund), at net asset value (NAV), outperformed the Russell Midcap Value Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.27	%
Class B Shares	11.24
Class C Shares	10.44
Class R Shares	10.97
Class Y Shares	11.52
Class R5 Shares	11.66
Class R6 Shares	11.77
S&P 500 Index^q (Broad Market Index)	12.98
Russell Midcap Value Index^q(Style-Specific Index)	9.97
Lipper Mid-Cap Value Funds Index^¢ (Peer Group Index)	8.90
Source(s):^qFactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

Slow and steady improvement in the US economy and continued low interest rates led the US equity market higher during the fiscal year ended April 30, 2015. As the US economy continued along a slow growth path, the US Federal Reserve (the Fed) steadily reduced its asset purchase program during the reporting period, and also signaled that it was prepared to raise short-term interest rates, likely sometime in the second half of 2015 or early 2016. The reporting period began with corporate earnings bouncing back from a weather-related downturn resulting from an unusually harsh winter that negatively affected consumer spending. Stocks generally rallied through the summer of 2014 despite political upheaval in Ukraine and signs of economic sluggishness in China. In mid-September, as investors wrestled with evidence that economic growth appeared to be stronger in the US than in the rest of

the world, the price of oil began a sharp and prolonged decline, causing US equities to fall. US equities recovered before the end of calendar year 2014, however. As calendar year 2015 began, investors were generally heartened by positive US economic data, but there was concern that if Greece failed to reach an agreement with the eurozone on a financial bailout plan, the repercussions would be felt more broadly. On balance, however, the general trend for US equities was positive.

In this environment, major domestic equity market indexes delivered positive returns. Within the Russell Midcap Value Index, health care was the best-performing sector with a double-digit return, while the energy sector had the lowest return, posting a double-digit loss.

The Fund’s outperformance at NAV versus its style-specific index was largely attributable to stock selection in the energy, telecommunication services and industrials sectors. The Fund also benefited from

holdings in the health care and financials sectors. The largest detractors from relative performance were holdings in the consumer discretionary, information technology and materials sectors. The Fund’s cash allocation also tempered returns during the reporting period.

During the reporting period, the price of oil declined by approximately 40%1, and our energy holdings had a negative effect on the Fund’s absolute returns. The sector included the Fund’s largest detractor, Amec Foster Wheeler. While the company provides engineering services for a variety of industries, its shares were impacted as the company derives more than half of its revenues from the oil and gas market.

However, stock selection in the energy sector was the largest positive contributor to the Fund’s relative results during the reporting period. Given the dislocation in the energy sector, the Fund’s relative performance was the result of the performance of stocks we owned as well as those we avoided – some of which were included in the style-specific index and which sustained double-digit declines during the reporting period. Within the energy sector, Williams Companies contributed significantly to the Fund’s relative and absolute performance. The company announced that it was acquiring a stake in a shale-focused master limited partnership, Access Midstream Partners (not a Fund holding). The deal, which was completed in February 2015, expanded Williams’ presence in major shale areas and was immediately accretive to the company.

The telecommunication services industry made a strong contribution to both the Fund’s absolute and relative performance during the reporting period, and tw telecom was the top contributor to the Fund’s return. During the reporting period, Level 3 Communications entered into a definitive agreement to


Portfolio Composition
By sector

Financials	26.2	%
Industrials	17.1
Information Technology	12.9
Consumer Discretionary	11.2
Health Care	10.3
Energy	6.2
Materials	4.5
Utilities	2.8
Telecommunication Services	2.6
Consumer Staples	2.5
Money Market Funds
Plus Other Assets Less Liabilities	3.7


Top 10 Equity Holdings*

1. Johnson Controls, Inc.	3.1	%
2. Citrix Systems, Inc.	3.0
3. Forest City Enterprises, Inc.- Class A	3.0
4. Universal Health Services, Inc.-Class B	2.9
5. HealthSouth Corp.	2.8
6. Ciena Corp.	2.6
7. Owens Corning Inc.	2.6
8. Level 3 Communications, Inc.	2.6
9. ConAgra Foods, Inc.	2.5
10. FNF Group	2.5


Total Net Assets		$2.3 billion

Total Number of Holdings*		50

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.

4 Invesco American Value Fund

acquire tw telecom. Level 3 Communications paid a premium for the acquisition, and tw telecom’s stock rose sharply following the announcement. The deal was completed in October 2014, and we continued to hold shares of Level 3 Communications following the acquisition.

Strong stock selection in and overweight exposure to the industrials sector also made a positive contribution to Fund performance, and a number of holdings in the sector were among the Fund’s top performers. These included toolmaker Snap-on and staffing services company Robert Half International. We sold our positions in these companies before the end of the fiscal year, based on higher valuations resulting from the stocks’ strong performance. The industrials sector, however, also included a number of the Fund’s largest detractors, including Babcock & Wilcox and Pentair. Babcock & Wilcox reported declining revenue in its power generation business as a result of reduced spending and slower demand. Pentair was hurt by a decline in spending from clients in the energy sector.

The health care sector was the best-performing sector of the mid-cap market for the reporting period, and it was also a strong contributor to the Fund’s absolute and relative performance. A number of health care holdings were among the Fund’s top contributors. They included Carefusion, Universal Health Services and HealthSouth. In early October 2014, Becton Dickinson (not a Fund holding) announced it would acquire Carefu-sion at a significant premium, and Carefusion shares rose sharply.

In addition, the Fund’s financial holdings also performed well during the reporting period. Standout performers included FNF Financial, a provider of title insurance and other services to the real estate and mortgage industries, and Forest City Enterprises, a real estate management and development company. During the reporting period, Forest City Enterprises reported strong operating results due to increased leasing for its residential and mall properties; it also announced plans to convert to a real estate investment trust.

Though the consumer discretionary sector generated a positive absolute return, the Fund’s stock selection in the sector detracted from relative performance during the reporting period. Detractors in the sector included retailers Ascena Retail Group and Fossil Group. Ascena reported disappointing earnings, due to weak sales at two of its store chains, Justice and Lane Bryant. The company reduced its earnings outlook for the remainder of the 2015 fiscal year.

Fossil reported softer sales, due to declining demand for watches and leather goods. The company cited headwinds from the stronger US dollar and lowered its earnings guidance for the full year.

The information technology sector made a positive contribution to absolute Fund performance, but the Fund’s holdings lagged those of the style-specific index on a relative basis, due in part to a number of semiconductor companies that we did not own, but which did very well for the benchmark.

The materials sector detracted from the Fund’s relative and absolute performance. Eastman Chemical was a key detractor, as the company was hurt by a number of factors, including foreign currency exposure, lower oil prices and its hedges on propane, which prevented the company from taking advantage of recent declines in the price of propane.

We used forward foreign currency contracts during the reporting period for the purpose of hedging currency exposure of non-US-based companies held in the portfolio. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of forward foreign currency contracts had a slight positive impact on the Fund’s performance relative to the Russell Midcap Value Index for the reporting period. This was mainly due to the strength of the US dollar compared to the foreign currencies in which the Fund’s non-US holdings were denominated. Forward foreign currency contracts expose the Fund to counter-party risk and do not always provide the hedging benefits anticipated.

As bottom-up stock pickers, we are focused on a stock’s valuation relative to the remaining upside in the stock’s price. This discipline becomes more crucial in a rapidly rising market, as we attempt to protect investor returns through an entire market cycle. As such, during the reporting period, we sold a number of strong-performing holdings with limited upside potential. This increased the Fund’s cash position slightly and tempered performance relative to our style-specific benchmark.

Despite providing investors strong absolute returns, the US equity market experienced volatility during the reporting period as concerns about global economic growth, political uncertainty, low oil prices and the possibility of a change in the Fed’s stance on interest rates weighed on investors. We believe market volatility creates opportunities to invest in companies with attractive valuations and strong fundamentals. We believe that ultimately those valuations and fundamentals will be re-flected in those companies’ stock prices.

We are committed to working to achieve positive returns for the Fund’s shareholders through an entire market cycle. Thank you for your continued investment in the Invesco American Value Fund.

1	Source: Reuters

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. 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.

Tom Copper

Chartered Financial Analyst, Portfolio Manager, is co-lead manager of Invesco

American Value Fund. He joined Invesco in 2010. Mr. Copper earned a BA in economics and political science from Tulane University and an MBA from Baylor University.

John Mazanec

Portfolio Manager, is co-lead manager of Invesco American Value Fund. He joined Invesco in 2010. Mr. Mazanec

earned a BS from DePauw University and an MBA from Harvard University.

Sergio Marcheli

Portfolio Manager, is manager of Invesco American Value Fund. He joined Invesco in

2010. Mr. Marcheli earned a BBA from the University of Houston and an MBA from the University of St. Thomas.

5 Invesco American Value Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: FactSet Research Systems Inc.

2	Source: Lipper Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

About indexes used in this report

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

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

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

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

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

Other information

The returns shown in management’s discussion of Fund performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

Industry 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.

6 Invesco American Value Fund


Average Annual Total Returns As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	9.92	%
10 Years	9.65
5 Years	12.50
1 Year	5.16

Class B Shares
Inception (8/1/95)	9.93	%
10 Years	10.12
5 Years	13.52
1 Year	6.26

Class C Shares
Inception (10/18/93)	9.42	%
10 Years	9.46
5 Years	12.96
1 Year	9.45

Class R Shares
Inception (3/20/07)	7.82	%
5 Years	13.50
1 Year	10.97

Class Y Shares
Inception (2/7/06)	9.45	%
5 Years	14.07
1 Year	11.52

Class R5 Shares
10 Years	10.49	%
5 Years	14.23
1 Year	11.66

Class R6 Shares
10 Years	10.40	%
5 Years	14.05
1 Year	11.77

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

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.


Average Annual Total Returns As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)		9.98	%
10 Years		9.33
5 Years		13.61
1 Year		4.42

Class B Shares
Inception (8/1/95)		9.99	%
10 Years		9.79
5 Years		14.62
1 Year	��	5.54

Class C Shares
Inception (10/18/93)		9.48	%
10 Years		9.15
5 Years		14.05
1 Year		8.69

Class R Shares
Inception (3/20/07)		7.96	%
5 Years		14.61
1 Year		10.23

Class Y Shares
Inception (2/7/06)		9.58	%
5 Years		15.17
1 Year		10.75

Class R5 Shares
10 Years		10.17	%
5 Years		15.34
1 Year		10.91

Class R6 Shares
10 Years		10.08	%
5 Years		15.15
1 Year		11.01

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

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most

recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.20%, 1.20%, 1.92%, 1.45%, 0.95%, 0.85% and 0.76%, espectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.21%, 1.21%, 1.93%, 1.46%, 0.96%, 0.86% and 0.77%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

7 Invesco American Value Fund

Invesco American Value 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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Real estate investment trust (REIT) risk/ real estate risk. Investments in real estate

related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Real estate companies, including REITs or similar structures, tend to be small-and mid-cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

Small-and mid-capitalization risks. Stocks of small-and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small-and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

Value investing style risk. The Fund emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market. Value stocks also may decline in price, even though in theory they are already underpriced.

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

continued on page 6

8 Invesco American Value Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–96.34%
Aerospace & Defense–2.49%
Textron Inc.		1,276,103	$	56,123,010

Air Freight & Logistics–0.92%
UTi Worldwide, Inc.^(b)		2,292,016		20,696,904

Alternative Carriers–2.56%
Level 3 Communications, Inc.^(b)		1,031,631		57,709,438

Apparel Retail–1.25%
Ascena Retail Group, Inc.^(b)		1,876,014		28,121,450

Apparel, Accessories & Luxury Goods–2.02%
Fossil Group, Inc.^(b)		542,160		45,530,597

Application Software–5.00%
Cadence Design Systems, Inc.^(b)		2,401,444		44,786,931
Citrix Systems, Inc.^(b)		1,010,507		67,865,650
				112,652,581

Asset Management & Custody Banks–4.38%
American Capital Ltd.^(b)		2,993,834		45,176,955
Northern Trust Corp.		730,928		53,467,383
				98,644,338

Auto Parts & Equipment–5.06%
Dana Holding Corp.		2,081,766		44,903,693
Johnson Controls, Inc.		1,372,306		69,136,776
				114,040,469

Building Products–4.67%
Masco Corp.		1,791,820		47,465,312
Owens Corning Inc.		1,496,646		57,860,334
				105,325,646

Communications Equipment–2.58%
Ciena Corp.^(b)		2,730,266		58,154,666

Construction Materials–0.28%
Eagle Materials Inc.		76,557		6,384,088

Diversified Banks–2.39%
Comerica Inc.		1,133,639		53,745,825

Diversified Chemicals–2.19%
Eastman Chemical Co.		647,371		49,342,618

Education Services–0.89%
DeVry Education Group Inc.		662,314		20,028,375

Electric Utilities–1.97%
Edison International		727,052		44,306,549

Environmental & Facilities Services–1.95%
Clean Harbors, Inc.^(b)		794,338		43,887,175


	Shares		Value
Health Care Equipment–0.34%
Becton, Dickinson and Co.		53,767	$	7,574,157

Health Care Facilities–7.80%
Brookdale Senior Living Inc.^(b)		1,297,649		47,013,823
HealthSouth Corp.		1,415,255		63,997,831
Universal Health Services, Inc.–Class B		553,980		64,787,961
				175,799,615

Heavy Electrical Equipment–2.11%
Babcock & Wilcox Co. (The)		1,469,697		47,500,607

Industrial Machinery–4.47%
Ingersoll-Rand PLC		845,139		55,643,952
Pentair PLC (United Kingdom)		727,006		45,183,423
				100,827,375

Insurance Brokers–4.60%
Arthur J. Gallagher & Co.		671,835		32,133,868
Marsh & McLennan Cos., Inc.		594,816		33,404,867
Willis Group Holdings PLC		781,323		37,995,737
				103,534,472

Investment Banking & Brokerage–2.42%
Stifel Financial Corp.^(b)		1,030,506		54,451,937

IT Consulting & Other Services–2.43%
Teradata Corp.^(b)		1,245,146		54,773,973

Life Sciences Tools & Services–2.13%
PerkinElmer, Inc.		935,248		47,940,812

Multi-Utilities–0.79%
CenterPoint Energy, Inc.		853,358		17,894,917

Oil & Gas Equipment & Services–4.35%
Amec Foster Wheeler PLC (United Kingdom)		3,182,593		44,710,401
Amec Foster Wheeler PLC–ADR (United Kingdom)		143,068		2,000,091
Baker Hughes Inc.		749,731		51,326,584
				98,037,076

Oil & Gas Storage & Transportation–1.89%
Williams Cos., Inc. (The)		832,245		42,602,622

Packaged Foods & Meats–2.53%
ConAgra Foods, Inc.		1,578,447		57,060,859

Property & Casualty Insurance–3.67%
ACE Ltd.		240,179		25,696,751
FNF Group		1,583,684		56,996,787
				82,693,538

Publishing–1.93%
Gannett Co., Inc.		1,266,537		43,467,550

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

9 Invesco American Value Fund


	Shares		Value
Real Estate Operating Companies–2.95%
Forest City Enterprises, Inc.–Class A^(b)		2,798,500	$	66,492,360

Regional Banks–5.82%
BB&T Corp.		1,310,396		50,175,063
Wintrust Financial Corp.		1,002,253		48,849,811
Zions Bancorp.		1,131,285		32,054,961
				131,079,835

Specialty Chemicals–2.05%
W.R. Grace & Co.^(b)		478,376		46,268,527

Technology Hardware, Storage & Peripherals–2.93%
Diebold, Inc.		636,393		22,127,385
NetApp, Inc.		1,208,042		43,791,522
				65,918,907


	Shares		Value
Trucking–0.53%
Swift Transportation Co.^(b)		492,317	$	11,914,071
Total Common Stocks & Other Equity Interests (Cost $1,813,768,230)				2,170,526,939

Money Market Funds–3.62%
Liquid Assets Portfolio–Institutional Class^(c)		40,771,105		40,771,105
Premier Portfolio–Institutional Class^(c)		40,771,104		40,771,104
Total Money Market Funds (Cost $81,542,209)				81,542,209
TOTAL INVESTMENTS–99.96% (Cost $1,895,310,439)				2,252,069,148
OTHER ASSETS LESS LIABILITIES–0.04%				837,682
NET ASSETS–100.00%			$	2,252,906,830

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

10 Invesco American Value Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $1,813,768,230)	$	2,170,526,939
Investments in affiliated money market funds, at value and cost		81,542,209
Total investments, at value (Cost $1,895,310,439)		2,252,069,148
Foreign currencies, at value (Cost $667)		685
Receivable for:
Investments sold		811,718
Fund shares sold		4,806,178
Dividends		1,030,382
Investment for trustee deferred compensation and retirement plans		171,567
Other assets		66,706
Total assets		2,258,956,384

Liabilities:
Payable for:
Investments purchased		434,364
Fund shares reacquired		2,345,326
Accrued fees to affiliates		1,595,151
Accrued trustees’ and officers’ fees and benefits		4,037
Accrued other operating expenses		146,339
Trustee deferred compensation and retirement plans		192,761
Unrealized depreciation on forward foreign currency contracts outstanding		1,331,576
Total liabilities		6,049,554
Net assets applicable to shares outstanding	$	2,252,906,830

Net assets consist of:
Shares of beneficial interest	$	1,793,003,359
Undistributed net investment income		(182,493	)
Undistributed net realized gain		104,658,813
Net unrealized appreciation		355,427,151
	$	2,252,906,830


Net Assets:
Class A	$	1,242,480,069
Class B	$	24,301,708
Class C	$	125,200,710
Class R	$	76,593,537
Class Y	$	545,455,815
Class R5	$	95,082,319
Class R6	$	143,792,672

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		30,724,636
Class B		671,668
Class C		3,582,219
Class R		1,900,892
Class Y		13,426,886
Class R5		2,340,113
Class R6		3,538,415
Class A:
Net asset value per share	$	40.44
Maximum offering price per share
(Net asset value of $40.44 ¸ 94.50%)	$	42.79
Class B:
Net asset value and offering price per share	$	36.18
Class C:
Net asset value and offering price per share	$	34.95
Class R:
Net asset value and offering price per share	$	40.29
Class Y:
Net asset value and offering price per share	$	40.62
Class R5:
Net asset value and offering price per share	$	40.63
Class R6:
Net asset value and offering price per share	$	40.64

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

11 Invesco American Value Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends	$	25,176,149
Dividends from affiliated money market funds		46,894
Total investment income		25,223,043

Expenses:
Advisory fees		14,386,200
Administrative services fees		453,769
Custodian fees		66,901
Distribution fees:
Class A		2,949,858
Class B		72,668
Class C		1,172,591
Class R		376,590
Transfer agent fees — A, B, C, R and Y		4,075,043
Transfer agent fees — R5		83,643
Transfer agent fees — R6		7,295
Trustees’ and officers’ fees and benefits		48,573
Other		494,065
Total expenses		24,187,196
Less: Fees waived and expense offset arrangement(s)		(163,259	)
Net expenses		24,023,937
Net investment income		1,199,106

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		198,324,285
Foreign currencies		23,515
Forward foreign currency contracts		3,648,174
		201,995,974
Change in net unrealized appreciation (depreciation) of:
Investment securities		17,135,584
Foreign currencies		18
Forward foreign currency contracts		(1,248,882	)
		15,886,720
Net realized and unrealized gain		217,882,694
Net increase in net assets resulting from operations	$	219,081,800

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

12 Invesco American Value Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income	$	1,199,106		$	2,955,781
Net realized gain		201,995,974			180,450,335
Change in net unrealized appreciation		15,886,720			114,634,049
Net increase in net assets resulting from operations		219,081,800			298,040,165

Distributions to shareholders from net investment income:
Class A		(613,761	)		(2,921,288	)
Class B		(16,516	)		(115,678	)
Class C		—			(59,002	)
Class R		—			(67,746	)
Class Y		(1,319,645	)		(2,059,394	)
Class R5		(325,932	)		(260,647	)
Class R6		(554,270	)		(482,829	)
Total distributions from net investment income		(2,830,124	)		(5,966,584	)

Distributions to shareholders from net realized gains:
Class A		(106,124,825	)		(65,262,898	)
Class B		(2,811,537	)		(2,667,870	)
Class C		(12,501,109	)		(7,911,290	)
Class R		(6,792,137	)		(3,994,256	)
Class Y		(45,549,460	)		(26,375,247	)
Class R5		(7,953,682	)		(2,761,945	)
Class R6		(11,526,107	)		(4,498,288	)
Total distributions from net realized gains		(193,258,857	)		(113,471,794	)

Share transactions–net:
Class A		138,903,115			134,319,718
Class B		(8,153,887	)		(8,668,383	)
Class C		14,522,097			13,048,376
Class R		8,342,862			2,790,913
Class Y		88,784,244			125,795,105
Class R5		21,493,373			42,142,923
Class R6		57,856,637			24,677,701
Net increase in net assets resulting from share transactions		321,748,441			334,106,353
Net increase in net assets		344,741,260			512,708,140

Net assets:
Beginning of year		1,908,165,570			1,395,457,430
End of year (includes undistributed net investment income of $(182,493) and $(130,589), respectively)	$	2,252,906,830		$	1,908,165,570

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

13 Invesco American Value Fund

contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

14 Invesco American Value Fund

Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.

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.

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

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

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

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

15 Invesco American Value Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.68%.

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

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2017, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended April 30, 2015, the Adviser waived advisory fees of $159,275.

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, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended April 30, 2015, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the year ended April 30, 2015, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $495,214 in front-end sales commissions from the sale of Class A shares and $8,556, $5,624 and $3,551 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

16 Invesco American Value Fund

For the year ended April 30, 2015, the Fund incurred $29,521 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

Level 1 —

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

Level 2 —

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

Level 3 —

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

The following is a summary of the tiered valuation input levels, as of April 30, 2015. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2			Level 3		Total
Equity Securities	$	2,207,358,747	$	44,710,401		$	—	$	2,252,069,148
Forward Foreign Currency Contracts*		—		(1,331,576	)		—		(1,331,576	)
Total Investments	$	2,207,358,747	$	43,378,825		$	—	$	2,250,737,572

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2015:


	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts^(a)	$	—	$	(1,331,576	)

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

Effect of Derivative Investments for the year ended April 30, 2015

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


	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	3,648,174
Change in Unrealized Appreciation (Depreciation):
Currency risk		(1,248,882	)
Total	$	2,399,292

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


	Forward Foreign Currency Contracts
Average notional value	$	29,327,206

17 Invesco American Value Fund


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Notional Value		Unrealized Appreciation (Depreciation)
5/22/15	Bank of New York Mellon (The)		GBP	11,474,317		USD	16,945,386	$	17,611,800	$	(666,414	)
5/22/15	State Street Bank and Trust Co.		GBP	11,474,481		USD	16,946,890		17,612,052		(665,162	)
Total Forward Foreign Currency Contracts—Currency Risk										$	(1,331,576	)

Currency Abbreviations:


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

Offsetting Assets and Liabilities

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

There were no derivative instruments subject to a netting agreement for which the Fund is not currently netting. The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of April 30, 2015.


Liabilities:
Counterparty	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities		Net amounts of liabilities presented in Statement of Assets & Liabilities		Collateral Pledged
Counterparty	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities				Financial Instruments		Cash		Net Amount
Bank of New York Mellon (The)	$	666,414	$	—	$	666,414	$	—	$	—	$	666,414
State Street Bank and Trust Co.		665,162		—		665,162		—		—		665,162
Total	$	1,331,576	$	—	$	1,331,576	$	—	$	—	$	1,331,576

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended April 30, 2015, the Fund engaged in securities purchases of $8,339,873.

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended April 30, 2015, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,984.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

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

NOTE 8—Cash Balances

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

18 Invesco American Value 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, 2015 and 2014:


	2015		2014
Ordinary income	$	25,686,688	$	17,835,434
Long-term capital gain		170,402,293		101,602,944
Total distributions	$	196,088,981	$	119,438,378

Tax Components of Net Assets at Period-End:


	2015
Undistributed ordinary income	$	1,309,640
Undistributed long-term gain		103,640,998
Net unrealized appreciation — investments		356,080,125
Net unrealized appreciation — other investments		18
Temporary book/tax differences		(1,127,310	)
Shares of beneficial interest		1,793,003,359
Total net assets	$	2,252,906,830

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

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

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $860,855,694 and $687,515,144, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	405,419,333
Aggregate unrealized (depreciation) of investment securities		(49,339,208	)
Net unrealized appreciation of investment securities	$	356,080,125

Cost of investments for tax purposes is $1,895,989,023.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of an income distribution reclass, on April 30, 2015, undistributed net investment income was increased by $1,579,114 and undistributed net realized gain was decreased by $1,579,114. This reclassification had no effect on the net assets of the Fund.

19 Invesco American Value Fund

NOTE 12—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		7,226,440		$	296,023,552			6,914,216		$	270,185,034
Class B		19,476			720,125			53,592			1,880,118
Class C		632,344			22,658,243			650,749			22,610,785
Class R		928,011			37,908,590			768,903			30,171,880
Class Y		5,227,488			216,514,762			4,663,504			180,559,215
Class R5		842,999			34,561,483			1,177,807			46,562,604
Class R6		1,650,850			68,103,596			716,280			28,311,884

Issued as reinvestment of dividends:
Class A		2,706,420			101,988,957			1,703,427			64,672,942
Class B		80,954			2,729,314			78,053			2,681,171
Class C		363,182			11,854,250			223,066			7,497,781
Class R		180,809			6,791,196			107,103			4,062,002
Class Y		1,067,984			40,468,846			679,521			25,911,785
Class R5		218,268			8,276,970			79,175			3,020,660
Class R6		318,423			12,079,078			130,554			4,980,150

Automatic conversion of Class B shares to Class A shares:
Class A		190,640			7,816,260			200,674			7,857,830
Class B		(211,957	)		(7,816,260	)		(221,108	)		(7,857,830	)

Reacquired:
Class A		(6,486,291	)		(266,925,654	)		(5,398,222	)		(208,396,088	)
Class B		(102,261	)		(3,787,066	)		(152,046	)		(5,371,842	)
Class C		(561,259	)		(19,990,396	)		(492,505	)		(17,060,190	)
Class R		(891,108	)		(36,356,924	)		(818,057	)		(31,442,969	)
Class Y		(4,108,659	)		(168,199,364	)		(2,058,244	)		(80,675,895	)
Class R5		(527,549	)		(21,345,080	)		(189,139	)		(7,440,341	)
Class R6		(549,307	)		(22,326,037	)		(219,527	)		(8,614,333	)
Net increase in share activity		8,215,897		$	321,748,441			8,597,776		$	334,106,353

^(a)

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

20 Invesco American Value Fund

NOTE 13—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 04/30/15	$	40.11	$	0.00		$	4.23		$	4.23		$	(0.02	)	$	(3.88	)	$	(3.90	)	$	40.44		11.27	%	$	1,242,480		1.19	%^(d)		1.20	%^(d)		0.01	%^(d)		34	%
Year ended 04/30/14		35.77		0.06			7.14			7.20			(0.12	)		(2.74	)		(2.86	)		40.11		20.62			1,086,506		1.19			1.20			0.15			46
Year ended 04/30/13		30.90		0.17			4.86			5.03			(0.16	)		—			(0.16	)		35.77		16.35			846,516		1.22			1.23			0.54			28
Year ended 04/30/12		29.86		0.14			0.98			1.12			(0.08	)		—			(0.08	)		30.90		3.80			700,857		1.31			1.32			0.52			30
Ten months ended 04/30/11		22.22		0.07			7.61			7.68			(0.04	)		—			(0.04	)		29.86		34.57			549,428		1.26	^(e)		1.27	^(e)		0.34	^(e)		28
Year ended 06/30/10		17.44		0.11			4.78			4.89			(0.11	)		—			(0.11	)		22.22		28.07			450,675		1.31			1.31			0.50			50
Class B
Year ended 04/30/15		36.28		0.00			3.80			3.80			(0.02	)		(3.88	)		(3.90	)		36.18		11.27	^(f)		24,302		1.19	^(d)(f)		1.20	^(d)(f)		0.01	^(d)(f)		34
Year ended 04/30/14		32.58		0.05			6.50			6.55			(0.11	)		(2.74	)		(2.85	)		36.28		20.63	^(f)		32,127		1.19	^(f)		1.20	^(f)		0.15	^(f)		46
Year ended 04/30/13		28.15		0.16			4.42			4.58			(0.15	)		—			(0.15	)		32.58		16.33	^(f)		36,720		1.22	^(f)		1.23	^(f)		0.54	^(f)		28
Year ended 04/30/12		27.19		0.14			0.90			1.04			(0.08	)		—			(0.08	)		28.15		3.84	^(f)		43,561		1.27	^(f)		1.28	^(f)		0.56	^(f)		30
Ten months ended 04/30/11		20.23		0.04			6.93			6.97			(0.01	)		—			(0.01	)		27.19		34.45	^(f)		37,780		1.38	^(e)(f)		1.39	^(e)(f)		0.22	^(e)(f)		28
Year ended 06/30/10		15.89		0.05			4.37			4.42			(0.08	)		—			(0.08	)		20.23		27.82	^(f)		33,933		1.55	^(f)		1.55	^(f)		0.26	^(f)		50
Class C
Year ended 04/30/15		35.41		(0.26	)		3.68			3.42			—			(3.88	)		(3.88	)		34.95		10.44	^(g)		125,201		1.92	^(d)(g)		1.93	^(d)(g)		(0.72	)^(d)(g)		34
Year ended 04/30/14		32.00		(0.20	)		6.37			6.17			(0.02	)		(2.74	)		(2.76	)		35.41		19.76	^(g)		111,455		1.91	^(g)		1.92	^(g)		(0.57	)^(g)		46
Year ended 04/30/13		27.70		(0.06	)		4.36			4.30			—			—			—			32.00		15.52			88,519		1.97			1.98			(0.21	)		28
Year ended 04/30/12		26.89		(0.05	)		0.86			0.81			—			—			—			27.70		3.01	^(g)		76,053		2.03	^(g)		2.04	^(g)		(0.20	)^(g)		30
Ten months ended 04/30/11		20.11		(0.07	)		6.85			6.78			—			—			—			26.89		33.72	^(g)		46,700		1.97	^(e)(g)		1.98	^(e)(g)		(0.37	)^(e)(g)		28
Year ended 06/30/10		15.82		(0.05	)		4.35			4.30			(0.01	)		—			(0.01	)		20.11		27.18			38,952		2.06			2.06			(0.25	)		50
Class R
Year ended 04/30/15		40.06		(0.10	)		4.21			4.11			—			(3.88	)		(3.88	)		40.29		10.97			76,594		1.44	^(d)		1.45	^(d)		(0.24	)^(d)		34
Year ended 04/30/14		35.74		(0.04	)		7.15			7.11			(0.05	)		(2.74	)		(2.79	)		40.06		20.34			67,420		1.44			1.45			(0.10	)		46
Year ended 04/30/13		30.87		0.10			4.86			4.96			(0.09	)		—			(0.09	)		35.74		16.08			58,086		1.47			1.48			0.29			28
Year ended 04/30/12		29.84		0.08			0.97			1.05			(0.02	)		—			(0.02	)		30.87		3.51			36,695		1.56			1.57			0.27			30
Ten months ended 04/30/11		22.23		0.02			7.59			7.61			(0.00	)		—			(0.00	)		29.84		34.24			17,440		1.51	^(e)		1.52	^(e)		0.09	^(e)		28
Year ended 06/30/10		17.44		0.06			4.79			4.85			(0.06	)		—			(0.06	)		22.23		27.84			12,052		1.56			1.56			0.27			50
Class Y
Year ended 04/30/15		40.26		0.11			4.24			4.35			(0.11	)		(3.88	)		(3.99	)		40.62		11.55			545,456		0.94	^(d)		0.95	^(d)		0.26	^(d)		34
Year ended 04/30/14		35.90		0.16			7.16			7.32			(0.22	)		(2.74	)		(2.96	)		40.26		20.91			452,580		0.94			0.95			0.40			46
Year ended 04/30/13		31.01		0.25			4.88			5.13			(0.24	)		—			(0.24	)		35.90		16.65			285,560		0.97			0.98			0.79			28
Year ended 04/30/12		29.98		0.21			0.97			1.18			(0.15	)		—			(0.15	)		31.01		4.01			259,308		1.06			1.07			0.77			30
Ten months ended 04/30/11		22.31		0.13			7.63			7.76			(0.09	)		—			(0.09	)		29.98		34.81			37,488		1.01	^(e)		1.02	^(e)		0.59	^(e)		28
Year ended 06/30/10^(h)		17.50		0.17			4.81			4.98			(0.17	)		—			(0.17	)		22.31		28.47			10,772		1.06			1.06			0.76			50
Class R5
Year ended 04/30/15		40.28		0.15			4.24			4.39			(0.16	)		(3.88	)		(4.04	)		40.63		11.66			95,082		0.82	^(d)		0.83	^(d)		0.38	^(d)		34
Year ended 04/30/14		35.91		0.20			7.18			7.38			(0.27	)		(2.74	)		(3.01	)		40.28		21.06			72,753		0.84			0.85			0.50			46
Year ended 04/30/13		31.02		0.29			4.89			5.18			(0.29	)		—			(0.29	)		35.91		16.81			26,519		0.86			0.87			0.90			28
Year ended 04/30/12		29.98		0.28			0.97			1.25			(0.21	)		—			(0.21	)		31.02		4.26			12,340		0.87			0.88			0.96			30
Ten months ended 04/30/11		22.31		0.15			7.64			7.79			(0.12	)		—			(0.12	)		29.98		34.98			24		0.79	^(e)		0.80	^(e)		0.81	^(e)		28
Year ended 06/30/10⁽ⁱ⁾		23.19		0.03			(0.88	)		(0.85	)		(0.03	)		—			(0.03	)		22.31		(3.69	)		2,592		0.62	^(e)		0.62	^(e)		1.37	^(e)		50
Class R6
Year ended 04/30/15		40.28		0.19			4.25			4.44			(0.20	)		(3.88	)		(4.08	)		40.64		11.77			143,793		0.73	^(d)		0.74	^(d)		0.47	^(d)		34
Year ended 04/30/14		35.90		0.23			7.18			7.41			(0.29	)		(2.74	)		(3.03	)		40.28		21.19			85,325		0.75			0.76			0.59			46
Year ended 04/30/13⁽ⁱ⁾		31.40		0.22			4.45			4.67			(0.17	)		—			(0.17	)		35.90		14.92			53,538		0.75	^(e)		0.76	^(e)		1.01	^(e)		28

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $1,179,943, $29,067, $119,514, $75,318, $498,487, $83,995 and $119,590 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Annualized.

^(f)

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

^(g)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.98%, 0.98%, 0.97% and 0.96% for the years ended April 30, 2015, 2014, 2012 and the ten months ended April 30, 2011.

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

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

21 Invesco American 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 American Value Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco American Value Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

22 Invesco American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2014 through April 30, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


Class	Beginning Account Value (11/01/14)			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)			Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00		$	1,055.30	$	6.17	$	1,018.79	$	6.06		1.21	%
B		1,000.00			1,055.20		6.17		1,018.79		6.06		1.21
C		1,000.00			1,051.50		9.87		1,015.17		9.69		1.94
R		1,000.00			1,053.90		7.44		1,017.55		7.30		1.46
Y		1,000.00			1,056.60		4.90		1,020.03		4.81		0.96
R5		1,000.00			1,057.30		4.23		1,020.68		4.16		0.83
R6		1,000.00	��		1,057.80		3.72		1,021.17		3.66		0.73

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2014 through April 30, 2015, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

23 Invesco American Value 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 advisors.

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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	170,402,293
Qualified Dividend Income*		98.72	%
Corporate Dividends Received Deduction*		94.73	%
U.S. Treasury Obligations*		0	%

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


Non-Resident Alien Shareholders
Qualified Short-Term Capital Gains	$	24,453,479

24 Invesco American Value Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1 Invesco American 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)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

T-2 Invesco American 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

T-3 Invesco American 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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	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 prospectus for information on the Fund’s sub-advisers.

T-4 Invesco American Value Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

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

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


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


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

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Letters to Shareholders

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Philip Taylor

Dear Shareholders:

During the reporting period, the US economy showed unmistakable signs of improvement. After contracting in the first quarter of 2014, the economy expanded strongly in the second and third quarters as employment data improved markedly. Given continuing positive economic trends, the US Federal Reserve (the Fed) ended its extraordinary asset purchase program in October – but it pledged in December to be “patient” before raising interest rates. Overseas, the story was much different. Concerns about economic stagnation and the potential for deflation

depressed European markets, while the Chinese economy was hurt by a slowdown in manufacturing.

Timely information when and where you want it

Have questions?

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

Sincerely,

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Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Comstock Fund

LOGO

Bruce Crockett

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Comstock Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Comstock Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Russell 1000 Value Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.98	%
Class B Shares	8.98
Class C Shares	8.17
Class R Shares	8.71
Class Y Shares	9.26
Class R5 Shares	9.36
Class R6 Shares	9.46
S&P 500 Index^‚ (Broad Market Index)	12.98
Russell 1000 Value Index^‚ (Style-Specific Index)	9.31
Lipper Large-Cap Value Funds Index^¢ (Peer Group Index)	9.30

Source(s): ^‚FactSet Research Systems Inc.; ^¢Lipper Inc.

Market conditions and your Fund

Slow and steady improvement in the US economy and continued low interest rates led the US equity market higher during the fiscal year ended April 30, 2015. As the US economy continued along a slow growth path, the US Federal Reserve steadily reduced its asset purchase program, finally ending all purchases in October 2014. The reporting period began with corporate earnings bouncing back from a weather-related downturn resulting from an unusually harsh winter that negatively affected consumer spending. Stocks generally rallied through the summer of 2014 despite political upheaval in Ukraine and signs of economic sluggishness in China. In mid-September, as investors wrestled with evidence that economic growth appeared to be stronger in the US than in the rest

of the world, the price of oil began a sharp and prolonged decline, causing US equities to fall. US equities recovered before the end of calendar year 2014, however. As calendar year 2015 began, investors were generally heartened by positive US economic data, but there was concern that if Greece failed to reach an agreement with the eurozone on a financial bailout plan, the repercussions would be felt more broadly. On balance, however, the general trend for US equities was positive.

Most sectors of the Russell 1000 Value Index posted positive performance for the reporting period. Telecommunication services and energy were the exceptions, posting negative returns. Sector allocation was the main driver of Fund performance for the reporting period; however, portfolio construction is based solely on bottom-up stock selection.

Strong stock selection in the consumer staples sector contributed to the Fund’s relative performance versus its style-specific index. Toward the end of the reporting period, ConAgra Foods shares benefited after the packaged foods maker reported earnings that exceeded analysts’ estimates. Not owning Procter & Gamble, a large holding in the Russell 1000 Value Index, acted as a significant contributor to the Fund’s relative performance, as the stock posted negative returns for the reporting period.

Stock selection in the financials sector also enhanced relative Fund performance. Notably, in the diversified financials industry, Bank of New York Mellon and State Street performed well for the reporting period; both stocks posted returns of more than 20%. Bank of New York Mellon reported a stronger-than-expected profit in the first quarter of 2015, boosted by higher revenue and lower expenses.

Stock selection in the materials sector contributed to relative Fund performance. Notably, International Paper had a large positive impact on both absolute and relative Fund performance, posting double-digit returns for the fiscal year. Also, having no exposure to mining stocks boosted Fund performance, as many mining companies’ margins and earnings were negatively affected by high input costs, while the price of gold and other metals struggled during 2014.

On the negative side, stock selection in and overweight exposure to the energy sector detracted from Fund performance for the reporting period, with most of the underperformance occurring from mid-September 2014 through early 2015 due to a sharp decline in the price of oil. The largest detractors in the sector were in the oil services and equipment indus-


Portfolio Composition
By sector
Financials	24.7	%
Energy	16.2
Consumer Discretionary	16.1
Information Technology	12.8
Health Care	12.1
Industrials	6.6
Consumer Staples	4.5
Materials	1.6
Utilities	0.8
Telecommunication Services	0.3
Money Market Funds
Plus Other Assets Less Liabilities	4.3


Top 10 Equity Holdings*
1. Citigroup Inc.	4.6	%
2. JPMorgan Chase & Co.	3.4
3. General Electric Co.	2.5
4. Suncor Energy, Inc.	2.3
5. Weatherford International PLC	2.2
6. Carnival Corp.	2.2
7. Bank of America Corp.	2.1
8. Royal Dutch Shell PLC- Class A-ADR	2.1
9. Cisco Systems, Inc.	2.0
10. Merck & Co., Inc.	2.0


Total Net Assets				$13.8 billion

Total Number of Holdings*				78

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.

4 Invesco Comstock Fund

try. Weatherford International was the largest absolute and relative detractor for the fiscal year, falling by more than 30% for the reporting period, after being a large contributor for the first half of 2014. Also, not owning Exxon Mobil, an integrated oil and gas company, was a large detractor from Fund performance, as the stock outperformed the sector as a whole.

In the health care equipment and services industry, select holdings like Anthem and UnitedHealth Group, performed well for the reporting period. (We sold our holdings in UnitedHealth Group before the end of the reporting period.) Nonetheless, weak stock selection in the health care sector overall dampened relative Fund performance. This was particularly true of Fund holdings in the pharmaceuticals and biotechnology industries. Sanofi posted a negative return and detracted from absolute and relative Fund performance for the fiscal year. The company’s stock sold off precipitously in October 2014, after it projected flat sales of its diabetes drug.

Weak stock selection in the consumer discretionary sector also hurt Fund performance relative to our style-specific benchmark. More specifically, Fund holdings in media, such as media giant Viacom, posted negative double-digit returns and detracted from the Fund’s absolute and relative returns. In early 2015, Viacom – which reported losses in 2014 – reported lower-than-expected revenues due to lower television ratings. Also, an analyst downgraded the stock on speculation that the company’s channels may be dropped from Dish Network (not a Fund holding) in the next round of negotiations.

We used forward foreign currency contracts during the reporting period for the purpose of hedging currency exposure of non-US-based companies held in the portfolio. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of forward foreign currency contracts had a large positive impact on the Fund’s performance relative to the Russell 1000 Value Index for the reporting period. This was mainly due to the strength of the US dollar compared to the foreign currencies in which the Fund’s non-US holdings were denominated. Forward foreign currency contracts expose the Fund to counterparty risk and do not always provide the hedging benefits anticipated.

Although the Fund was underweight the financials sector relative to its style-specific index at the close of the reporting period, we had a favorable view of large diversified financial companies. Also as of the close of the reporting period, the Fund was overweight in the energy sector compared to the benchmark. We have been taking advantage of weakness in the energy sector to add to the Fund’s energy holdings. The Fund’s holdings in each sector have a higher beta than that of its style-specific benchmark.¹Therefore, the Fund should be more sensitive to broad moves in these sectors for the foreseeable future.

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

1	Beta is a measure of risk representing how a security is expected to respond to general market movements.

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

Kevin Holt

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Comstock Fund. He joined Invesco in 2010.

Mr. Holt earned a bachelor’s degree from the University of Iowa and an MBA from the University of Chicago Booth School of Business.

Devin Armstrong

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Comstock Fund. He joined Invesco in 2010.

Mr. Armstrong earned a BS in psychology and finance from the University of Illinois and an MBA in finance from Columbia University.

Matt Seinsheimer

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Comstock Fund. He joined Invesco in 1998.

Mr. Seinsheimer earned a BBA from Southern Methodist University and an MBA from The University of Texas at Austin.

James Warwick

Portfolio Manager, is manager of Invesco Comstock Fund. He joined Invesco in 2010. Mr. Warwick earned a

BBA from Stephen F. Austin State University and an MBA from the University of Houston.

5 Invesco Comstock Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

Value investing style risk. The Fund emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market. Value stocks also may decline in price, even though in theory they are already underpriced.

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.

Other information

6 Invesco Comstock Fund


Average Annual Total Returns
As of 4/30/15, including maximum applicable sales charges

Class A Shares
Inception (10/7/68)	11.00	%
10 Years	6.85
5 Years	12.44
1 Year	3.00

Class B Shares
Inception (10/19/92)	10.20	%
10 Years	7.22
5 Years	13.39
1 Year	3.98

Class C Shares
Inception (10/26/93)	9.53	%
10 Years	6.65
5 Years	12.87
1 Year	7.17

Class R Shares
Inception (10/1/02)	9.80	%
10 Years	7.19
5 Years	13.45
1 Year	8.71

Class Y Shares
Inception (10/29/04)	7.93	%
10 Years	7.72
5 Years	14.01
1 Year	9.26

Class R5 Shares
10 Years	7.65	%
5 Years	14.14
1 Year	9.36

Class R6 Shares
10 Years	7.58	%
5 Years	13.99
1 Year	9.46

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

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.


Average Annual Total Returns
As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (10/7/68)	10.96	%
10 Years	6.47
5 Years	12.02
1 Year	1.22

Class B Shares
Inception (10/19/92)	10.12	%
10 Years	6.84
5 Years	12.96
1 Year	2.05

Class C Shares
Inception (10/26/93)	9.45	%
10 Years	6.26
5 Years	12.44
1 Year	5.25

Class R Shares
Inception (10/1/02)	9.65	%
10 Years	6.80
5 Years	13.01
1 Year	6.83

Class Y Shares
Inception (10/29/04)	7.74	%
10 Years	7.34
5 Years	13.58
1 Year	7.36

Class R5 Shares
10 Years	7.26	%
5 Years	13.70
1 Year	7.46

Class R6 Shares
10 Years	7.19	%
5 Years	13.55
1 Year	7.52

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.82%, 0.82%, 1.57%, 1.07%, 0.57%, 0.50% and 0.41%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.83%, 0.83%, 1.58%, 1.08%, 0.58%, 0.51% and 0.42%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

7 Invesco Comstock Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Credit risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Depositary receipts risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social insta-

bility, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Interest rate risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Real estate investment trust (REIT) risk/ real estate risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Real estate companies, including REITs or similar structures, tend to be small- and mid-cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines,

continued on page 6

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Comstock Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–95.70%
Aerospace & Defense–1.83%
Honeywell International Inc.		982,924	$	99,196,690
Textron Inc.		3,501,980		154,017,081
				253,213,771

Aluminum–0.67%
Alcoa Inc.		6,934,048		93,054,924

Apparel, Accessories & Luxury Goods–0.37%
Fossil Group, Inc.^(b)		616,040		51,735,039

Application Software–1.49%
Autodesk, Inc.^(b)		786,182		44,678,723
Citrix Systems, Inc.^(b)		2,386,783		160,296,346
				204,975,069

Asset Management & Custody Banks–3.14%
Bank of New York Mellon Corp. (The)		4,873,398		206,339,671
State Street Corp.		2,941,448		226,844,470
				433,184,141

Auto Parts & Equipment–1.84%
Johnson Controls, Inc.		5,027,613		253,291,143

Automobile Manufacturers–1.72%
General Motors Co.		6,753,231		236,768,279

Broadcasting–0.50%
CBS Corp.–Class B		1,118,994		69,523,097

Cable & Satellite–2.72%
Comcast Corp.–Class A		3,418,417		197,447,766
Time Warner Cable Inc.		1,140,848		177,424,681
				374,872,447

Communications Equipment–1.97%
Cisco Systems, Inc.		9,432,017		271,925,050

Department Stores–1.64%
Kohl’s Corp.		3,161,737		226,538,456

Diversified Banks–12.23%
Bank of America Corp.		17,981,337		286,442,698
Citigroup Inc.		11,783,103		628,275,052
JPMorgan Chase & Co.		7,356,197		465,353,022
U.S. Bancorp		1,194,277		51,198,655
Wells Fargo & Co.		4,649,637		256,194,999
				1,687,464,426

Drug Retail–0.43%
CVS Health Corp.		594,373		59,015,295

Electric Utilities–0.44%
FirstEnergy Corp.		1,690,018		60,688,546


	Shares		Value
Electrical Components & Equipment–1.11%
Emerson Electric Co.		2,593,608	$	152,581,959

Electronic Components–0.68%
Corning Inc.		4,460,740		93,363,288

General Merchandise Stores–1.06%
Target Corp.		1,851,726		145,971,561

Health Care Equipment–0.66%
Medtronic PLC		1,220,399		90,858,706

Health Care Services–0.80%
Express Scripts Holding Co.^(b)		1,273,074		109,993,594

Hotels, Resorts & Cruise Lines–2.15%
Carnival Corp.		6,751,227		296,851,451

Housewares & Specialties–0.69%
Newell Rubbermaid Inc.		2,486,142		94,796,594

Hypermarkets & Super Centers–0.59%
Wal-Mart Stores, Inc.		1,046,032		81,642,798

Industrial Conglomerates–2.51%
General Electric Co.		12,805,732		346,779,223

Industrial Machinery–1.17%
Ingersoll-Rand PLC		2,453,978		161,569,912

Integrated Oil & Gas–8.38%
BP PLC–ADR (United Kingdom)		6,159,304		265,835,561
Chevron Corp.		1,400,140		155,499,548
Occidental Petroleum Corp.		1,595,478		127,797,788
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		4,480,720		284,212,070
Suncor Energy, Inc. (Canada)		9,892,274		322,488,132
				1,155,833,099

Integrated Telecommunication Services–0.27%
Frontier Communications Corp.		5,529,819		37,934,558

Internet Software & Services–2.22%
eBay Inc.^(b)		4,054,760		236,230,318
Yahoo! Inc.^(b)		1,639,073		69,767,142
				305,997,460

Investment Banking & Brokerage–2.54%
Goldman Sachs Group, Inc. (The)		669,883		131,578,419
Morgan Stanley		5,868,383		218,949,370
				350,527,789

Life & Health Insurance–2.33%
Aflac, Inc.		2,147,985		135,408,975
MetLife, Inc.		3,639,156		186,652,311
				322,061,286

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

9 Invesco Comstock Fund


	Shares		Value
Managed Health Care–1.25%
Anthem, Inc.		1,147,346	$	173,168,932

Movies & Entertainment–3.44%
Time Warner Inc.		1,046,034		88,295,730
Twenty-First Century Fox, Inc.–Class B		4,860,975		162,113,516
Viacom Inc.–Class B		3,232,420		224,491,569
				474,900,815

Multi-Utilities–0.38%
PG&E Corp.		1,000,788		52,961,701

Oil & Gas Drilling–0.66%
Noble Corp. PLC		5,238,978		90,686,709

Oil & Gas Equipment & Services–3.21%
Halliburton Co.		2,944,412		144,128,967
Weatherford International PLC^(b)		20,497,223		298,234,595
				442,363,562

Oil & Gas Exploration & Production–3.97%
Devon Energy Corp.		2,617,609		178,547,110
Hess Corp.		1,211,495		93,163,966
Murphy Oil Corp.		3,176,677		151,241,592
QEP Resources Inc.		5,580,163		125,553,667
				548,506,335

Packaged Foods & Meats–2.83%
ConAgra Foods, Inc.		6,097,653		220,430,156
Mondelez International Inc.–Class A		2,630,585		100,935,546
Unilever N.V.–New York Shares (United Kingdom)		1,603,504		69,720,354
				391,086,056

Paper Products–0.91%
International Paper Co.		2,331,810		125,264,833

Pharmaceuticals–9.39%
AbbVie Inc.		1,819,088		117,622,230
Bristol-Myers Squibb Co.		1,541,047		98,210,925
GlaxoSmithKline PLC–ADR (United Kingdom)		1,173,612		54,162,194
Merck & Co., Inc.		4,531,064		269,870,172
Novartis AG (Switzerland)		2,373,655		245,283,344


	Shares		Value
Pharmaceuticals–(continued)
Pfizer Inc.		6,356,920	$	215,690,295
Roche Holding AG–ADR (Switzerland)		3,022,160		108,625,497
Sanofi–ADR (France)		3,685,736		186,313,955
				1,295,778,612

Property & Casualty Insurance–1.25%
Allstate Corp. (The)		2,474,452		172,370,326

Regional Banks–3.22%
Citizens Financial Group Inc.		3,166,951		82,499,073
Fifth Third Bancorp		7,877,494		157,549,880
PNC Financial Services Group, Inc. (The)		2,227,534		204,331,694
		444,380,647

Semiconductors–0.97%
Intel Corp.		4,106,886		133,679,139

Soft Drinks–0.64%
Coca-Cola Co. (The)		2,160,601		87,633,977

Systems Software–2.96%
Microsoft Corp.		4,052,526		197,114,865
Symantec Corp.		8,459,558		210,854,483
		407,969,348

Technology Hardware, Storage & Peripherals–2.47%
Hewlett-Packard Co.		5,808,543		191,507,663
NetApp, Inc.		4,134,522		149,876,422
		341,384,085
Total Common Stocks & Other Equity Interests (Cost $10,265,267,599)				13,205,148,038

Money Market Funds–4.82%
Liquid Assets Portfolio–Institutional Class^(c)		332,679,198		332,679,198
Premier Portfolio–Institutional Class^(c)		332,679,198		332,679,198
Total Money Market Funds (Cost $665,358,396)				665,358,396
TOTAL INVESTMENTS–100.52% (Cost $10,930,625,995)				13,870,506,434
OTHER ASSETS LESS LIABILITIES–(0.52)%				(71,862,430	)
NET ASSETS–100.00%			$	13,798,644,004

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

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, 2015


Assets:
Investments, at value (Cost $10,265,267,599)	$	13,205,148,038
Investments in affiliated money market funds, at value and cost		665,358,396
Total investments, at value (Cost $10,930,625,995)		13,870,506,434
Foreign currencies, at value (Cost $105)		110
Receivable for:
Investments sold		1,697
Fund shares sold		21,167,161
Dividends		12,261,978
Investment for trustee deferred compensation and retirement plans		843,067
Other assets		125,637
Total assets		13,904,906,084

Liabilities:
Payable for:
Investments purchased		37,285,826
Fund shares reacquired		18,157,373
Unrealized depreciation on forward foreign currency contracts outstanding		40,824,555
Accrued fees to affiliates		8,433,712
Accrued trustees’ and officers’ fees and benefits		16,541
Accrued other operating expenses		563,570
Trustee deferred compensation and retirement plans		980,503
Total liabilities		106,262,080
Net assets applicable to shares outstanding	$	13,798,644,004

Net assets consist of:
Shares of beneficial interest	$	10,234,196,812
Undistributed net investment income		17,764,407
Undistributed net realized gain		647,643,202
Net unrealized appreciation		2,899,039,583
	$	13,798,644,004


Net Assets:
Class A	$	7,698,789,680
Class B	$	127,987,887
Class C	$	637,578,606
Class R	$	486,153,678
Class Y	$	3,422,400,914
Class R5	$	830,573,602
Class R6	$	595,159,637

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		295,636,264
Class B		4,916,165
Class C		24,493,566
Class R		18,671,709
Class Y		131,408,675
Class R5		31,900,836
Class R6		22,863,136
Class A:
Net asset value per share	$	26.04
Maximum offering price per share
(Net asset value of $26.04 ¸ 94.50%)	$	27.56
Class B:
Net asset value and offering price per share	$	26.03
Class C:
Net asset value and offering price per share	$	26.03
Class R:
Net asset value and offering price per share	$	26.04
Class Y:
Net asset value and offering price per share	$	26.04
Class R5:
Net asset value and offering price per share	$	26.04
Class R6:
Net asset value and offering price per share	$	26.03

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, 2015


Investment income:
Dividends (net of foreign withholding taxes of $6,384,368)	$	279,461,950
Dividends from affiliated money market funds		253,927
Total investment income		279,715,877

Expenses:
Advisory fees		49,250,184
Administrative services fees		876,430
Custodian fees		430,174
Distribution fees:
Class A		18,779,924
Class B		400,039
Class C		6,170,996
Class R		2,166,802
Transfer agent fees — A, B, C, R and Y		22,514,521
Transfer agent fees — R5		747,480
Transfer agent fees — R6		11,921
Trustees’ and officers’ fees and benefits		204,423
Other		1,537,674
Total expenses		103,090,568
Less: Fees waived and expense offset arrangement(s)		(817,358	)
Net expenses		102,273,210
Net investment income		177,442,667

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $3,943,151)		907,301,059
Foreign currencies		(673,226	)
Forward foreign currency contracts		205,145,759
		1,111,773,592
Change in net unrealized appreciation (depreciation) of:
Investment securities		(114,016,158	)
Foreign currencies		(71,710	)
Forward foreign currency contracts		(36,155,360	)
		(150,243,228	)
Net realized and unrealized gain		961,530,364
Net increase in net assets resulting from operations	$	1,138,973,031

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, 2015 and 2014


	2015			2014
Operations:
Net investment income	$	177,442,667		$	179,248,970
Net realized gain		1,111,773,592			372,365,094
Change in net unrealized appreciation (depreciation)		(150,243,228	)		1,579,162,646
Net increase in net assets resulting from operations		1,138,973,031			2,130,776,710

Distributions to shareholders from net investment income:
Class A		(122,928,936	)		(84,222,613	)
Class B		(2,579,547	)		(2,284,461	)
Class C		(5,461,975	)		(2,664,463	)
Class R		(6,136,587	)		(2,833,815	)
Class Y		(60,976,835	)		(37,063,241	)
Class R5		(14,742,092	)		(8,168,180	)
Class R6		(10,738,658	)		(4,332,817	)
Total distributions from net investment income		(223,564,630	)		(141,569,590	)

Share transactions–net:
Class A		(182,893,310	)		106,232,824
Class B		(67,873,903	)		(104,572,672	)
Class C		4,767,420			24,297,960
Class R		120,809,421			65,260,970
Class Y		259,556,453			338,334,837
Class R5		147,522,534			140,372,631
Class R6		201,723,595			167,903,093
Net increase in net assets resulting from share transactions		483,612,210			737,829,643
Net increase in net assets		1,399,020,611			2,727,036,763

Net assets:
Beginning of year		12,399,623,393			9,672,586,630
End of year (includes undistributed net investment income of $17,764,407 and $64,081,938, respectively)	$	13,798,644,004		$	12,399,623,393

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

13 Invesco Comstock Fund

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

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 Statement of Changes in Net Assets, or the net investment income per share and 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.

14 Invesco Comstock Fund

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.

15 Invesco Comstock Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.37%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $802,813.

For the year ended April 30, 2015, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $1,162,448 in front-end sales commissions from the sale of Class A shares and $15,109, $28,876 and $16,103 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

16 Invesco Comstock Fund

Level 2 —

Level 3 —


	Level 1		Level 2			Level 3		Total
Equity Securities	$	13,516,597,593	$	353,908,841		$	—	$	13,870,506,434
Forward Foreign Currency Contracts*		—		(40,824,555	)		—		(40,824,555	)
Total Investments	$	13,516,597,593	$	313,084,286		$	—	$	13,829,681,879

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2015:


	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts^(a)	$	—	$	(40,824,555	)

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

Effect of Derivative Investments for the year ended April 30, 2015

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


	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	205,145,759
Change in Unrealized Appreciation (Depreciation):
Currency risk		(36,155,360	)
Total	$	168,990,399

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


	Forward Foreign Currency Contracts
Average notional value	$	1,317,079,795


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Notional Value		Unrealized Appreciation (Depreciation)
05/13/15	Canadian Imperial Bank Commerce		CAD	81,492,003		USD	65,239,009	$	67,538,626	$	(2,299,617	)
05/13/15	Deutsche Bank Securities Inc.		CAD	81,328,417		USD	65,148,730		67,403,050		(2,254,320	)
05/13/15	Goldman Sachs International		CAD	81,328,417		USD	65,091,113		67,403,050		(2,311,937	)
05/13/15	RBC Capital Markets Corp.		CAD	81,328,417		USD	65,086,425		67,403,050		(2,316,625	)
05/13/15	Canadian Imperial Bank Commerce		CHF	69,878,904		USD	72,720,834		74,947,809		(2,226,975	)
05/13/15	Deutsche Bank Securities Inc.		CHF	70,016,893		USD	72,854,579		75,095,808		(2,241,229	)
05/13/15	Goldman Sachs International		CHF	69,878,903		USD	72,690,952		74,947,808		(2,256,856	)
05/13/15	RBC Capital Markets Corp.		CHF	69,878,906		USD	72,684,151		74,947,812		(2,263,661	)
05/13/15	Barclays Bank PLC		EUR	85,634,441		USD	93,202,385		96,173,238		(2,970,853	)
05/13/15	Canadian Imperial Bank Commerce		EUR	85,634,443		USD	93,237,069		96,173,240		(2,936,171	)

17 Invesco Comstock Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Notional Value		Unrealized Appreciation (Depreciation)
05/13/15	Deutsche Bank Securities Inc.		EUR	85,634,442		USD	93,158,284	$	96,173,239	$	(3,014,955	)
05/13/15	Goldman Sachs International		EUR	85,562,186		USD	93,099,359		96,092,091		(2,992,732	)
05/13/15	RBC Capital Markets Corp.		EUR	85,634,443		USD	93,159,998		96,173,240		(3,013,242	)
05/13/15	Barclays Bank PLC		GBP	43,078,501		USD	64,199,459		66,124,431		(1,924,972	)
05/13/15	Canadian Imperial Bank Commerce		GBP	43,115,919		USD	64,263,630		66,181,866		(1,918,236	)
05/13/15	Deutsche Bank Securities Inc.		GBP	43,115,918		USD	64,206,932		66,181,865		(1,974,933	)
05/13/15	Goldman Sachs International		GBP	43,115,919		USD	64,274,625		66,181,866		(1,907,241	)
Total Open Forward Foreign Currency Contracts—Currency Risk										$	(40,824,555	)

Currency Abbreviations:


CAD		– Canadian Dollar
GBP		– British Pound Sterling


CHF		– Swiss Franc
USD		– U.S. Dollar


EUR		– Euro

Offsetting Assets and Liabilities


Liabilities:
	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities		Net amounts of liabilities presented in Statement of Assets & Liabilities		Collateral Pledged
Counterparty	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities				Financial Instruments		Cash		Net Amount
Barclays Bank PLC	$	4,895,825	$	—	$	4,895,825	$	—	$	—	$	4,895,825
Canadian Imperial Bank Commerce		9,380,999		—		9,380,999		—		—		9,380,999
Deutsche Bank Securities Inc.		9,485,437		—		9,485,437		—		—		9,485,437
Goldman Sachs International		9,468,766		—		9,468,766		—		—		9,468,766
RBC Capital Markets Corp.		7,593,528		—		7,593,528		—		—		7,593,528
Total	$	40,824,555	$	—	$	40,824,555	$	—	$	—	$	40,824,555

NOTE 5—Security Transactions with Affiliated Funds

NOTE 6—Expense Offset Arrangement(s)

NOTE 7—Trustees’ and Officers’ Fees and Benefits

18 Invesco Comstock Fund

NOTE 8—Cash Balances

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, 2015 and 2014:


	2015		2014
Ordinary income	$	223,564,630	$	141,569,590

Tax Components of Net Assets at Period-End:


	2015
Undistributed ordinary income	$	18,863,869
Undistributed long-term gain		628,366,316
Net unrealized appreciation — investments		2,931,873,456
Net unrealized appreciation (depreciation) — other investments		(16,301	)
Temporary book/tax differences		(946,894	)
Capital loss carryforward		(13,693,254	)
Shares of beneficial interest		10,234,196,812
Total net assets	$	13,798,644,004

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


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

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

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $2,777,790,589 and $2,130,646,139, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	3,274,668,929
Aggregate unrealized (depreciation) of investment securities		(342,795,473	)
Net unrealized appreciation of investment securities	$	2,931,873,456

Cost of investments for tax purposes is $10,938,632,978.

19 Invesco Comstock Fund

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and other fair fund distribution transactions, on April 30, 2015, undistributed net investment income was decreased by $195,568, undistributed net realized gain was increased by $207,106 and shares of beneficial interest was decreased by $11,538. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		42,805,803		$	1,078,465,439			51,782,926		$	1,162,678,668
Class B		75,814			1,913,667			199,567			4,436,862
Class C		3,116,176			78,520,220			4,077,528			91,731,670
Class R		10,116,917			254,005,100			8,041,732			180,732,649
Class Y		36,967,146			932,318,975			39,441,106			885,843,945
Class R5		14,008,268			353,583,208			10,458,726			233,470,332
Class R6		10,727,401			269,985,707			11,698,240			260,975,165

Issued as reinvestment of dividends:
Class A		4,545,606			114,046,134			3,567,338			79,347,411
Class B		98,425			2,469,863			98,525			2,209,328
Class C		197,867			4,936,679			110,949			2,461,399
Class R		244,796			6,132,336			126,992			2,833,758
Class Y		2,318,380			58,209,277			1,609,010			35,896,153
Class R5		586,740			14,740,866			365,128			8,167,965
Class R6		428,023			10,738,658			193,777			4,332,817

Automatic conversion of Class B shares to Class A shares:
Class A		1,987,034			50,499,220			3,492,937			78,081,752
Class B		(1,987,504	)		(50,499,220	)		(3,493,831	)		(78,081,752	)

Reacquired:
Class A		(56,569,461	)		(1,425,904,103	)		(54,030,858	)		(1,213,875,007	)
Class B		(864,629	)		(21,758,213	)		(1,488,485	)		(33,137,110	)
Class C		(3,117,313	)		(78,689,479	)		(3,112,801	)		(69,895,109	)
Class R		(5,507,490	)		(139,328,015	)		(5,240,664	)		(118,305,437	)
Class Y		(28,950,685	)		(730,971,799	)		(26,243,831	)		(583,405,261	)
Class R5		(8,709,350	)		(220,801,540	)		(4,484,698	)		(101,265,666	)
Class R6		(3,126,203	)		(79,000,770	)		(4,409,082	)		(97,404,889	)
Net increase in share activity		19,391,761		$	483,612,210			32,760,231		$	737,829,643

^(a)

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

20 Invesco Comstock Fund

NOTE 13—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 04/30/15	$	24.29	$	0.32	$	1.84		$	2.16		$	(0.41	)	$	26.04		8.98	%	$	7,698,790		0.82	%^(d)		0.83	%^(d)		1.30	%^(d)		17	%
Year ended 04/30/14		20.25		0.36		3.96			4.32			(0.28	)		24.29		21.47			7,356,633		0.81			0.82			1.59			11
Year ended 04/30/13		16.93		0.27		3.32			3.59			(0.27	)		20.25		21.46			6,034,792		0.86			0.86			1.56			12
Year ended 04/30/12		17.20		0.25		(0.30	)		(0.05	)		(0.22	)		16.93		(0.19	)		5,473,149		0.88			0.88			1.55			17
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		17.20		9.71			6,092,190		0.84	^(e)		0.84	^(e)		1.18	^(e)		10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		15.73		15.60			5,760,670		0.86			0.86			1.39			18
Class B
Year ended 04/30/15		24.28		0.32		1.84			2.16			(0.41	)		26.03		8.98	^(f)		127,988		0.82	^(d)(f)		0.83	^(d)(f)		1.30	^(d)(f)		17
Year ended 04/30/14		20.23		0.32		3.97			4.29			(0.24	)		24.28		21.31	^(f)		184,409		0.96	^(f)		0.97	^(f)		1.44	^(f)		11
Year ended 04/30/13		16.93		0.23		3.30			3.53			(0.23	)		20.23		21.11			248,404		1.09			1.61			1.33			12
Year ended 04/30/12		17.20		0.25		(0.30	)		(0.05	)		(0.22	)		16.93		(0.19	)^(f)		343,166		0.88	^(f)		0.88	^(f)		1.55	^(f)		17
Four months ended 04/30/11		15.73		0.06		1.46			1.52			(0.05	)		17.20		9.71	^(f)		526,168		0.84	^(e)(f)		0.84	^(e)(f)		1.18	^(e)(f)		10
Year ended 12/31/10		13.81		0.20		1.93			2.13			(0.21	)		15.73		15.60	^(f)		547,060		0.86	^(f)		0.86	^(f)		1.39	^(f)		18
Class C
Year ended 04/30/15		24.28		0.13		1.84			1.97			(0.22	)		26.03		8.17			637,579		1.57	^(d)		1.58	^(d)		0.55	^(d)		17
Year ended 04/30/14		20.24		0.19		3.96			4.15			(0.11	)		24.28		20.57			589,910		1.56			1.57			0.84			11
Year ended 04/30/13		16.93		0.14		3.31			3.45			(0.14	)		20.24		20.52			469,962		1.61			1.61			0.81			12
Year ended 04/30/12		17.20		0.13		(0.30	)		(0.17	)		(0.10	)		16.93		(0.94	)		448,866		1.63			1.63			0.80			17
Four months ended 04/30/11		15.74		0.02		1.46			1.48			(0.02	)		17.20		9.43			524,840		1.59	^(e)		1.59	^(e)		0.43	^(e)		10
Year ended 12/31/10		13.81		0.09		1.94			2.03			(0.10	)		15.74		14.82			506,742		1.61			1.61			0.64			18
Class R
Year ended 04/30/15		24.29		0.26		1.84			2.10			(0.35	)		26.04		8.71			486,154		1.07	^(d)		1.08	^(d)		1.05	^(d)		17
Year ended 04/30/14		20.24		0.30		3.97			4.27			(0.22	)		24.29		21.22			335,562		1.06			1.07			1.34			11
Year ended 04/30/13		16.93		0.23		3.31			3.54			(0.23	)		20.24		21.11			220,443		1.11			1.11			1.31			12
Year ended 04/30/12		17.19		0.20		(0.28	)		(0.08	)		(0.18	)		16.93		(0.38	)		191,685		1.13			1.13			1.30			17
Four months ended 04/30/11		15.73		0.05		1.45			1.50			(0.04	)		17.19		9.57			199,254		1.09	^(e)		1.09	^(e)		0.93	^(e)		10
Year ended 12/31/10		13.81		0.16		1.93			2.09			(0.17	)		15.73		15.32			184,927		1.11			1.11			1.14			18
Class Y^(g)
Year ended 04/30/15		24.29		0.39		1.84			2.23			(0.48	)		26.04		9.26			3,422,401		0.57	^(d)		0.58	^(d)		1.55	^(d)		17
Year ended 04/30/14		20.25		0.41		3.97			4.38			(0.34	)		24.29		21.77			2,941,152		0.56			0.57			1.84			11
Year ended 04/30/13		16.93		0.32		3.31			3.63			(0.31	)		20.25		21.76			2,151,816		0.61			0.61			1.81			12
Year ended 04/30/12		17.20		0.28		(0.29	)		(0.01	)		(0.26	)		16.93		0.06			2,135,728		0.63			0.63			1.80			17
Four months ended 04/30/11		15.73		0.08		1.45			1.53			(0.06	)		17.20		9.78			1,771,697		0.59	^(e)		0.59	^(e)		1.43	^(e)		10
Year ended 12/31/10		13.80		0.23		1.94			2.17			(0.24	)		15.73		15.97			1,530,636		0.61			0.61			1.65			18
Class R5
Year ended 04/30/15		24.29		0.41		1.84			2.25			(0.50	)		26.04		9.36			830,574		0.49	^(d)		0.50	^(d)		1.63	^(d)		17
Year ended 04/30/14		20.24		0.43		3.97			4.40			(0.35	)		24.29		21.92			631,780		0.49			0.50			1.91			11
Year ended 04/30/13		16.93		0.34		3.31			3.65			(0.34	)		20.24		21.85			398,311		0.49			0.49			1.93			12
Year ended 04/30/12		17.19		0.31		(0.28	)		0.03			(0.29	)		16.93		0.33			397,292		0.44			0.44			1.99			17
Four months ended 04/30/11		15.72		0.09		1.45			1.54			(0.07	)		17.19		9.82			167,740		0.36	^(e)		0.36	^(e)		1.66	^(e)		10
Year ended 12/31/10^(h)		13.33		0.14		2.44			2.58			(0.19	)		15.72		19.53			164,600		0.49	^(e)		0.49	^(e)		1.68	^(e)		18
Class R6
Year ended 04/30/15		24.28		0.44		1.83			2.27			(0.52	)		26.03		9.46			595,160		0.39	^(d)		0.40	^(d)		1.73	^(d)		17
Year ended 04/30/14		20.25		0.45		3.95			4.40			(0.37	)		24.28		21.92			360,178		0.40			0.41			2.00			11
Year ended 04/30/13^(h)		17.67		0.22		2.54			2.76			(0.18	)		20.25		15.73			148,859		0.41	^(e)		0.41	^(e)		2.01	^(e)		12

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $279,205,287 and sold of $89,253,686 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Large Cap Basic Value Fund, Invesco Value Fund and Invesco Value II into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $7,530,042, $160,015, $617,100, $433,360, $3,218,020, $747,217 and $508,584 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Annualized.

^(f)

Total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25% for the year ended April 30, 2015, 0.40% for the year ended April 30, 2014, 0.25% for the year ended April 30, 2012, the four months ended April 30, 2011 and the year ended December 31, 2010.

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

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

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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Comstock Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

22 Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,041.90	$	4.20	$	1,020.68	$	4.16		0.83	%
B		1,000.00		1,041.90		4.20		1,020.68		4.16		0.83
C		1,000.00		1,038.30		7.99		1,016.96		7.90		1.58
R		1,000.00		1,040.90		5.47		1,019.44		5.41		1.08
Y		1,000.00		1,043.20		2.94		1,021.92		2.91		0.58
R5		1,000.00		1,044.10		2.48		1,022.36		2.46		0.49
R6		1,000.00		1,044.20		1.98		1,022.86		1.96		0.39

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

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, 2015:


Federal and State Income Tax
Qualified Dividend Income*	100	%
Corporate Dividends Received Deduction*	99.89	%
U.S. Treasury Obligations*	0	%

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

24 Invesco Comstock 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Comstock Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.

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


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

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

During the reporting period, the US economy showed unmistakable signs of improvement.

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Dividend Income Fund


Bruce Crockett		Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

		n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Dividend Income Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Dividend Income Fund (the Fund) at net asset value (NAV), delivered attractive returns and outperformed the Fund’s style-specific benchmark, the Dow Jones U.S. Select Dividend Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.07	%
Class B Shares	8.30
Class C Shares	8.29
Class Y Shares	9.34
Investor Class Shares	9.11
Class R5 Shares	9.44
Class R6 Shares	9.49
S&P 500 Index^q (Broad Market Index)	12.98
Dow Jones U.S. Select Dividend Index^q (Style-Specific Index)	8.42
Russell 1000 Value Index^q (Style-Specific Index)	9.31
Lipper Equity Income Funds Index^¢ (Peer Group Index)	8.65
Source(s): ^qFactSet Research Systems Inc.; ^¢Lipper Inc.

Market conditions and your Fund

The Fund seeks to meet its objective of current income and long-term capital growth by investing in above-market yielding stocks that may help investors earn income, preserve assets and build capital. We believe that dividend-paying stocks should 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. Portfolio risk is managed utilizing careful stock selection, maintaining exposure to multiple sectors and employing a rigorous buy-and-sell discipline.

US equity markets posted gains during the fiscal year ended April 30, 2015. Corporate earnings were generally resilient throughout, driven by strong profitability across most sectors. Market volatility increased in the second half of the reporting period as low oil prices, a strong US dollar and the US Federal Reserve’s interest rate position fueled investor concerns about US and global economic health.

The consumer staples sector contributed the most to overall Fund performance

during the fiscal year. Kraft Foods was the largest contributor to Fund results. Shares of the company rose sharply after it accepted an offer to merge with H.J. Heinz (not a Fund holding), and investors anticipated significant margin improvements as a result of merger synergies.

The utilities sector also contributed to Fund performance. Among our utilities holdings, WGL Holdings was the top performer and a new investment for the Fund during the reporting period. The company has benefited from shifting its investment focus to more profitable regulated assets.

Within the industrials sector defense contractor Lockheed Martin made a significant contribution to Fund performance. The company is well positioned with exposure across multiple areas of defense spending. During the reporting period, Lockheed Martin saw improved operating trends and continued to prioritize returning capital to shareholders by raising its dividend and increasing its authorized share repurchase program.

The Fund’s energy holdings declined during the fiscal year, along with the sector in general. Total, Royal Dutch Shell and Exxon Mobil were all among the largest detractors from Fund performance. While our holdings in the energy sector declined, an underweight position in this sector made a positive contribution to relative Fund performance versus the Dow Jones U.S. Select Dividend Index. Our limited exposure to the energy sector was the result of unattractive valuation. Energy companies in general have struggled to improve their return on equity because of elevated capital intensity.


Portfolio Composition
By sector

Utilities	23.7	%
Consumer Staples	22.3
Financials	8.4
Consumer Discretionary	7.7
Telecommunication Services	7.7
Industrials	7.2
Health Care	6.8
Energy	3.9
Information Technology	2.6
Materials	1.7
Money Market Funds
Plus Other Assets Less Liabilities	8.0


Top 10 Equity Holdings*
1. Kraft Foods Group, Inc.	3.7	%
2. General Mills, Inc.	3.1
3. Lockheed Martin Corp.	2.8
4. Campbell Soup Co.	2.7
5. Altria Group, Inc.	2.6
6. Federated Investors, Inc.- Class B	2.5
7. Coca-Cola Co. (The)	2.4
8. Verizon Communications Inc.	2.4
9. Pepco Holdings, Inc.	2.4
10. Eli Lilly and Co.	2.3


Total Net Assets	$	665.2 million

Total Number of Holdings*		56

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.

4 Invesco Dividend Income Fund

Select holdings in the industrials sector also declined during the reporting period. Shares of ABB declined as the company experienced weak end-market demand and profitability in its power products and power systems divisions.

During the fiscal year we increased our exposure to the consumer discretionary sector, including adding McDonald’s to the Fund’s portfolio. We believe the company has an opportunity to improve profitability in its US business through menu simplification, product innovation and improved pricing. McDonald’s strong balance sheet also provides an opportunity for increased capital return to shareholders via share repurchases and its defensible dividend.

The economic recovery that began about six years ago has experienced mixed progress across different parts of the economy. Generally, companies have effectively managed costs through the current cycle, leading to higher levels of profitability across most industries. On the other hand, the consumer recovery has only recently started to broaden and show signs of employment and wage gains, particularly among lower-wage earners.

At the close of the reporting period, the Fund was focused on companies that we believed were reasonably valued, had sustainable cash flows and that offered defensible dividends over the next few years.

We believe the dividend income strategy is a valuable part of a portfolio, potentially helping investors earn income, preserve assets and build capital over the long-term.

We thank you for your investment in Invesco Dividend Income Fund and for sharing our long-term investment horizon.

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

Meggan Walsh

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Dividend Income Fund.

She joined Invesco in 1991. Ms. Walsh earned a BS in finance from the University of Maryland and an MBA from Loyola University Maryland.

Robert Botard

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Dividend Income Fund. He

joined Invesco in 1993. Mr. Botard earned a BBA in finance and a BBA in international business from The University of Texas at Austin. He also earned a Master of International Management degree from the Thunderbird School of Global Management.

5 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 4/30/05

LOGO

1	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.

2	Source: FactSet Research Systems Inc.

3	Source: Lipper Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Dividend Income Fund


Average Annual Total Returns As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.20	%
10 Years	8.30
5 Years	11.49
1 Year	3.06

Class B Shares
Inception (3/28/02)	8.19	%
10 Years	8.25
5 Years	11.66
1 Year	3.30

Class C Shares
Inception (2/14/00)	2.84	%
10 Years	8.10
5 Years	11.91
1 Year	7.29

Class Y Shares
10 Years	9.10	%
5 Years	13.04
1 Year	9.34

Investor Class Shares
Inception (6/2/86)	8.61	%
10 Years	8.92
5 Years	12.75
1 Year	9.11

Class R5 Shares
Inception (10/25/05)	8.72	%
5 Years	13.20
1 Year	9.44

Class R6 Shares
10 Years	9.01	%
5 Years	12.94
1 Year	9.49

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

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


Average Annual Total Returns As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.29	%
10 Years	8.42
5 Years	12.04
1 Year	6.65

Class B Shares
Inception (3/28/02)	8.28	%
10 Years	8.38
5 Years	12.21
1 Year	7.01

Class C Shares
Inception (2/14/00)	2.89	%
10 Years	8.23
5 Years	12.45
1 Year	11.02

Class Y Shares
10 Years	9.21	%
5 Years	13.58
1 Year	13.11

Investor Class Shares
Inception (6/2/86)	8.65	%
10 Years	9.04
5 Years	13.30
1 Year	12.90

Class R5 Shares
Inception (10/25/05)	8.84	%
5 Years	13.75
1 Year	13.20

Class R6 Shares
10 Years	9.12	%
5 Years	13.48
1 Year	13.24

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.14%, 1.89%, 1.89%, 0.89%, 1.14%, 0.87% and 0.83%, respectively.^1,2The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares was 1.30%, 2.05%, 2.05%, 1.05%, 1.30%, 0.88% and 0.84%, respectively. The expense ratios

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

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

7 Invesco Dividend Income Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Investor Class shares are closed to new investors. Contact your financial adviser about purchasing our other share classes. Please see the prospectus for more information.

Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Market risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

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

Other information

��

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Dividend Income Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–91.95%
Aerospace & Defense–4.51%
General Dynamics Corp.		81,989	$	11,258,730
Lockheed Martin Corp.		100,465		18,746,769
				30,005,499

Air Freight & Logistics–0.79%
United Parcel Service, Inc.–Class B		52,538		5,281,645

Asset Management & Custody Banks–3.55%
Federated Investors, Inc.–Class B		475,972		16,373,437
Waddell & Reed Financial, Inc.–Class A		147,333		7,266,463
				23,639,900

Auto Parts & Equipment–0.79%
Johnson Controls, Inc.		104,280		5,253,626

Department Stores–1.39%
Marks & Spencer Group PLC (United Kingdom)		1,087,046		9,208,754

Drug Retail–1.58%
Walgreens Boots Alliance, Inc.		126,916		10,525,144

Electric Utilities–10.84%
American Electric Power Co., Inc.		87,326		4,966,229
Duke Energy Corp.		192,528		14,934,397
Exelon Corp.		220,592		7,504,540
Pepco Holdings, Inc.		603,747		15,685,347
Pinnacle West Capital Corp.		229,904		14,070,125
Portland General Electric Co.		233,859		8,222,482
Xcel Energy, Inc.		197,715		6,704,516
				72,087,636

Food Distributors–1.76%
Sysco Corp.		315,745		11,692,037

Gas Utilities–3.69%
AGL Resources Inc.		250,615		12,598,416
WGL Holdings Inc.		217,618		11,971,166
				24,569,582

General Merchandise Stores–1.90%
Target Corp.		160,637		12,663,015

Heavy Electrical Equipment–1.24%
ABB Ltd. (Switzerland)		377,748		8,273,542

Household Products–2.91%
Kimberly-Clark Corp.		71,990		7,896,583
Procter & Gamble Co. (The)		143,655		11,422,009
				19,318,592

Integrated Oil & Gas–3.92%
Exxon Mobil Corp.		68,984		6,027,132


	Shares		Value
Integrated Oil & Gas–(continued)
Royal Dutch Shell PLC–Class B (United Kingdom)		247,789	$	7,978,287
TOTAL S.A. (France)		223,242		12,091,089
				26,096,508

Integrated Telecommunication Services–7.71%
AT&T Inc.		434,059		15,035,804
CenturyLink Inc.		314,435		11,307,083
Deutsche Telekom AG (Germany)		500,216		9,234,424
Verizon Communications Inc.		311,292		15,701,568
				51,278,879

Multi-Utilities–9.14%
CMS Energy Corp.		293,383		9,954,485
Dominion Resources, Inc.		115,650		8,289,792
DTE Energy Co.		105,991		8,440,063
National Grid PLC (United Kingdom)		556,618		7,484,198
Public Service Enterprise Group Inc.		308,616		12,819,909
Sempra Energy		47,207		5,011,967
TECO Energy, Inc.		465,184		8,815,237
				60,815,651

Packaged Foods & Meats–9.48%
Campbell Soup Co.		402,647		18,002,347
General Mills, Inc.		368,746		20,406,404
Kraft Foods Group, Inc.		291,130		24,673,268
				63,082,019

Paper Packaging–2.30%
Avery Dennison Corp.		75,459		4,194,766
Sonoco Products Co.		248,774		11,117,710
				15,312,476

Pharmaceuticals–6.76%
Bristol-Myers Squibb Co.		149,427		9,522,983
Eli Lilly and Co.		216,437		15,555,327
Johnson & Johnson		120,746		11,978,003
Merck & Co., Inc.		133,195		7,933,094
				44,989,407

Property & Casualty Insurance–0.76%
Travelers Cos., Inc. (The)		50,182		5,073,902

Regional Banks–2.88%
Cullen/Frost Bankers, Inc.		130,640		9,528,882
M&T Bank Corp.		80,624		9,648,274
				19,177,156

Restaurants–3.62%
Darden Restaurants, Inc.		187,713		11,970,458
McDonald’s Corp.		125,102		12,078,598
				24,049,056

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

9 Invesco Dividend Income Fund


	Shares		Value
Semiconductors–2.62%
Linear Technology Corp.		170,780	$	7,878,081
Microchip Technology Inc.		200,989		9,578,131
				17,456,212

Soft Drinks–2.44%
Coca-Cola Co. (The)		399,578		16,206,884

Specialized REIT’s–1.18%
Plum Creek Timber Co., Inc.		185,308		7,819,998

Tobacco–4.19%
Altria Group, Inc.		340,111		17,022,556
Philip Morris International Inc.		129,552		10,813,705
				27,836,261
Total Common Stocks & Other Equity Interests (Cost $472,961,882)				611,713,381


	Shares		Value
Money Market Funds–8.00%
Liquid Assets Portfolio–Institutional Class^(b)		26,605,339	$	26,605,339
Premier Portfolio–Institutional Class^(b)		26,605,339		26,605,339
Total Money Market Funds (Cost $53,210,678)				53,210,678
TOTAL INVESTMENTS–99.95% (Cost $526,172,560)				664,924,059
OTHER ASSETS LESS LIABILITIES–0.05%				304,669
NET ASSETS–100.00%			$	665,228,728

Investment Abbreviations:


REIT		– Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

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, 2015


Assets:
Investments, at value (Cost $472,961,882)	$	611,713,381
Investments in affiliated money market funds, at value and cost		53,210,678
Total investments, at value (Cost $526,172,560)		664,924,059
Foreign currencies, at value (Cost $2,107)		2,189
Receivable for:
Fund shares sold		1,403,924
Dividends		1,451,015
Fund expenses absorbed		47,192
Investment for trustee deferred compensation and retirement plans		132,663
Other assets		43,666
Total assets		668,004,708

Liabilities:
Payable for:
Investments purchased		1,468,609
Fund shares reacquired		468,916
Accrued fees to affiliates		366,361
Accrued trustees’ and officers’ fees and benefits		2,454
Accrued other operating expenses		60,970
Unrealized depreciation on forward foreign currency contracts outstanding		262,348
Trustee deferred compensation and retirement plans		146,322
Total liabilities		2,775,980
Net assets applicable to shares outstanding	$	665,228,728

Net assets consist of:
Shares of beneficial interest	$	522,681,182
Undistributed net investment income		(136,071	)
Undistributed net realized gain		4,230,864
Net unrealized appreciation		138,452,753
	$	665,228,728


Net Assets:
Class A	$	413,895,990
Class B	$	9,578,408
Class C	$	61,817,809
Class Y	$	53,878,397
Investor Class	$	74,956,756
Class R5	$	21,465
Class R6	$	51,079,903

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		19,681,822
Class B		454,153
Class C		2,904,445
Class Y		2,539,104
Investor Class		3,532,731
Class R5		1,020
Class R6		2,426,834
Class A:
Net asset value per share	$	21.03
Maximum offering price per share
(Net asset value of $21.03 ¸ 94.50%)	$	22.25
Class B:
Net asset value and offering price per share	$	21.09
Class C:
Net asset value and offering price per share	$	21.28
Class Y:
Net asset value and offering price per share	$	21.22
Investor Class:
Net asset value and offering price per share	$	21.22
Class R5:
Net asset value and offering price per share	$	21.04
Class R6:
Net asset value and offering price per share	$	21.05

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, 2015


Investment income:
Dividends (net of foreign withholding taxes of $14,333)	$	18,745,855
Dividends from affiliated money market funds		25,441
Total investment income		18,771,296

Expenses:
Advisory fees		4,282,369
Administrative services fees		169,145
Custodian fees		31,632
Distribution fees:
Class A		946,863
Class B		113,039
Class C		520,564
Investor Class		182,373
Transfer agent fees — A, B, C, Y and Investor		1,017,692
Transfer agent fees — R5		215
Transfer agent fees — R6		1,018
Trustees’ and officers’ fees and benefits		29,110
Other		243,330
Total expenses		7,537,350
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(588,690	)
Net expenses		6,948,660
Net investment income		11,822,636

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		7,318,110
Foreign currencies		(17,646	)
Forward foreign currency contracts		2,046,321
		9,346,785
Change in net unrealized appreciation (depreciation) of:
Investment securities		31,116,565
Foreign currencies		(35,465	)
Forward foreign currency contracts		(236,816	)
		30,844,284
Net realized and unrealized gain		40,191,069
Net increase in net assets resulting from operations	$	52,013,705

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, 2015 and 2014


	2015			2014
Operations:
Net investment income	$	11,822,636		$	9,507,345
Net realized gain		9,346,785			2,614,884
Change in net unrealized appreciation		30,844,284			50,938,511
Net increase in net assets resulting from operations		52,013,705			63,060,740

Distributions to shareholders from net investment income:
Class A		(7,691,634	)		(7,465,414	)
Class B		(145,819	)		(248,836	)
Class C		(668,968	)		(605,690	)
Class Y		(1,103,554	)		(225,817	)
Investor Class		(1,482,212	)		(1,703,963	)
Class R5		(12,438	)		(18,497	)
Class R6		(974,628	)		(764,182	)
Total distributions from net investment income		(12,079,253	)		(11,032,399	)

Distributions to shareholders from net realized gains:
Class A		(3,958,525	)		(3,703,335	)
Class B		(111,515	)		(160,681	)
Class C		(544,173	)		(422,438	)
Class Y		(566,808	)		(110,312	)
Investor Class		(738,661	)		(817,151	)
Class R5		(7,723	)		(7,633	)
Class R6		(422,224	)		(344,109	)
Total distributions from net realized gains		(6,349,629	)		(5,565,659	)

Share transactions–net:
Class A		56,814,324			42,906,868
Class B		(3,557,779	)		(3,868,976	)
Class C		16,828,623			10,692,234
Class Y		28,741,315			16,279,772
Investor Class		26,285			(2,917,559	)
Class R5		(690,850	)		(71,542	)
Class R6		15,039,004			9,638,731
Net increase in net assets resulting from share transactions		113,200,922			72,659,528
Net increase in net assets		146,785,745			119,122,210

Net assets:
Beginning of year		518,442,983			399,320,773
End of year (includes undistributed net investment income of $(136,071) and $(131,359), respectively)	$	665,228,728		$	518,442,983

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless

13 Invesco Dividend Income Fund

certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

14 Invesco Dividend Income Fund

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 Statement of Changes in Net Assets, or the net investment income per share and 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.

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.

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.

15 Invesco Dividend Income Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.71%.

Effective September 1, 2014, the Adviser has contractually agreed, through at least August 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.14%, 1.89%, 1.89%, 0.89%, 1.14%, 0.89% and 0.89%, respectively, of average daily net assets. Prior to September 1, 2014, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.85%, 0.85%, 1.10%, 0.85% and 0.85%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2016. The fee waiver agreement cannot be terminated during its term.

For the year ended April 30, 2015, the Adviser waived advisory fees of $82,656 and reimbursed class level expenses of $337,665, $10,078, $46,410, $43,048 and $65,037 of Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry 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, 2015, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

16 Invesco Dividend Income 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, 2015, IDI advised the Fund that IDI retained $229,411 in front-end sales commissions from the sale of Class A shares and $7,489, $4,366 and $4,041 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $486 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 —

Level 3 —


	Level 1		Level 2			Level 3		Total
Equity Securities	$	610,653,765	$	54,270,294		$	—	$	664,924,059
Forward Foreign Currency Contracts*		—		(262,348	)		—		(262,348	)
Total Investments	$	610,653,765	$	54,007,946		$	—	$	664,661,711

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2015:


	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts^(a)	$	—	$	(262,348	)

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

Effect of Derivative Investments for the year ended April 30, 2015

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


	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	2,046,321
Change in Unrealized Appreciation (Depreciation):
Currency risk		(236,816	)
Total	$	1,809,505

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


	Forward Foreign Currency Contracts
Average notional value	$	8,730,750

17 Invesco Dividend Income Fund


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Notional Value		Unrealized Appreciation (Depreciation)
05/22/15	Citigroup Global Markets Inc.		EUR	5,111,349		USD	5,583,280	$	5,740,981	$	(157,701	)
05/22/15	Deutsche Bank Securities Inc.		EUR	3,421,719		USD	3,738,570		3,843,217		(104,647	)
Total Open Forward Foreign Currency Contracts–Currency Risk										$	(262,348	)

Currency Abbreviations:


EUR		– Euro
USD		– U.S. Dollar

Offsetting Assets and Liabilities


Liabilities:
	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities		Net amounts of liabilities presented in Statement of Assets & Liabilities		Collateral Pledged
Counterparty	Gross amounts of Recognized Liabilities		Gross amounts offset in Statement of Assets & Liabilities				Financial Instruments		Cash		Net Amount
Citigroup Global Markets Inc.	$	157,701	$	—	$	157,701	$	—	$	—	$	157,701
Deutsche Bank Securities, Inc.		104,647		—		104,647		��		—		104,647
Total	$	262,348	$	—	$	262,348	$	—	$	—	$	262,348

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

18 Invesco Dividend Income 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, 2015 and 2014:


	2015		2014
Ordinary income	$	13,226,341	$	11,645,997
Long-term capital gain		5,202,541		4,952,061
Total distributions	$	18,428,882	$	16,598,058

Tax Components of Net Assets at Period–End:


	2015
Undistributed ordinary income	$	405,059
Undistributed long-term gain		3,566,567
Net unrealized appreciation — investments		138,748,389
Net unrealized appreciation (depreciation) — other investments		(36,398	)
Temporary book/tax differences		(136,071	)
Shares of beneficial interest		522,681,182
Total net assets	$	665,228,728

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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $116,990,475 and $22,002,768, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	140,782,169
Aggregate unrealized (depreciation) of investment securities		(2,033,780	)
Net unrealized appreciation of investment securities	$	138,748,389

Cost of investments for tax purposes is $526,175,670.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on April 30, 2015, undistributed net investment income was increased by $251,905 and undistributed net realized gain was decreased by $251,905. This reclassification had no effect on the net assets of the Fund.

19 Invesco Dividend Income Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		5,806,802		$	119,134,915			4,507,848		$	82,809,206
Class B		48,043			997,548			67,867			1,254,215
Class C		1,245,063			25,967,572			902,835			16,827,229
Class Y		3,596,311			74,966,881			1,040,815			19,770,626
Investor Class		257,131			5,363,104			227,718			4,234,571
Class R5		3,933			79,231			4,719			87,462
Class R6		844,134			17,372,957			503,712			9,243,501

Issued as reinvestment of dividends:
Class A		498,025			10,190,879			541,241			9,889,831
Class B		11,523			236,070			20,769			379,402
Class C		49,988			1,036,129			48,724			900,063
Class Y		60,330			1,252,805			15,319			284,228
Investor Class		100,627			2,085,579			128,423			2,365,210
Class R5		991			20,115			1,428			26,080
Class R6		68,137			1,396,852			60,536			1,108,291

Automatic conversion of Class B shares to Class A shares:
Class A		148,152			3,060,361			187,961			3,472,541
Class B		(147,719	)		(3,060,361	)		(187,394	)		(3,472,541	)

Reacquired:
Class A		(3,668,065	)		(75,571,831	)		(2,896,811	)		(53,264,710	)
Class B		(83,740	)		(1,731,036	)		(110,637	)		(2,030,052	)
Class C		(486,102	)		(10,175,078	)		(380,177	)		(7,035,058	)
Class Y		(2,248,908	)		(47,478,371	)		(207,849	)		(3,775,082	)
Investor Class		(358,337	)		(7,422,398	)		(515,384	)		(9,517,340	)
Class R5		(37,665	)		(790,196	)		(10,125	)		(185,084	)
Class R6		(182,547	)		(3,730,805	)		(39,122	)		(713,061	)
Net increase in share activity		5,526,107		$	113,200,922			3,912,416		$	72,659,528

^(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.

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

20 Invesco Dividend Income Fund

NOTE 12—Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $95,656,625 and sold of $8,278,596 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Utility Fund into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $378,745, $11,304, $52,056, $48,285, $72,949, $520 and $41,120 for Class A, Class B, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)	Annualized.

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

21 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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Dividend Income Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

22 Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,037.70	$	5.68	$	1,019.22	$	5.63		1.13	%
B		1,000.00		1,033.70		9.45		1,015.50		9.37		1.88
C		1,000.00		1,033.40		9.45		1,015.50		9.37		1.88
Y		1,000.00		1,039.20		4.42		1,020.46		4.38		0.88
Investor		1,000.00		1,037.90		5.68		1,019.22		5.63		1.13
R5		1,000.00		1,039.10		4.25		1,020.63		4.21		0.84
R6		1,000.00		1,039.50		3.92		1,020.95		3.88		0.78

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 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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	5,202,541
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		100	%
U.S. Treasury Obligations*		0	%

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


Non-Resident Alien Shareholders
Qualified Short-Term Capital Gain Distributions	$	1,416,640

24 Invesco Dividend Income Fund

Distribution Information

The following table sets forth on a per share basis the distributions that were paid in January 2015. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.


		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
01/22/15	Class A	$	0.0333	$	0.000	$	0.0015	$	0.0348
01/22/15	Class B	$	0.0203	$	0.000	$	0.0015	$	0.0218
01/22/15	Class C	$	0.0205	$	0.000	$	0.0015	$	0.0220
01/22/15	Class Y	$	0.0381	$	0.000	$	0.0015	$	0.0396
01/22/15	Investor Class	$	0.0337	$	0.000	$	0.0015	$	0.0352
01/22/15	Class R5	$	0.0389	$	0.000	$	0.0015	$	0.0404
01/22/15	Class R6	$	0.0396	$	0.000	$	0.0015	$	0.0411

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for federal income tax purposes. This notice is being provided to comply with certain Securities and Exchange Commission requirements.

25 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Dividend Income Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


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

LOGO

Letters to Shareholders


Philip Taylor		Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. I hope you find this report of interest. During the reporting period, the US economy showed unmistakable signs of improvement. After contracting in the first quarter of 2014, the economy expanded strongly in the second and third quarters as employment data improved markedly. Given continuing positive economic trends, the US Federal Reserve (the Fed) ended its extraordinary asset purchase program in October – but it pledged in December to be “patient” before raising interest rates. Overseas, the story was much different. Concerns about economic stagnation and the potential for deflation depressed European markets, while the Chinese economy was hurt by a slowdown in manufacturing.

Political change in Washington, DC; changes to monetary policy by the Fed and other central banks; the future direction of oil prices; and unexpected geopolitical events are likely to affect markets in the US and overseas in 2015. This may make some investors hesitant to begin to save for their long-term financial goals. That’s why Invesco has always encouraged investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan – when times are good and when they’re uncertain. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Timely information when and where you want it

Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App StoreSM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts. You can sign up to be alerted when new commentary is added, and you can watch portfolio manager videos and have instant access to Invesco news and updates wherever you may be.

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Energy Fund

LOGO

Bruce Crockett

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Energy Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Energy Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the MSCI World Energy Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–18.60	%
Class B Shares	–19.23
Class C Shares	–19.21
Class Y Shares	–18.40
Investor Class Shares	–18.61
Class R5 Shares	–18.30
S&P 500 Index^q (Broad Market Index)	12.98
MSCI World Energy Index^q (Style-Specific Index)	–14.28
Lipper Natural Resources Funds Index^¢ (Peer Group Index)	–15.56
Source(s): ^qFactSet Research Systems Inc.; ^¢Lipper Inc.

Market conditions and your Fund

Global equities delivered moderate returns for the fiscal year ended April 30, 2015. Factors affecting global equity markets’ performance included generally positive but subdued economic growth as well as varied monetary policies implemented by central banks around the world – and the effects those varied policies had on currencies.

In the US, the economy continued to expand, albeit slowly. While the US Federal Reserve ended its asset purchase program and suggested it was more comfortable with raising interest rates at some point in the future, the European Central Bank implemented new and more stimulative monetary policy in the form of asset purchases in an effort to prevent deflation. This policy divergence supported the continued strength of the US dollar. Meanwhile, the Bank of Japan increased its already extraordinary monetary stimulus, driving the yen lower and Japanese equities higher.

While a more aggressive monetary policy in the eurozone failed to immediately ignite economic recovery, it briefly boosted European equity prices. Equity markets’ performance in emerging markets was mixed. In Russia, the market declined significantly – the result of a sharp drop in energy prices and heightened concerns about a possible recession. China continued to struggle to balance structural reforms with its desire for growth, while other Asian exporting countries also faced headwinds from slower global consumption and increasing currency competition.

Global equity markets pulled back at various points during the reporting period in reaction to economic and geopolitical developments. In particular, ongoing geopolitical tensions in Ukraine and the Middle East, along with the election of a new anti-austerity Greek government, increased volatility and weakened the outlook for global economic growth. Nonetheless, most global equity markets ended the reporting period in positive territory.

Energy stocks experienced steep losses during the fiscal year as a result of the sharp decline in energy prices. Fracturing technology has brought new life to US wells, allowing for the extraction of hydrocarbons from previously uneconomical locations. As a result, oil and gas production in the US has grown substantially. Unexpected supply from Libya and Iraq, as well as unwillingness by OPEC to cut production, further increased the supply of oil. Simultaneously, energy demand expectations were reduced as a result of the weakened global economic growth outlook. These factors led to imbalances in supply and demand, causing energy prices to decline by more than 40% during the fiscal year.¹ Crude oil, as measured by West Texas Intermediate, fell from $100 to $60 per barrel and natural gas, as measured at Henry Hub, fell from $4.79 to $2.56 per thousand cubic feet.¹

Relative to the MSCI World Energy Index, Fund performance was negatively affected by security selection in the oil and gas exploration and production (E&P) industry and the oil and gas equipment and services industry. Overweight exposure to E&P and oil and gas drilling stocks, as well as a lack of holdings in the oil and gas storage and transportation industry, detracted from the Fund’s relative performance. Conversely, an allocation to cash and diversified chemical stocks, both of which the Fund’s style-specific index lacks, was beneficial. Additionally, security selection and underweight exposure to integrated oil and gas holdings, as well as a lack of holdings in coal and consumable fuels, also contributed to the Fund’s relative performance.

Top individual contributors to the Fund’s absolute performance included Devon Energy and Hess. Devon is one of the largest independent E&P companies in North America. During the past 18 months, Devon has increased its oil exposure and decreased its natural gas exposure by selling its non-core US, interna-


Portfolio Composition
By industry

Oil & Gas Exploration & Production	48.5	%
Integrated Oil & Gas	27.7
Oil & Gas Equipment & Services	11.4
Oil & Gas Drilling	4.5
Oil & Gas Refining & Marketing	3.6
Money Market Funds
Plus Other Assets Less Liabilities	4.3


Top 10 Equity Holdings*
1. Devon Energy Corp.	5.0	%
2. Apache Corp.	4.5
3. Suncor Energy, Inc.	4.4
4. BP PLC-ADR	3.9
5. Chevron Corp.	3.9
6. Occidental Petroleum Corp.	3.8
7. Canadian Natural Resources Ltd.	3.8
8. Anadarko Petroleum Corp.	3.6
9. Phillips 66	3.6
10. Exxon Mobil Corp.	3.6


Total Net Assets	$	1.2 billion

Total Number of Holdings*		36

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.

4 Invesco Energy Fund

tional and offshore assets. The company is now focused on core assets in the US and western Canada with a strong balance sheet that may help it weather the downturn in energy prices. Hess, a holding we added during the fiscal year, has transformed itself into a more focused E&P company with a solid balance sheet and strong assets in the Bakken and Utica shale formations as well as the Gulf of Mexico, which should support future production growth. The company also has assets in the North Sea and Africa that generate substantial free cash flow.

The top individual detractors from the Fund’s absolute performance included Ensco and Ultra Petroleum. Ensco, an offshore driller, announced the cancellation of rig contracts, cold stacking of rigs and the renewal of existing rig contracts at lower day rates during the fiscal year. The company also significantly reduced its quarterly dividend in an attempt to weather the downturn in the offshore drilling industry. Underperformance by North American natural gas-focused Ultra Petroleum was due largely to the decline in natural gas prices.

At the end of the fiscal year, the Fund remained overweight (relative to our style-specific index) in independent E&P stocks, drillers and oilfield equipment and service companies. Conversely, the Fund had significant underweight exposure to the integrated oil and gas industry; was underweight refiners; and had no exposure to the coal and consumable fuels industry or the oil and gas storage and transportation industry. The MSCI World Energy Index is a market capitalization weighted index, which causes the largest integrated oil and gas companies to have a more significant weight in the index than in the Fund.

Energy companies cut their capital expenditure budgets from 2014 to 2015, which may eventually lead to lower production and more balanced supply and demand dynamics. However, it may take time before production actually declines. In response to the current downturn, some companies have announced new stock buybacks or accelerated existing buyback programs. We viewed this as a sign that stock prices have been overly penalized, despite the outlook for lower earnings.

We took this opportunity to upgrade the portfolio by strengthening core holdings and adding new, quality companies that, in our view, were previously too expensive but became more attractively valued.

We believe bottom-up fundamental analysis is key in generating long-term investment returns. Based on years of experience, we also believe that using a normalized commodity price based on the cost of marginal supply cancels out the “cloud of noise” associated with volatile commodity prices. This allows us to effectively analyze a company’s net asset value and cash flow generating capabilities – tangible aspects of a company that we believe create shareholder value.

While oil prices may be headline news, the Fund should be considered a long-term investment. As always, thank you for your continued investment in Invesco Energy Fund.

1	Source: Energy Information Agency

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

Norman MacDonald

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Energy Fund. He joined Invesco in 2008. Mr.

MacDonald earned a Bachelor of Commerce from the University of Windsor.

5 Invesco Energy Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: FactSet Research Systems Inc.

2	Source: Lipper Inc.

3	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 comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

Other information

6 Invesco Energy Fund


Average Annual Total Returns As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	9.10	%
10 Years	7.01
5 Years	1.49
1 Year	–23.08

Class B Shares
Inception (3/28/02)	9.08	%
10 Years	6.98
5 Years	1.52
1 Year	–22.71

Class C Shares
Inception (2/14/00)	10.08	%
10 Years	6.82
5 Years	1.88
1 Year	–19.90

Class Y Shares
10 Years	7.80	%
5 Years	2.90
1 Year	–18.40

Investor Class Shares
Inception (1/19/84)	8.99	%
10 Years	7.62
5 Years	2.64
1 Year	–18.61

Class R5 Shares
Inception (1/31/06)	3.27	%
5 Years	3.02
1 Year	–18.30

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares was 1.15%, 1.90%, 1.90%, 0.90%, 1.15% and 0.79%,


Average Annual Total Returns As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.10	%
10 Years	4.91
5 Years	–0.67
1 Year	–28.33

Class B Shares
Inception (3/28/02)	8.09	%
10 Years	4.88
5 Years	–0.64
1 Year	–27.96

Class C Shares
Inception (2/14/00)	9.23	%
10 Years	4.72
5 Years	–0.29
1 Year	–25.36

Class Y Shares
10 Years	5.68	%
5 Years	0.71
1 Year	–23.95

Investor Class Shares
Inception (1/19/84)	8.58	%
10 Years	5.51
5 Years	0.46
1 Year	–24.13

Class R5 Shares
Inception (1/31/06)	1.88	%
5 Years	0.83
1 Year	–23.86

respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

7 Invesco Energy Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Investor Class shares are closed to new investors. Contact your financial adviser about purchasing our other share classes. Please see the prospectus for more information.

Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close

out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Energy industry sector risk. The Fund will concentrate its investments in the securities of issuers engaged primarily in energy-related industries. The businesses in which the Fund invests may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale as well as supply-and-demand for energy resources. Although individual security selection drives the performance of the Fund, short-term fluctuations in energy prices may cause price fluctuations in its shares.

mation about the companies.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

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 a free float-adjusted market-capitalization index that represents the energy segment in global developed market equity performance. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

continued on page 6

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Energy Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–95.64%
Integrated Oil & Gas–27.66%
BG Group PLC (United Kingdom)		1,905,987	$	34,598,538
BP PLC–ADR (United Kingdom)		1,138,449		49,135,459
Cenovus Energy Inc. (Canada)		1,317,435		24,822,030
Chevron Corp.		439,779		48,841,856
Exxon Mobil Corp.		507,367		44,328,655
Occidental Petroleum Corp.		593,084		47,506,028
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)		640,955		40,655,776
Suncor Energy, Inc. (Canada)		1,700,161		55,370,794
				345,259,136

Oil & Gas Drilling–4.48%
Ensco PLC–Class A		1,134,691		30,954,371
Helmerich & Payne, Inc.		320,123		24,959,990
				55,914,361

Oil & Gas Equipment & Services–11.43%
Cameron International Corp.^(b)		457,407		25,075,052
Core Laboratories N.V.		96,810		12,709,217
Halliburton Co.		256,287		12,545,249
Schlumberger Ltd.		351,873		33,290,704
Superior Energy Services, Inc.		518,042		13,210,071
Tidewater Inc.		611,614		16,935,592
Weatherford International PLC^(b)		1,986,566		28,904,535
				142,670,420

Oil & Gas Exploration & Production–48.49%
Anadarko Petroleum Corp.		483,994		45,543,835
Apache Corp.		825,765		56,482,326
Cabot Oil & Gas Corp.		836,939		28,305,277
Canadian Natural Resources Ltd. (Canada)		1,416,879		47,084,449


	Shares		Value
Oil & Gas Exploration & Production–(continued)
Cobalt International Energy, Inc.^(b)		2,907,055	$	31,105,488
Concho Resources Inc.^(b)		302,366		38,297,678
Devon Energy Corp.		906,526		61,834,138
EOG Resources, Inc.		397,805		39,362,805
Hess Corp.		409,931		31,523,694
Marathon Oil Corp.		766,429		23,835,942
Noble Energy, Inc.		717,875		36,410,620
Oasis Petroleum Inc.^(b)		1,331,591		23,888,743
PrairieSky Royalty Ltd. (Canada)		655,820		18,010,044
Range Resources Corp.		629,295		39,997,990
Rosetta Resources, Inc.^(b)		361,167		8,245,443
Tullow Oil PLC (United Kingdom)		5,178,132		32,900,706
Ultra Petroleum Corp.^(b)		1,144,245		19,486,492
Whiting Petroleum Corp.^(b)		601,673		22,809,423
				605,125,093

Oil & Gas Refining & Marketing–3.58%
Phillips 66		563,821		44,716,643
Total Common Stocks & Other Equity Interests (Cost $1,090,096,504)				1,193,685,653

Money Market Funds–5.08%
Liquid Assets Portfolio–Institutional Class^(c)		31,715,024		31,715,024
Premier Portfolio–Institutional Class^(c)		31,715,025		31,715,025
Total Money Market Funds (Cost $63,430,049)				63,430,049
TOTAL INVESTMENTS–100.72% (Cost $1,153,526,553)				1,257,115,702
OTHER ASSETS LESS LIABILITIES–(0.72)%				(8,999,640	)
NET ASSETS–100.00%			$	1,248,116,062

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

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, 2015


Assets:
Investments, at value (Cost $1,090,096,504)	$	1,193,685,653
Investments in affiliated money market funds, at value and cost		63,430,049
Total investments, at value (Cost $1,153,526,553)		1,257,115,702
Foreign currencies, at value (Cost $36,545)		33,468
Receivable for:
Fund shares sold		5,500,624
Dividends		635,278
Investment for trustee deferred compensation and retirement plans		246,538
Other assets		74,504
Total assets		1,263,606,114

Liabilities:
Payable for:
Investments purchased		12,628,384
Fund shares reacquired		1,510,020
Accrued fees to affiliates		967,384
Accrued trustees’ and officers’ fees and benefits		2,759
Accrued other operating expenses		96,608
Trustee deferred compensation and retirement plans		284,897
Total liabilities		15,490,052
Net assets applicable to shares outstanding	$	1,248,116,062

Net assets consist of:
Shares of beneficial interest	$	1,148,008,811
Undistributed net investment income		4,070,041
Undistributed net realized gain (loss)		(7,554,726	)
Net unrealized appreciation		103,591,936
	$	1,248,116,062


Net Assets:
Class A	$	628,442,585
Class B	$	18,939,953
Class C	$	194,892,944
Class Y	$	78,476,499
Investor Class	$	295,317,729
Class R5	$	32,046,352

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		17,746,605
Class B		605,529
Class C		6,412,633
Class Y		2,212,748
Investor Class		8,373,575
Class R5		884,195
Class A:
Net asset value per share	$	35.41
Maximum offering price per share
(Net asset value of $35.41 ¸ 94.50%)	$	37.47
Class B:
Net asset value and offering price per share	$	31.28
Class C:
Net asset value and offering price per share	$	30.39
Class Y:
Net asset value and offering price per share	$	35.47
Investor Class:
Net asset value and offering price per share	$	35.27
Class R5:
Net asset value and offering price per share	$	36.24

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, 2015


Investment income:
Dividends (net of foreign withholding taxes of $970,762)	$	22,461,182
Dividends from affiliated money market funds (includes securities lending income of $221,850)		249,066
Total investment income		22,710,248

Expenses:
Advisory fees		7,794,997
Administrative services fees		307,064
Custodian fees		70,064
Distribution fees:
Class A		1,479,806
Class B		274,224
Class C		1,635,117
Investor Class		858,606
Transfer agent fees — A, B, C, Y and Investor		2,653,380
Transfer agent fees — R5		30,778
Trustees’ and officers’ fees and benefits		42,525
Other		366,909
Total expenses		15,513,470
Less: Fees waived and expense offset arrangement(s)		(101,820	)
Net expenses		15,411,650
Net investment income		7,298,598

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		64,022,031
Foreign currencies		(78,947	)
		63,943,084
Change in net unrealized appreciation (depreciation) of:
Investment securities		(308,273,225	)
Foreign currencies		1,274
		(308,271,951	)
Net realized and unrealized gain (loss)		(244,328,867	)
Net increase (decrease) in net assets resulting from operations	$	(237,030,269	)

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, 2015 and 2014


	2015			2014
Operations:
Net investment income	$	7,298,598		$	4,118,207
Net realized gain		63,943,084			82,409,125
Change in net unrealized appreciation (depreciation)		(308,271,951	)		190,741,982
Net increase (decrease) in net assets resulting from operations		(237,030,269	)		277,269,314

Distributions to shareholders from net investment income:
Class A		(1,567,388	)		(2,722,136	)
Class Y		(353,959	)		(495,187	)
Investor Class		(947,439	)		(1,685,810	)
Class R5		(216,937	)		(297,938	)
Total distributions from net investment income		(3,085,723	)		(5,201,071	)

Distributions to shareholders from net realized gains:
Class A		(53,578,369	)		(2,850,986	)
Class B		(2,736,290	)		(216,887	)
Class C		(16,754,031	)		(881,681	)
Class Y		(6,004,285	)		(266,347	)
Investor Class		(32,386,576	)		(1,765,606	)
Class R5		(3,036,417	)		(131,513	)
Total distributions from net realized gains		(114,495,968	)		(6,113,020	)

Share transactions–net:
Class A		130,777,969			(83,008,300	)
Class B		(9,321,046	)		(21,625,139	)
Class C		63,007,305			(21,853,420	)
Class Y		32,944,379			(2,297,513	)
Investor Class		(17,924,737	)		(23,754,879	)
Class R5		9,429,760			1,483,471
Net increase (decrease) in net assets resulting from share transactions		208,913,630			(151,055,780	)
Net increase (decrease) in net assets		(145,698,330	)		114,899,443

Net assets:
Beginning of year		1,393,814,392			1,278,914,949
End of year (includes undistributed net investment income of $4,070,041 and $(63,888), respectively)	$	1,248,116,062		$	1,393,814,392

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Investor Class and Class R5. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or

12 Invesco Energy Fund

about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

13 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.

Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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. 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. 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. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

14 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.64%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $94,836.

15 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 B, Class C, Class Y, Investor Class and Class R5 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2015, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $589,768 in front-end sales commissions from the sale of Class A shares and $8,572, $23,215 and $8,800 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

As of April 30, 2015, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

16 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, 2015 and 2014:


	2015		2014
Ordinary income	$	3,085,723	$	5,201,071
Long-term capital gain		114,495,968		6,113,020
Total distributions	$	117,581,691	$	11,314,091

Tax Components of Net Assets at Period-End:


	2015
Undistributed ordinary income	$	4,674,379
Undistributed long-term gain		7,494,970
Net unrealized appreciation — investments		98,007,557
Net unrealized appreciation — other investments		2,787
Temporary book/tax differences		(273,196	)
Post-October deferrals		(9,799,246	)
Shares of beneficial interest		1,148,008,811
Total net assets	$	1,248,116,062

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

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $453,447,230 and $318,612,027, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	183,886,795
Aggregate unrealized (depreciation) of investment securities		(85,879,238	)
Net unrealized appreciation of investment securities	$	98,007,557

Cost of investments for tax purposes is $1,159,108,145.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on April 30, 2015, undistributed net investment income was decreased by $78,946 and undistributed net realized gain (loss) was increased by $78,946. This reclassification had no effect on the net assets of the Fund.

17 Invesco Energy Fund

NOTE 10—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		8,233,243		$	302,703,943			2,470,897		$	110,999,182
Class B		49,033			1,651,530			29,516			1,182,515
Class C		2,994,541			89,192,120			353,152			13,781,724
Class Y		1,650,206			65,388,372			444,752			19,815,242
Investor Class		1,776,163			72,747,502			1,278,365			58,270,829
Class R5		529,293			21,836,667			244,722			11,135,840

Issued as reinvestment of dividends:
Class A		1,705,931			51,450,867			117,465			5,128,524
Class B		93,126			2,488,334			5,049			199,180
Class C		600,184			15,580,769			21,323			820,726
Class Y		190,031			5,735,139			14,611			639,105
Investor Class		1,072,245			32,210,251			76,165			3,313,949
Class R5		105,347			3,246,798			9,612			428,406

Automatic conversion of Class B shares to Class A shares:
Class A		158,498			6,720,540			284,256			12,659,426
Class B		(177,481	)		(6,720,540	)		(315,410	)		(12,659,426	)

Reacquired:
Class A		(5,642,291	)		(230,097,381	)		(4,878,282	)		(211,795,432	)
Class B		(189,189	)		(6,740,370	)		(260,636	)		(10,347,408	)
Class C		(1,231,719	)		(41,765,584	)		(940,648	)		(36,455,870	)
Class Y		(929,983	)		(38,179,132	)		(513,092	)		(22,751,860	)
Investor Class		(2,910,301	)		(122,882,490	)		(1,933,992	)		(85,339,657	)
Class R5		(377,140	)		(15,653,705	)		(222,456	)		(10,080,775	)
Net increase (decrease) in share activity		7,699,737		$	208,913,630			(3,714,631	)	$	(151,055,780	)

^(a)

18 Invesco Energy Fund

NOTE 11—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 04/30/15	$	49.87	$	0.29		$	(10.33	)	$	(10.04	)	$	(0.13	)	$	(4.29	)	$	(4.42	)	$	35.41		(18.60	)%	$	628,443		1.16	%^(d)		1.17	%^(d)		0.69	%^(d)		27	%
Year ended 04/30/14		40.52		0.19			9.57			9.76			(0.20	)		(0.21	)		(0.41	)		49.87		24.23			662,813		1.15			1.15			0.43			14
Year ended 04/30/13		39.00		0.14			1.38			1.52			—			—			—			40.52		3.90			619,826		1.15			1.16			0.37			56
Year ended 04/30/12		47.26		0.01			(8.27	)		(8.26	)		—			—			—			39.00		(17.48	)		723,304		1.12			1.13			0.03			61
Year ended 04/30/11		35.99		(0.03	)		11.33			11.30			(0.03	)		—			(0.03	)		47.26		31.42			1,048,194		1.13			1.13			(0.10	)		58
Class B
Year ended 04/30/15		44.93		(0.02	)		(9.34	)		(9.36	)		—			(4.29	)		(4.29	)		31.28		(19.20	)		18,940		1.91	^(d)		1.92	^(d)		(0.06	)^(d)		27
Year ended 04/30/14		36.63		(0.13	)		8.64			8.51			—			(0.21	)		(0.21	)		44.93		23.31			37,293		1.90			1.90			(0.32	)		14
Year ended 04/30/13		35.52		(0.13	)		1.24			1.11			—			—			—			36.63		3.12			50,241		1.90			1.91			(0.38	)		56
Year ended 04/30/12		43.37		(0.26	)		(7.59	)		(7.85	)		—			—			—			35.52		(18.10	)		73,896		1.87			1.88			(0.72	)		61
Year ended 04/30/11		33.25		(0.29	)		10.41			10.12			—			—			—			43.37		30.44			116,438		1.88			1.88			(0.85	)		58
Class C
Year ended 04/30/15		43.83		(0.02	)		(9.13	)		(9.15	)		—			(4.29	)		(4.29	)		30.39		(19.21	)		194,893		1.91	^(d)		1.92	^(d)		(0.06	)^(d)		27
Year ended 04/30/14		35.74		(0.13	)		8.43			8.30			—			(0.21	)		(0.21	)		43.83		23.31			177,502		1.90			1.90			(0.32	)		14
Year ended 04/30/13		34.66		(0.13	)		1.21			1.08			—			—			—			35.74		3.12			164,978		1.90			1.91			(0.38	)		56
Year ended 04/30/12		42.32		(0.26	)		(7.40	)		(7.66	)		—			—			—			34.66		(18.10	)		202,489		1.87			1.88			(0.72	)		61
Year ended 04/30/11		32.44		(0.29	)		10.17			9.88			—			—			—			42.32		30.46			283,422		1.88			1.88			(0.85	)		58
Class Y
Year ended 04/30/15		50.00		0.38			(10.37	)		(9.99	)		(0.25	)		(4.29	)		(4.54	)		35.47		(18.38	)		78,476		0.91	^(d)		0.92	^(d)		0.94	^(d)		27
Year ended 04/30/14		40.70		0.30			9.60			9.90			(0.39	)		(0.21	)		(0.60	)		50.00		24.54			65,123		0.90			0.90			0.68			14
Year ended 04/30/13		39.07		0.23			1.40			1.63			—			—			—			40.70		4.17			55,196		0.90			0.91			0.62			56
Year ended 04/30/12		47.23		0.11			(8.27	)		(8.16	)		—			—			—			39.07		(17.28	)		74,126		0.87			0.88			0.28			61
Year ended 04/30/11		35.96		0.06			11.33			11.39			(0.12	)		—			(0.12	)		47.23		31.73			83,807		0.88			0.88			0.15			58
Investor Class
Year ended 04/30/15		49.69		0.29			(10.29	)		(10.00	)		(0.13	)		(4.29	)		(4.42	)		35.27		(18.59	)		295,318		1.16	^(d)		1.17	^(d)		0.69	^(d)		27
Year ended 04/30/14		40.38		0.19		��	9.53			9.72			(0.20	)		(0.21	)		(0.41	)		49.69		24.22			419,142		1.15			1.15			0.43			14
Year ended 04/30/13		38.86		0.14			1.38			1.52			—			—			—			40.38		3.91			363,981		1.15			1.16			0.37			56
Year ended 04/30/12		47.09		0.01			(8.24	)		(8.23	)		—			—			—			38.86		(17.48	)		428,174		1.12			1.13			0.03			61
Year ended 04/30/11		35.86		(0.03	)		11.29			11.26			(0.03	)		—			(0.03	)		47.09		31.42			594,201		1.13			1.13			(0.10	)		58
Class R5
Year ended 04/30/15		50.97		0.44			(10.57	)		(10.13	)		(0.31	)		(4.29	)		(4.60	)		36.24		(18.30	)		32,046		0.79	^(d)		0.80	^(d)		1.06	^(d)		27
Year ended 04/30/14		41.51		0.35			9.80			10.15			(0.48	)		(0.21	)		(0.69	)		50.97		24.68			31,942		0.79			0.79			0.79			14
Year ended 04/30/13		39.81		0.29			1.41			1.70			—			—			—			41.51		4.27			24,693		0.78			0.79			0.74			56
Year ended 04/30/12		48.07		0.16			(8.42	)		(8.26	)		—			—			—			39.81		(17.18	)		19,996		0.76			0.77			0.39			61
Year ended 04/30/11		36.60		0.10			11.55			11.65			(0.18	)		—			(0.18	)		48.07		31.92			13,915		0.77			0.77			0.26			58

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $591,922, $27,422, $163,512, $69,304, $343,442 and $30,760 for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Energy Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

20 Invesco Energy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	924.70	$	5.73	$	1,018.84	$	6.01		1.20	%
B		1,000.00		921.10		9.29		1,015.12		9.74		1.95
C		1,000.00		921.20		9.29		1,015.12		9.74		1.95
Y		1,000.00		925.70		4.54		1,020.08		4.76		0.95
Investor		1,000.00		924.60		5.73		1,018.84		6.01		1.20
R5		1,000.00		926.50		3.87		1,020.78		4.06		0.81

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 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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	114,495,968
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		100	%
U.S. Treasury Obligations*		0	%

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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Energy Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


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

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Gold & Precious Metals Fund


Bruce Crockett		Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
Bruce Crockett		n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.
n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Gold & Precious Metals Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Gold & Precious Metals Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific benchmark, the Philadelphia Gold & Silver Index (price only). Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–15.79	%
Class B Shares	–16.15
Class C Shares	–16.32
Class Y Shares	–15.56
Investor Class Shares	–15.72
S&P 500 Index^q (Broad Market Index)	12.98
Philadelphia Gold & Silver Index (price only)^q(Style-Specific Index)	–21.02
Lipper Precious Metals Equity Funds Index^¢ (Peer Group Index)	–16.69
Source(s):^qFactSet Research Systems Inc.; ^¢Lipper Inc.

Market conditions and your Fund

Global equities delivered moderate returns for the fiscal year ended April 30, 2015. Factors affecting global equity markets’ performance included generally positive, but subdued economic growth as well as varied monetary policies implemented by central banks around the world – and the effects those varied policies had on currencies.

While a more aggressive monetary policy in the eurozone failed to immediately ignite economic recovery, it briefly

boosted European equity prices. Equity markets’ performance in emerging markets was mixed. In Russia, the market declined significantly – the result of a sharp drop in energy prices and heightened concerns about a possible recession. China continued to struggle to balance structural reforms with its desire for growth, while other Asian exporting countries also faced headwinds from slower global consumption and increasing currency competition.

The U.S. Dollar Index, which tracks the value of the US dollar against a basket of six major currencies, climbed steadily higher during the fiscal year. Most

commodities are denominated in US dollars, and a strong dollar tends to make the price of dollar-denominated commodities, including gold, fall. Volatility, as measured by the Chicago Board Options Exchange Volatility Index, was relatively tame for the fiscal year, except for small spikes related to the drop in energy prices.

Gold bullion prices fell approximately 8% during the fiscal year to close at $1,180 a troy ounce at the end of the reporting period.¹ In general, the decline in the price of gold bullion was the result of lower demand for bullion by central banks and jewelers. Over the same period, there was an uptick in demand for gold bar and coin investments and gold-related exchange-traded funds (ETFs).

The Fund’s outperformance at NAV relative to its style-specific index, the Philadelphia Gold & Silver Index (price only), was driven primarily by security selection in precious metals and minerals equities and diversified metals and mining equities. An overweight position in gold bullion ETFs and a minor allocation to cash also contributed to the Fund’s relative performance. Conversely, security selection in gold mining equities, as well as overweight exposure to construction and engineering equities, detracted from relative Fund performance.

Individual detractors from Fund performance included Yamana Gold and Kinross Gold. Yamana is one of the lowest-cost producers, with major mining operations in Brazil and Chile. Shares of Yamana fell following third quarter 2014 results that revealed operating challenges and asset impairments at its smaller mines. We continued to appreciate Yamana’s position as a low-cost producer given the price of gold. Senior gold miner Kinross also experienced disappointing performance during the fiscal year despite record production and cost reductions.

Individual contributors to Fund performance included Canadian-based Tahoe


Portfolio Composition
By industry

Gold	67.4	%
Precious Metals & Minerals	9.2
Diversified Metals & Mining	8.3
Investment Companies-Exchange Traded Funds	7.4
Silver	4.3
Construction & Engineering	0.5
Money Market Funds Plus Other Assets Less Liabilities	2.9


Top 10 Equity Holdings*



1.	Turquoise Hill Resources Ltd.	6.3%
2.	Detour Gold Corp.	5.6
3.	Franco-Nevada Corp.	5.5
4.	Agnico Eagle Mines Ltd.	5.1
5.	Torex Gold Resources Inc.	5.1
6.	Tahoe Resources Inc.	4.5
7.	Randgold Resources Ltd.-ADR	4.3
8.	Silver Wheaton Corp.	4.3
9.	SPDR Gold Trust-ETF	4.2
10.	Goldcorp, Inc.	4.2


Total Net Assets	$	248.5 million
Total Number of Holdings*		35

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.

4 Invesco Gold & Precious Metals Fund

Resources and Detour Gold. Tahoe Resources is an out-of-index holding with its primary operations in the Americas. During the fiscal year, Tahoe Resources became the leader in precious metals mining through its merger with Rio Alto Mining (also a Fund holding prior to the merger announcement). Detour Gold, a mid-tier gold producer, owns and operates the second-largest gold producing mine in Canada, Detour Lake. Furthermore, Detour Gold also holds the largest gold reserves of any Canadian gold producer, 15 million ounces.

Though gold prices have recently been tied to the US dollar’s performance, we anticipated a range-bound gold environment as the market appeared to have already priced in a mid-2015 Fed rate hike. We believed there was limited downside for the long-term price of gold, based on our estimate of an industry-average production cost of about $1,200 per troy ounce. The cost of production remained at this level despite recent cost-cutting efforts and the benefits of lower oil prices and foreign currency devaluations. This industry cost profile validates our use of $1,200 as the long-term price of gold in our models and valuations.

At the close of the reporting period, we believed gold’s upside potential outweighed its downside potential, given our belief that the currently strong US dollar will eventually weaken. We also believed that the risk of global currency devaluation made gold an attractive alternative asset class and a store of value. Finally, we believed that there was a valuation gap among gold producers, as most investors remained focused on the stocks of senior miners and ignored the stocks of many intermediate producers.

At the close of the reporting period, and compared to its style-specific benchmark, the Fund had a slight overweight allocation to gold equities and underweight allocations to silver equities, precious metals and minerals mining equities, and diversified metals and mining equities. Conversely, the Fund had overweight exposure to gold bullion ETFs – exposure that the style-specific index lacked. Our bottom-up approach led us to shift some of the Fund’s assets to quality intermediate producers as well as to select developers. We believe that over time, there may be upside potential from expanding price-to-earnings multiples and from merger and acquisition activity as senior producers seek to boost their growth profiles by acquiring junior producers.

As always, thank you for your continued investment in Invesco Gold & Precious Metals Fund.

1	Source: LBMA, Datastream, BullionDesk/ FastMarkets, World Gold Council

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

Norman MacDonald

Chartered Financial
Analyst, Portfolio
Manager, is manager
of Invesco Gold &
Precious Metals Fund.
He joined Invesco in
2008. Mr. MacDonald

earned a Bachelor of Commerce from the University of Windsor.

5 Invesco Gold & Precious Metals Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: FactSet Research Systems Inc.

2	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.

3	Source: Lipper Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

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.

Other information

6 Invesco Gold & Precious Metals Fund


Average Annual Total Returns
As of 4/30/15, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	5.69	%
10 Years	3.49
5 Years	–13.07
1 Year	–20.48

Class B Shares
Inception (3/28/02)	5.79	%
10 Years	3.46
5 Years	–13.07
1 Year	–20.34

Class C Shares
Inception (2/24/00)	7.08	%
10 Years	3.29
5 Years	–12.75
1 Year	–17.16

Class Y Shares
10 Years	4.24	%
5 Years	–11.90
1 Year	–15.56

Investor Class Shares
Inception (1/19/84)	0.00	%
10 Years	4.06
5 Years	–12.12
1 Year	–15.72

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Investor Class shares was 1.49%, 2.24%, 2.24%, 1.24% and 1.49%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y


Average Annual Total Returns
As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/28/02)	4.87	%
10 Years	1.35
5 Years	–13.23
1 Year	–25.77

Class B Shares
Inception (3/28/02)	4.97	%
10 Years	1.31
5 Years	–13.22
1 Year	–25.87

Class C Shares
Inception (2/24/00)	6.37	%
10 Years	1.14
5 Years	–12.94
1 Year	–22.84

Class Y Shares
10 Years	2.08	%
5 Years	–12.07
1 Year	–21.29

Investor Class Shares
Inception (1/19/84)	–0.33	%
10 Years	1.92
5 Years	–12.26
1 Year	–21.30

and Investor Class shares was 1.50%, 2.25%, 2.25%, 1.25% and 1.50%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares and Investor Class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived

fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

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

7 Invesco Gold & Precious Metals Fund

Invesco Gold & Precious Metals Fund’s investment objective is long-term growth of capital.

Unless otherwise stated, information presented in this report is as of April 30, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Investor Class shares are closed to new investors. Contact your financial adviser about purchasing our other share classes. Please see the prospectus for more information.

Principal risks of investing in the Fund

Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be

harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Gold bullion risk. To the extent the Fund invests in gold bullion, it will earn no income from such investment. Appreciation in the market price of gold is the sole manner in which the Fund can realize gains on gold bullion, and such investments may incur higher storage and custody costs as compared to purchasing, holding and selling more traditional investments

Gold and precious metals industry risk. The Fund will concentrate its investments in the securities of issuers primarily engaged in gold and precious metals-related industries. Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals

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

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

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

The Philadelphia Gold & Silver Index (price only) is a capitalization-weighted, price-only index on the Philadelphia Stock Exchange that includes the leading companies involved in mining gold and silver.

The Lipper Precious Metals Equity Funds Index is an unmanaged index considered representative of precious metals funds tracked by Lipper.

The Chicago Board Options Exchange Volatility Index^® is a measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

The U.S. Dollar Index is an index of the value of the US dollar relative to a basket of six other major currencies.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

continued on page 6

8 Invesco Gold & Precious Metals Fund

Schedule of Investments

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–97.12%
Brazil–2.13%
Yamana Gold Inc.		1,384,131	$	5,287,380

Canada–71.13%
Agnico Eagle Mines Ltd.		421,363		12,767,299
Alamos Gold Inc.		850,816		5,881,801
B2Gold Corp.^(a)		4,669,795		7,315,909
Barrick Gold Corp.		708,300		9,222,066
Belo Sun Mining Corp.^(a)		9,002,717		1,492,493
Continental Gold Ltd.^(a)		3,731,389		6,804,589
Detour Gold Corp.^(a)		1,323,537		13,987,978
Eldorado Gold Corp.		1,902,391		9,477,263
Franco-Nevada Corp.		263,025		13,657,067
Goldcorp, Inc.		548,438		10,327,087
Ivanhoe Mines Ltd.–Class A^(a)		4,107,436		3,949,458
Ivanhoe Mines Ltd.–Wts. expiring 12/10/15^(a)		2,088,713		69,253
Kinross Gold Corp.^(a)		2,321,866		5,639,147
Lydian International, Ltd.^(a)		4,805,606		2,031,548
New Gold Inc.^(a)		2,417,722		8,116,524
Orezone Gold Corp.^(a)		435,545		146,217
Platinum Group Metals Ltd.^(a)		9,520,375		4,261,441
Pretium Resources Inc.^(a)		597,077		3,439,726
Primero Mining Corp.^(a)		1,176,700		4,340,447
Rubicon Minerals Corp.^(a)		5,778,395		6,370,412
Sandstorm Gold Ltd.^(a)		762,808		2,712,572
SEMAFO Inc.^(a)		1,581,685		4,864,101
Silver Wheaton Corp.		541,828		10,695,685
Torex Gold Resources Inc.^(a)		13,622,050		12,646,466
True Gold Mining Inc^(a)		5,030,500		813,120


	Shares		Value
Canada–(continued)
Turquoise Hill Resources Ltd.^(a)		3,758,919	$	15,766,023
				176,795,692

Mali–4.34%
Randgold Resources Ltd.–ADR		141,535		10,780,721

Mexico–2.98%
Fresnillo PLC		669,629		7,396,082

South Africa–1.02%
Gold Fields Ltd.–ADR		555,522		2,538,736

United States–15.52%
Boart Longyear Ltd.^(a)		8,395,242		1,328,295
iShares^® Gold Trust–ETF^(a)		689,800		7,891,312
Newmont Mining Corp.		286,466		7,588,484
SPDR^® Gold Trust–ETF^(a)		92,500		10,495,975
Tahoe Resources Inc.		797,318		11,268,463
				38,572,529
Total Common Stocks & Other Equity Interests (Cost $309,229,640)				241,371,140

Money Market Funds–2.14%
Liquid Assets Portfolio–Institutional Class^(b)		2,667,390		2,667,390
Premier Portfolio–Institutional Class^(b)		2,667,390		2,667,390
Total Money Market Funds (Cost $5,334,780)				5,334,780
TOTAL INVESTMENTS–99.26% (Cost $314,564,420)				246,705,920
OTHER ASSETS LESS LIABILITIES–0.74%				1,836,567
NET ASSETS–100.00%			$	248,542,487

Investment Abbreviations:


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

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

9 Invesco Gold & Precious Metals Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $309,229,640)	$	241,371,140
Investments in affiliated money market funds, at value and cost		5,334,780
Total investments, at value (Cost $314,564,420)		246,705,920
Foreign currencies, at value (Cost $2,796)		9,584
Receivable for:
Investments sold		2,297,951
Fund shares sold		221,423
Dividends		106,520
Investment for trustee deferred compensation and retirement plans		96,551
Other assets		27,829
Total assets		249,465,778

Liabilities:
Payable for:
Fund shares reacquired		478,521
Accrued fees to affiliates		262,592
Accrued trustees’ and officers’ fees and benefits		2,498
Accrued other operating expenses		70,284
Trustee deferred compensation and retirement plans		109,396
Total liabilities		923,291
Net assets applicable to shares outstanding	$	248,542,487

Net assets consist of:
Shares of beneficial interest	$	477,801,817
Undistributed net investment income (loss)		(13,533,361	)
Undistributed net realized gain (loss)		(147,876,931	)
Net unrealized appreciation (depreciation)		(67,849,038	)
	$	248,542,487


Net Assets:
Class A	$	113,861,514
Class B	$	5,313,511
Class C	$	27,351,354
Class Y	$	19,530,335
Investor Class	$	82,485,773

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		28,461,878
Class B		1,403,715
Class C		6,760,952
Class Y		4,800,284
Investor Class		20,507,095
Class A:
Net asset value per share	$	4.00
Maximum offering price per share
(Net asset value of $4.00 ¸ 94.50%)	$	4.23
Class B:
Net asset value and offering price per share	$	3.79
Class C:
Net asset value and offering price per share	$	4.05
Class Y:
Net asset value and offering price per share	$	4.07
Investor Class:
Net asset value and offering price per share	$	4.02

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

10 Invesco Gold & Precious Metals Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends (net of foreign withholding taxes of $244,985)	$	1,570,561
Dividends from affiliated money market funds (includes securities lending income of $83,729)		88,684
Total investment income		1,659,245

Expenses:
Advisory fees		2,225,346
Administrative services fees		88,244
Custodian fees		52,131
Distribution fees:
Class A		332,016
Class B		76,634
Class C		311,458
Investor Class		228,930
Transfer agent fees		988,542
Trustees’ and officers’ fees and benefits		26,068
Other		207,567
Total expenses		4,536,936
Less: Fees waived and expense offset arrangement(s)		(23,091	)
Net expenses		4,513,845
Net investment income (loss)		(2,854,600	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(49,313,002	)
Foreign currencies		117,197
		(49,195,805	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(4,816,894	)
Foreign currencies		9,462
		(4,807,432	)
Net realized and unrealized gain (loss)		(54,003,237	)
Net increase (decrease) in net assets resulting from operations	$	(56,857,837	)

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

11 Invesco Gold & Precious Metals Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income (loss)	$	(2,854,600	)	$	(1,711,647	)
Net realized gain (loss)		(49,195,805	)		(38,142,898	)
Change in net unrealized appreciation (depreciation)		(4,807,432	)		(3,805,820	)
Net increase (decrease) in net assets resulting from operations		(56,857,837	)		(43,660,365	)

Share transactions–net:
Class A		(4,185,709	)		27,535,786
Class B		(3,085,126	)		(4,811,808	)
Class C		483,953			2,759,777
Class Y		(6,234,566	)		20,185,340
Investor Class		(2,668,843	)		(6,658,126	)
Net increase (decrease) in net assets resulting from share transactions		(15,690,291	)		39,010,969
Net increase (decrease) in net assets		(72,548,128	)		(4,649,396	)

Net assets:
Beginning of year		321,090,615			325,740,011
End of year (includes undistributed net investment income (loss) of $(13,533,361) and $(26,331,730), respectively)	$	248,542,487		$	321,090,615

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

Invesco Gold & Precious Metals Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Investor Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

12 Invesco Gold & Precious Metals 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.

F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

13 Invesco Gold & Precious Metals 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 Fund may invest a large percentage of its assets in a limited number of securities or other instruments, which could negatively affect the value of the Fund.

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

14 Invesco Gold & Precious Metals Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y and Investor Class shares to 2.00%, 2.75%, 2.75%, 1.75% and 2.00%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $19,262.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class Y and Investor Class shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2015, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $64,023 in front-end sales commissions from the sale of Class A shares and $2,577, $9,064 and $6,763 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

15 Invesco Gold & Precious Metals Fund

NOTE 3—Additional Valuation Information

Level 1 —

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

Level 2 —

Level 3 —

During the year ended April 30, 2015, there were transfers from level 2 to level 1 of $8,724,377, due to foreign fair value adjustments.

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

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

There were no ordinary income and long-term gain distributions during the fiscal years ended April 30, 2015 and 2014.

Tax Components of Net Assets at Period–End:


	2015
Net unrealized appreciation (depreciation) — investments	$	(94,328,642	)
Net unrealized appreciation — other investments		9,462
Temporary book/tax differences		(103,137	)
Late-Year ordinary loss		(988,974	)
Capital loss carryforward		(133,848,039	)
Shares of beneficial interest		477,801,817
Total net assets	$	248,542,487

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 and passive foreign investment companies.

16 Invesco Gold & Precious Metals Fund

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


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

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $98,737,231 and $108,548,525, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	31,324,452
Aggregate unrealized (depreciation) of investment securities		(125,653,094	)
Net unrealized appreciation (depreciation) of investment securities	$	(94,328,642	)

Cost of investments for tax purposes is $341,034,562.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on April 30, 2015, undistributed net investment income (loss) was increased by $15,652,969, undistributed net realized gain (loss) was decreased by $15,057,697 and shares of beneficial interest was decreased by $595,272. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		10,792,049		$	47,372,962			17,588,440		$	84,151,428
Class B		117,850			488,018			176,845			821,967
Class C		2,072,697			9,328,283			2,837,578			13,791,529
Class Y		7,336,254			36,671,015			7,578,739			36,227,530
Investor Class		5,210,081			22,030,831			4,192,789			20,483,078

Automatic conversion of Class B shares to Class A shares:
Class A		374,350			1,664,909			405,073			1,935,060
Class B		(394,128	)		(1,664,909	)		(423,579	)		(1,935,060	)

Reacquired:
Class A		(12,462,930	)		(53,223,580	)		(12,406,372	)		(58,550,702	)
Class B		(471,222	)		(1,908,235	)		(817,068	)		(3,698,715	)
Class C		(2,061,928	)		(8,844,330	)		(2,309,333	)		(11,031,752	)
Class Y		(10,077,241	)		(42,905,581	)		(3,257,352	)		(16,042,190	)
Investor Class		(5,900,833	)		(24,699,674	)		(5,745,543	)		(27,141,204	)
Net increase (decrease) in share activity		(5,465,001	)	$	(15,690,291	)		7,820,217		$	39,010,969

^(a)

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

17 Invesco Gold & Precious Metals Fund

NOTE 11—Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

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

^(c)

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $132,807, $7,663, $31,146, $33,525 and $91,572 for Class A, Class B, Class C, Class Y and Investor Class shares, respectively.

18 Invesco Gold & Precious Metals 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 & Precious Metals Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Gold & Precious Metals Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

19 Invesco Gold & Precious Metals Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,101.90	$	7.92	$	1,017.26	$	7.60		1.52	%
B		1,000.00		1,098.60		11.81		1,013.54		11.33		2.27
C		1,000.00		1,097.60		11.81		1,013.54		11.33		2.27
Y		1,000.00		1,103.00		6.62		1,018.50		6.36		1.27
Investor		1,000.00		1,101.40		7.92		1,017.26		7.60		1.52

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

20 Invesco Gold & Precious Metals 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1 Invesco Gold & Precious Metals 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)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

T-2 Invesco Gold & Precious Metals 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

T-3 Invesco Gold & Precious Metals 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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Gold & Precious Metals Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


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


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

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Mid Cap Growth Fund

LOGO

Bruce Crockett

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of
business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of
the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We
work hard to represent your interests through oversight of the quality of the investment
management services your funds receive and other matters important to your investment,
including but not limited to:

n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Mid Cap Growth Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Mid Cap Growth Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Russell Midcap Growth Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	14.39	%
Class B Shares	14.42
Class C Shares	13.59
Class R Shares	14.14
Class Y Shares	14.70
Class R5 Shares	14.80
Class R6 Shares	14.90
S&P 500^q(Broad Market Index)	12.98
Russell Midcap Growth Index^q (Style-Specific Index)	16.46
Lipper Mid-Cap Growth Funds Index^¢ (Peer Group Index)	14.13
Source(s):^qFactSet Research Systems Inc.; ^¢Lipper Inc.

Market conditions and your Fund

Slow and steady improvement in the US economy and continued low interest rates led the US equity market higher during the fiscal year ended April 30, 2015. As the US economy continued along a slow growth path, the US Federal Reserve steadily reduced its asset purchase program, finally ending all purchases in October 2014. The reporting period began with corporate earnings bouncing back from a weather-related downturn resulting from an unusually harsh winter that negatively affected consumer spending. Stocks generally rallied through the summer of 2014 despite political upheaval in Ukraine and signs of economic sluggishness in China. In mid-September, as investors wrestled with evidence that economic growth appeared to be stronger in the US than in the rest of the world, the price of oil began a sharp and prolonged decline, causing US

equities to fall. US equities recovered before the end of calendar year 2014, however. As calendar year 2015 began, investors were generally heartened by positive US economic data, but there was concern that if Greece failed to reach an agreement with the eurozone on a financial bailout plan, the repercussions would be felt more broadly. On balance, however, the general trend for US equities was positive.

In this environment, the Fund, at NAV, had solid positive returns but underperformed its style-specific benchmark for the fiscal year. The Fund outperformed its style-specific benchmark in the consumer discretionary, information technology (IT) and consumer staples sectors driven primarily by positive stock selection. This was offset, however, by underperformance in the industrials and energy sectors as a result of the unexpected plunge in oil prices during the reporting period.

The Fund outperformed its style-specific benchmark by the widest margin in the consumer discretionary sector due to stock selection. Significant contributors to Fund performance in the sector included several long-term holdings and diverse businesses, such as O’Reilly Automotive, Cinemark Holdings and Under Armour.

The Fund also outperformed in the IT sector. The largest contributor to Fund performance was Palo Alto Networks, which provides next generation firewall and data threat protection to businesses. Palo Alto appreciated more than 130% during the reporting period. The company benefited from recent high profile security breaches which led companies to spend heavily on security solutions. NXP Semiconductors, the leading provider of secure communication chips, was another top contributor to Fund performance. The company reported solid quarterly results and announced a pending strategic acquisition that would create the leading secure silicon provider to auto manufacturers worldwide, augmenting its secure communication businesses.

Strong stock selection in the consumer staples sector also contributed to Fund performance. Constellation Brands and Kroger were solid performers during the fiscal year.

The Fund underperformed its style-specific benchmark by the widest margin in the industrials sector. The primary detractors in this sector were companies that had some level of exposure to energy end market, where prospects for capital expenditure jobs fell along with the price of oil. Mastec, an engineering and construction company, detracted from Fund performance as its businesses related to both telecommunications and energy infrastructure came under pressure. Flowserve also detracted from Fund


Portfolio Composition
By sector

Consumer Discretionary	23.4	%
Information Technology	20.1
Health Care	17.3
Industrials	14.2
Financials	7.9
Energy	6.4
Consumer Staples	5.5
Materials	2.1
Telecommunication Services	1.7
Money Market Funds
Plus Other Assets Less Liabilities	1.4


Top 10 Equity Holdings*


1. Palo Alto Networks, Inc.	2.3	%
2. NXP Semiconductors N.V.	2.3
3. Constellation Brands, Inc.-Class A	2.2
4. Signet Jewelers Ltd.	2.0
5. Harman International Industries, Inc.	2.0
6. Omnicare, Inc.	2.0
7. Actavis PLC	2.0
8. Concho Resources Inc.	1.8
9. Mylan N.V.	1.8
10. SBA Communications Corp.-Class A	1.7


Total Net Assets	$	3.0 billion

Total Number of Holdings*		82

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.

4 Invesco Mid Cap Growth Fund

performance as investors began to question the viability of a petrochemical build-out cycle from which the company would presumably benefit. This cycle depends on continued excess production of US natural gas, which became uncertain with lower oil prices. The Fund sold its positions in Mastec and Flowserve during the reporting period.

During the reporting period, the energy sector was the worst-performing sector of the market given the collapse of oil prices as traditional and new US producers saw an evolving new equilibrium of production economics. It was the only sector in the Fund with negative returns during the reporting period. Superior Energy Services and Gulfport Energy were two detractors from Fund performance and were both sold during the reporting period. The Fund opportunistically purchased Laredo Petroleum during the downturn and the stock rallied to become a solid contributor to Fund performance for the reporting period.

As we’ve discussed, the Fund’s returns were positive during the reporting period. However, stocks remain volatile and we caution investors against making investment decisions based on short-term performance.

We thank you for your commitment to Invesco Mid Cap Growth Fund.

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



				Jim Leach Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Mid Cap Growth Fund. He
joined Invesco in 2011. Mr. Leach earned a BS in mechanical engineering from the University of California and an MBA from New York University Stern School of Business.

5 Invesco Mid Cap Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: FactSet Research Systems Inc.

2	Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Mid Cap Growth Fund


Average Annual Total Returns
As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	12.06	%
10 Years	10.17
5 Years	11.55
1 Year	8.10

Class B Shares
Inception (12/27/95)	12.07	%
10 Years	10.49
5 Years	12.56
1 Year	9.42

Class C Shares
Inception (12/27/95)	11.58	%
10 Years	9.98
5 Years	12.00
1 Year	12.59

Class R Shares
Inception (7/11/08)	10.27	%
5 Years	12.56
1 Year	14.14

Class Y Shares
Inception (8/12/05)	9.60	%
5 Years	13.11
1 Year	14.70

Class R5 Shares
10 Years	10.98	%
5 Years	13.21
1 Year	14.80

Class R6 Shares
10 Years	10.88	%
5 Years	12.99
1 Year	14.90

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

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on July 15, 2013. Performance shown prior to that


Average Annual Total Returns
As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/27/95)	12.20	%
10 Years	9.87
5 Years	12.92
1 Year	7.46

Class B Shares
Inception (12/27/95)	12.21	%
10 Years	10.19
5 Years	13.95
1 Year	8.72

Class C Shares
Inception (12/27/95)	11.72	%
10 Years	9.67
5 Years	13.38
1 Year	11.90

Class R Shares
Inception (7/11/08)	10.64	%
5 Years	13.92
1 Year	13.44

Class Y Shares
Inception (8/12/05)	9.85	%
5 Years	14.50
1 Year	14.02

Class R5 Shares
10 Years	10.68	%
5 Years	14.59
1 Year	14.11

Class R6 Shares
10 Years	10.57	%
5 Years	14.36
1 Year	14.20

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and

Class R6 shares was 1.15%, 1.15%, 1.87%, 1.40%, 0.90%, 0.83% and 0.73%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.21%, 1.21%, 1.93%, 1.46%, 0.96%, 0.83% and 0.73%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through July 31, 2015. See current prospectus for more information.

7 Invesco Mid Cap Growth Fund

Invesco Mid Cap Growth Fund’s investment objective is to seek capital growth.

Unless otherwise stated, information presented in this report is as of April 30, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Foreign securities risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Growth investing risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Mid-capitalization risk. Stocks of mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

About indexes used in this report

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

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

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

Other information


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

8 Invesco Mid Cap Growth Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–98.64%
Aerospace & Defense–2.23%
B/E Aerospace, Inc.		540,644	$	32,325,105
DigitalGlobe Inc.^(b)		1,067,198		34,331,759
				66,656,864

Airlines–2.23%
Delta Air Lines, Inc.		784,982		35,041,597
United Continental Holdings Inc.^(b)		532,111		31,788,311
				66,829,908

Apparel Retail–1.32%
L Brands, Inc.		441,796		39,478,891

Apparel, Accessories & Luxury Goods–1.25%
Under Armour, Inc.–Class A^(b)		483,928		37,528,616

Application Software–3.63%
Cadence Design Systems, Inc.^(b)		2,280,149		42,524,779
Mobileye N.V.^(b)(c)		862,073		38,672,595
SolarWinds, Inc.^(b)		566,354		27,626,748
				108,824,122

Asset Management & Custody Banks–1.70%
Ameriprise Financial, Inc.		406,607		50,939,725

Auto Parts & Equipment–1.44%
Gentherm Inc.^(b)		815,419		42,997,044

Automobile Manufacturers–0.96%
Tesla Motors, Inc.^(b)		126,703		28,641,213

Automotive Retail–1.92%
Advance Auto Parts, Inc.		177,157		25,333,451
O’Reilly Automotive, Inc.^(b)		147,710		32,175,669
				57,509,120

Biotechnology–3.53%
Alexion Pharmaceuticals, Inc.^(b)		191,155		32,349,161
Medivation Inc.^(b)		388,874		46,952,647
Synageva BioPharma Corp.^(b)		286,885		26,381,944
				105,683,752

Building Products–3.28%
A.O. Smith Corp.		671,904		42,934,666
Lennox International Inc.		349,875		37,072,755
Owens Corning Inc.		472,770		18,277,288
				98,284,709

Casinos & Gaming–0.26%
Wynn Resorts Ltd.		71,290		7,918,180

Communications Equipment–2.28%
Palo Alto Networks, Inc.^(b)		463,095		68,408,393

Construction Machinery & Heavy Trucks–1.41%
WABCO Holdings Inc.^(b)		211,820		26,360,999


	Shares		Value
Construction Machinery & Heavy Trucks–(continued)
Wabtec Corp.		168,068	$	15,806,795
				42,167,794

Consumer Electronics–2.00%
Harman International Industries, Inc.		459,623		59,925,647

Data Processing & Outsourced Services–0.99%
Alliance Data Systems Corp.^(b)		100,042		29,743,487

Distillers & Vintners–2.20%
Constellation Brands, Inc.–Class A^(b)		568,561		65,918,962

Diversified Support Services–1.10%
KAR Auction Services Inc.		884,282		32,904,133

Electronic Components–1.57%
Amphenol Corp.–Class A		850,813		47,109,516

Electronic Equipment & Instruments–0.50%
Cognex Corp.^(b)		336,400		15,100,996

Food Retail–0.85%
Kroger Co. (The)		368,863		25,418,349

General Merchandise Stores–1.27%
Burlington Stores, Inc.^(b)		739,385		38,130,084

Health Care Equipment–1.28%
Boston Scientific Corp.^(b)		2,159,538		38,482,967

Health Care Facilities–1.20%
Universal Health Services, Inc.–Class B		306,609		35,857,923

Health Care Services–3.16%
Omnicare, Inc.		677,382		59,596,068
Team Health Holdings, Inc.^(b)		590,821		35,195,207
				94,791,275

Home Entertainment Software–0.41%
Activision Blizzard, Inc.		535,698		12,221,950

Hotels, Resorts & Cruise Lines–1.06%
Royal Caribbean Cruises Ltd.		468,658		31,896,864

Household Appliances–0.83%
Whirlpool Corp.		141,870		24,912,372

Housewares & Specialties–1.39%
Jarden Corp.^(b)		811,352		41,524,995

Industrial Conglomerates–1.42%
Carlisle Cos. Inc.		441,222		42,577,923

Industrial Machinery–1.23%
Stanley Black & Decker Inc.		374,210		36,934,527

Internet Retail–0.84%
Netflix Inc.^(b)		45,239		25,175,504

Internet Software & Services–0.93%
LinkedIn Corp.–Class A^(b)		110,826		27,942,559

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

9 Invesco Mid Cap Growth Fund


	Shares		Value
Investment Banking & Brokerage–1.25%
Lazard Ltd.–Class A		706,732	$	37,477,998

IT Consulting & Other Services–0.73%
Gartner, Inc.^(b)		262,509		21,782,997

Leisure Products–1.49%
Brunswick Corp.		891,072		44,589,243

Life Sciences Tools & Services–2.73%
Illumina, Inc.^(b)		265,083		48,841,543
VWR Corp.^(b)		1,236,235		32,809,677
				81,651,220

Mortgage REIT’s–1.02%
NorthStar Realty Finance Corp.		1,624,900		30,483,124

Movies & Entertainment–1.59%
Cinemark Holdings, Inc.		1,117,829		47,653,050

Oil & Gas Exploration & Production–5.87%
Concho Resources Inc.^(b)		432,486		54,778,677
EQT Corp.		306,851		27,598,179
Laredo Petroleum Inc.^(b)(c)		784,923		12,401,783
Pioneer Natural Resources Co.		189,425		32,728,852
Whiting Petroleum Corp.^(b)		1,276,195		48,380,552
				175,888,043

Oil & Gas Storage & Transportation–0.51%
Cheniere Energy, Inc.^(b)		200,835		15,361,869

Packaged Foods & Meats–1.51%
Mead Johnson Nutrition Co.		470,809		45,159,999

Pharmaceuticals–5.41%
Actavis PLC^(b)		207,472		58,685,530
Mylan N.V.^(b)		752,522		54,377,240
Pacira Pharmaceuticals, Inc.^(b)		568,209		38,910,952
Perrigo Co. PLC		55,415		10,156,461
				162,130,183

Real Estate Services–1.69%
Realogy Holdings Corp.^(b)		1,068,173		50,642,082

Regional Banks–1.17%
SVB Financial Group^(b)		263,712		35,010,405

Research & Consulting Services–0.86%
IHS Inc.–Class A^(b)		204,617		25,673,295

Semiconductor Equipment–1.04%
Applied Materials, Inc.		1,579,532		31,258,938

Semiconductors–5.42%
Cavium Inc.^(b)		698,394		45,248,947
Integrated Device Technology, Inc. ^(b)		894,673		16,274,102
NXP Semiconductors N.V. (Netherlands)^(b)		710,670		68,309,601
Qorvo, Inc.^(b)		491,745		32,410,913
				162,243,563


	Shares		Value
Soft Drinks–0.94%
Monster Beverage Corp.^(b)		205,585	$	28,187,759

Specialized Finance–1.07%
Intercontinental Exchange, Inc.		142,945		32,095,441

Specialty Chemicals–2.06%
PPG Industries, Inc.		210,029		46,534,025
Valspar Corp. (The)		187,373		15,195,951
				61,729,976

Specialty Stores–3.62%
Signet Jewelers Ltd.		448,613		60,172,462
Tractor Supply Co.		561,830		48,351,090
				108,523,552

Systems Software–1.70%
ServiceNow, Inc.^(b)		680,134		50,914,831

Technology Hardware, Storage & Peripherals–0.89%
Western Digital Corp.		274,093		26,789,850

Tires & Rubber–0.96%
Cooper Tire & Rubber Co.		674,414		28,655,851

Trading Companies & Distributors–0.99%
United Rentals, Inc.^(b)		306,707		29,621,762

Trucking–0.73%
Old Dominion Freight Line, Inc.^(b)		305,397		21,722,889

Wireless Telecommunication Services–1.72%
SBA Communications Corp.– Class A^(b)		445,077		51,548,818
Total Common Stocks & Other Equity Interests (Cost $2,262,603,027)				2,955,235,102

Money Market Funds–0.44%
Liquid Assets Portfolio–Institutional Class^(d)		6,692,050		6,692,050
Premier Portfolio–Institutional Class^(d)		6,692,050		6,692,050
Total Money Market Funds (Cost $13,384,100)				13,384,100
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.08% (Cost $2,275,987,127)				2,968,619,202

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.33%
Liquid Assets Portfolio–Institutional Class (Cost $39,789,225)^(d)(e)		39,789,225		39,789,225
TOTAL INVESTMENTS–100.41% (Cost $2,315,776,352)				3,008,408,427
OTHER ASSETS LESS LIABILITIES–(0.41)%				(12,374,289	)
NET ASSETS–100.00%			$	2,996,034,138

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

10 Invesco Mid Cap Growth Fund

Investment Abbreviations:


REIT		– Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of April 30, 2015.

Counterparty

Gross Amount

of Securities on

Loan at Value

Cash Collateral

Received for

Securities Loaned*

Net
Amount

Brown Brothers Harriman

38,274,954

(38,274,954

)

—

Amount does not include excess collateral received.

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

11 Invesco Mid Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $2,262,603,027)*	$	2,955,235,102
Investments in affiliated money market funds, at value and cost		53,173,325
Total investments, at value (Cost $2,315,776,352)		3,008,408,427
Receivable for:
Investments sold		28,066,305
Fund shares sold		2,633,242
Dividends		1,346,747
Investment for trustee deferred compensation and retirement plans		639,719
Other assets		407,675
Total assets		3,041,502,115

Liabilities:
Payable for:
Fund shares reacquired		2,586,724
Collateral upon return of securities loaned		39,789,225
Accrued fees to affiliates		2,209,714
Accrued trustees’ and officers’ fees and benefits		4,854
Accrued other operating expenses		145,652
Trustee deferred compensation and retirement plans		731,808
Total liabilities		45,467,977
Net assets applicable to shares outstanding	$	2,996,034,138

Net assets consist of:
Shares of beneficial interest	$	2,262,595,187
Undistributed net investment income (loss)		(5,218,119	)
Undistributed net realized gain		46,024,995
Net unrealized appreciation		692,632,075
	$	2,996,034,138


Net Assets:
Class A	$	2,482,327,510
Class B	$	74,462,919
Class C	$	176,446,717
Class R	$	34,942,184
Class Y	$	80,736,068
Class R5	$	86,089,648
Class R6	$	61,029,092

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		64,071,250
Class B		2,254,161
Class C		5,648,831
Class R		919,368
Class Y		2,022,255
Class R5		2,144,499
Class R6		1,517,870
Class A:
Net asset value per share	$	38.74
Maximum offering price per share
(Net asset value of $38.74 ¸ 94.50%)	$	40.99
Class B:
Net asset value and offering price per share	$	33.03
Class C:
Net asset value and offering price per share	$	31.24
Class R:
Net asset value and offering price per share	$	38.01
Class Y:
Net asset value and offering price per share	$	39.92
Class R5:
Net asset value and offering price per share	$	40.14
Class R6:
Net asset value and offering price per share	$	40.21

*	At April 30, 2015, securities with an aggregate value of $38,274,954 were on loan to brokers.

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

12 Invesco Mid Cap Growth Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends	$	22,148,940
Dividends from affiliated money market funds (includes securities lending income of $341,858)		355,097
Total investment income		22,504,037

Expenses:
Advisory fees		19,880,194
Administrative services fees		562,604
Custodian fees		67,907
Distribution fees:
Class A		6,040,319
Class B		217,286
Class C		1,666,202
Class R		170,769
Transfer agent fees — A, B, C, R and Y		6,347,881
Transfer agent fees — R5		75,500
Transfer agent fees — R6		4,597
Trustees’ and officers’ fees and benefits		74,885
Other		513,348
Total expenses		35,621,492
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(1,306,967	)
Net expenses		34,314,525
Net investment income (loss)		(11,810,488	)

Realized and unrealized gain from:
Net realized gain from investment securities (includes net gains (losses) from securities sold to affiliates of $(139,970))		377,353,435
Change in net unrealized appreciation of investment securities		28,592,561
Net realized and unrealized gain		405,945,996
Net increase in net assets resulting from operations	$	394,135,508

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

13 Invesco Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income (loss)	$	(11,810,488	)	$	(12,490,328	)
Net realized gain		377,353,435			439,916,264
Change in net unrealized appreciation		28,592,561			85,407,034
Net increase in net assets resulting from operations		394,135,508			512,832,970

Distributions to shareholders from net realized gains:
Class A		(213,815,087	)		(57,673,212	)
Class B		(8,627,414	)		(3,148,742	)
Class C		(18,432,412	)		(4,920,905	)
Class R		(3,017,818	)		(933,434	)
Class Y		(6,274,837	)		(1,536,931	)
Class R5		(7,131,010	)		(1,871,598	)
Class R6		(7,707,726	)		(1,924,507	)
Total distributions from net realized gains		(265,006,304	)		(72,009,329	)

Share transactions–net:
Class A		(10,819,916	)		533,080,852
Class B		(25,880,669	)		(29,304,277	)
Class C		2,709,487			10,020,569
Class R		(2,571,907	)		(1,470,548	)
Class Y		15,134,287			2,897,954
Class R5		2,542,369			48,197,877
Class R6		(21,555,552	)		70,626,726
Net increase (decrease) in net assets resulting from share transactions		(40,441,901	)		634,049,153
Net increase in net assets		88,687,303			1,074,872,794

Net assets:
Beginning of year		2,907,346,835			1,832,474,041
End of year (includes undistributed net investment income (loss) of $(5,218,119) and $(6,418,715), respectively)	$	2,996,034,138		$	2,907,346,835

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

Invesco Mid Cap Growth Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of ten separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The 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.

14 Invesco Mid Cap Growth 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.

15 Invesco Mid Cap Growth Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


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

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through July 31, 2015, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 1.90%, 1.90%, 1.40%, 0.90%, 0.90% and 0.90%,

16 Invesco Mid Cap Growth Fund

respectively, of average daily net assets. Effective August 1, 2015, the Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The fee waiver agreement cannot be terminated during its term.

For the year ended April 30, 2015, the Adviser waived advisory fees of $47,292 and reimbursed class level expenses of $1,079,783, $38,843, $76,962, $15,264 and $31,527 of Class A, Class B, Class C, Class R and Class Y shares, respectively.

For the year ended April 30, 2015, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $290,083 in front-end sales commissions from the sale of Class A shares and $904, $20,666 and $3,487 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $24,683 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 —

Level 3 —

17 Invesco Mid Cap Growth Fund

NOTE 4—Security Transactions with Affiliated Funds

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, 2015 and 2014:


	2015		2014
Long-term capital gain	$	265,006,304	$	72,009,329

Tax Components of Net Assets at Period-End:


	2015
Undistributed long-term gain	$	159,345,736
Net unrealized appreciation — investments		690,762,313
Temporary book/tax differences		(695,486	)
Late-year ordinary loss deferrals		(4,524,562	)
Capital loss carryforward		(111,449,050	)
Shares of beneficial interest		2,262,595,187
Total net assets	$	2,996,034,138

18 Invesco Mid Cap Growth Fund

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


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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $1,782,137,401 and $2,124,382,438, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	721,787,583
Aggregate unrealized (depreciation) of investment securities		(31,025,270	)
Net unrealized appreciation of investment securities	$	690,762,313

Cost of investments for tax purposes is $2,317,646,114.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and disallowed capital loss carryforward, on April 30, 2015, undistributed net investment income (loss) was increased by $13,011,084, undistributed net realized gain was increased by $5,299,082 and shares of beneficial interest was decreased by $18,310,166. This reclassification had no effect on the net assets of the Fund.

19 Invesco Mid Cap Growth Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		4,472,728		$	172,326,832			5,709,998		$	203,069,561
Class B		25,992			860,089			43,435			1,358,804
Class C		455,692			14,278,859			484,509			14,575,527
Class R		214,821			8,113,261			240,288			8,530,322
Class Y		759,712			30,295,433			425,246			15,367,624
Class R5		581,281			22,860,017			386,941			14,107,680
Class R6^(b)		642,983			25,333,447			1,032,687			37,762,356

Issued as reinvestment of dividends:
Class A		5,752,418			203,520,549			1,528,509			54,842,895
Class B		279,199			8,423,448			98,472			3,060,500
Class C		610,921			17,472,357			156,653			4,676,082
Class R		86,844			3,016,968			26,310			930,829
Class Y		146,681			5,342,124			33,864			1,244,509
Class R5		194,159			7,108,153			50,564			1,865,300
Class R6		210,104			7,702,412			52,146			1,924,196

Issued in connection with acquisitions:^(c)
Class A		—			—			19,732,915			664,347,737
Class B		—			—			207,446			6,075,090
Class C		—			—			576,247			16,273,578
Class R		—			—			73,859			2,455,383
Class Y		—			—			370,038			12,741,282
Class R5		—			—			2,256,389			77,957,730
Class R6		—			—			1,365,854			47,184,427

Automatic conversion of Class B shares to Class A shares:
Class A		620,832			24,083,301			706,339			25,366,888
Class B		(721,805	)		(24,083,301	)		(814,135	)		(25,366,888	)

Reacquired:
Class A		(10,706,855	)		(410,750,598	)		(11,733,325	)		(414,546,229	)
Class B		(333,993	)		(11,080,905	)		(473,593	)		(14,431,783	)
Class C		(922,805	)		(29,041,729	)		(863,354	)		(25,504,618	)
Class R		(367,164	)		(13,702,136	)		(378,185	)		(13,387,082	)
Class Y		(516,107	)		(20,503,270	)		(711,421	)		(26,455,461	)
Class R5		(703,806	)		(27,425,801	)		(1,244,765	)		(45,732,833	)
Class R6		(1,349,956	)		(54,591,411	)		(435,948	)		(16,244,253	)
Net increase (decrease) in share activity		(568,124	)	$	(40,441,901	)		18,903,983		$	634,049,153

^(a)

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

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

^(c)

As of the opening of business on July 15, 2013, the Fund acquired all the net assets of Invesco Dynamics Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Trustees of the Fund on December 6, 2012 and by the shareholders of the Target Fund on April 24, 2013. The acquisition was accomplished by a tax-free exchange of 24,582,748 shares of the Fund for 29,596,460 shares outstanding of the Target Fund as of the close of business on July 12, 2013. Each class of the Target Fund was 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 at the close of business on July 12, 2013. The Target Fund’s net assets at that date of $827,035,227, including $197,905,378 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,952,684,708 and $2,779,719,935 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2014 assuming the reorganization had been completed on May 1, 2013, the beginning of the annual reporting period, are as follows:


Net investment income (loss)	$	(12,892,373	)
Net realized/unrealized gains		614,289,807
Change in net assets resulting from operations	$	601,397,434

The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed; it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since July 15, 2013.

20 Invesco Mid Cap Growth Fund

NOTE 12—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		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 04/30/15	$	37.30	$	(0.15	)	$	5.18		$	5.03		$	(3.59	)	$	38.74		14.39	%	$	2,482,328		1.14	%^(d)		1.19	%^(d)		(0.38	)%^(d)		61	%
Year ended 04/30/14		31.09		(0.16	)		7.27			7.11			(0.90	)		37.30		22.99			2,384,362		1.16			1.21			(0.44	)		95
Year ended 04/30/13		28.15		(0.03	)^(e)		2.97			2.94			—			31.09		10.44			1,491,997		1.29			1.29			(0.11	)^(e)		88
Year ended 04/30/12		33.15		(0.16	)		(2.82	)		(2.98	)		(2.02	)		28.15		(8.37	)		1,199,482		1.31			1.31			(0.57	)		109
One month ended 04/30/11		31.79		(0.03	)		1.39			1.36			—			33.15		4.28			1,539,895		1.28	^(f)		1.28	^(f)		(1.10	)^(f)		21
Year ended 03/31/11		24.65		(0.16	)		7.30			7.14			—			31.79		28.97			1,485,888		1.29			1.29			(0.61	)		162
Class B
Year ended 04/30/15		32.30		(0.13	)		4.45			4.32			(3.59	)		33.03		14.42	^(g)		74,463		1.14	^(d)(g)		1.19	^(d)(g)		(0.38	)^(d)(g)		61
Year ended 04/30/14		27.03		(0.14	)		6.31			6.17			(0.90	)		32.30		22.96	^(g)		97,068		1.16	^(g)		1.21	^(g)		(0.44	)^(g)		95
Year ended 04/30/13		24.47		(0.03	)^(e)		2.59			2.56			—			27.03		10.46	^(g)		106,586		1.29	^(g)		1.29	^(g)		(0.11	)^(e)(g)		88
Year ended 04/30/12		29.11		(0.11	)		(2.51	)		(2.62	)		(2.02	)		24.47		(8.29	)^(g)		109,449		1.21	^(g)		1.21	^(g)		(0.47	)^(g)		109
One month ended 04/30/11		27.91		(0.03	)		1.23			1.20			—			29.11		4.30	^(h)		167,947		1.35	^(f)(h)		1.35	^(f)(h)		(1.17	)^(f)(h)		21
Year ended 03/31/11		21.69		(0.20	)		6.42			6.22			—			27.91		28.68	^(h)		165,822		1.53	^(h)		1.53	^(h)		(0.85	)^(h)		162
Class C
Year ended 04/30/15		30.95		(0.35	)		4.23			3.88			(3.59	)		31.24		13.59	⁽ⁱ⁾		176,447		1.86	^(d)(i)		1.91	^(d)(i)		(1.10	)^(d)(i)		61
Year ended 04/30/14		26.11		(0.34	)		6.08			5.74			(0.90	)		30.95		22.12	⁽ⁱ⁾		170,355		1.88	⁽ⁱ⁾		1.93	⁽ⁱ⁾		(1.16	)⁽ⁱ⁾		95
Year ended 04/30/13		23.82		(0.20	)^(e)		2.49			2.29			—			26.11		9.62			134,484		2.04			2.04			(0.86	)^(e)		88
Year ended 04/30/12		28.63		(0.32	)		(2.47	)		(2.79	)		(2.02	)		23.82		(9.06	)		95,998		2.06			2.06			(1.32	)		109
One month ended 04/30/11		27.47		(0.04	)		1.20			1.16			—			28.63		4.22			132,885		2.03	^(f)		2.03	^(f)		(1.85	)^(f)		21
Year ended 03/31/11		21.45		(0.32	)		6.34			6.02			—			27.47		28.07			128,536		2.04			2.04			(1.36	)		162
Class R
Year ended 04/30/15		36.74		(0.24	)		5.10			4.86			(3.59	)		38.01		14.14			34,942		1.39	^(d)		1.44	^(d)		(0.63	)^(d)		61
Year ended 04/30/14		30.72		(0.24	)		7.16			6.92			(0.90	)		36.74		22.64			36,184		1.41			1.46			(0.69	)		95
Year ended 04/30/13		27.88		(0.10	)^(e)		2.94			2.84			—			30.72		10.19			31,410		1.54			1.54			(0.36	)^(e)		88
Year ended 04/30/12		32.94		(0.23	)		(2.81	)		(3.04	)		(2.02	)		27.88		(8.62	)		16,080		1.56			1.56			(0.82	)		109
One month ended 04/30/11		31.59		(0.04	)		1.39			1.35			—			32.94		4.27			12,443		1.53	^(f)		1.53	^(f)		(1.35	)^(f)		21
Year ended 03/31/11		24.55		(0.24	)		7.28			7.04			—			31.59		28.68			11,742		1.54			1.54			(0.86	)		162
Class Y
Year ended 04/30/15		38.23		(0.05	)		5.33			5.28			(3.59	)		39.92		14.70			80,736		0.89	^(d)		0.94	^(d)		(0.13	)^(d)		61
Year ended 04/30/14		31.78		(0.07	)		7.42			7.35			(0.90	)		38.23		23.24			62,398		0.91			0.96			(0.19	)		95
Year ended 04/30/13		28.70		0.04	^(e)		3.04			3.08			—			31.78		10.73			48,115		1.04			1.04			0.14	^(e)		88
Year ended 04/30/12		33.66		(0.09	)		(2.85	)		(2.94	)		(2.02	)		28.70		(8.12	)		52,408		1.06			1.06			(0.32	)		109
One month ended 04/30/11		32.27		(0.02	)		1.41			1.39			—			33.66		4.31			46,867		1.03	^(f)		1.03	^(f)		(0.85	)^(f)		21
Year ended 03/31/11^(j)		24.96		(0.09	)		7.40			7.31			—			32.27		29.29			41,968		1.04			1.04			(0.36	)		162
Class R5
Year ended 04/30/15		38.39		(0.02	)		5.36			5.34			(3.59	)		40.14		14.80			86,090		0.81	^(d)		0.81	^(d)		(0.05	)^(d)		61
Year ended 04/30/14		31.87		(0.04	)		7.46			7.42			(0.90	)		38.39		23.40			79,584		0.83			0.83			(0.11	)		95
Year ended 04/30/13		28.73		0.10	^(e)		3.04			3.14			—			31.87		10.93			19,881		0.84			0.84			0.34	^(e)		88
Year ended 04/30/12		33.64		(0.03	)		(2.86	)		(2.89	)		(2.02	)		28.73		(7.97	)		2,656		0.85			0.85			(0.11	)		109
One month ended 04/30/11		32.24		(0.02	)		1.42			1.40			—			33.64		4.34			14		0.85	^(f)		0.85	^(f)		(0.67	)^(f)		21
Year ended 03/31/11^(k)		24.57		(0.05	)		7.72			7.67			—			32.24		31.22			13		0.82	^(f)		0.82	^(f)		(0.26	)^(f)		162
Class R6
Year ended 04/30/15		38.41		0.02			5.37			5.39			(3.59	)		40.21		14.93			61,029		0.72	^(d)		0.72	^(d)		0.04	^(d)		61
Year ended 04/30/14^(k)		34.50		(0.01	)		4.82			4.81			(0.90	)		38.41		14.05			77,395		0.73	^(f)		0.73	^(f)		(0.01	)^(f)		95

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For years ended April 30, 2014 and 2013, the portfolio turnover calculation excludes the value of securities purchased of $641,584,142 and $463,100,189 and sold of $469,954,370 and $427,869,406 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Dynamics Fund and Invesco Capital Development Fund, respectively, into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $2,416,127, $86,914, $172,210, $34,154, $70,545, $80,680 and $82,476 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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

^(f)	Annualized.

^(g)	The Total return, Ratio of expenses to average net assets and Ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25% and 0.15% for the years ended April 30, 2015, 2014, 2013 and 2012, respectively.

^(h)	The Total return, Ratio of expenses to average net assets and Ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.32% and 0.49% for the one month ended April 30, 2011 and the year ended March 31, 2011, respectively.

⁽ⁱ⁾	The Total return, Ratio of expenses to average net assets and Ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97% and 0.96% for the years ended April 30, 2015 and 2014, respectively.

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

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

21 Invesco Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds)

and Shareholders of Invesco Mid Cap Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Mid Cap Growth Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

22 Invesco Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,083.80	$	5.94	$	1,019.09	$	5.76		1.15	%
B		1,000.00		1,083.80		5.94		1,019.09		5.76		1.15
C		1,000.00		1,080.10		9.70		1,015.47		9.39		1.88
R		1,000.00		1,082.40		7.23		1,017.85		7.00		1.40
Y		1,000.00		1,085.10		4.65		1,020.33		4.51		0.90
R5		1,000.00		1,085.50		4.19		1,020.78		4.06		0.81
R6		1,000.00		1,086.20		3.72		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.

23 Invesco Mid Cap Growth 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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	265,006,304
Qualified Dividend Income*		0	%
Corporate Dividends Received Deduction*		0	%
U.S. Treasury Obligations*		0	%

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

24 Invesco Mid Cap Growth 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1 Invesco Mid Cap Growth 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)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

T-2 Invesco Mid Cap Growth 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

T-3 Invesco Mid Cap Growth 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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Mid Cap Growth Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


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

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Small Cap Value Fund

LOGO

Bruce Crockett

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Small Cap Value Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended April 30, 2015, 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, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.59	%
Class B Shares	4.81
Class C Shares	4.80
Class Y Shares	5.81
S&P 500 Index^‚ (Broad Market Index)	12.98
Russell 2000 Value Index^‚ (Style-Specific Index)	4.89
Lipper Small-Cap Value Funds Indexⁿ (Peer Group Index)	3.47
Source(s): ^‚FactSet Research Systems Inc.; ⁿLipper Inc.

Market conditions and your Fund

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 that are selling at a significant discount to our estimate of their intrinsic value. We believe intrinsic value represents the inherent business value of portfolio holdings based on our estimates of future cash flow.

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 and have little information value since we typically structure the portfolio significantly differently than these benchmarks.

US equity markets posted gains during the fiscal year ended April 30, 2015. Corporate earnings were generally resilient throughout, driven by strong profitability across most sectors. Market volatility increased in the second half of the fiscal year as volatile oil prices, a strong US dollar and the US Federal Reserve’s interest rate position fueled investor concerns about US and global economic health.

In this environment, the Fund’s Class A shares at NAV outperformed its style-specific benchmark, the Russell 2000 Value Index. Select Fund holdings in the financials sector performed particularly well. Our investments in AmTrust Financial Services and E*Trade were among the largest contributors to Fund results. AmTrust Financial Services is a property and casualty insurance company that performed well after reporting strong financial results during the fiscal year. E*Trade provides online brokerage and related services primarily to individual retail investors. The price of E*Trade’s stock rose during the reporting period as its customers continued to reengage with

the financial markets, particularly stocks, which led to an increased trading volume. E*Trade also received regulatory approval to begin releasing excess reserves from its bank.

Health care company Alere was also a top contributor to Fund results. Shares of Alere performed well after the company replaced its chief executive officer (CEO), initiated a cost-savings program and began divesting non-core assets with the proceeds used to reduce debt. These changes allowed the company to focus on enhancing its leadership in its core rapid diagnostics business while improving its profitability and balance sheet.

The Fund’s energy holdings, along with the energy sector in general, declined during the fiscal year. Oil and gas exploration company Goodrich Petroleum was the largest detractor from Fund performance. We sold our position in the company during the fiscal year.

Select consumer discretionary and consumer staples holdings were also among the largest detractors from Fund results. Quiksilver and Elizabeth Arden both performed poorly during the fiscal year. Shares of apparel company Quiksilver declined after the company withdrew its long-term profit objectives due to both poor results in its core apparel markets and poor execution of the turnaround strategy. These issues resulted in the company replacing the CEO in March 2015. Shares of beauty products company Elizabeth Arden fell as the turnaround plans management laid out have been slower to gain traction than originally forecasted and several new products did not meet sales expectations. We used this short-term weakness as an opportunity to add to the Fund’s positions in Quicksilver and Elizabeth Arden during the fiscal year.


Portfolio Composition
By sector

Financials	25.4	%
Industrials	24.2
Consumer Discretionary	15.4
Information Technology	10.8
Health Care	8.1
Materials	7.2
Consumer Staples	5.1
Energy	0.4
Money Market Funds Plus Other Assets Less Liabilities	3.4


Top 10 Equity Holdings*

1. Alere, Inc.	4.9	%
2. E*TRADE Financial Corp.	4.4
3. AmTrust Financial Services, Inc.	4.0
4. ManpowerGroup Inc.	3.9
5. LPL Financial Holdings, Inc.	3.6
6. Belden Inc.	3.4
7. Nu Skin Enterprises, Inc.-Class A	3.2
8. ON Semiconductor Corp.	2.9
9. Zions Bancorp	2.7
10. First Horizon National Corp.	2.7


Total Net Assets				$3.5 billion

Total Number of Holdings*				64

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.

4 Invesco Small Cap Value Fund

We believe the single most important indicator of how the Fund is positioned for potential future success is not our recent investment results nor 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 remained 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 and for sharing our long-term investment perspective.

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


		R. Canon Coleman II Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Small Cap Value
Fund. He joined Invesco in 1999. Mr. Coleman earned a BS and an MS in accounting from the University of Florida. He also earned an MBA from the Wharton School of the University of Pennsylvania.

		Jonathan Edwards Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Small Cap Value Fund. He
joined Invesco in 2001. Mr. Edwards earned a BS in economics from Texas A&M University and an MBA from The University of Texas at Austin.

		Jonathan Mueller Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Small Cap Value Fund. He
joined Invesco in 2001. Mr. Mueller earned a BBA in accounting from Texas Christian University and an MBA in finance from The University of Texas at Austin. He is also a Certified Public Accountant.

5 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 4/30/05

LOGO

1	Source: Lipper Inc.

2	Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

continued from page 8

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.

Other information

CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.

6 Invesco Small Cap Value Fund


Average Annual Total Returns
As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	11.23	%
10 Years	11.70
5 Years	13.66
1 Year	–0.20

Class B Shares
Inception (6/21/99)	11.20	%
10 Years	11.91
5 Years	14.08
1 Year	0.51

Class C Shares
Inception (6/21/99)	10.80	%
10 Years	11.49
5 Years	14.10
1 Year	3.94

Class Y Shares
Inception (8/12/05)	11.39	%
5 Years	15.24
1 Year	5.81

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

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.12%, 1.87%, 1.87% and 0.87%, respectively.


Average Annual Total Returns
As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	11.39	%
10 Years	11.25
5 Years	14.89
1 Year	1.94

Class B Shares
Inception (6/21/99)	11.36	%
10 Years	11.46
5 Years	15.33
1 Year	2.64

Class C Shares
Inception (6/21/99)	10.96	%
10 Years	11.05
5 Years	15.34
1 Year	6.15

Class Y Shares
Inception (8/12/05)	11.65	%
5 Years	16.49
1 Year	8.11

The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

7 Invesco Small Cap Value Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the

Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Developing/emerging markets securities risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Real estate investment trust (REIT) risk/real estate risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Real estate companies, including REITs or similar structures, tend to be small-and mid-cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related there-to, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

Small- and mid-capitalization risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

continued on page 6

8 Invesco Small Cap Value Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–96.63%
Advertising–0.56%
MDC Partners Inc.–Class A		951,900	$	19,932,786

Air Freight & Logistics–0.94%
UTi Worldwide, Inc.^(b)		3,683,600		33,262,908

Apparel Retail–5.04%
Abercrombie & Fitch Co.–Class A		3,214,774		72,268,120
Chico’s FAS, Inc.		2,579,415		43,488,937
Guess?, Inc.		3,417,936		62,582,408
		178,339,465

Apparel, Accessories & Luxury Goods–1.41%
Quiksilver, Inc.^(b)(c)		29,973,068		49,755,293

Asset Management & Custody Banks–1.00%
Waddell & Reed Financial, Inc.–Class A		717,100		35,367,372

Auto Parts & Equipment–4.84%
Dana Holding Corp.		3,426,935		73,918,988
Faurecia (France)		78,200		3,700,704
Gentex Corp.		4,130,300		71,660,705
Modine Manufacturing Co.^(b)		1,784,922		21,936,691
		171,217,088

Automobile Manufacturers–0.74%
Winnebago Industries, Inc.		1,263,900		26,175,369

Building Products–2.33%
Owens Corning Inc.		1,469,504		56,811,024
Ply Gem Holdings Inc.^(b)		1,893,367		25,711,924
		82,522,948

Construction & Engineering–2.75%
AECOM^(b)		2,968,600		93,689,016
Aegion Corp.^(b)		194,086		3,575,064
		97,264,080

Construction Machinery & Heavy Trucks–1.90%
WABCO Holdings Inc.^(b)		541,500		67,389,675

Diversified Metals & Mining–0.68%
Globe Specialty Metals Inc.		1,203,948		23,982,644

Electronic Components–4.69%
Belden Inc.		1,446,053		121,396,149
Knowles Corp.^(b)		2,331,016		44,685,577
		166,081,726

Electronic Equipment & Instruments–0.55%
FLIR Systems, Inc.		625,357		19,317,278

Electronic Manufacturing Services–2.64%
Flextronics International Ltd.^(b)		6,718,000		77,424,950
KEMET Corp.^(b)(c)		3,744,102		16,174,521
		93,599,471


	Shares		Value
Health Care Facilities–2.38%
Hanger, Inc.^(b)(c)		3,764,321	$	84,094,931

Health Care Services–0.10%
Chemed Corp.		30,141		3,473,750

Health Care Supplies–4.90%
Alere, Inc.^(b)		3,651,495		173,372,983

Homebuilding–1.12%
Installed Building Products Inc.^(b)(c)		1,912,244		39,793,798

Human Resource & Employment Services–5.97%
Kelly Services, Inc.–Class A^(c)		1,851,891		30,408,050
Kforce Inc.^(c)		1,837,298		41,780,156
ManpowerGroup Inc.		1,629,032		139,005,301
		211,193,507

Industrial Machinery–3.03%
Briggs & Stratton Corp.		1,799,400		35,178,270
Kennametal Inc.		2,036,900		72,126,629
		107,304,899

Investment Banking & Brokerage–8.00%
E*TRADE Financial Corp.^(b)		5,461,200		157,227,948
LPL Financial Holdings, Inc.		3,113,553		126,005,490
		283,233,438

IT Consulting & Other Services–2.10%
Ciber, Inc.^(b)(c)		6,751,300		23,832,089
iGATE Corp.^(b)		1,060,323		50,428,962
		74,261,051

Leisure Products–1.31%
Callaway Golf Co.^(c)		4,771,038		46,183,648

Life & Health Insurance–1.19%
CNO Financial Group, Inc.		2,481,888		42,192,096

Life Sciences Tools & Services–0.76%
PerkinElmer, Inc.		522,500		26,783,350

Movies & Entertainment–0.38%
SFX Entertainment, Inc.^(b)		3,085,531		13,483,770

Oil & Gas Equipment & Services–0.39%
ION Geophysical Corp.^(b)		6,114,743		13,941,614

Paper Packaging–1.99%
Sealed Air Corp.		1,542,173		70,323,089

Personal Products–5.13%
Elizabeth Arden, Inc.^(b)(c)		4,948,346		69,623,228
Nu Skin Enterprises, Inc.–Class A		1,979,483		111,939,764
		181,562,992

Property & Casualty Insurance–4.04%
AmTrust Financial Services, Inc.		2,405,400		143,049,138

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

9 Invesco Small Cap Value Fund


	Shares		Value
Regional Banks–6.87%
First Horizon National Corp.		6,639,467	$	94,612,405
First Niagara Financial Group, Inc.		5,906,512		53,719,727
Zions Bancorp.		3,345,700		94,800,409
		243,132,541

Reinsurance–2.63%
Reinsurance Group of America, Inc.		412,494		37,792,700
Validus Holdings, Ltd.		1,320,400		55,232,332
		93,025,032

Research & Consulting Services–2.60%
FTI Consulting, Inc.^(b)		80,218		3,297,762
Navigant Consulting, Inc.^(b)		2,170,200		31,381,092
Resources Connection Inc.^(c)		3,627,670		57,172,079
		91,850,933

Semiconductor Equipment–0.99%
Advanced Energy Industries, Inc.^(b)		136,342		3,334,925
Brooks Automation, Inc.		2,665,784		28,683,836
Lam Research Corp.		41,517		3,137,855
		35,156,616

Semiconductors–3.06%
Lattice Semiconductor Corp.^(b)		1,119,250		6,637,152
ON Semiconductor Corp.^(b)		8,813,500		101,531,520
		108,168,672

Specialized Finance–1.68%
NASDAQ OMX Group, Inc. (The)		1,219,500		59,304,285


	Shares		Value
Specialty Chemicals–0.27%
OM Group, Inc.		318,600	$	9,570,744

Steel–4.22%
Allegheny Technologies, Inc.		1,944,500		66,093,555
Carpenter Technology Corp.		1,927,765		83,375,836
		149,469,391

Technology Distributors–0.24%
CDW Corp.		221,574		8,490,716

Trading Companies & Distributors–1.21%
MRC Global Inc.^(b)		2,941,868		42,951,273
Total Common Stocks & Other Equity Interests (Cost $2,722,902,195)				3,419,576,360

Money Market Funds–3.48%
Liquid Assets Portfolio–Institutional Class^(d)		61,593,827		61,593,827
Premier Portfolio–Institutional Class^(d)		61,593,826		61,593,826
Total Money Market Funds (Cost $123,187,653)				123,187,653
TOTAL INVESTMENTS–100.11% (Cost $2,846,089,848)				3,542,764,013
OTHER ASSETS LESS LIABILITIES–(0.11)%				(3,814,185	)
NET ASSETS–100.00%			$	3,538,949,828

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of April 30, 2015 was $458,817,793, which represented 12.96% of the Fund’s Net Assets. See Note 4.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

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, 2015


Assets:
Investments, at value (Cost $2,218,571,867)	$	2,960,758,567
Investments in affiliates, at value (Cost $627,517,981)		582,005,446
Total investments, at value (Cost $2,846,089,848)		3,542,764,013
Receivable for:
Investments sold		23,061,686
Fund shares sold		11,790,881
Dividends		440,639
Investment for trustee deferred compensation and retirement plans		236,523
Other assets		56,421
Total assets		3,578,350,163

Liabilities:
Payable for:
Investments purchased		31,383,674
Fund shares reacquired		4,794,854
Accrued fees to affiliates		2,803,801
Accrued trustees’ and officers’ fees and benefits		5,899
Accrued other operating expenses		140,436
Trustee deferred compensation and retirement plans		271,671
Total liabilities		39,400,335
Net assets applicable to shares outstanding	$	3,538,949,828

Net assets consist of:
Shares of beneficial interest	$	2,675,833,860
Undistributed net investment income		(1,019,244	)
Undistributed net realized gain		167,461,047
Net unrealized appreciation		696,674,165
	$	3,538,949,828


Net Assets:
Class A	$	1,751,109,477
Class B	$	22,526,513
Class C	$	151,195,947
Class Y	$	1,614,117,891

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		86,138,518
Class B		1,340,960
Class C		9,304,605
Class Y		76,957,024
Class A:
Net asset value per share	$	20.33
Maximum offering price per share
(Net asset value of $20.33 ¸ 94.50%)	$	21.51
Class B:
Net asset value and offering price per share	$	16.80
Class C:
Net asset value and offering price per share	$	16.25
Class Y:
Net asset value and offering price per share	$	20.97

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, 2015


Investment income:
Dividends (net of foreign withholding taxes of $94,710)	$	36,206,869
Dividends from affiliates		1,766,964
Total investment income		37,973,833

Expenses:
Advisory fees		21,727,114
Administrative services fees		568,317
Custodian fees		92,391
Distribution fees:
Class A		4,455,266
Class B		258,269
Class C		1,545,894
Transfer agent fees		7,239,651
Trustees’ and officers’ fees and benefits		67,675
Other		503,613
Total expenses		36,458,190
Less: Fees waived and expense offset arrangement(s)		(167,107	)
Net expenses		36,291,083
Net investment income		1,682,750

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(708,596))		518,839,059
Foreign currencies		(77,796	)
		518,761,263
Change in net unrealized appreciation (depreciation) of investment securities		(340,211,606	)
Net realized and unrealized gain		178,549,657
Net increase in net assets resulting from operations	$	180,232,407

12 Invesco Small Cap Value Fund

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

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income (loss)	$	1,682,750		$	(7,568,566	)
Net realized gain		518,761,263			388,058,492
Change in net unrealized appreciation (depreciation)		(340,211,606	)		481,923,786
Net increase in net assets resulting from operations		180,232,407			862,413,712

Distributions to shareholders from net realized gains:
Class A		(251,728,848	)		(140,218,944	)
Class B		(4,288,875	)		(2,819,099	)
Class C		(27,405,603	)		(15,150,452	)
Class Y		(210,688,817	)		(97,321,634	)
Total distributions from net realized gains		(494,112,143	)		(255,510,129	)

Share transactions–net:
Class A		3,102,028			111,569,713
Class B		(3,533,885	)		(4,709,605	)
Class C		6,296,273			(1,271,818	)
Class Y		357,348,180			271,007,699
Net increase in net assets resulting from share transactions		363,212,596			376,595,989
Net increase in net assets		49,332,860			983,499,572

Net assets:
Beginning of year		3,489,616,968			2,506,117,396
End of year (includes undistributed net investment income (loss) of $(1,019,244) and $(246,097), respectively)	$	3,538,949,828		$	3,489,616,968

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

13 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.

E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s

14 Invesco Small Cap Value Fund

taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.

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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

15 Invesco Small Cap Value Fund

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Class A, Class B, Class C, and Class Y shares to 2.00%, 2.75%, 2.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $165,071.

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

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, 2015, IDI advised the Fund that IDI retained $31,902 in front-end sales commissions from the sale of Class A shares and $3,006, $8,091 and $9,790 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $56,290 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 —

Level 3 —

16 Invesco Small Cap Value Fund


	Level 1		Level 2		Level 3		Total
Equity Securities	$	3,539,063,309	$	3,700,704	$	—	$	3,542,764,013

NOTE 4—Investments in Other Affiliates

The 1940 Act defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the year ended April 30, 2015.


	Value 04/30/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 04/30/15		Interest/ Dividend Income
Abercrombie & Fitch Co. — Class A^(a)	$	135,389,800	$	—	$	(20,889,931	)	$	(41,673,931	)	$	(557,818	)	$	72,268,120	$	2,665,479
Aegion Corp.^(a)		55,376,668		—		(35,707,621	)		(12,434,874	)		(3,659,109	)		3,575,064		—
Callaway Golf Co.		44,081,641		—		(2,746,692	)		4,591,020			257,679			46,183,648		202,442
Ciber, Inc.		29,165,616		—		—			(5,333,527	)		—			23,832,089		—
Elizabeth Arden, Inc.		51,817,949		66,067,944		—			(48,262,665	)		—			69,623,228		—
Goodrich Petroleum Corp.^(a)		97,219,563		—		(36,273,709	)		(48,951,696	)		(11,994,158	)		—		—
Hanger, Inc.		—		83,672,767		—			422,164			—			84,094,931		—
Installed Building Products Inc.		—		22,897,170		—			16,896,628			—			39,793,798		—
JAKKS Pacific, Inc.^(a)		21,226,356		—		(18,426,002	)		(4,566,857	)		1,766,503			—		—
KEMET Corp.		18,757,951		—		—			(2,583,430	)		—			16,174,521		—
Kelly Services, Inc. — Class A		—		29,066,785		—			1,341,265			—			30,408,050		154,467
Kforce Inc.		—		40,009,305		—			1,770,851			—			41,780,156		237,077
Quiksilver, Inc.		37,702,734		75,361,804		—			(63,309,245	)		—			49,755,293		—
Resources Connection Inc.		49,372,589		—		—			7,799,490			—			57,172,079		1,124,578
Total	$	540,110,867	$	317,075,775	$	(114,043,955	)	$	(194,294,807	)	$	(14,186,903	)	$	534,660,977	$	4,384,043

^(a)	As of April 30, 2015, this security is no longer considered an affiliate of the Fund.

NOTE 5—Security Transactions with Affiliated Funds

NOTE 6—Expense Offset Arrangement(s)

NOTE 7—Trustees’ and Officers’ Fees and Benefits

17 Invesco Small Cap Value Fund

NOTE 8—Cash Balances

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, 2015 and 2014:


	2015		2014
Ordinary income	$	15,021,256	$	—
Long-term capital gain		479,090,887		255,510,129
Total distributions	$	494,112,143	$	255,510,129

Tax Components of Net Assets at Period-End:


	2015
Undistributed long-term gain	$	179,263,942
Net unrealized appreciation — investments		695,164,721
Temporary book/tax differences		(260,577	)
Post-October deferrals		(9,288,428	)
Capital loss carryforward		(1,005,022	)
Late-Year ordinary loss deferral		(758,668	)
Shares of beneficial interest		2,675,833,860
Total net assets	$	3,538,949,828

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	1,005,022	$	—	$	1,005,022

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $1,470,698,315 and $1,583,675,665, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	925,484,015
Aggregate unrealized (depreciation) of investment securities		(230,319,294	)
Net unrealized appreciation of investment securities	$	695,164,721

Cost of investments for tax purposes is $2,847,599,292.

18 Invesco Small Cap Value Fund

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and foreign currency transactions, on April 30, 2015, undistributed net investment income was decreased by $2,455,897, undistributed net realized gain was decreased by $1,715,691 and shares of beneficial interest was increased by $4,171,588. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		18,314,715		$	390,577,358			19,403,074		$	413,269,050
Class B		11,967			223,954			36,534			673,194
Class C		420,804			7,461,287			509,935			9,167,914
Class Y		30,754,496			677,067,815			20,698,967			451,641,641

Issued as reinvestment of dividends:
Class A		12,521,989			232,032,465			6,434,228			131,579,960
Class B		265,185			4,073,242			151,244			2,664,919
Class C		1,737,561			25,802,775			834,568			14,304,491
Class Y		10,000,421			191,008,045			4,362,624			91,309,714

Automatic conversion of Class B shares to Class A shares:
Class A		191,845			4,085,268			174,791			3,716,065
Class B		(227,934	)		(4,085,268	)		(201,487	)		(3,716,065	)

Reacquired:
Class A		(28,813,185	)		(623,593,063	)		(20,544,220	)		(436,995,362	)
Class B		(208,295	)		(3,745,813	)		(234,326	)		(4,331,653	)
Class C		(1,553,548	)		(26,967,789	)		(1,371,731	)		(24,744,223	)
Class Y		(23,257,507	)		(510,727,680	)		(12,437,048	)		(271,943,656	)
Net increase in share activity		20,158,514		$	363,212,596			17,817,153		$	376,595,989

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% 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 Small Cap Value Fund

NOTE 13—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period^(b)		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 04/30/15	$	22.75	$	(0.00	)	$	0.95		$	0.95		$	(3.37	)	$	20.33		5.59	%	$	1,751,109		1.13	%^(e)		1.13	%^(e)		(0.02	)%^(e)		44	%
Year ended 04/30/14		18.53		(0.06	)		6.11			6.05			(1.83	)		22.75		33.78			1,909,149		1.11			1.11			(0.29	)		33
Year ended 04/30/13		17.80		(0.02	)^(f)		3.17			3.15			(2.42	)		18.53		20.27			1,454,001		1.12			1.15			(0.13	)^(f)		35
Year ended 04/30/12		19.71		(0.04	)		(0.75	)		(0.79	)		(1.12	)		17.80		(3.18	)		1,326,668		1.03			1.17			(0.24	)		50
One month ended 04/30/11		19.17		(0.01	)		0.55			0.54			—			19.71		2.82			1,067,286		1.33	^(g)		1.36	^(g)		(0.84	)^(g)		5
Year ended 03/31/11		16.06		(0.03	)		3.75			3.72			(0.61	)		19.17		23.46			1,045,598		1.19			1.18			(0.19	)		67
Class B
Year ended 04/30/15		19.54		(0.14	)		0.77			0.63			(3.37	)		16.80		4.81			22,527		1.88	^(e)		1.88	^(e)		(0.77	)^(e)		44
Year ended 04/30/14		16.25		(0.19	)		5.31			5.12			(1.83	)		19.54		32.75			29,312		1.86			1.86			(1.04	)		33
Year ended 04/30/13		16.01		(0.13	)^(f)		2.79			2.66			(2.42	)		16.25		19.44			28,408		1.81			1.90			(0.82	)^(f)		35
Year ended 04/30/12		17.91		(0.08	)		(0.70	)		(0.78	)		(1.12	)		16.01		(3.45	)		34,194		1.33			1.81			(0.54	)		50
One month ended 04/30/11		17.42		(0.01	)		0.50			0.49			—			17.91		2.81	^(h)		40,226		1.33	^(g)(h)		1.36	^(g)(h)		(0.84	)^(g)(h)		5
Year ended 03/31/11		14.69		(0.09	)		3.43			3.34			(0.61	)		17.42		23.07	^(h)		40,485		1.57	^(h)		1.56	^(h)		(0.57	)^(h)		67
Class C
Year ended 04/30/15		19.02		(0.13	)		0.73			0.60			(3.37	)		16.25		4.80	^(h)		151,196		1.86	^(e)(h)		1.86	^(e)(h)		(0.75	)^(e)(h)		44
Year ended 04/30/14		15.86		(0.19	)		5.18			4.99			(1.83	)		19.02		32.75			165,438		1.86			1.86			(1.04	)		33
Year ended 04/30/13		15.69		(0.13	)^(f)		2.72			2.59			(2.42	)		15.86		19.39			138,382		1.87			1.90			(0.88	)^(f)		35
Year ended 04/30/12		17.65		(0.15	)		(0.69	)		(0.84	)		(1.12	)		15.69		(3.85	)		140,342		1.76			1.90			(0.97	)		50
One month ended 04/30/11		17.17		(0.02	)		0.50			0.48			—			17.65		2.80			148,624		2.08	^(g)		2.11	^(g)		(1.59	)^(g)		5
Year ended 03/31/11		14.55		(0.14	)		3.37			3.23			(0.61	)		17.17		22.52			146,633		1.94			1.93			(0.94	)		67
Class Y⁽ⁱ⁾
Year ended 04/30/15		23.31		0.05			0.98			1.03			(3.37	)		20.97		5.81			1,614,118		0.88	^(e)		0.88	^(e)		0.23	^(e)		44
Year ended 04/30/14		18.90		(0.01	)		6.25			6.24			(1.83	)		23.31		34.13			1,385,718		0.86			0.86			(0.04	)		33
Year ended 04/30/13		18.07		0.02	^(f)		3.23			3.25			(2.42	)		18.90		20.54			885,327		0.87			0.90			0.12	^(f)		35
Year ended 04/30/12		19.94		0.00			(0.75	)		(0.75	)		(1.12	)		18.07		(2.93	)		744,163		0.78			0.92			0.01			50
One month ended 04/30/11		19.38		(0.01	)		0.57			0.56			—			19.94		2.89			192,429		1.08	^(g)		1.11	^(g)		(0.59	)^(g)		5
Year ended 03/31/11		16.19		0.01			3.79			3.80			(0.61	)		19.38		23.77			178,627		0.94			0.93			0.06			67

^(a)	Calculated using average shares outstanding.

^(b)	Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share, for years prior to April 30, 2013.

^(c)

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $983,090,206 and sold of $586,342,254 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Special Value Fund, Invesco Small-Mid Special Value Fund, Invesco U.S. Small Cap Value Fund and Invesco U.S. Small-Mid Cap Value Fund into the Fund.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $1,782,106, $25,827, $156,445 and $1,479,511 for Class A, Class B, Class C and Investor Class, respectively.

^(f)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.06) and (0.35)%, $(0.17) and (1.04)%, $(0.17) and (1.10)% and $(0.02) and (0.10)% for Class A, Class B, Class C and Class Y shares, respectively.

^(g)	Annualized.

^(h)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99% for the year ended April 30, 2015 for class C shares, 0.25% and 0.63% for the period April 1, 2011 to April 30, 2011 and the year ended March 31, 2011, for Class B shares, respectively.

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

20 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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Small Cap Value Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

21 Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,090.90	$	5.91	$	1,019.14	$	5.71		1.14	%
B		1,000.00		1,087.10		9.78		1,015.42		9.44		1.89
C		1,000.00		1,086.80		9.68		1,015.52		9.35		1.87
Y		1,000.00		1,091.80		4.62		1,020.38		4.46		0.89

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 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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	479,090,887
Qualified Dividend Income*		100	%
Corporate Dividends Received Deduction*		100	%
U.S. Treasury Obligations*		0	%

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


Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	15,021,256

23 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Small Cap Value Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


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


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

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Technology Fund


Bruce Crockett		Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
Bruce Crockett		n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
n Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus. n Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Technology Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Technology Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Bank of America Merrill Lynch 100 Technology Index (price only). Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.27	%
Class B Shares	14.41
Class C Shares	14.40
Class Y Shares	15.58
Investor Class Shares	15.41
Class R5 Shares	15.91
S&P 500 Index^q (Broad Market Index)	12.98
Bank of America Merrill Lynch 100 Technology Index (price only)ⁿ (Style-Specific Index)	16.67
Lipper Science & Technology Funds Index^¿ (Peer Group Index)	18.39
Source(s): ^‚FactSet Research Systems Inc.; ⁿBloomberg L.P.; ^¿Lipper Inc.

Market conditions and your Fund

Slow and steady improvement in the US economy and continued low interest rates led the US equity market higher during the fiscal year ended April 30, 2015. As the US economy continued along a slow growth path, the US Federal Reserve steadily reduced its asset purchase program, finally ending all purchases in October 2014. The reporting period began with corporate earnings bouncing back from a weather-related downturn resulting from an unusually harsh winter that negatively affected consumer spending. Stocks generally rallied through the summer of 2014 despite political upheaval in Ukraine and signs of economic sluggishness in China. In mid-September, as investors wrestled with evidence that economic growth appeared to be stronger in the US than in the rest of the world, the price of oil began a sharp and prolonged decline, causing US equities to fall. US equities recovered before the end of calendar year 2014, however. As calendar year 2015 began,

investors were generally heartened by positive US economic data, but there was concern that if Greece failed to reach an agreement with the eurozone on a financial bailout plan, the repercussions would be felt more broadly. On balance, however, the general trend for US equities was positive.

In this environment, the Fund had strong returns at NAV but underperformed its style-specific benchmark for the fiscal year. The information technology (IT) sector was the second-strongest performing sector in the S&P 500 Index. The Fund’s holdings in the technology hardware, storage and peripherals industry and the semiconductors and semiconductor equipment industry were the strongest outperformers in the traditional IT investments versus the Fund’s style-specific benchmark. Additionally, the Fund’s investments in transformative and innovative biotechnology companies also contributed to Fund performance. However, these contributions were offset by holdings in the software and the

wireless telecommunication services industries.

The top individual detractor from Fund performance during the reporting period was Monitise, a company that provides mobile banking, payments and commerce networks primarily for financial institutions. The company experienced a decline in revenues during the fiscal year as they changed business models – going from a license-based model where payments are required upfront, to a subscription-based model where payments are spread over time. Wireless communications services provider Sprint also detracted from Fund performance during the fiscal year. Speculation about a strategic merger had been building enthusiasm for a while, but during the fiscal year, merger efforts were put on hold, disappointing investors. Also, company management restructured pricing and offered incentives to attract new subscribers, both of which negatively affected near-term revenues. Additionally, Qualcomm, a digital communication product developer and manufacturer, detracted from Fund performance as the company was not as successful in ramping up business in China as expected. We sold our position in Qualcomm during the reporting period.

In contrast, Apple was the leading individual contributor to Fund performance. Apple shares rose in the latter half of 2014 with the release of the iPhone 6 with greater memory and the larger-size iPhone 6 Plus. The company gained market share due to the larger-size phone, and profit margins improved as well. Another contributor to Fund performance was NXP Semiconductors, the leading provider of secure communication chips. The company reported solid quarterly results in the first quarter of 2015 and announced a pending strategic acquisition that would make the company the leading secure silicon provider to auto manufacturers worldwide, augmenting


Portfolio Composition
By sector

Information Technology	60.6	%
Health Care	20.7
Consumer Discretionary	14.0
Telecommunication Services	1.5
Financials	1.0
Materials	0.5
Money Market Funds Plus Other Assets Less Liabilities	1.7


Top 10 Equity Holdings*

1. Apple Inc.	8.1	%
2. Salesforce.com, Inc.	4.4
3. Facebook Inc.-Class A	4.3
4. Google Inc.-Class A	4.3
5. Celgene Corp.	3.9
6. MasterCard, Inc.-Class A	3.5
7. NXP Semiconductors N.V.	3.4
8. Amazon.com, Inc.	3.4
9. DISH Network Corp.-Class A	3.2
10. Alkermes PLC	3.2


Total Net Assets			$745.5 million

Total Number of Holdings*			43

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.

4 Invesco Technology Fund

its secure communication businesses. Avago Technologies was a solid contributor to Fund performance as well. Avago is a semiconductor equipment manufacturer, focused on the wireless communications, wired infrastructure, industrial and automotive electronics industries. The company’s stock rose as the announcement of a strategic acquisition was received positively by investors during the reporting period.

The Fund is currently biased toward growth technologies, including biopharmaceuticals, and away from mature technologies. It emphasizes innovation, transformative technology and opportunities, which we expect will take market share from mature companies, including the game-changing technologies of mobile, security, cloud and biopharmaceuticals. We remain optimistic about technology spending given strong corporate balance sheets and companies’ needs to invest in more robust security solutions. We are also optimistic about future growth in the IT sector. In our opinion, the increased pace of health care innovation will continue to drive attractive long-term growth rates due to successful human genome mapping and recent productivity improvements, both of which fostered faster and more effective targeting of promising therapeutics. We attempt to harness multi-year secular trends, which may benefit long-term investors regardless of near-term economic strength.

As we’ve discussed, the Fund’s returns at NAV were strongly positive during the reporting period. However, stocks remain volatile and we caution investors against making investment decisions based on short-term performance.

We thank you for your commitment to Invesco Technology Fund.

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

Erik Voss

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco

Technology Fund. He joined Invesco in 2010. Mr. Voss earned a BS in mathematics and an MS in finance from the University of Wisconsin.

Janet Luby

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Technology

Fund. She joined Invesco in 2011. Ms. Luby earned a BBA in finance from Texas A&M University. She is also a Certified Public Accountant.

Assisted by Invesco’s Large/Multi-Cap Growth Team

5 Invesco Technology Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: Lipper Inc.

2	Source: Bloomberg L.P.

3	Source: FactSet Research Systems Inc.

4	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 comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.

Other information

CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

6 Invesco Technology Fund


Average Annual Total Returns As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.31	%
10 Years	7.52
5 Years	10.31
1 Year	8.93

Class B Shares
Inception (3/28/02)	3.28	%
10 Years	7.50
5 Years	10.48
1 Year	9.48

Class C Shares
Inception (2/14/00)	–4.77	%
10 Years	7.34
5 Years	10.74
1 Year	13.43

Class Y Shares
10 Years	8.31	%
5 Years	11.84
1 Year	15.58

Investor Class Shares
Inception (1/19/84)	9.90	%
10 Years	8.19
5 Years	11.64
1 Year	15.41

Class R5 Shares
Inception (12/21/98)	3.61	%
10 Years	8.85
5 Years	12.26
1 Year	15.91

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Investor Class and


Average Annual Total Returns As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.48	%
10 Years	7.25
5 Years	11.21
1 Year	7.23

Class B Shares
Inception (3/28/02)	3.45	%
10 Years	7.22
5 Years	11.40
1 Year	7.76

Class C Shares
Inception (2/14/00)	–4.67	%
10 Years	7.06
5 Years	11.65
1 Year	11.66

Class Y Shares
10 Years	8.03	%
5 Years	12.77
1 Year	13.78

Investor Class Shares
Inception (1/19/84)	9.99	%
10 Years	7.90
5 Years	12.56
1 Year	13.58

Class R5 Shares
Inception (12/21/98)	3.75	%
10 Years	8.58
5 Years	13.20
1 Year	14.13

Class R5 shares was 1.45%, 2.20%, 2.20%, 1.20%, 1.36% and 0.89%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

7 Invesco Technology Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Investor Class shares are closed to new investors. Contact your financial adviser about purchasing our other share classes. Please see the prospectus for more information.

Principal risks of investing in the Fund

Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up

Growth investing risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Mid-capitalization risk. Stocks of mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

Technology sector risk. The Fund will concentrate its investments in the securities of issuers primarily engaged in technology-related industries. 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.

About indexes used in this report

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

The Bank of America Merrill Lynch 100 Technology Index (price only) is an unmanaged, price-only, equal-dollar-weighted index of 100 stocks designed to measure the performance of a cross section of large, actively traded technology stocks and American Depositary Receipts.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

continued on page 6

8 Invesco Technology Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–98.33%
Application Software–5.46%
Autodesk, Inc.^(b)		61,790	$	3,511,526
Monitise PLC (United Kingdom)^(b)(c)		19,605,091		4,138,169
salesforce.com, inc.^(b)		453,710		33,039,162
				40,688,857

Biotechnology–13.22%
Alkermes PLC^(b)		424,376		23,497,699
Amgen Inc.		89,440		14,123,470
Biogen Inc.^(b)		34,535		12,913,672
Celgene Corp.^(b)		270,545		29,235,093
Gilead Sciences, Inc.^(b)		186,562		18,751,347
				98,521,281

Cable & Satellite–4.19%
DISH Network Corp.–Class A^(b)		347,391		23,504,475
Time Warner Cable Inc.		49,562		7,707,882
				31,212,357

Communications Equipment–5.23%
Cisco Systems, Inc.		807,410		23,277,630
Palo Alto Networks, Inc.^(b)		106,548		15,739,271
				39,016,901

Consumer Electronics–3.85%
Harman International Industries, Inc.		149,109		19,440,831
Sony Corp. (Japan)		307,600		9,290,551
				28,731,382

Data Processing & Outsourced Services–6.90%
Alliance Data Systems Corp.^(b)		31,797		9,453,566
MasterCard, Inc.–Class A		289,226		26,091,078
Visa Inc.–Class A		240,480		15,883,704
				51,428,348

Fertilizers & Agricultural Chemicals–0.46%
Monsanto Co.		30,077		3,427,575

Health Care Equipment–1.01%
Medtronic PLC		101,458		7,553,548

Internet Retail–5.99%
Amazon.com, Inc.^(b)		59,792		25,219,070
Priceline Group Inc. (The)^(b)		15,707		19,442,281
				44,661,351

Internet Software & Services–14.60%
Alibaba Group Holding Ltd.–ADR (China)^(b)		196,876		16,004,050
Facebook Inc.–Class A^(b)		410,642		32,346,270
Google Inc.–Class A^(b)		58,058		31,860,489
Google Inc.–Class C^(b)		21,339		11,466,041
LinkedIn Corp.–Class A^(b)		29,417		7,416,908
Twitter, Inc.^(b)		251,094		9,782,622
				108,876,380


	Shares		Value
Investment Banking & Brokerage–1.05%
Charles Schwab Corp. (The)		257,219	$	7,845,180

Life Sciences Tools & Services–1.25%
Thermo Fisher Scientific, Inc.		74,360		9,345,565

Pharmaceuticals–5.17%
Actavis PLC^(b)		71,923		20,344,140
Bristol-Myers Squibb Co.		285,621		18,202,626
				38,546,766

Semiconductor Equipment–1.65%
Applied Materials, Inc.		621,926		12,307,916

Semiconductors–11.37%
ARM Holdings PLC–ADR (United Kingdom)		80,851		4,122,593
Avago Technologies Ltd. (Singapore)		183,580		21,456,830
Micron Technology, Inc.^(b)		136,618		3,843,064
NXP Semiconductors N.V. (Netherlands)^(b)		264,979		25,469,782
ON Semiconductor Corp.^(b)		903,524		10,408,596
Skyworks Solutions, Inc.		210,887		19,454,326
				84,755,191

Systems Software–7.31%
Check Point Software Technologies Ltd. (Israel)^(b)		235,664		19,673,231
Oracle Corp.		273,026		11,909,394
ServiceNow, Inc.^(b)		305,541		22,872,799
				54,455,424

Technology Hardware, Storage & Peripherals–8.12%
Apple Inc.		483,444		60,503,017

Wireless Telecommunication Services–1.50%
Sprint Corp.^(b)		2,177,486		11,170,503
Total Common Stocks & Other Equity Interests (Cost $506,237,763)				733,047,542

Money Market Funds–0.66%
Liquid Assets Portfolio–Institutional Class^(d)		2,449,399		2,449,399
Premier Portfolio–Institutional Class^(d)		2,449,399		2,449,399
Total Money Market Funds (Cost $4,898,798)				4,898,798
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–98.99% (Cost $511,136,561)				737,946,340

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.44%
Liquid Assets Portfolio–Institutional Class (Cost $3,304,647)^(d)(e)		3,304,647		3,304,647
TOTAL INVESTMENTS–99.43% (Cost $514,441,208)				741,250,987
OTHER ASSETS LESS LIABILITIES–0.57%				4,256,338
NET ASSETS–100.00%			$	745,507,325

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

9 Invesco Technology Fund

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)


Counterparty	Gross Amount of Securities on Loan at Value		Cash Collateral Received for Securities Loaned*			Net Amount
State Street Bank and Trust Co.	$	2,841,877	$	(2,841,877	)	$	—

Amount does not include excess collateral received.

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

10 Invesco Technology Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $506,237,763)*	$	733,047,542
Investments in affiliated money market funds, at value and cost		8,203,445
Total investments, at value (Cost $514,441,208)		741,250,987
Foreign currencies, at value (Cost $18,585)		19,022
Receivable for:
Investments sold		12,910,253
Fund shares sold		443,447
Dividends		197,777
Investment for trustee deferred compensation and retirement plans		217,174
Other assets		34,554
Total assets		755,073,214

Liabilities:
Payable for:
Investments purchased		4,634,807
Fund shares reacquired		544,227
Collateral upon return of securities loaned		3,304,647
Accrued fees to affiliates		715,692
Accrued trustees’ and officers’ fees and benefits		2,561
Accrued other operating expenses		119,253
Trustee deferred compensation and retirement plans		244,702
Total liabilities		9,565,889
Net assets applicable to shares outstanding	$	745,507,325

Net assets consist of:
Shares of beneficial interest	$	472,541,787
Undistributed net investment income (loss)		(2,230,237	)
Undistributed net realized gain		48,385,559
Net unrealized appreciation		226,810,216
	$	745,507,325


Net Assets:
Class A	$	311,682,227
Class B	$	9,521,187
Class C	$	30,645,303
Class Y	$	9,012,655
Investor Class	$	383,681,189
Class R5	$	964,764

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		8,231,419
Class B		282,263
Class C		941,988
Class Y		236,921
Investor Class		10,203,792
Class R5		22,569
Class A:
Net asset value per share	$	37.86
Maximum offering price per share
(Net asset value of $37.86 ¸ 94.50%)	$	40.06
Class B:
Net asset value and offering price per share	$	33.73
Class C:
Net asset value and offering price per share	$	32.53
Class Y:
Net asset value and offering price per share	$	38.04
Investor Class:
Net asset value and offering price per share	$	37.60
Class R5:
Net asset value and offering price per share	$	42.75

*	At April 30, 2015, securities with an aggregate value of $2,841,877 were on loan to brokers.

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

11 Invesco Technology Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends (net of foreign withholding taxes of $1,177)	$	3,599,367
Dividends from affiliated money market funds (includes securities lending income of $208,800)		215,554
Total investment income		3,814,921

Expenses:
Advisory fees		5,134,742
Administrative services fees		195,816
Custodian fees		25,995
Distribution fees:
Class A		762,631
Class B		115,753
Class C		297,120
Investor Class		557,276
Transfer agent fees — A, B, C, Y and Investor		2,857,235
Transfer agent fees — R5		1,580
Trustees’ and officers’ fees and benefits		34,099
Other		322,935
Total expenses		10,305,182
Less: Fees waived and expense offset arrangement(s)		(36,067	)
Net expenses		10,269,115
Net investment income (loss)		(6,454,194	)

Realized and unrealized gain from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $809,457)		91,110,635
Foreign currencies		5,783
		91,116,418
Change in net unrealized appreciation of:
Investment securities		19,566,666
Foreign currencies		555
		19,567,221
Net realized and unrealized gain		110,683,639
Net increase in net assets resulting from operations	$	104,229,445

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

12 Invesco Technology Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income (loss)	$	(6,454,194	)	$	(5,521,920	)
Net realized gain		91,116,418			62,113,826
Change in net unrealized appreciation		19,567,221			68,160,325
Net increase in net assets resulting from operations		104,229,445			124,752,231

Distributions to shareholders from net realized gains:
Class A		(38,747,261	)		(23,347,730	)
Class B		(1,542,107	)		(1,301,043	)
Class C		(4,285,234	)		(2,586,213	)
Class Y		(986,633	)		(440,101	)
Investor Class		(48,973,514	)		(31,387,699	)
Class R5		(267,544	)		(106,252	)
Total distributions from net realized gains		(94,802,293	)		(59,169,038	)

Share transactions–net:
Class A		20,722,994			8,440,219
Class B		(3,175,078	)		(3,781,710	)
Class C		3,201,412			1,055,368
Class Y		3,102,651			1,807,862
Investor Class		11,677,663			(12,128,025	)
Class R5		(460,031	)		129,505
Net increase (decrease) in net assets resulting from share transactions		35,069,611			(4,476,781	)
Net increase in net assets		44,496,763			61,106,412

Net assets:
Beginning of year		701,010,562			639,904,150
End of year (includes undistributed net investment income (loss) of $(2,230,237) and $(222,874), respectively)	$	745,507,325		$	701,010,562

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The 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.

13 Invesco Technology Fund

Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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.

14 Invesco Technology Fund

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.

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.

15 Invesco Technology Fund

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

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $350 million		0	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the year ended April 30, 2015, the effective advisory fee incurred by the Fund was 0.69%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares to 2.00%, 2.75%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $21,627.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of 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, 2015, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

16 Invesco Technology Fund

proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $43,977 in front-end sales commissions from the sale of Class A shares and $213, $2,937 and $915 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $31,766 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 —

Level 3 —


	Level 1		Level 2		Level 3		Total
Equity Securities	$	731,960,436	$	9,290,551	$	—	$	741,250,987

NOTE 4—Security Transactions with Affiliated Funds

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

17 Invesco Technology 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, 2015 and 2014:


	2015		2014
Ordinary income	$	1,696,107	$	2,951,818
Long-term capital gain		93,106,186		56,217,220
Total distributions	$	94,802,293	$	59,169,038

Tax Components of Net Assets at Period-End:


	2015
Undistributed long-term gain	$	48,871,730
Net unrealized appreciation — investments		226,323,608
Net unrealized appreciation — other investments		437
Temporary book/tax differences		(227,521	)
Late-Year ordinary loss deferral		(2,002,716	)
Shares of beneficial interest		472,541,787
Total net assets	$	745,507,325

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

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $486,773,711 and $549,391,557, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	250,839,719
Aggregate unrealized (depreciation) of investment securities		(24,516,111	)
Net unrealized appreciation of investment securities	$	226,323,608

Cost of investments for tax purposes is $514,927,379.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses on April 30, 2015, undistributed net investment income (loss) was increased by $4,446,831, undistributed net realized gain was decreased by $87,717 and shares of beneficial interest was decreased by $4,359,114. This reclassification had no effect on the net assets of the Fund.

18 Invesco Technology Fund

NOTE 11—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		1,010,582		$	39,883,670			846,846		$	32,742,795
Class B		9,412			334,523			19,470			676,920
Class C		138,902			4,757,541			109,629			3,727,275
Class Y		118,993			4,755,522			78,609			3,034,632
Investor Class		364,139			14,261,281			390,961			14,755,259
Class R5		21,948			963,801			6,834			295,047

Issued as reinvestment of dividends:
Class A		1,006,748			36,625,492			609,270			21,988,559
Class B		46,348			1,506,291			38,161			1,258,555
Class C		130,249			4,083,317			77,035			2,462,802
Class Y		25,004			912,901			11,153			402,840
Investor Class		1,301,690			47,004,027			841,397			30,147,238
Class R5		6,484			265,851			2,638			105,177

Automatic conversion of Class B shares to Class A shares:
Class A		81,722			3,245,390			93,019			3,515,773
Class B		(90,724	)		(3,245,390	)		(101,313	)		(3,515,773	)

Reacquired:
Class A		(1,505,018	)		(59,031,558	)		(1,311,290	)		(49,806,908	)
Class B		(49,525	)		(1,770,502	)		(62,993	)		(2,201,412	)
Class C		(165,484	)		(5,639,446	)		(151,821	)		(5,134,709	)
Class Y		(62,366	)		(2,565,772	)		(43,247	)		(1,629,610	)
Investor Class		(1,264,395	)		(49,587,645	)		(1,514,441	)		(57,030,522	)
Class R5		(40,858	)		(1,689,683	)		(6,452	)		(270,719	)
Net increase (decrease) in share activity		1,083,851		$	35,069,611			(66,535	)	$	(4,476,781	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

19 Invesco Technology Fund

NOTE 12—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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 04/30/15	$	37.61	$	(0.35	)	$	5.88		$	5.53		$	—		$	(5.28	)	$	(5.28	)	$	37.86		15.27	%	$	311,682		1.40	%^(d)		1.40	%^(d)		(0.89	)%^(d)		67	%
Year ended 04/30/14		34.19		(0.30	)		7.07			6.77			—			(3.35	)		(3.35	)		37.61		20.22			287,236		1.45			1.45			(0.80	)		69
Year ended 04/30/13		37.33		(0.24	)^(e)		(1.57	)^(f)		(1.81	)		(0.27	)		(1.06	)		(1.33	)		34.19		(4.70	)^(f)		253,013		1.52			1.52			(0.70	)^(e)		41
Year ended 04/30/12		35.86		(0.36	)		1.83			1.47			—			—			—			37.33		4.10			312,389		1.55			1.56			(1.06	)		48
Year ended 04/30/11		28.53		(0.22	)		7.55	^(g)		7.33			—			—			—			35.86		25.69			229,174		1.55			1.55			(0.73	)		42
Class B
Year ended 04/30/15		34.27		(0.58	)		5.32			4.74			—			(5.28	)		(5.28	)		33.73		14.41			9,521		2.15	^(d)		2.15	^(d)		(1.64	)^(d)		67
Year ended 04/30/14		31.64		(0.54	)		6.52			5.98			—			(3.35	)		(3.35	)		34.27		19.32			12,567		2.20			2.20			(1.55	)		69
Year ended 04/30/13		34.61		(0.46	)^(e)		(1.45	)^(f)		(1.91	)		—			(1.06	)		(1.06	)		31.64		(5.39	)^(f)		14,979		2.27			2.27			(1.45	)^(e)		41
Year ended 04/30/12		33.47		(0.57	)		1.71			1.14			—			—			—			34.61		3.41			23,803		2.30			2.31			(1.81	)		48
Year ended 04/30/11		26.83		(0.41	)		7.05	^(g)		6.64			—			—			—			33.47		24.75			16,253		2.30			2.30			(1.48	)		42
Class C
Year ended 04/30/15		33.22		(0.56	)		5.15			4.59			—			(5.28	)		(5.28	)		32.53		14.40			30,645		2.15	^(d)		2.15	^(d)		(1.64	)^(d)		67
Year ended 04/30/14		30.76		(0.53	)		6.34			5.81			—			(3.35	)		(3.35	)		33.22		19.32			27,846		2.20			2.20			(1.55	)		69
Year ended 04/30/13		33.68		(0.45	)^(e)		(1.41	)^(f)		(1.86	)		—			(1.06	)		(1.06	)		30.76		(5.39	)^(f)		24,716		2.27			2.27			(1.45	)^(e)		41
Year ended 04/30/12		32.58		(0.55	)		1.65			1.10			—			—			—			33.68		3.38			31,836		2.30			2.31			(1.81	)		48
Year ended 04/30/11		26.12		(0.41	)		6.87	^(g)		6.46			—			—			—			32.58		24.73			21,875		2.30			2.30			(1.48	)		42
Class Y
Year ended 04/30/15		37.67		(0.25	)		5.90			5.65			—			(5.28	)		(5.28	)		38.04		15.58			9,013		1.15	^(d)		1.15	^(d)		(0.64	)^(d)		67
Year ended 04/30/14		34.16		(0.21	)		7.07			6.86			—			(3.35	)		(3.35	)		37.67		20.51			5,850		1.20			1.20			(0.55	)		69
Year ended 04/30/13		37.31		(0.16	)^(e)		(1.57	)^(f)		(1.73	)		(0.36	)		(1.06	)		(1.42	)		34.16		(4.46	)^(f)		3,716		1.27			1.27			(0.45	)^(e)		41
Year ended 04/30/12		35.74		(0.27	)		1.84			1.57			—			—			—			37.31		4.39			4,937		1.30			1.31			(0.81	)		48
Year ended 04/30/11		28.37		(0.14	)		7.51	^(g)		7.37			—			—			—			35.74		25.98			3,683		1.30			1.30			(0.48	)		42
Investor Class
Year ended 04/30/15		37.34		(0.31	)		5.85			5.54			—			(5.28	)		(5.28	)		37.60		15.41	^(h)		383,681		1.30	^(d)(h)		1.30	^(d)(h)		(0.79	)^(d)(h)		67
Year ended 04/30/14		33.94		(0.27	)		7.02			6.75			—			(3.35	)		(3.35	)		37.34		20.31	^(h)		366,054		1.36	^(h)		1.36	^(h)		(0.71	)^(h)		69
Year ended 04/30/13		37.06		(0.22	)^(e)		(1.56	)^(f)		(1.78	)		(0.28	)		(1.06	)		(1.34	)		33.94		(4.64	)^(f)(h)		342,287		1.48	^(h)		1.48	^(h)		(0.66	)^(e)(h)		41
Year ended 04/30/12		35.58		(0.35	)		1.83			1.48			—			—			—			37.06		4.16			414,003		1.52			1.53			(1.03	)		48
Year ended 04/30/11		28.29		(0.19	)		7.48	^(g)		7.29			—			—			—			35.58		25.77			434,078		1.46			1.46			(0.64	)		42
Class R5
Year ended 04/30/15		41.63		(0.16	)		6.56			6.40			—			(5.28	)		(5.28	)		42.75		15.91			965		0.87	^(d)		0.87	^(d)		(0.36	)^(d)		67
Year ended 04/30/14		37.33		(0.10	)		7.75			7.65			—			(3.35	)		(3.35	)		41.63		20.89			1,457		0.89			0.89			(0.24	)		69
Year ended 04/30/13		40.64		(0.03	)^(e)		(1.70	)^(f)		(1.73	)		(0.52	)		(1.06	)		(1.58	)		37.33		(4.08	)^(f)		1,194		0.89			0.89			(0.07	)^(e)		41
Year ended 04/30/12		38.77		(0.14	)		2.01			1.87			—			—			—			40.64		4.82			1,038		0.88			0.89			(0.39	)		48
Year ended 04/30/11		30.64		(0.02	)		8.15	^(g)		8.13			—			—			—			38.77		26.53			635		0.89			0.89			(0.07	)		42

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $90,282,548 and sold of $44,478,217 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen Technology Fund into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $305,052 $11,575, $29,712 $7,790, $386,970 and $1,580 for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

^(e)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.34) and (1.00)%, $(0.56) and (1.75)%, $(0.54) and (1.75)%, $(0.26) and (0.75)%, $(0.33) and (0.96)% and $(0.14) and (0.37)% for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

^(f)

Includes litigation proceeds received during the period. Had the litigation proceeds not been received net gains (losses) on securities (both realized and unrealized) per share for the year ended April 30, 2013 would have been $(1.74), $(1.62), $(1.58), $(1.74), $(1.73) and $(1.87) for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively and total returns would have been lower.

^(g)

Net gains (losses) on securities (both realized and unrealized) include capital gains realized on a distribution from BlueStream Ventures L.P. on October 17, 2010. Net gains (losses) on securities (both realized and unrealized), excluding the capital gains, are $7.29, $6.81, $6.63, $7.25, $7.22 and $7.87 for Class A, Class B, Class C, Class Y, Investor Class and Class R5 shares, respectively.

^(h)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.15%, 0.16% and 0.20% for the years ended April 30, 2015, April 30, 2014 and April 30, 2013, respectively.

20 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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Technology Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

21 Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,034.60	$	7.01	$	1,017.90	$	6.95		1.39	%
B		1,000.00		1,030.90		10.78		1,014.18		10.69		2.14
C		1,000.00		1,030.80		10.78		1,014.18		10.69		2.14
Y		1,000.00		1,035.90		5.75		1,019.14		5.71		1.14
Investor		1,000.00		1,035.20		6.41		1,018.50		6.36		1.27
R5		1,000.00		1,037.20		4.50		1,020.38		4.46		0.89

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 Technology 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 advisors.

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, 2015:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	93,106,186
Qualified Dividend Income*		79.82	%
Corporate Dividends Received Deduction*		71.88	%
U.S. Treasury Obligations*		0.00	%

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


Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	1,696,107

23 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Technology Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


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


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

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

depressed European markets, while the Chinese economy was hurt by a slowdown in manufacturing.

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Technology Sector Fund

LOGO

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Technology Sector Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Technology Sector Fund (the Fund), at net asset value (NAV), underperformed the Fund’s style-specific benchmark, the Bank of America Merrill Lynch 100 Technology Index (price only).
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		15.73%
Class B Shares		14.93
Class C Shares		14.92
Class Y Shares		16.09
S&P 500 Index^‚ (Broad Market Index)		12.98
Bank of America Merrill Lynch 100 Technology Index (price only)^¢ (Style-Specific Index)		16.67
Lipper Science & Technology Funds Index^u (Peer Group Index)		18.39

Source(s): ^‚FactSet Research Systems Inc.; ^¢Bloomberg L.P.; ^uLipper Inc.

Market conditions and your Fund

Slow and steady improvement in the US economy and continued low interest rates led the US equity market higher during the fiscal year ended April 30, 2015. As the US economy continued along a slow growth path, the US Federal Reserve steadily reduced its asset purchase program, finally ending all purchases in October 2014. The reporting period began with corporate earnings bouncing back from a weather-related downturn resulting from an unusually harsh winter that negatively affected consumer spending. Stocks generally rallied through the summer of 2014 despite political upheaval in Ukraine and signs of economic sluggishness in China. In mid-September, as investors wrestled with evidence that economic growth appeared to be stronger in the US than in the rest of the world, the price of oil began a

sharp and prolonged decline, causing US equities to fall. US equities recovered before the end of calendar year 2014, however. As calendar year 2015 began, investors were generally heartened by positive US economic data, but there was concern that if Greece failed to reach an agreement with the eurozone on a financial bailout plan, the repercussions would be felt more broadly. On balance, however, the general trend for US equities was positive.

In this environment, the Fund had strong returns at NAV but under-performed its style-specific benchmark for the fiscal year. The information technology (IT) sector was the second-strongest performing sector in the S&P 500 Index. The Fund’s holdings in the technology hardware, storage and peripherals industry and the semiconductors and semiconductor equipment industry were the strongest outperformers in the tradi-

tional IT investments versus the Fund’s style-specific benchmark. Additionally, the Fund’s investments in transformative and innovative biotechnology companies also contributed to Fund performance. However, these contributions were offset by holdings in the software and the wireless telecommunication services industries.

The top individual detractor from Fund performance during the reporting period was Monitise, a company that provides mobile banking, payments and commerce networks primarily for financial institutions. The company experienced a decline in revenues during the fiscal year as they changed business models – going from a license-based model where payments are required upfront, to a subscription-based model where payments are spread over time. Wireless communications services provider Sprint also detracted from Fund performance during the fiscal year. Speculation about a strategic merger had been building enthusiasm for a while, but during the fiscal year, merger efforts were put on hold, disappointing investors. Also, company management restructured pricing and offered incentives to attract new subscribers, both of which negatively affected near-term revenues. Additionally, Qualcomm, a digital communication product developer and manufacturer, detracted from Fund performance as the company was not as successful in ramping up business in China as expected. We sold our position in Qualcomm during the reporting period.


Portfolio Composition
By sector
Information Technology	61.1	%
Health Care	20.8
Consumer Discretionary	14.1
Telecommunication Services	1.5
Financials	1.1
Materials	0.5
Money Market Funds
Plus Other Assets Less Liabilities	0.9


Top 10 Equity Holdings*
1.	Apple Inc.	8.1%
2.	salesforce.com, Inc.	4.4
3.	Facebook Inc.-Class A	4.4
4.	Google Inc.-Class A	4.3
5.	Celgene Corp.	4.0
6.	MasterCard, Inc.-Class A	3.5
7.	NXP Semiconductors N.V.	3.4
8.	Amazon.com, Inc.	3.4
9.	DISH Network Corp.-Class A	3.2
10.	Alkermes PLC	3.2

Total Net Assets

96.7 million

Total Number of Holdings*

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.

4 Invesco Technology Sector Fund

ket share due to the larger-size phone, and profit margins improved as well. Another contributor to Fund performance was NXP Semiconductors, the leading provider of secure communication chips. The company reported solid quarterly results in the first quarter of 2015 and announced a pending strategic acquisition that would make the company the leading secure silicon provider to auto manufacturers worldwide, augmenting its secure communication businesses. Avago Technologies was a solid contributor to Fund performance as well. Avago is a semiconductor equipment manufacturer, focused on the wireless communications, wired infrastructure, industrial and automotive electronics industries. The company’s stock rose as the announcement of a strategic acquisition was received positively by investors during the reporting period.

The Fund is currently biased toward growth technologies, including biophar-maceuticals, and away from mature technologies. It emphasizes innovation, transformative technology and opportunities, which we expect will take market share from mature companies, including the game-changing technologies of mobile, security, cloud and biopharma-ceuticals. We remain optimistic about technology spending given strong corporate balance sheets and companies’ needs to invest in more robust security solutions. We are also optimistic about future growth in the IT sector. In our opinion, the increased pace of health care innovation will continue to drive attractive long-term growth rates due to successful human genome mapping and recent productivity improvements, both of which fostered faster and more effective targeting of promising therapeutics. We attempt to harness multi-year secular trends, which may benefit long-term investors regardless of near-term economic strength.

We thank you for your commitment to Invesco Technology Sector Fund.

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

LOGO

Erik Voss

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Technology Sector Fund. He joined

Invesco in 2010. Mr. Voss earned a BS in mathematics and an MS in finance from the University of Wisconsin.

Janet Luby

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Technology Sector Fund. She joined

Invesco in 2011. Ms. Luby earned a BBA in finance from Texas A&M University. She is also a Certified Public Accountant.

Assisted by Invesco’s Large/Multi-Cap Growth Team

5 Invesco Technology Sector Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 4/30/05

LOGO

1	Source: Lipper Inc.

2	Source: Bloomberg L.P.

3	Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

continued from page 8

Other information

CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

6 Invesco Technology Sector Fund


Average Annual Total Returns
As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.42	%
10 Years	5.73
5 Years	8.25
1 Year	9.39
Class B Shares
Inception (11/28/95)	4.81	%
10 Years	5.67
5 Years	8.36
1 Year	9.93
Class C Shares
Inception (7/28/97)	3.98	%
10 Years	5.53
5 Years	8.66
1 Year	13.92
Class Y Shares
Inception (7/28/97)	5.00	%
10 Years	6.59
5 Years	9.77
1 Year	16.09

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Morgan Stanley Technology Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Technology Sector Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Technology Sector Fund. Share class returns will differ from the predecessor fund because of different expenses.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B,


Average Annual Total Returns
As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.56	%
10 Years	5.49
5 Years	9.48
1 Year	7.75
Class B Shares
Inception (11/28/95)	4.94	%
10 Years	5.44
5 Years	9.62
1 Year	8.11
Class C Shares
Inception (7/28/97)	4.11	%
10 Years	5.30
5 Years	9.93
1 Year	12.10
Class Y Shares
Inception (7/28/97)	5.14	%
10 Years	6.35
5 Years	11.02
1 Year	14.27

Class C and Class Y shares was 1.68%, 2.43%, 2.41% and 1.43%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

7 Invesco Technology Sector Fund

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

Unless otherwise stated, information presented in this report is as of April 30, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class Y shares are available to only certain investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than

more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not

produce the desired results.

Technology sector risk. The Fund will concentrate its investments in the securities of issuers engaged primarily in the communications and information industry. 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.

About indexes used in this report

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

The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.

continued on page 6

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Technology Sector Fund

Schedule of Investments^(a)

April 30, 2015


	Shares		Value
Common Stocks & Other Equity Interests–99.09%
Application Software–5.48%
Autodesk, Inc.^(b)		8,050	$	457,481
Monitise PLC (United Kingdom)^(c)		2,573,748		543,257
salesforce.com, inc.^(b)		59,057		4,300,531
				5,301,269

Biotechnology–13.33%
Alkermes PLC^(b)		55,615		3,079,403
Amgen Inc.		11,779		1,860,022
Biogen Inc.^(b)		4,495		1,680,815
Celgene Corp.^(b)		35,455		3,831,267
Gilead Sciences, Inc.^(b)		24,283		2,440,684
				12,892,191

Cable & Satellite–4.24%
DISH Network Corp.–Class A^(b)		45,749		3,095,377
Time Warner Cable Inc.		6,457		1,004,193
				4,099,570

Communications Equipment–5.29%
Cisco Systems, Inc.		105,810		3,050,502
Palo Alto Networks, Inc.^(b)		14,020		2,071,035
				5,121,537

Consumer Electronics–3.89%
Harman International Industries, Inc.		19,579		2,552,710
Sony Corp. (Japan)		40,100		1,211,154
				3,763,864

Data Processing & Outsourced Services–6.93%
Alliance Data Systems Corp.^(b)		4,187		1,244,837
MasterCard, Inc.–Class A		37,645		3,395,955
Visa Inc.–Class A		31,320		2,068,686
				6,709,478

Fertilizers & Agricultural Chemicals–0.46%
Monsanto Co.		3,942		449,230

Health Care Equipment–1.02%
Medtronic PLC		13,222		984,378

Internet Retail–6.02%
Amazon.com, Inc.^(b)		7,789		3,285,245
Priceline Group Inc. (The)^(b)		2,047		2,533,797
				5,819,042

Internet Software & Services–14.78%
Alibaba Group Holding Ltd.–ADR (China)^(b)		25,848		2,101,184
Facebook Inc.–Class A^(b)		53,932		4,248,224
Google Inc.–Class A^(b)		7,637		4,190,957
Google Inc.–Class C^(b)		2,810		1,509,767
LinkedIn Corp.–Class A^(b)		3,848		970,196
Twitter, Inc. ^(b)		32,654		1,272,200
				14,292,528


	Shares		Value
Investment Banking & Brokerage–1.06%
Charles Schwab Corp. (The)		33,527	$	1,022,574

Life Sciences Tools & Services–1.26%
Thermo Fisher Scientific, Inc.		9,687		1,217,462

Pharmaceuticals–5.22%
Actavis PLC^(b)		9,465		2,677,270
Bristol-Myers Squibb Co.		37,218		2,371,903
				5,049,173

Semiconductor Equipment–1.66%
Applied Materials, Inc.		81,066		1,604,296

Semiconductors–11.43%
ARM Holdings PLC–ADR (United Kingdom)		10,929		557,270
Avago Technologies Ltd. (Singapore)		23,916		2,795,302
Micron Technology, Inc.^(b)		17,656		496,663
NXP Semiconductors N.V. (Netherlands)^(b)		34,520		3,318,062
ON Semiconductor Corp.^(b)		117,678		1,355,651
Skyworks Solutions, Inc.		27,466		2,533,739
				11,056,687

Systems Software–7.36%
Check Point Software Technologies Ltd. (Israel)^(b)		30,694		2,562,335
Oracle Corp.		35,560		1,551,127
ServiceNow, Inc.^(b)		40,206		3,009,821
				7,123,283

Technology Hardware, Storage & Peripherals–8.15%
Apple Inc.		62,980		7,881,947

Wireless Telecommunication Services–1.51%
Sprint Corp.^(b)		285,359		1,463,892
Total Common Stocks & Other Equity Interests (Cost $77,699,655)				95,852,401

Money Market Funds–0.06%
Liquid Assets Portfolio–Institutional Class^(d)		29,168		29,168
Premier Portfolio–Institutional Class^(d)		29,169		29,169
Total Money Market Funds (Cost $58,337)				58,337
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.15% (Cost $77,757,992)				95,910,738

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.50%
Liquid Assets Portfolio–Institutional Class (Cost $482,578)^(d)(e)		482,578		482,578
TOTAL INVESTMENTS–99.65% (Cost $78,240,570)				96,393,316
OTHER ASSETS LESS LIABILITIES–0.35%				340,731
NET ASSETS–100.00%			$	96,734,047

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

9 Invesco Technology Sector Fund

Investment Abbreviations:


ADR		– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)

Counterparty

Gross Amount

of Securities on
Loan at Value

Cash Collateral
Received for
Securities Loaned*

Net
Amount

State Street Bank and Trust Co.

414,999

(414,999

)

—

Amount does not include excess collateral received.

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

10 Invesco Technology Sector Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $77,699,655)*	$	95,852,401
Investments in affiliated money market funds, at value and cost		540,915
Total investments, at value (Cost $78,240,570)		96,393,316
Foreign currencies, at value (Cost $1,359)		1,421
Receivable for:
Investments sold		1,711,211
Fund shares sold		14,309
Dividends		26,091
Investment for trustee deferred compensation and retirement plans		28,810
Other assets		20,170
Total assets		98,195,328

Liabilities:
Payable for:
Investments purchased		599,398
Fund shares reacquired		60,323
Collateral upon return of securities loaned		482,578
Accrued fees to affiliates		227,701
Accrued trustees’ and officers’ fees and benefits		2,100
Accrued other operating expenses		58,293
Trustee deferred compensation and retirement plans		30,888
Total liabilities		1,461,281
Net assets applicable to shares outstanding	$	96,734,047

Net assets consist of:
Shares of beneficial interest	$	87,018,010
Undistributed net investment income (loss)		(361,573	)
Undistributed net realized gain (loss)		(8,075,198	)
Net unrealized appreciation		18,152,808
	$	96,734,047


Net Assets:
Class A	$	86,451,052
Class B	$	1,287,398
Class C	$	8,086,809
Class Y	$	908,788

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		5,167,034
Class B		88,690
Class C		556,887
Class Y		51,969
Class A:
Net asset value per share	$	16.73
Maximum offering price per share
(Net asset value of $16.73 ¸ 94.50%)	$	17.70
Class B:
Net asset value and offering price per share	$	14.52
Class C:
Net asset value and offering price per share	$	14.52
Class Y:
Net asset value and offering price per share	$	17.49

*	At April 30, 2015, securities with an aggregate value of $414,999 were on loan to brokers.

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

11 Invesco Technology Sector Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends	$	480,040
Dividends from affiliated money market funds (includes securities lending income of $25,428)		26,251
Total investment income		506,291

Expenses:
Advisory fees		661,373
Administrative services fees		50,000
Custodian fees		11,080
Distribution fees:
Class A		219,143
Class B		15,429
Class C		80,939
Transfer agent fees		413,762
Trustees’ and officers’ fees and benefits		21,480
Other		156,302
Total expenses		1,629,508
Less: Fees waived and expense offset arrangement(s)		(2,986	)
Net expenses		1,626,522
Net investment income (loss)		(1,120,231	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $110,590)		17,846,279
Foreign currencies		753
		17,847,032
Change in net unrealized appreciation (depreciation) of:
Investment securities		(2,673,628	)
Foreign currencies		170
		(2,673,458	)
Net realized and unrealized gain		15,173,574
Net increase in net assets resulting from operations	$	14,053,343

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

12 Invesco Technology Sector Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income (loss)	$	(1,120,231	)	$	(1,057,906	)
Net realized gain		17,847,032			12,197,753
Change in net unrealized appreciation (depreciation)		(2,673,458	)		6,814,907
Net increase in net assets resulting from operations		14,053,343			17,954,754

Share transactions–net:
Class A		(10,076,410	)		(12,872,794	)
Class B		(630,321	)		(1,132,280	)
Class C		(1,000,731	)		(1,334,393	)
Class Y		148,030			(120,418	)
Net increase (decrease) in net assets resulting from share transactions		(11,559,432	)		(15,459,885	)
Net increase in net assets		2,493,911			2,494,869

Net assets:
Beginning of year		94,240,136			91,745,267
End of year (includes undistributed net investment income (loss) of $(361,573) and $(400,592), respectively)	$	96,734,047		$	94,240,136

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The 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.

13 Invesco Technology Sector 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.

F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

14 Invesco Technology Sector 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.

15 Invesco Technology Sector Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.67%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, and Class Y shares to 2.00%, 2.75%, 2.75%, and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $2,663.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended April 30, 2015, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; and (3) Class C — up to 1.00% of the average daily net assets of Class C shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the year ended April 30, 2015, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2015, IDI advised the Fund that IDI retained $2,978 in front-end sales commissions from the sale of Class A shares and $283 and $294 from Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $4,450 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.

16 Invesco Technology Sector Fund

Level 2 —

Level 3 —


	Level 1		Level 2		Level 3		Total
Equity Securities	$	95,182,162	$	1,211,154	$	—	$	96,393,316

NOTE 4—Security Transactions with Affiliated Funds

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 Years April 30, 2015 and 2014:

There were no ordinary of long term gain distributions paid during the years ended April 30, 2015 and 2014.

Tax Components of Net Assets at Period-End:


	2015
Net unrealized appreciation — investments	$	18,152,238
Net unrealized appreciation — other investments		62
Temporary book/tax differences		(28,159	)
Capital loss carryforward		(8,074,690	)
Late-year ordinary loss deferral		(333,414	)
Shares of beneficial interest		87,018,010
Total net assets	$	96,734,047

17 Invesco Technology Sector Fund

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2018	$	8,074,690	$	—	$	8,074,690

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $64,533,625 and $75,978,294, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	22,598,945
Aggregate unrealized (depreciation) of investment securities		(4,446,707	)
Net unrealized appreciation of investment securities	$	18,152,238

Cost of investments for tax purposes is $78,241,078.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on April 30, 2015, undistributed net investment income (loss) was increased by $1,159,250, undistributed net realized gain (loss) was decreased by $3,542 and shares of beneficial interest was decreased by $1,155,708. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		91,896		$	1,488,325			90,843		$	1,263,021
Class B		1,575			21,858			1,133			14,091
Class C		10,709			157,927			16,480			199,372
Class Y		26,038			433,480			25,406			367,619

Automatic conversion of Class B shares to Class A shares:
Class A		28,544			462,730			58,201			794,786
Class B		(32,780	)		(462,730	)		(66,317	)		(794,786	)

Reacquired:
Class A		(746,476	)		(12,027,465	)		(1,088,745	)		(14,930,601	)
Class B		(13,703	)		(189,449	)		(28,878	)		(351,585	)
Class C		(83,489	)		(1,158,658	)		(128,047	)		(1,533,765	)
Class Y		(16,915	)		(285,450	)		(32,988	)		(488,037	)
Net increase (decrease) in share activity		(734,601	)	$	(11,559,432	)		(1,152,912	)	$	(15,459,885	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 78% 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.

18 Invesco Technology Sector Fund

NOTE 12—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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 04/30/15	$	14.49	$	(0.17	)	$	2.41		$	2.24		$	16.73		15.46	%	$	86,451		1.58	%^(d)		1.58	%^(d)		(1.07	)%^(d)		66	%
Year ended 04/30/14		12.01		(0.14	)		2.62			2.48			14.49		20.65			83,926		1.68			1.68			(1.02	)		69
Year ended 04/30/13		12.59		(0.12	)^(e)		(0.46	)^(f)		(0.58	)		12.01		(4.61	)^(f)		80,866		1.82			1.83			(1.00	)^(e)		43
One month ended 04/30/12		12.97		(0.01	)		(0.37	)		(0.38	)		12.59		(2.93	)		99,453		1.71	^(g)		1.71	^(g)		(1.34	)^(g)		4
Year ended 03/31/12		11.70		(0.15	)		1.42	^(f)		1.27			12.97		10.85	^(f)		103,068		1.81			1.82			(1.29	)		38
Year ended 03/31/11		10.27		(0.11	)		1.54			1.43			11.70		13.92			106,661		1.70			1.70			(1.08	)		214
Class B
Year ended 04/30/15		12.66		(0.25	)		2.11			1.86			14.52		14.69			1,287		2.33	^(d)		2.33	^(d)		(1.82	)^(d)		66
Year ended 04/30/14		10.58		(0.21	)		2.29			2.08			12.66		19.66			1,692		2.43			2.43			(1.77	)		69
Year ended 04/30/13		11.18		(0.18	)^(e)		(0.42	)^(f)		(0.60	)		10.58		(5.37	)^(f)		2,408		2.57			2.58			(1.75	)^(e)		43
One month ended 04/30/12		11.52		(0.02	)		(0.32	)		(0.34	)		11.18		(2.95	)		4,309		2.46	^(g)		2.46	^(g)		(2.09	)^(g)		4
Year ended 03/31/12		10.47		(0.20	)		1.25	^(f)		1.05			11.52		10.03	^(f)		4,626		2.56			2.57			(2.04	)		38
Year ended 03/31/11		9.26		(0.17	)		1.38			1.21			10.47		13.07			8,418		2.45			2.45			(1.83	)		214
Class C
Year ended 04/30/15		12.67		(0.25	)		2.10			1.85			14.52		14.60	^(h)		8,087		2.32	^(d)(h)		2.32	^(d)(h)		(1.81	)^(d)(h)		66
Year ended 04/30/14		10.58		(0.21	)		2.30			2.09			12.67		19.75	^(h)		7,976		2.41	^(h)		2.41	^(h)		(1.75	)^(h)		69
Year ended 04/30/13		11.18		(0.18	)^(e)		(0.42	)^(f)		(0.60	)		10.58		(5.37	)^(f)		7,841		2.57			2.58			(1.75	)^(e)		43
One month ended 04/30/12		11.52		(0.02	)		(0.32	)		(0.34	)		11.18		(2.95	)		9,745		2.46	^(g)		2.46	^(g)		(2.09	)^(g)		4
Year ended 03/31/12		10.46		(0.20	)		1.26	^(f)		1.06			11.52		10.13	^(f)		10,152		2.54			2.55			(2.02	)		38
Year ended 03/31/11		9.25		(0.17	)		1.38			1.21			10.46		13.08			10,794		2.45			2.45			(1.83	)		214
Class Y
Year ended 04/30/15		15.10		(0.14	)		2.53			2.39			17.49		15.83			909		1.33	^(d)		1.33	^(d)		(0.82	)^(d)		66
Year ended 04/30/14		12.49		(0.11	)		2.72			2.61			15.10		20.90			647		1.43			1.43			(0.77	)		69
Year ended 04/30/13		13.06		(0.09	)^(e)		(0.48	)^(f)		(0.57	)		12.49		(4.36	)^(f)		630		1.57			1.58			(0.75	)^(e)		43
One month ended 04/30/12		13.45		(0.01	)		(0.38	)		(0.39	)		13.06		(2.90	)		560		1.46	^(g)		1.46	^(g)		(1.09	)^(g)		4
Year ended 03/31/12		12.10		(0.12	)		1.47	^(f)		1.35			13.45		11.16	^(f)		555		1.56			1.57			(1.04	)		38
Year ended 03/31/11		10.59		(0.09	)		1.60			1.51			12.10		14.26			369		1.45			1.45			(0.83	)		214

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $88,120, $1,543, $8,205 and $844 for Class A, Class B, Class C and Class Y shares, respectively.

^(e)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.15) and (1.30)%, $(0.21) and (2.05)%, $(0.21) and (2.05)% and $(0.13) and (1.05)% for Class A, Class B, Class C and Class Y shares, respectively.

^(f)

Includes litigation proceeds received during the period. Had the litigation proceeds not been received Net gains on securities (both realized and unrealized) per share for the year ended April 30, 2013 would have been $(0.55), $(0.51), $(0.51) and $(0.57) for Class A, Class B, Class C and Class Y shares, respectively and total returns would have been lower. Net gains (losses) on securities (both realized and unrealized) per share for the year ended March 31, 2012 would have been $1.29, $1.12, $1.13 and $1.34 for Class A, Class B, Class C and Class Y shares, respectively and total returns would have been lower.

^(g)	Annualized.

^(h)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99% and 0.98% for the years ended April 30, 2015 and 2014, respectively.

19 Invesco Technology Sector 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 Sector Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Technology Sector Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

20 Invesco Technology Sector Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,036.50	$	7.83	$	1,017.11	$	7.75		1.55	%
B		1,000.00		1,032.60		11.59		1,013.39		11.48		2.30
C		1,000.00		1,032.60		11.54		1,013.44		11.43		2.29
Y		1,000.00		1,037.90		6.57		1,018.35		6.51		1.30

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 Sector 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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1 Invesco Technology Sector 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)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

T-2 Invesco Technology Sector 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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

T-3 Invesco Technology Sector 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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Technology Sector Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


SEC file numbers: 811-03826 and 002-85905		MS-TECH-AR-1		Invesco Distributors, Inc.

LOGO

Letters to Shareholders

LOGO

Philip Taylor

Dear Shareholders:

markets, while the Chinese economy was hurt by a slowdown in manufacturing.

Timely information when and where you want it

Have questions?

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

Sincerely,

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

2 Invesco Value Opportunities Fund


Bruce Crockett		Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

		n Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. n Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Value Opportunities Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended April 30, 2015, Class A shares of Invesco Value Opportunities Fund (the Fund), at net asset value (NAV), underperformed the Russell 3000 Value Index, which was the Fund’s style-specific benchmark for most of the reporting period. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 4/30/14 to 4/30/15, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.29	%
Class B Shares	3.34
Class C Shares	2.53
Class R Shares	2.96
Class Y Shares	3.55
Class R5 Shares	3.76
S&P 500 Index^q (Broad Market Index)	12.98
S&P 1500 Value Index^q (Style-Specific Index)*	9.44
Russell 3000 Value Index^q (Former Style-Specific Index)*	8.96
Lipper Multi-Cap Value Funds Index^¢ (Peer Group Index)	9.11

Source(s):^qFactSet Research Systems Inc.; ^¢Lipper Inc
* The Fund has elected to use the S&P 1500 Value Index as its style-specific index rather than the Russell 3000 Value Index because the S&P 1500 Value Index more closely reflects the performance of the types of securities in which the Fund invests.

Market conditions and your Fund

Effective March 30, 2015, the Fund’s portfolio management team was changed to R. Canon Coleman II (lead manager), Jonathan Edwards and Jonathan Mueller. The investment process was changed and the style-specific benchmark was also changed to the S&P 1500 Value Index. The Fund’s investment objective remains the same and the Fund will continue to be a multi-cap offering.

A majority of the Fund’s fiscal year performance is attributable to the investment approach of the previous investment team. The new team seeks to create wealth by maintaining a long-term investment horizon and investing in companies

that are selling at a significant discount to their estimated intrinsic value. We believe intrinsic value represents the inherent business value of portfolio holdings based on our estimates of future cash flow.

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 tend to 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 and have

little information value since we typically structure the portfolio significantly differently than these benchmarks.

US equity markets posted gains during the fiscal year ended April 30, 2015. Corporate earnings were generally resilient throughout, driven by strong profitability across most sectors. Market volatility increased in the second half of the fiscal year as volatile oil prices, a strong US dollar and the US Federal Reserve’s interest rate position fueled investor concerns about US and global economic health.

During the fiscal year, the Fund’s investments in the financials sector contributed the most to absolute returns as well as relative returns versus the Russell 3000 Value Index. JPMorgan Chase, Synchrony Financial and Allstate were all among the top contributors to performance. Allstate was no longer a Fund holding at the end of the reporting period and the new team reduced the Fund’s position in JPMorgan Chase.

Holdings in the consumer discretionary and health care sectors also contributed to Fund performance. US grocer Kroger and health care company UnitedHealth Group were among the largest contributors to results. The previous management team sold the Fund’s investment in UnitedHealth Group during the fiscal year and the new team sold out of the position in Kroger toward the end of the reporting period.

During the fiscal year, unfavorable stock selection and overweight exposure to the energy sector detracted the most from absolute Fund performance as well as relative Fund performance versus the Russell 3000 Value Index. Weak commodity prices hurt several Fund holdings, including coal mining company Peabody Energy and integrated oil and gas com-


Portfolio Composition
By sector

Financials	40.5	%
Industrials	14.1
Information Technology	13.9
Consumer Discretionary	10.6
Health Care	9.3
Consumer Staples	2.9
Energy	2.9
Materials	1.1
Money Market Funds
Plus Other Assets Less Liabilities	4.7


Top 10 Equity Holdings*
1. LPL Financial Holdings, Inc.	4.3	%
2. AECOM	4.0
3. Alere, Inc.	3.8
4. JPMorgan Chase & Co.	3.6
5. AmTrust Financial Services, Inc.	3.3
6. Zions Bancorp.	3.1
7. Citigroup Inc.	3.1
8. TD Ameritrade Holding Corp.	3.0
9. Nu Skin Enterprises, Inc.- Class A	2.8
10. Unum Group	2.8


Total Net Assets	$	928.9 million

Total Number of Holdings*		42

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.

4 Invesco Value Opportunities Fund

panies Petrobras Petroleo Brasilerio, Royal Dutch Shell and Total. By the end of the reporting period, the new team sold the Fund’s positions in Peabody Energy and Petrobras and reduced the Fund’s positions in Royal Dutch Shell and Total.

At the end of the fiscal year, the transition of the portfolio to the new investment process was not yet complete. The new team will seek to adjust portfolio holdings over the next few months while attempting to minimize market impact.

The new team will work hard to protect and grow the Fund’s estimated intrinsic value. We thank you for your investment and for sharing our long-term investment perspective.

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

R. Canon Coleman II

Chartered Financial Analyst, Portfolio Manager, is lead manager of Invesco Value Opportunities Fund. He joined

Invesco in 1999. Mr. Coleman earned a BS and an MS in accounting from the University of Florida. He also earned an MBA from the Wharton School of the University of Pennsylvania.

Jonathan Edwards

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Value Opportunities Fund. He joined Invesco in

2001. Mr. Edwards earned a BS in economics from Texas A&M University and an MBA from The University of Texas at Austin.

Jonathan Mueller

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Value Opportunities Fund. He joined Invesco

in 2001. Mr. Mueller earned a BBA in accounting from Texas Christian University and an MBA in finance from The University of Texas at Austin. He is also a Certified Public Accountant.

5 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 4/30/05

LOGO

1	Source: FactSet Research Systems Inc.

2	Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

During the reporting period, the Fund elected to use the S&P 1500 Value Index as its style-specific index rather than the Russell 3000 Value Index because the S&P 1500 Value Index more closely reflects the performance of the types of securities in which the Fund invests. Because this is the first reporting period since we have adopted the new index, SEC guidelines require that we compare performance to both the old and new indexes.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Value Opportunities Fund


Average Annual Total Returns As of 4/30/15, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	4.98	%
10 Years	4.72
5 Years	9.86
1 Year	–2.40

Class B Shares
Inception (6/25/01)	4.95	%
10 Years	4.85
5 Years	10.74
1 Year	–1.66

Class C Shares
Inception (6/25/01)	4.65	%
10 Years	4.55
5 Years	10.34
1 Year	1.53

Class R Shares
10 Years	5.05	%
5 Years	10.83
1 Year	2.96

Class Y Shares
Inception (3/23/05)	5.36	%
10 Years	5.56
5 Years	11.36
1 Year	3.55

Class R5 Shares
10 Years	5.53	%
5 Years	11.56
1 Year	3.76

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

Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and


Average Annual Total Returns As of 3/31/15, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	5.02	%
10 Years	4.43
5 Years	9.90
1 Year	–2.00

Class B Shares
Inception (6/25/01)	4.99	%
10 Years	4.57
5 Years	10.76
1 Year	–1.29

Class C Shares
Inception (6/25/01)	4.69	%
10 Years	4.28
5 Years	10.39
1 Year	2.05

Class R Shares
10 Years	4.77	%
5 Years	10.88
1 Year	3.46

Class Y Shares
Inception (3/23/05)	5.41	%
10 Years	5.27
5 Years	11.41
1 Year	3.48

Class R5 Shares
10 Years	5.24	%
5 Years	11.60
1 Year	4.19

includes the 12b-1 fees applicable to Class A shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.24%, 1.24%, 1.95%, 1.49%, 0.99% and 0.82%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date

of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.25%, 1.25%, 1.96%, 1.50%, 1.00% and 0.83%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

7 Invesco Value Opportunities Fund

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, 2015, and is based on total net assets.

Unless otherwise noted, all data provided by Invesco.

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

About share classes

Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

Class Y shares are available only to certain investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

Convertible securities risk. The Fund may own convertible securities, the value of which may be affected by market interest rates, the risk that the issuer will default, the value of the underlying stock or the right of the issuer to buy back the convertible securities.

risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Focus risk. The Fund may from time to time invest a greater amount of its assets in a sector or industries than the Fund’s benchmark or other comparable

funds. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or industries and there is increased risk to the Fund if conditions adversely affect that sector or industries.

Initial public offerings (IPO) risk. The prices of IPO securities fluctuate more than prices of equity securities of companies with longer trading histories. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories. There can be no assurance that the Fund will have favorable IPO investment opportunities.

Management risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Preferred securities risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Value Opportunities Fund

Unseasoned issuer risk. Investments in unseasoned companies or companies with special circumstances often involve much greater risks than are inherent in other types of investments and securities of such companies may be more likely to experience fluctuations in price. In addition, investments made in anticipation of future events may, if the events are delayed or never achieved, cause stock prices to fall.

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 combines the value stocks of the S&P 500 Index, S&P MidCap 400 Index and S&P Small Cap 600 Index.

The Russell 3000^® Value Index is an unmanaged index considered representative of US value stocks. The Russell 3000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

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

The S&P MidCap 400^® Index is an unmanaged index considered representative of mid-sized US companies.

The S&P Small Cap 600^® Index is a market-value weighted index considered representative of small-cap US stocks.

Other information

CPA^® and Certified Public Accountant^® are trademarks owned by the American Institute of Certified Public Accountants.

9 Invesco Value Opportunities Fund

Schedule of Investments^(a)

April 30, 2015


		Shares		Value
Common Stocks & Other Equity Interests–95.26%
Advertising–2.24%
Omnicom Group Inc.			274,855	$	20,823,015

Air Freight & Logistics–1.29%
UTi Worldwide, Inc.^(b)			1,329,448		12,004,915

Asset Management & Custody Banks–1.68%
Affiliated Managers Group, Inc.^(b)			69,200		15,648,196

Auto Parts & Equipment–4.57%
Dana Holding Corp.			902,900		19,475,553
Gentex Corp.			1,324,800		22,985,280
					42,460,833

Automobile Manufacturers–1.79%
Nissan Motor Co., Ltd. (Japan)			1,603,500		16,606,915

Building Products–1.82%
Owens Corning Inc.			436,500		16,875,090

Construction & Engineering–3.97%
AECOM^(b)			1,169,300		36,903,108

Consumer Finance–2.66%
Synchrony Financial^(b)			791,700		24,661,455

Diversified Banks–11.81%
Bank of America Corp.			1,513,866		24,115,885
Citigroup Inc.			533,121		28,426,012
JPMorgan Chase & Co.			525,464		33,240,853
Wells Fargo & Co.			433,625		23,892,737
					109,675,487

Electronic Components–2.65%
Belden Inc.			293,600		24,647,720

Electronic Equipment & Instruments–0.77%
FLIR Systems, Inc.			231,867		7,162,372

Electronic Manufacturing Services–2.25%
Flextronics International Ltd.^(b)			1,813,900		20,905,197

Health Care Supplies–3.79%
Alere, Inc.^(b)			742,200		35,239,656

Hotels, Resorts & Cruise Lines–1.99%
Carnival Corp.			420,900		18,506,973

Human Resource & Employment Services–2.00%
ManpowerGroup Inc.			217,400		18,550,742

Industrial Conglomerates–2.33%
General Electric Co.			799,845		21,659,802

Integrated Oil & Gas–2.93%
Royal Dutch Shell PLC–Class A–ADR (United Kingdom)			141,188		8,955,555
TOTAL S.A.–ADR (France)	��		337,100		18,237,110
					27,192,665


	Shares		Value
Internet Software & Services–1.38%
Google Inc.–Class C^(b)		23,765	$	12,769,980

Investment Banking & Brokerage–9.44%
E*TRADE Financial Corp.^(b)		673,600		19,392,944
LPL Financial Holdings, Inc.		995,100		40,271,697
TD Ameritrade Holding Corp.		773,400		28,035,750
				87,700,391

Life & Health Insurance–6.48%
Aflac, Inc.		237,700		14,984,608
MetLife, Inc.		382,000		19,592,780
Unum Group		748,674		25,574,704
				60,152,092

Personal Products–2.84%
Nu Skin Enterprises, Inc.–Class A		467,100		26,414,505

Pharmaceuticals–5.52%
Bristol-Myers Squibb Co.		239,405		15,257,281
Novartis AG (Switzerland)		212,300		21,938,173
Pfizer Inc.		414,700		14,070,771
				51,266,225

Property & Casualty Insurance–3.27%
AmTrust Financial Services, Inc.		511,500		30,418,905

Regional Banks–5.17%
First Horizon National Corp.		1,321,400		18,829,950
Zions Bancorp.		1,031,100		29,216,218
				48,046,168

Semiconductor Equipment–1.84%
Lam Research Corp.		225,900		17,073,522

Semiconductors–3.36%
NXP Semiconductors N.V. (Netherlands)^(b)		91,700		8,814,204
ON Semiconductor Corp.^(b)		1,941,800		22,369,536
				31,183,740

Steel–1.13%
Allegheny Technologies, Inc.		308,700		10,492,713

Systems Software–2.29%
Oracle Corp.		487,900		21,282,198

Technology Distributors–2.00%
CDW Corp.		484,019		18,547,608
Total Common Stocks & Other Equity Interests (Cost $782,744,991)				884,872,188

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

10 Invesco Value Opportunities Fund


	Shares		Value
Money Market Funds–3.41%
Liquid Assets Portfolio–Institutional Class^(c)		15,846,247	$	15,846,247
Premier Portfolio–Institutional Class^(c)		15,846,248		15,846,248
Total Money Market Funds (Cost $31,692,495)				31,692,495
TOTAL INVESTMENTS–98.67% (Cost $814,437,486)				916,564,683
OTHER ASSETS LESS LIABILITIES–1.33%				12,368,544
NET ASSETS–100.00%			$	928,933,227

Investment Abbreviations:

ADR – American

Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

11 Invesco Value Opportunities Fund

Statement of Assets and Liabilities

April 30, 2015


Assets:
Investments, at value (Cost $782,744,991)	$	884,872,188
Investments in affiliated money market funds, at value and cost		31,692,495
Total investments, at value (Cost $814,437,486)		916,564,683
Foreign currencies, at value (Cost $574,137)		583,830
Receivable for:
Investments sold		50,656,620
Fund shares sold		153,429
Dividends		654,372
Investment for trustee deferred compensation and retirement plans		490,454
Other assets		45,835
Total assets		969,149,223

Liabilities:
Payable for:
Investments purchased		37,632,848
Fund shares reacquired		1,145,500
Accrued fees to affiliates		767,218
Accrued trustees’ and officers’ fees and benefits		2,782
Accrued other operating expenses		98,993
Trustee deferred compensation and retirement plans		568,655
Total liabilities		40,215,996
Net assets applicable to shares outstanding	$	928,933,227

Net assets consist of:
Shares of beneficial interest	$	790,152,540
Undistributed net investment income		7,032,311
Undistributed net realized gain		29,615,728
Net unrealized appreciation		102,132,648
	$	928,933,227


Net Assets:
Class A	$	754,084,410
Class B	$	28,911,785
Class C	$	99,994,311
Class R	$	20,695,818
Class Y	$	22,295,163
Class R5	$	2,951,740

Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		52,202,202
Class B		2,030,968
Class C		7,105,416
Class R		1,435,887
Class Y		1,549,198
Class R5		204,767
Class A:
Net asset value per share	$	14.45
Maximum offering price per share
(Net asset value of $14.45 ¸ 94.50%)	$	15.29
Class B:
Net asset value and offering price per share	$	14.24
Class C:
Net asset value and offering price per share	$	14.07
Class R:
Net asset value and offering price per share	$	14.41
Class Y:
Net asset value and offering price per share	$	14.39
Class R5:
Net asset value and offering price per share	$	14.42

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

12 Invesco Value Opportunities Fund

Statement of Operations

For the year ended April 30, 2015


Investment income:
Dividends (net of foreign withholding taxes of $751,976)	$	20,441,706
Dividends from affiliated money market funds (includes securities lending income of $162,362)		179,774
Total investment income		20,621,480

Expenses:
Advisory fees		6,510,864
Administrative services fees		250,484
Custodian fees		32,470
Distribution fees:
Class A		1,978,108
Class B		89,906
Class C		1,031,872
Class R		112,731
Transfer agent fees — A, B, C, R and Y		2,493,286
Transfer agent fees — R5		3,502
Trustees’ and officers’ fees and benefits		50,620
Other		295,597
Total expenses		12,849,440
Less: Fees waived and expense offset arrangement(s)		(67,807	)
Net expenses		12,781,633
Net investment income		7,839,847

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		189,800,112
Foreign currencies		(129,936	)
		189,670,176
Change in net unrealized appreciation (depreciation) of:
Investment securities		(165,813,644	)
Foreign currencies		(18,372	)
		(165,832,016	)
Net realized and unrealized gain		23,838,160
Net increase in net assets resulting from operations	$	31,678,007

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

13 Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the years ended April 30, 2015 and 2014


	2015			2014
Operations:
Net investment income	$	7,839,847		$	16,031,248
Net realized gain		189,670,176			80,135,916
Change in net unrealized appreciation (depreciation)		(165,832,016	)		82,450,217
Net increase in net assets resulting from operations		31,678,007			178,617,381

Distributions to shareholders from net investment income:
Class A		(13,398,612	)		(8,166,294	)
Class B		(598,258	)		(499,285	)
Class C		(1,086,719	)		(478,306	)
Class R		(329,420	)		(183,768	)
Class Y		(496,839	)		(191,550	)
Class R5		(108,572	)		(35,996	)
Total distributions from net investment income		(16,018,420	)		(9,555,199	)

Share transactions–net:
Class A		(67,932,974	)		(76,269,064	)
Class B		(12,926,619	)		(18,243,683	)
Class C		(9,406,607	)		(12,420,674	)
Class R		(2,910,901	)		(766,252	)
Class Y		5,956,049			984,968
Class R5		675,619			(186,335	)
Net increase (decrease) in net assets resulting from share transactions		(86,545,433	)		(106,901,040	)
Net increase (decrease) in net assets		(70,885,846	)		62,161,142

Net assets:
Beginning of year		999,819,073			937,657,931
End of year (includes undistributed net investment income of $7,032,311 and $15,334,166, respectively)	$	928,933,227		$	999,819,073

Notes to Financial Statements

April 30, 2015

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

14 Invesco Value Opportunities Fund

listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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.

15 Invesco Value Opportunities Fund

Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. Prior to June 1, 2010, incremental transfer agency fees which were unique to each class of shares were charged to the operations of such class.

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.

16 Invesco Value Opportunities Fund

securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $250 million		0	.695%
Next $250 million		0	.67%
Next $500 million		0	.645%
Next $1.5 billion		0	.62%
Next $2.5 billion		0	.595%
Next $2.5 billion		0	.57%
Next $2.5 billion		0	.545%
Over $10 billion		0	.52%

For the year ended April 30, 2015, the effective advisory fees incurred by the Fund was 0.66%.

The Adviser has contractually agreed, through at least June 30, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class B, Class C, Class R, Class Y and Class R5 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

For the year ended April 30, 2015, the Adviser waived advisory fees of $58,373.

For the year ended April 30, 2015, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

17 Invesco Value Opportunities Fund

sales commissions from the sale of Class A shares and $593, $5,537 and $3,239 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended April 30, 2015, the Fund incurred $6,153 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 —

Level 3 —


	Level 1		Level 2		Level 3		Total
Equity Securities	$	878,019,595	$	38,545,088	$	—	$	916,564,683

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

18 Invesco Value Opportunities 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, 2015 and 2014:


	2015		2014
Ordinary income	$	16,018,420	$	9,555,199

Tax Components of Net Assets at Period-End:


	2015
Undistributed ordinary income	$	7,580,710
Undistributed long-term gain		41,537,165
Net unrealized appreciation — investments		95,934,050
Net unrealized appreciation — other investments		5,451
Temporary book/tax differences		(548,399	)
Capital loss carryforward		(5,728,290	)
Shares of beneficial interest		790,152,540
Total net assets	$	928,933,227

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
April 30, 2017	$	5,728,290	$	—	$	5,728,290

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2015 was $595,965,171 and $690,256,228, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	121,725,100
Aggregate unrealized (depreciation) of investment securities		(25,791,050	)
Net unrealized appreciation of investment securities	$	95,934,050

Cost of investments for tax purposes is $820,630,633.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on April 30, 2015, undistributed net investment income was decreased by $123,282 and undistributed net realized gain was increased by $123,282. This reclassification had no effect on the net assets of the Fund.

19 Invesco Value Opportunities Fund

NOTE 10—Share Information


	Summary of Share Activity
	Years ended April 30,
	2015^(a)						2014
	Shares			Amount			Shares			Amount
Sold:
Class A		2,716,314		$	39,457,272			2,705,848		$	35,646,362
Class B		36,886			531,104			85,389			1,111,173
Class C		337,383			4,782,840			436,925			5,606,047
Class R		201,018			2,906,789			272,680			3,586,825
Class Y		758,929			11,122,721			326,914			4,349,047
Class R5		210,209			3,034,929			23,475			306,850

Issued as reinvestment of dividends:
Class A		899,684			12,613,579			574,936			7,704,141
Class B		42,307			584,677			36,962			488,274
Class C		73,038			1,000,620			34,092			446,279
Class R		23,529			329,406			13,728			183,675
Class Y		31,795			443,860			12,845			171,744
Class R5		7,761			108,425			2,677			35,869

Automatic conversion of Class B shares to Class A shares:
Class A		635,219			9,274,242			922,635			12,285,424
Class B		(644,532	)		(9,274,242	)		(936,026	)		(12,285,424	)

Reacquired:
Class A		(8,885,952	)		(129,278,067	)		(10,024,823	)		(131,904,991	)
Class B		(331,153	)		(4,768,158	)		(579,323	)		(7,557,706	)
Class C		(1,072,227	)		(15,190,067	)		(1,421,906	)		(18,473,000	)
Class R		(425,240	)		(6,147,096	)		(347,156	)		(4,536,752	)
Class Y		(385,923	)		(5,610,532	)		(266,967	)		(3,535,823	)
Class R5		(169,277	)		(2,467,735	)		(39,299	)		(529,054	)
Net increase (decrease) in share activity		(5,940,232	)	$	(86,545,433	)		(8,166,394	)	$	(106,901,040	)

^(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 Value Opportunities Fund

NOTE 11—Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/ or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 04/30/15	$	14.24	$	0.13		$	0.33		$	0.46		$	(0.25	)	$	—		$	(0.25	)	$	14.45		3.29	%	$	754,084		1.22	%^(d)		1.23	%^(d)		0.88	%^(d)		64	%
Year ended 04/30/14		11.97		0.23	^(e)		2.18			2.41			(0.14	)		—			(0.14	)		14.24		20.21			809,243		1.23			1.24			1.71	^(e)		16
Year ended 04/30/13		10.24		0.12			1.72			1.84			(0.10	)		(0.01	)		(0.11	)		11.97		18.15			749,819	��	1.26			1.27			1.14			15
Year ended 04/30/12		10.18		0.09			(0.03	)		0.06			(0.00	)		—			(0.00	)		10.24		0.60			740,384		1.40			1.40			0.92			46
One month ended 04/30/11		9.98		(0.00	)		0.20			0.20			—			—			—			10.18		2.00			44,328		1.40	^(f)		1.98	^(f)		(0.51	)^(f)		2
Year ended 03/31/11		8.95		0.06			1.06			1.12			(0.09	)		—			(0.09	)		9.98		12.61			43,855		1.42			1.47			0.68			80
Class B
Year ended 04/30/15		14.03		0.13			0.33			0.46			(0.25	)		—			(0.25	)		14.24		3.34	^(g)		28,912		1.22	^(d)(g)		1.23	^(d)(g)		0.88	^(d)(g)		64
Year ended 04/30/14		11.80		0.22	^(e)		2.15			2.37			(0.14	)		—			(0.14	)		14.03		20.16	^(g)		41,084		1.23	^(g)		1.24	^(g)		1.71	^(e)(g)		16
Year ended 04/30/13		10.09		0.12			1.70			1.82			(0.10	)		(0.01	)		(0.11	)		11.80		18.25	^(g)		50,968		1.26	^(g)		1.27	^(g)		1.14	^(g)		15
Year ended 04/30/12		10.04		0.09			(0.04	)		0.05			—			—			—			10.09		0.50	^(g)		67,547		1.38	^(g)		1.38	^(g)		0.94	^(g)		46
One month ended 04/30/11		9.84		(0.00	)		0.20			0.20			—			—			—			10.04		2.03	^(g)		7,331		1.46	^(f)(g)		2.04	^(f)(g)		(0.57	)^(f)(g)		2
Year ended 03/31/11		8.79		0.01			1.04			1.05			—			—			—			9.84		11.95	^(g)		7,392		1.99	^(g)		2.04	^(g)		0.11	^(g)		80
Class C
Year ended 04/30/15		13.87		0.02			0.33			0.35			(0.15	)		—			(0.15	)		14.07		2.53	^(g)		99,994		1.95	^(d)(g)		1.96	^(d)(g)		0.15	^(d)(g)		64
Year ended 04/30/14		11.67		0.13	^(e)		2.13			2.26			(0.06	)		—			(0.06	)		13.87		19.38	^(g)		107,754		1.94	^(g)		1.95	^(g)		1.00	^(e)(g)		16
Year ended 04/30/13		9.99		0.05			1.67			1.72			(0.03	)		(0.01	)		(0.04	)		11.67		17.26	^(g)		101,772		1.96	^(g)		1.97	^(g)		0.44	^(g)		15
Year ended 04/30/12		10.00		0.02			(0.03	)		(0.01	)		—			—			—			9.99		(0.10	)^(g)		101,785		2.11	^(g)		2.11	^(g)		0.21	^(g)		46
One month ended 04/30/11		9.80		(0.01	)		0.21			0.20			—			—			—			10.00		2.04	^(g)		8,021		2.07	^(f)(g)		2.65	^(f)(g)		(1.18	)^(f)(g)		2
Year ended 03/31/11		8.77		0.01			1.03			1.04			(0.01	)		—			(0.01	)		9.80		11.81	^(g)		8,033		2.06	^(g)		2.11	^(g)		0.04	^(g)		80
Class R
Year ended 04/30/15		14.20		0.09			0.33			0.42			(0.21	)		—			(0.21	)		14.41		3.03			20,696		1.47	^(d)		1.48	^(d)		0.63	^(d)		64
Year ended 04/30/14		11.94		0.19	^(e)		2.18			2.37			(0.11	)		—			(0.11	)		14.20		19.91			23,247		1.48			1.49			1.46	^(e)		16
Year ended 04/30/13		10.22		0.09			1.72			1.81			(0.08	)		(0.01	)		(0.09	)		11.94		17.80			20,272		1.51			1.52			0.89			15
Year ended 04/30/12^(h)		9.89		0.07			0.26			0.33			(0.00	)		—			(0.00	)		10.22		3.35			19,599		1.65	^(f)		1.65	^(f)		0.67	^(f)		46
Class Y⁽ⁱ⁾
Year ended 04/30/15		14.21		0.16			0.33			0.49			(0.31	)		—			(0.31	)		14.39		3.55			22,295		0.97	^(d)		0.98	^(d)		1.13	^(d)		64
Year ended 04/30/14		11.94		0.26	^(e)		2.18			2.44			(0.17	)		—			(0.17	)		14.21		20.53			16,266		0.98			0.99			1.96	^(e)		16
Year ended 04/30/13		10.22		0.15			1.71			1.86			(0.13	)		(0.01	)		(0.14	)		11.94		18.39			12,799		1.01			1.02			1.39			15
Year ended 04/30/12		10.14		0.11			(0.03	)		0.08			(0.00	)		—			(0.00	)		10.22		0.80			11,424		1.15			1.15			1.17			46
One month ended 04/30/11		9.93		(0.00	)		0.21			0.21			—			—			—			10.14		2.11			4,826		1.15	^(f)		1.73	^(f)		(0.26	)^(f)		2
Year ended 03/31/11		8.94		0.08			1.05			1.13			(0.14	)		—			(0.14	)		9.93		12.75			4,757		1.17			1.22			0.93			80
Class R5
Year ended 04/30/15		14.25		0.19			0.33			0.52			(0.35	)		—			(0.35	)		14.42		3.76			2,952		0.82	^(d)		0.83	^(d)		1.28	^(d)		64
Year ended 04/30/14		11.99		0.28	^(e)		2.18			2.46			(0.20	)		—			(0.20	)		14.25		20.67			2,225		0.81			0.82			2.13	^(e)		16
Year ended 04/30/13		10.26		0.18			1.73			1.91			(0.17	)		(0.01	)		(0.18	)		11.99		18.82			2,029		0.73			0.74			1.67			15
Year ended 04/30/12^(h)		9.85		0.14			0.27			0.41			(0.00	)		—			(0.00	)		10.26		4.18			4,040		0.81	^(f)		0.81	^(f)		1.51	^(f)		46

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended April 30, 2012, the portfolio turnover calculation excludes the value of securities purchased of $846,280,438 and sold of $257,706,685 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Basic Value Fund into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $791,243, $35,962, $105,669, $22,546, $21,443 and $3,502 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(e)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.15 and 1.07%, $0.14 and 1.07%, $0.05 and 0.36%, $0.11 and 0.82%, $0.18 and 1.32% and $0.20 and 1.49% for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

^(f)	Annualized.

^(g)

The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25% for Class B and 0.98% for Class C for the year ended April 30, 2015, 0.25% for Class B shares and 0.96% for Class C shares for the year ended April, 30, 2014, 0.25% for Class B shares and 0.95% for Class C shares for the year ended April 30, 2013, 0.23% for Class B shares and 0.96% for Class C shares for the year ended April 30, 2012, 0.31% for Class B shares and 0.92% for Class C shares for the period April 1, 2011 to April 30, 2011 and 0.82% for Class B shares and 0.89% for Class C shares for the year ended March 31, 2011.

^(h)	Commencement date of May 23, 2011.

⁽ⁱ⁾	On June 1, 2010, the Fund’s former Class I shares were reorganized into Class Y shares.

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:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Invesco Value Opportunities Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), hereafter referred to as the “Fund”) at April 30, 2015, 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 then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases have not been received, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

June 22, 2015

Houston, Texas

22 Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (11/01/14)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)¹		Expenses Paid During Period²		Ending Account Value (04/30/15)		Expenses Paid During Period²		Annualized Expense Ratio
A	$	1,000.00	$	1,003.40	$	6.11	$	1,018.70	$	6.16		1.23	%
B		1,000.00		1,003.40		6.11		1,018.70		6.16		1.23
C		1,000.00		999.40		9.77		1,015.03		9.84		1.97
R		1,000.00		1,001.40		7.34		1,017.46		7.40		1.48
Y		1,000.00		1,004.40		4.87		1,019.93		4.91		0.98
R5		1,000.00		1,005.10		4.08		1,020.73		4.11		0.82

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, 2015:


Federal and State Income Tax
Qualified Dividend Income*	100	%
Corporate Dividends Received Deduction*	94.12	%
U.S. Treasury Obligations*	0	%

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

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 Persons
Martin L. Flanagan¹ — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, 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).	144	None
Philip A. Taylor² — 1954 Trustee, President and Principal Executive Officer	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Trustee and Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None
Independent Trustees
Bruce L. Crockett — 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	ALPS (Attorneys Liability Protection Society) (insurance company) and Globe Specialty Metals, Inc. (metallurgical company)

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

²	Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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—(continued)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital
James T. Bunch — 1942 Trustee	2000	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Founder, Green Manning & Bunch Ltd. (investment banking firm) (1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation	144	Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Vice Chair, Denver Film Society
Rodney F. Dammeyer — 1940 Trustee	2010	Chairman of CAC,LLC, (private company offering capital investment and management advisory services) Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments; Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International); Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc., Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.; From 1987 to 2010, Director/Trustee of investment companies in the Van Kampen Funds complex	144	Director of Quidel Corporation and Stericycle, Inc.
Albert R. Dowden — 1941 Trustee	2003	Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management); Nature’s Sunshine Products, Inc. and Reich & Tang Funds (5 portfolios) (registered investment company) Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)	144	Director of: Nature’s Sunshine Products, Inc., Reich & Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group
Jack M. Fields — 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch, L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit) Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2003	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	1997	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Hugo F. Sonnenschein — 1940 Trustee	2010	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000, President of the University of Chicago	144	Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None

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)
Suzanne H. Woolsey — 1941 Trustee	2014	Chief Executive Officer of Woolsey Partners LLC	144	Emeritus Chair of the Board of Trustees of the Institute for Defense Analyses; Trustee of Colorado College; Trustee of California Institute of Technology; Prior to 2014, Director of Fluor Corp.; Prior to 2010, Trustee of the German Marshall Fund of the United States; Prior to 2010 Trustee of the Rocky Mountain Institute
Other Officers
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Vice President	2003	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only) Formerly: Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A

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
Other Officers—(continued)
Sheri Morris — 1964 Vice President, Treasurer and Principal Financial Officer	2003	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2006	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) Formerly: Chief Compliance Officer, Invesco Funds (Chicago); Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc. (registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company	N/A	N/A

T-4 Invesco Value Opportunities Fund

LOGO

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The SEC file numbers for the Fund are shown below.


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


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

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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 expert is Raymond Stickel, Jr. Mr. Stickel is “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(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 follows:


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2015		(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2015 Pursuant to Waiver of Pre- Approval Requirement⁽¹⁾			Fees Billed for Services Rendered to the Registrant for fiscal year end 2014		(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2014 Pursuant to Waiver of Pre- Approval Requirement⁽¹⁾
Audit Fees	$	272,400		N/A		$	264,500		N/A
Audit-Related Fees⁽²⁾	$	0		0	%	$	6,500		0	%
Tax Fees⁽³⁾	$	82,775		0	%	$	98,950		0	%
All Other Fees	$	0		0	%	$	0		0	%

Total Fees	$	355,175		0	%	$	369,950		0	%

(g) PWC billed the Registrant aggregate non-audit fees of $82,775 for the fiscal year ended 2015, and $105,450 for the fiscal year ended 2014, for non-audit services rendered to the Registrant.

(1)

With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2)

Audit-Related fees for the fiscal year end April 30, 2014 includes fees billed for agreed upon procedures related to fund mergers.

(3)

Tax fees for the fiscal year end April 30, 2015 includes fees billed for reviewing tax returns. Tax fees for fiscal year end April 30, 2014 includes fees billed for reviewing tax returns.

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 follows:


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2015 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2015 Pursuant to Waiver of Pre- Approval Requirement⁽¹⁾			Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2014 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		(e)(2) Percentage of Fees Billed Applicable to Non-Audit Services Provided for fiscal year end 2014 Pursuant to Waiver of Pre- Approval Requirement⁽¹⁾
Audit-Related Fees	$	574,000		0	%	$	574,000		0	%
Tax Fees	$	0		0	%	$	0		0	%
All Other Fees	$	0		0	%	$	0		0	%

Total Fees⁽²⁾	$	574,000		0	%	$	574,000		0	%

(1)

With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee prior to the completion of the audit.

(2)	Audit-Related fees for the year end 2015 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2014 include fees billed related to reviewing controls at a service organization.

(g) Including the fees for services not required to be pre-approved by the registrant’s audit committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $4,662,446 for the fiscal year ended 2015, and $1,378,855 for the fiscal year ended 2014, for non-audit services rendered to Invesco and Invesco Affiliates.

(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.

(f) Not applicable.

(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 May 4, 2010

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committees of the Funds’ (the “Audit Committees”) Board of Trustees (the “Board”) are responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committees pre-approve the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committees (“general pre-approval”) or require the specific pre-approval of the Audit Committees (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committees before payment is made. The Audit Committees will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committees will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally on an annual basis. The term of any general pre-approval runs from the date of such pre-approval through September 30^th of the following year, unless the Audit Committees consider a different period and state otherwise. The Audit Committees will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committees in fulfilling their responsibilities.

Delegation

The Audit Committees may from time to time delegate pre-approval authority to one or more of its members who are Independent Trustees. All decisions to pre-approve a service by a delegated member shall be reported to the Audit Committees at the next quarterly meeting.

Audit Services

The annual audit services engagement terms will be subject to specific pre-approval of the Audit Committees. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committees will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committees may grant either general or specific pre-approval of other audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committees may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committees’ general principles and policies as set forth herein.

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 the 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; and agreed-upon procedures related to mergers, compliance with ratings agency requirements and interfund lending activities.

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 Committees will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committees will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committees’ pre-approval of permissible Tax services, the Auditor shall:

Describe in writing to the Audit Committees, which writing may be in the form of the proposed engagement letter:

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

Discuss with the Audit Committees the potential effects of the services on the independence of the Auditor; and

Document the substance of its discussion with the Audit Committees.

All Other Auditor Services

The Audit Committees may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committees. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committees at the quarterly Audit Committees meeting and will require specific approval by the Audit Committees before payment is made. The Audit Committees will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

Generally on an annual basis, Invesco Advisers, Inc. (“Invesco”) will submit to the Audit Committees for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committees will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice and whether such services and fees had been pre-approved and if so, by what means.

Each request to provide services that require specific approval by the Audit Committees shall be submitted to the Audit Committees jointly by the Fund’s Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the policies and procedures and the SEC Rules.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committees will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committees the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committees for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committees have designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committees on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management of Invesco will immediately report to the chairman of the Audit Committees any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management of Invesco.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s 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

●

Internal audit outsourcing services

Categorically Prohibited 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

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

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 May 15, 2015, 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 May 15, 2015, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.

12(a) (1)

Code of Ethics.

12(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)

Not applicable.

12(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Sector Funds (Invesco Sector Funds)


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		July 9, 2015

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		July 9, 2015


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		July 9, 2015

EXHIBIT INDEX


12(a) (1)		Code of Ethics.

12(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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