OMB APPROVAL

OMB Number: 3235-0570

Expires: August 31, 2011

Estimated average burden
hours per response:   18.9

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 811-01424

AIM Equity Funds (Invesco Equity Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 2500 Houston, Texas	77046
(Address of principal executive offices)	(Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 2500 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: 10/31

Date of reporting period: 04/30/10

Item 1. Reports to Stockholders.

Invesco Capital Development Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Capital Development Fund was renamed Invesco Capital Development Fund.

 EX-99.CERT

 EX-99.906CERT

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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	19.69	%
Class B Shares	19.21
Class C Shares	19.13
Class R Shares	19.52
Class Y Shares	19.79
Investor Class Shares	19.68
Institutional Class Shares	19.91
S&P 500 Index▼ (Broad Market Index)	15.66
Russell Midcap Growth Index▼ (Style-Specific Index)	23.23
Lipper Mid-Cap Growth Funds Index▼ (Peer Group Index)	22.44

^▼Lipper Inc.

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

     The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
     The Lipper Mid-Cap Growth Funds Index is an unmanaged index considered representative of mid-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2 Invesco Capital Development Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable sales charges
Class A Shares
Inception (6/17/96)	6.96	%
10 Years	1.70
5 Years	3.09
1 Year	34.14
Class B Shares
Inception (10/1/96)	6.19	%
10 Years	1.72
5 Years	3.20
1 Year	35.78
Class C Shares
Inception (8/4/97)	4.78	%
10 Years	1.56
5 Years	3.48
1 Year	39.72
Class R Shares
10 Years	2.07	%
5 Years	4.00
1 Year	41.46
Class Y Shares
10 Years	2.32	%
5 Years	4.35
1 Year	42.24
Investor Class Shares
10 Years	2.28	%
5 Years	4.26
1 Year	41.90
Institutional Class Shares
Inception (3/15/02)	4.25	%
5 Years	4.78
1 Year	42.52

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Investor Class shares incepted on November 30, 2004. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges
Class A Shares
Inception (6/17/96)	6.90	%
10 Years	0.66
5 Years	1.79
1 Year	47.83
Class B Shares
Inception (10/1/96)	6.12	%
10 Years	0.67
5 Years	1.90
1 Year	50.37
Class C Shares
Inception (8/4/97)	4.70	%
10 Years	0.53
5 Years	2.17
1 Year	54.31
Class R Shares
10 Years	1.03	%
5 Years	2.70
1 Year	56.14
Class Y Shares
10 Years	1.27	%
5 Years	3.03
1 Year	56.98
Investor Class Shares
10 Years	1.24	%
5 Years	2.95
1 Year	56.61
Institutional Class Shares
Inception (3/15/02)	4.11	%
5 Years	3.45
1 Year	57.36

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares

was 1.45%, 2.20%, 2.20%, 1.70%, 1.20%, 1.45% 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 R, Class Y, Investor Class and Institutional 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.

3 Invesco Capital Development Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.
     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.
     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication
Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

4 Invesco Capital Development Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.86%
Aerospace & Defense–1.28%
Goodrich Corp.		168,123	$	12,471,364
Air Freight & Logistics–0.95%
C.H. Robinson Worldwide, Inc.		153,805		9,274,442
Apparel Retail–0.98%
American Eagle Outfitters, Inc.		568,603		9,558,216
Apparel, Accessories & Luxury Goods–3.65%
Carter’s, Inc.(b)		307,682		9,913,514
Coach, Inc.		267,226		11,156,686
Hanesbrands, Inc.(b)		506,383		14,416,724
				35,486,924
Application Software–3.69%
Adobe Systems Inc.(b)		272,113		9,140,276
Autodesk, Inc.(b)		491,207		16,705,950
Solera Holdings Inc.		257,589		10,012,484
				35,858,710
Asset Management & Custody Banks–1.59%
Affiliated Managers Group, Inc.(b)		183,079		15,411,590
Auto Parts & Equipment–1.18%
BorgWarner, Inc.(b)		264,112		11,446,614
Biotechnology–1.72%
Human Genome Sciences, Inc.(b)		174,705		4,837,581
Talecris Biotherapeutics Holdings Corp.(b)		162,921		3,054,769
United Therapeutics Corp.(b)		154,638		8,797,356
				16,689,706
Casinos & Gaming–2.13%
International Game Technology		482,557		10,172,301
MGM Mirage(b)		661,502		10,511,267
				20,683,568
Coal & Consumable Fuels–1.01%
Alpha Natural Resources, Inc.(b)		208,089		9,796,830
Communications Equipment–1.92%
Juniper Networks, Inc.(b)		246,990		7,016,986
Lantronix Inc.–Wts., expiring 02/09/11(c)		7,454		0
Tellabs, Inc.		1,282,428		11,644,446
				18,661,432
Computer Storage & Peripherals–1.93%
NetApp, Inc.(b)		230,222		7,981,797
QLogic Corp.(b)		557,325		10,795,385
				18,777,182
Construction & Engineering–1.03%
Foster Wheeler AG (Switzerland)(b)		332,584		9,970,868
Construction, Farm Machinery & Heavy Trucks–1.05%
Bucyrus International, Inc.		161,236		10,159,480
Consumer Finance–1.27%
Discover Financial Services		795,898		12,304,583
Data Processing & Outsourced Services–1.63%
Alliance Data Systems Corp.(b)(d)		211,620		15,884,197
Department Stores–3.35%
J.C. Penney Co., Inc.		318,560		9,292,395
Macy’s, Inc.		586,535		13,607,612
Nordstrom, Inc.		234,326		9,684,694
				32,584,701
Distributors–1.08%
LKQ Corp.(b)		500,381		10,538,024
Diversified Metals & Mining–0.93%
Walter Energy, Inc.		112,133		9,061,468
Diversified Support Services–1.19%
Copart, Inc.(b)		324,984		11,598,679
Education Services–3.24%
Apollo Group, Inc.–Class A(b)		159,198		9,139,557
Capella Education Co.(b)		143,348		12,990,196
ITT Educational Services, Inc.(b)		93,038		9,408,933
				31,538,686
Electrical Components & Equipment–2.65%
Cooper Industries PLC (Ireland)		261,857		12,857,179
Regal-Beloit Corp.		203,992		12,906,574
				25,763,753
Electronic Components–1.18%
Amphenol Corp.–Class A		247,615		11,442,289
Environmental & Facilities Services–1.11%
Republic Services, Inc.		347,086		10,770,079
Health Care Equipment–3.72%
American Medical Systems Holdings, Inc.(b)		510,583		9,149,647
Hologic, Inc.(b)		632,332		11,299,773

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

5        Invesco Capital Development Fund

	Shares		Value
Health Care Equipment–(continued)
NuVasive, Inc.(b)		200,507	$	8,341,091
ResMed Inc.–CDI(b)		1,111,978		7,322,635
				36,113,146
Health Care Facilities–0.94%
VCA Antech, Inc.(b)		320,701		9,127,150
Health Care Services–1.83%
Express Scripts, Inc.(b)		110,088		11,023,111
Fresenius Medical Care AG & Co. KGaA–ADR (Germany)		125,767		6,783,872
				17,806,983
Hotels, Resorts & Cruise Lines–1.49%
Marriott International, Inc.–Class A		393,491		14,464,729
Household Products–1.59%
Church & Dwight Co., Inc.		85,489		5,920,113
Energizer Holdings, Inc.(b)		155,252		9,485,897
				15,406,010
Housewares & Specialties–1.15%
Jarden Corp.		348,059		11,179,655
Human Resource & Employment Services–1.10%
Robert Half International, Inc.		390,112		10,681,267
Independent Power Producers & Energy Traders–0.63%
KGEN Power Corp. (Acquired 01/12/07; Cost $12,297,138)(b)(e)		878,367		6,148,569
Industrial Machinery–2.31%
Flowserve Corp.		98,265		11,259,204
Kennametal Inc.		340,471		11,187,877
				22,447,081
IT Consulting & Other Services–1.01%
Cognizant Technology Solutions Corp.–Class A(b)		191,043		9,777,581
Life & Health Insurance–1.30%
Lincoln National Corp.		413,094		12,636,545
Life Sciences Tools & Services–2.28%
Pharmaceutical Product Development, Inc.		430,647		11,842,793
Thermo Fisher Scientific, Inc.(b)		187,487		10,364,281
				22,207,074
Managed Health Care–1.45%
Aetna Inc.		278,294		8,223,587
Aveta, Inc.(b)(e)		1,014,837		5,835,313
				14,058,900
Metal & Glass Containers–1.11%
Owens-Illinois, Inc.(b)		305,377		10,822,561
Multi-Line Insurance–1.48%
Genworth Financial Inc.–Class A(b)		872,151		14,407,935
Oil & Gas Equipment & Services–3.52%
Baker Hughes Inc.		191,951		9,551,482
Helix Energy Solutions Group Inc.(b)		298,877		4,357,626
Key Energy Services, Inc.(b)		1,238,895		13,454,400
Petroleum Geo-Services A.S.A. (Norway)(b)		501,758		6,850,253
				34,213,761
Oil & Gas Exploration & Production–4.10%
Cabot Oil & Gas Corp.		244,609		8,837,723
Concho Resources Inc.(b)		200,228		11,376,955
Continental Resources, Inc.(b)		400,251		19,676,339
				39,891,017
Personal Products–0.98%
Estee Lauder Cos. Inc. (The)–Class A		144,751		9,541,986
Pharmaceuticals–0.73%
Shire PLC–ADR (United Kingdom)		108,400		7,137,056
Property & Casualty Insurance–0.61%
Assured Guaranty Ltd.		276,428		5,957,023
Real Estate Services–1.50%
CB Richard Ellis Group, Inc.–Class A(b)		843,038		14,601,418
Research & Consulting Services–2.01%
Equifax Inc.		319,030		10,719,408
IHS Inc.–Class A(b)		174,765		8,855,343
				19,574,751
Restaurants–1.29%
Darden Restaurants, Inc.		279,230		12,495,543
Security & Alarm Services–0.93%
Corrections Corp. of America(b)		434,348		8,999,691
Semiconductor Equipment–1.15%
ASML Holding N.V.–New York Shares (Netherlands)		343,175		11,208,096
Semiconductors–5.26%
Altera Corp.		456,106		11,566,848
Avago Technologies Ltd. (Singapore)(b)		524,261		10,757,836
Broadcom Corp.–Class A		303,188		10,456,954
Marvell Technology Group Ltd.(b)		355,756		7,346,362
Xilinx, Inc.		425,026		10,957,170
				51,085,170
Specialty Chemicals–1.27%
Albemarle Corp.		270,546		12,353,130
Steel–0.52%
Steel Dynamics, Inc.		320,198		5,030,311

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

6        Invesco Capital Development Fund

	Shares		Value
Systems Software–2.60%
Check Point Software Technologies Ltd. (Israel)(b)		416,432	$	14,833,308
McAfee Inc.(b)		299,633		10,412,247
				25,245,555
Trading Companies & Distributors–2.23%
MSC Industrial Direct Co., Inc.–Class A		216,380		11,790,546
W.W. Grainger, Inc.		89,560		9,899,963
				21,690,509
Trucking–2.13%
Con-way Inc.		267,078		10,373,309
J.B. Hunt Transport Services, Inc.		278,937		10,281,618
				20,654,927
Wireless Telecommunication Services–0.90%
American Tower Corp.–Class A(b)		215,221		8,783,169
Total Common Stocks & Other Equity Interests (Cost $705,521,746)				941,481,684
Money Market Funds–2.48%
Liquid Assets Portfolio–Institutional Class(f)		12,041,989		12,041,989
Premier Portfolio–Institutional Class(f)		12,041,989		12,041,989
Total Money Market Funds (Cost $24,083,978)				24,083,978
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.34% (Cost $729,605,724)				965,565,662
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.97%
Liquid Assets Portfolio–Institutional Class (Cost $9,403,683)(f)(g)		9,403,683		9,403,683
TOTAL INVESTMENTS–100.31% (Cost $739,009,407)				974,969,345
OTHER ASSETS LESS LIABILITIES–(0.31)%				(3,003,760	)
NET ASSETS–100.00%			$	971,965,585

Investment Abbreviations:

ADR	– American Depositary Receipt
CDI	– Chess Depositary Instruments
Wts.	– Warrants

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)	Non-income producing security acquired through a corporate action.
(d)	All or a portion of this security was out on loan at April 30, 2010.
(e)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2010 was $11,983,882, which represented 1.23% of the Fund’s Net Assets.
(f)	The money market fund and the Fund are affiliated by having the same investment adviser.
(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	20.4	%
Industrials	20.0
Consumer Discretionary	19.5
Health Care	12.7
Energy	8.6
Financials	7.8
Materials	3.8
Consumer Staples	2.6
Telecommunication Services	0.9
Utilities	0.6
Money Market Funds Plus Other Assets Less Liabilities	3.1

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

7        Invesco Capital Development Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $705,521,746)*	$	941,481,684
Investments in affiliated money market funds, at value and cost		33,487,661
Total investments, at value (Cost $739,009,407)		974,969,345
Receivables for:
Investments sold		13,314,878
Fund shares sold		778,189
Dividends		88,908
Investment for trustee deferred compensation and retirement plans		54,918
Other assets		40,209
Total assets		989,246,447
Liabilities:
Payables for:
Investments purchased		4,967,061
Fund shares reacquired		1,843,836
Collateral upon return of securities loaned		9,403,683
Accrued fees to affiliates		810,334
Accrued other operating expenses		64,935
Trustee deferred compensation and retirement plans		191,013
Total liabilities		17,280,862
Net assets applicable to shares outstanding	$	971,965,585
Net assets consist of:
Shares of beneficial interest	$	1,104,113,555
Undistributed net investment income (loss)		(1,784,909	)
Undistributed net realized gain (loss)		(366,323,008	)
Unrealized appreciation		235,959,947
	$	971,965,585
Net Assets:
Class A	$	672,110,339
Class B	$	56,665,053
Class C	$	68,160,663
Class R	$	56,408,541
Class Y	$	8,205,926
Investor Class	$	10,968,608
Institutional Class	$	99,446,455
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		45,141,328
Class B		4,388,558
Class C		5,286,161
Class R		3,870,436
Class Y		549,065
Investor Class		736,218
Institutional Class		6,325,571
Class A:
Net asset value per share	$	14.89
Maximum offering price per share
(Net asset value of $14.89 divided by 94.50%)	$	15.76
Class B:
Net asset value and offering price per share	$	12.91
Class C:
Net asset value and offering price per share	$	12.89
Class R:
Net asset value and offering price per share	$	14.57
Class Y:
Net asset value and offering price per share	$	14.95
Investor Class:
Net asset value and offering price per share	$	14.90
Institutional Class:
Net asset value and offering price per share	$	15.72

*  At April 30, 2010, securities with an aggregate value of $9,149,814 were on loan to brokers.

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

8        Invesco Capital Development Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $15,029)	$	4,787,575
Dividends from affiliated money market funds (includes securities lending income of $57,372)		64,540
Total investment income		4,852,115
Expenses:
Advisory fees		3,220,991
Administrative services fees		140,302
Custodian fees		1,756
Distribution fees:
Class A		839,196
Class B		294,841
Class C		326,433
Class R		131,344
Investor Class		12,667
Transfer agent fees — A, B, C, R, Y and Investor		1,330,419
Transfer agent fees — Institutional		45,270
Trustees’ and officers’ fees and benefits		26,649
Other		80,990
Total expenses		6,450,858
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(18,718	)
Net expenses		6,432,140
Net investment income (loss)		(1,580,025	)
Realized and unrealized gain from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $2,350,329)		77,892,176
Foreign currencies		51,309
		77,943,485
Change in net unrealized appreciation (depreciation) of:
Investment securities		95,647,440
Foreign currencies		(69,991	)
		95,577,449
Net realized and unrealized gain		173,520,934
Net increase in net assets resulting from operations	$	171,940,909

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

9        Invesco Capital Development Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income (loss)	$	(1,580,025	)	$	(6,632,138	)
Net realized gain (loss)		77,943,485			(157,878,876	)
Change in net unrealized appreciation		95,577,449			292,859,574
Net increase in net assets resulting from operations		171,940,909			128,348,560
Share transactions–net:
Class A		(97,163,647	)		(105,053,794	)
Class B		(11,165,465	)		(23,700,708	)
Class C		(4,811,109	)		(11,255,419	)
Class R		(1,978,660	)		(6,209,786	)
Class Y		1,332,083			2,140,537
Investor Class		(123,861	)		1,908,558
Institutional Class		(12,297,172	)		(7,417,609	)
Net increase (decrease) in net assets resulting from share transactions		(126,207,831	)		(149,588,221	)
Net increase (decrease) in net assets		45,733,078			(21,239,661	)
Net assets:
Beginning of period		926,232,507			947,472,168
End of period (includes undistributed net investment income (loss) of $(1,784,909) and $(204,884), respectively)	$	971,965,585		$	926,232,507

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Capital Development Fund, formerly AIM Capital Development Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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 B shares and Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. 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.

  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 bonds) 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 ask 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 ask 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”).

10        Invesco Capital Development Fund

	Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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.

11        Invesco Capital Development Fund

	The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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 fails 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 affiliates 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.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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:

Average Net Assets	Rate
First $350 million		0	.75%
Over $350 million		0	.625%

12        Invesco Capital Development Fund

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

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 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 waiver to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

  The Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $10,675.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $1,104.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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, Class R 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, 0.50% of the average daily net assets of Class R 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 six months ended April 30, 2010, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $22,864 in front-end sales commissions from the sale of Class A shares and $1, $35,922, $1,292 and $0 from Class A, Class B, Class C and Class R shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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.

13        Invesco Capital Development Fund

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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	$	948,812,575	$	20,008,201	$	6,148,569	$	974,969,345

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities sales of $8,699,121, which resulted in net realized gains of $2,350,329.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,939.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,730 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	276,218,182
October 31, 2017		167,953,833
Total capital loss carryforward	$	444,172,015

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

14        Invesco Capital Development Fund

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 six months ended April 30, 2010 was $253,705,360 and $388,584,548, 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	$	256,062,960
Aggregate unrealized (depreciation) of investment securities		(20,214,688	)
Net unrealized appreciation of investment securities	$	235,848,272
Cost of investments for tax purposes is $739,121,073.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		1,789,229		$	24,946,823			7,994,598		$	82,635,701
Class B		179,512			2,175,821			660,751			5,934,895
Class C		323,548			3,947,332			916,277			8,184,285
Class R		617,448			8,528,405			1,640,469			16,542,308
Class Y(b)		151,522			2,193,594			326,949			3,375,272
Investor Class		140,861			1,997,269			360,604			4,103,722
Institutional Class		591,826			8,744,633			1,789,050			19,402,972
Automatic conversion of Class B shares to Class A shares:
Class A		505,721			7,114,376			1,288,214			13,291,917
Class B		(582,329	)		(7,114,376	)		(1,472,900	)		(13,291,917	)
Reacquired:
Class A(b)		(9,315,078	)		(129,224,846	)		(19,650,620	)		(200,981,412	)
Class B		(513,293	)		(6,226,910	)		(1,851,697	)		(16,343,686	)
Class C		(726,557	)		(8,758,441	)		(2,173,156	)		(19,439,704	)
Class R		(772,013	)		(10,507,065	)		(2,216,844	)		(22,752,094	)
Class Y		(60,735	)		(861,511	)		(112,894	)		(1,234,735	)
Investor Class(b)		(151,002	)		(2,121,130	)		(202,875	)		(2,195,164	)
Institutional Class		(1,448,333	)		(21,041,805	)		(2,466,904	)		(26,820,581	)
Net increase (decrease) in share activity		(9,269,673	)	$	(126,207,831	)		(15,170,978	)	$	(149,588,221	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% 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.

(b)

Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A and Investor Class shares into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		242,809		$	2,964,694
Class A		(221,114	)		(2,699,804	)
Investor Class		(21,677	)		(264,890	)

15        Invesco Capital Development Fund

NOTE 11—Financial Highlights

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

																						Ratio of			Ratio of
																						expenses			expenses
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Distributions										net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			realized			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			gains			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 04/30/10	$	12.44	$	(0.02	)	$	2.47		$	2.45		$	—		$	14.89		19.69	%		672,110		1.28	%(d)		1.28	%(d)		(0.27	)%(d)		27	%
Year ended 10/31/09		10.62		(0.08	)		1.90			1.82			—			12.44		17.14			649,013		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.59		(0.10	)		(8.85	)		(8.95	)		(2.02	)		10.62		(45.35	)		664,270		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.73		(0.13	)		3.99			3.86			(2.00	)		21.59		21.13			1,511,918		1.20			1.20			(0.62	)		99
Year ended 10/31/06		18.85		(0.10	)		3.53			3.43			(2.55	)		19.73		19.86			1,095,204		1.26			1.26			(0.52	)		126
Year ended 10/31/05		17.86		(0.11	)		2.52			2.41			(1.42	)		18.85		13.87			800,830		1.36			1.36			(0.58	)		120
Class B
Six months ended 04/30/10		10.83		(0.06	)		2.14			2.08			—			12.91		19.21			56,665		2.03	(d)		2.03	(d)		(1.02	)(d)		27
Year ended 10/31/09		9.32		(0.13	)		1.64			1.51			—			10.83		16.20			57,452		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.33		(0.20	)		(7.79	)		(7.99	)		(2.02	)		9.32		(45.71	)		74,231		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.98		(0.25	)		3.60			3.35			(2.00	)		19.33		20.27			213,235		1.95			1.95			(1.37	)		99
Year ended 10/31/06		17.51		(0.22	)		3.24			3.02			(2.55	)		17.98		18.92			236,175		2.01			2.01			(1.27	)		126
Year ended 10/31/05		16.79		(0.22	)		2.36			2.14			(1.42	)		17.51		13.09			317,492		2.04			2.04			(1.26	)		120
Class C
Six months ended 04/30/10		10.82		(0.06	)		2.13			2.07			—			12.89		19.13			68,161		2.03	(d)		2.03	(d)		(1.02	)(d)		27
Year ended 10/31/09		9.30		(0.14	)		1.66			1.52			—			10.82		16.34			61,531		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.30		(0.19	)		(7.79	)		(7.98	)		(2.02	)		9.30		(45.74	)		64,620		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.96		(0.25	)		3.59			3.34			(2.00	)		19.30		20.23			151,259		1.95			1.95			(1.37	)		99
Year ended 10/31/06		17.50		(0.22	)		3.23			3.01			(2.55	)		17.96		18.88			109,424		2.01			2.01			(1.27	)		126
Year ended 10/31/05		16.77		(0.22	)		2.37			2.15			(1.42	)		17.50		13.16			88,316		2.04			2.04			(1.26	)		120
Class R
Six months ended 04/30/10		12.19		(0.03	)		2.41			2.38			—			14.57		19.52			56,409		1.53	(d)		1.53	(d)		(0.52	)(d)		27
Year ended 10/31/09		10.44		(0.10	)		1.85			1.75			—			12.19		16.76			49,083		1.69			1.69			(0.97	)		94
Year ended 10/31/08		21.30		(0.14	)		(8.70	)		(8.84	)		(2.02	)		10.44		(45.46	)		48,027		1.50			1.51			(0.84	)		109
Year ended 10/31/07		19.53		(0.18	)		3.95			3.77			(2.00	)		21.30		20.86			79,655		1.45			1.45			(0.87	)		99
Year ended 10/31/06		18.73		(0.14	)		3.49			3.35			(2.55	)		19.53		19.52			22,577		1.51			1.51			(0.77	)		126
Year ended 10/31/05		17.78		(0.14	)		2.51			2.37			(1.42	)		18.73		13.69			8,379		1.54			1.54			(0.76	)		120
Class Y
Six months ended 04/30/10		12.47		(0.00	)		2.48			2.48			—			14.95		19.79			8,206		1.03	(d)		1.03	(d)		(0.02	)(d)		27
Year ended 10/31/09		10.63		(0.05	)		1.89			1.84			—			12.47		17.31			5,717		1.19			1.19			(0.47	)		94
Year ended 10/31/08(e)		12.21		(0.00	)		(1.58	)		(1.58	)		—			10.63		(12.94	)		2,595		1.06	(f)		1.07	(f)		(0.40	)(f)		109
Investor Class
Six months ended 04/30/10		12.45		(0.02	)		2.47			2.45			—			14.90		19.68			10,969		1.28	(d)		1.28	(d)		(0.27	)(d)		27
Year ended 10/31/09		10.64		(0.08	)		1.89			1.81			—			12.45		17.01			9,292		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.60		(0.10	)		(8.84	)		(8.94	)		(2.02	)		10.64		(45.27	)		6,261		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.74		(0.13	)		3.99			3.86			(2.00	)		21.60		21.12			12,237		1.20			1.20			(0.62	)		99
Year ended 10/31/06		18.87		(0.10	)		3.52			3.42			(2.55	)		19.74		19.78			9,866		1.26			1.26			(0.52	)		126
Year ended 10/31/05(e)		18.95		(0.09	)		1.43			1.34			(1.42	)		18.87		7.43			6,791		1.29	(f)		1.29	(f)		(0.51	)(f)		120
Institutional Class
Six months ended 04/30/10		13.11		0.01			2.60			2.61			—			15.72		19.91			99,446		0.82	(d)		0.82	(d)		0.19	(d)		27
Year ended 10/31/09		11.13		(0.02	)		2.00			1.98			—			13.11		17.79			94,145		0.88			0.88			(0.16	)		94
Year ended 10/31/08		22.42		(0.03	)		(9.24	)		(9.27	)		(2.02	)		11.13		(45.07	)		87,467		0.80			0.81			(0.14	)		109
Year ended 10/31/07		20.33		(0.04	)		4.13			4.09			(2.00	)		22.42		21.68			133,433		0.75			0.75			(0.17	)		99
Year ended 10/31/06		19.27		(0.00	)		3.61			3.61			(2.55	)		20.33		20.43			45,017		0.76			0.76			(0.02	)		126
Year ended 10/31/05		18.13		(0.01	)		2.57			2.56			(1.42	)		19.27		14.52			24,964		0.81			0.81			(0.03	)		120

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $676,921, $59,457, $65,828, $52,973, $6,560, $10,218 and $97,303 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Commencement date of October 3, 2008 and November 30, 2004 for Class Y and Investor Class shares, respectively.
(f)	Annualized.

16        Invesco Capital Development 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,196.90	$	6.97	$	1,018.45	$	6.41		1.28	%
B		1,000.00		1,192.10		11.03		1,014.73		10.14		2.03
C		1,000.00		1,191.30		11.03		1,014.73		10.14		2.03
R		1,000.00		1,195.20		8.33		1,017.21		7.65		1.53
Y		1,000.00		1,197.90		5.61		1,019.69		5.16		1.03
Investor		1,000.00		1,196.80		6.97		1,018.45		6.41		1.28
Institutional		1,000.00		1,199.10		4.47		1,020.73		4.11		0.82

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

17        Invesco Capital Development Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

CDV-SAR-1 Invesco Distributors, Inc.

Invesco Charter Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Charter Fund was renamed Invesco Charter Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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*	11.56	%
Class B Shares*	11.16
Class C Shares*	11.21
Class R Shares*	11.43
Class S Shares*	11.64
Class Y Shares*	11.69
Institutional Class Shares*	11.76
S&P 500 Index▼ (Broad Market Index)	15.66
Russell 1000 Index▼ (Style-Specific Index)	16.77
Lipper Large-Cap Core Funds Index▼ (Peer Group Index)	14.47

^▼Lipper Inc.

*Performance includes litigation proceeds. Had these proceeds not been received, these returns would  have been lower.

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

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

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

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2          Invesco Charter Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (11/26/68)	10.87	%
10 Years	-1.14
5 Years	4.60
1 Year	24.39
Class B Shares
Inception (6/26/95)	6.49	%
10 Years	-1.15
5 Years	4.69
1 Year	25.74
Class C Shares
Inception (8/4/97)	3.02	%
10 Years	-1.30
5 Years	5.02
1 Year	29.75
Class R Shares
10 Years	-0.82	%
5 Years	5.53
1 Year	31.40
Class S Shares
10 Years	-0.58	%
5 Years	5.80
1 Year	31.74
Class Y Shares
10 Years	-0.54	%
5 Years	5.87
1 Year	31.95
Institutional Class Shares
Inception (7/30/91)	8.04	%
10 Years	-0.12
5 Years	6.27
1 Year	32.26

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class S shares incepted on September 25, 2009. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

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

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end,
including maximum applicable sales charges

Class A Shares
Inception (11/26/68)	10.89	%
10 Years	-1.83
5 Years	4.11
1 Year	38.92
Class B Shares
Inception (6/26/95)	6.51	%
10 Years	-1.84
5 Years	4.17
1 Year	40.85
Class C Shares
Inception (8/4/97)	3.02	%
10 Years	-1.99
5 Years	4.51
1 Year	44.81
Class R Shares
10 Years	-1.52	%
5 Years	5.01
1 Year	46.52
Class S Shares
10 Years	-1.27	%
5 Years	5.29
1 Year	46.96
Class Y Shares
10 Years	-1.24	%
5 Years	5.37
1 Year	47.30
Institutional Class Shares
Inception (7/30/91)	8.06	%
10 Years	-0.82
5 Years	5.76
1 Year	47.63

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

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

so that you may have a gain or loss when you sell shares.

     The 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 S, Class Y and Institutional Class shares was 1.31%, 2.06%, 2.06%, 1.56%, 1.21%, 1.06% and 0.80%, 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 S, Class Y and Institutional Class shares was 1.32, 2.07%, 2.07%, 1.57% 1.22%, 1.07% and 0.81%, 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 R, Class S, Class Y and Institutional 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.

1 Total annual operating expenses less contractual advisory fee waivers by the adviser in effect through at least December 31, 2012. See current prospectus for more information.

3          Invesco Charter Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your

interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

    Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual

Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4          Invesco Charter Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–83.45%
Aerospace & Defense–4.37%
ITT Corp.		1,179,699	$	65,555,873
Lockheed Martin Corp.		643,321		54,611,520
Northrop Grumman Corp.		1,422,121		96,462,467
United Technologies Corp.		337,187		25,272,166
				241,902,026
Air Freight & Logistics–0.78%
United Parcel Service, Inc.–Class B		627,288		43,370,692
Asset Management & Custody Banks–2.80%
Legg Mason, Inc.		3,016,549		95,594,438
Northern Trust Corp.		1,085,000		59,653,300
				155,247,738
Biotechnology–2.46%
Genzyme Corp.(b)		690,000		36,735,600
Gilead Sciences, Inc.(b)		2,505,758		99,403,420
				136,139,020
Cable & Satellite–1.50%
Comcast Corp.–Class A		4,208,096		83,067,815
Communications Equipment–5.28%
Cisco Systems, Inc.(b)		1,793,774		48,288,396
Motorola, Inc.(b)		11,458,484		81,011,482
Nokia Corp.–ADR (Finland)(c)		8,288,530		100,788,525
QUALCOMM Inc.		1,605,093		62,181,303
				292,269,706
Computer Hardware–0.48%
Fujitsu Ltd. (Japan)		3,779,000		26,745,796
Computer Storage & Peripherals–0.88%
EMC Corp.(b)		2,573,591		48,923,965
Consumer Finance–2.76%
American Express Co.		3,311,061		152,706,133
Data Processing & Outsourced Services–0.82%
Automatic Data Processing, Inc.		1,042,205		45,190,009
Diversified Banks–0.67%
U.S. Bancorp		1,386,938		37,128,330
Drug Retail–3.92%
CVS Caremark Corp.		3,881,086		143,328,506
Walgreen Co.		2,098,805		73,772,996
				217,101,502
Education Services–0.65%
Apollo Group, Inc.–Class A(b)		625,000		35,881,250
Electric Utilities–0.28%
Exelon Corp.		350,000		15,256,500
Electronic Equipment & Instruments–1.20%
Agilent Technologies, Inc.(b)		1,828,998		66,319,468
Electronic Manufacturing Services–1.61%
Tyco Electronics Ltd. (Switzerland)		2,779,645		89,282,197
Environmental & Facilities Services–1.13%
Waste Management, Inc.		1,806,052		62,633,883
Food Retail–3.26%
Kroger Co. (The)		8,127,769		180,680,305
Health Care Equipment–3.86%
Baxter International Inc.		999,582		47,200,262
Boston Scientific Corp.(b)		18,073,192		124,343,561
Covidien PLC (Ireland)		496,603		23,831,978
Medtronic, Inc.		423,629		18,508,351
				213,884,152
Home Improvement Retail–1.98%
Lowe’s Cos., Inc.		4,047,508		109,768,417
Hypermarkets & Super Centers–2.01%
Wal-Mart Stores, Inc.		2,076,460		111,402,079
Industrial Conglomerates–3.51%
3M Co.		1,094,527		97,051,709
Tyco International Ltd.		2,513,458		97,497,036
				194,548,745
Industrial Gases–1.61%
Air Products & Chemicals, Inc.		1,157,786		88,894,809
Industrial Machinery–1.45%
Danaher Corp.		468,990		39,526,477
Illinois Tool Works Inc.		800,000		40,880,000
				80,406,477
Insurance Brokers–0.86%
Marsh & McLennan Cos., Inc.		1,960,328		47,479,144

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

5        Invesco Charter Fund

	Shares		Value
Life Sciences Tools & Services–1.91%
Thermo Fisher Scientific, Inc.(b)		1,911,718	$	105,679,771
Managed Health Care–1.46%
WellPoint Inc.(b)		1,504,154		80,923,485
Oil & Gas Equipment & Services–2.99%
Baker Hughes Inc.		2,296,721		114,284,824
Schlumberger Ltd.		717,186		51,221,424
				165,506,248
Oil & Gas Exploration & Production–2.41%
Apache Corp.		685,347		69,740,911
EOG Resources, Inc.		359,542		40,311,849
XTO Energy, Inc.		494,416		23,494,648
				133,547,408
Oil & Gas Refining & Marketing–1.22%
Valero Energy Corp.		3,250,000		67,567,500
Oil & Gas Storage & Transportation–1.83%
Williams Cos., Inc. (The)		4,299,900		101,520,639
Packaged Foods & Meats–0.45%
Kraft Foods Inc.–Class A		837,027		24,775,999
Pharmaceuticals–5.78%
Allergan, Inc.		594,809		37,883,385
Johnson & Johnson		661,901		42,560,235
Pfizer Inc.		4,400,000		73,568,000
Roche Holding AG (Switzerland)		643,015		101,632,458
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		1,096,504		64,397,680
				320,041,758
Property & Casualty Insurance–4.98%
Berkshire Hathaway Inc.–Class A(b)		1,008		116,247,600
Progressive Corp. (The)		7,942,435		159,563,519
				275,811,119
Railroads–1.25%
Union Pacific Corp.		912,855		69,066,609
Semiconductors–2.17%
Intel Corp.		3,200,495		73,067,301
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		24,005,019		46,819,589
				119,886,890
Systems Software–5.09%
Microsoft Corp.		4,313,381		131,730,656
Symantec Corp.(b)		8,953,981		150,158,261
				281,888,917
Wireless Telecommunication Services–1.78%
Vodafone Group PLC (United Kingdom)		44,247,223		98,386,546
Total Common Stocks & Other Equity Interests (Cost $4,266,950,173)				4,620,833,047
Preferred Stocks–0.22%
Household Products–0.22%
Henkel AG & Co. KGaA(Germany)–Pfd. (Cost $13,001,033)(c)		232,000		12,415,138
Money Market Funds–16.11%
Liquid Assets Portfolio–Institutional Class(d)		446,026,602		446,026,602
Premier Portfolio–Institutional Class(d)		446,026,602		446,026,602
Total Money Market Funds (Cost $892,053,204)				892,053,204
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.78% (Cost $5,172,004,410)				5,525,301,389
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.02%
Liquid Assets Portfolio–Institutional Class (Cost $1,226,215)(d)(e)		1,226,215		1,226,215
TOTAL INVESTMENTS–99.80% (Cost $5,173,230,625)				5,526,527,604
OTHER ASSETS LESS LIABILITIES–0.20%				10,984,690
NET ASSETS–100.00%			$	5,537,512,294

Investment Abbreviations:

ADR	– American Depositary Receipt
Pfd.	– Preferred

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, 2010.
(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.

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

6        Invesco Charter Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	17.5	%
Health Care	15.5
Industrials	12.5
Financials	12.1
Consumer Staples	9.9
Energy	8.4
Consumer Discretionary	4.1
Telecommunication Services	1.8
Materials	1.6
Utilities	0.3
Money Market Funds Plus Other Assets Less Liabilities	16.3

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

7        Invesco Charter Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $4,279,951,206)*	$	4,633,248,185
Investments in affiliated money market funds, at value and cost		893,279,419
Total investments, at value (Cost $5,173,230,625)		5,526,527,604
Foreign currencies, at value (Cost $16,943,027)		16,963,017
Receivables for:
Fund shares sold		7,072,384
Dividends		4,015,611
Fund expenses absorbed		5,359
Investment for trustee deferred compensation and retirement plans		417,290
Other assets		98,850
Total assets		5,555,100,115
Liabilities:
Payables for:
Investments purchased		3,750,674
Fund shares reacquired		6,068,709
Foreign currency contracts outstanding		826,172
Collateral upon return of securities loaned		1,226,215
Accrued fees to affiliates		3,592,126
Accrued other operating expenses		557,433
Trustee deferred compensation and retirement plans		1,566,492
Total liabilities		17,587,821
Net assets applicable to shares outstanding	$	5,537,512,294
Net assets consist of:
Shares of beneficial interest	$	5,982,917,662
Undistributed net investment income		7,169,813
Undistributed net realized gain (loss)		(805,057,451	)
Unrealized appreciation		352,482,270
	$	5,537,512,294
Net Assets:
Class A	$	4,355,233,936
Class B	$	256,111,940
Class C	$	260,981,851
Class R	$	46,901,213
Class S	$	18,853,637
Class Y	$	122,784,954
Institutional Class	$	476,644,763
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		277,319,162
Class B		16,917,537
Class C		17,195,565
Class R		3,005,089
Class S		1,199,976
Class Y		7,793,578
Institutional Class		29,508,619
Class A:
Net asset value per share	$	15.70
Maximum offering price per share (Net asset value of $15.70 divided by 94.50%)	$	16.61
Class B:
Net asset value and offering price per share	$	15.14
Class C:
Net asset value and offering price per share	$	15.18
Class R:
Net asset value and offering price per share	$	15.61
Class S:
Net asset value and offering price per share	$	15.71
Class Y:
Net asset value and offering price per share	$	15.75
Institutional Class:
Net asset value and offering price per share	$	16.15

*  At April 30, 2010, securities with an aggregate value of $1,184,444 were on loan to brokers.

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

8        Invesco Charter Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $825,111)	$	39,094,577
Dividends from affiliated money market funds (includes securities lending income of $53,223)		486,928
Total investment income		39,581,505
Expenses:
Advisory fees		16,562,472
Administrative services fees		331,779
Custodian fees		186,719
Distribution fees:
Class A		5,216,936
Class B		1,387,314
Class C		1,236,809
Class R		93,246
Class S		9,182
Transfer agent fees — A, B, C, R, S and Y		6,129,602
Transfer agent fees — Institutional		179,255
Trustees’ and officers’ fees and benefits		92,875
Other		434,565
Total expenses		31,860,754
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(1,074,650	)
Net expenses		30,786,104
Net investment income		8,795,401
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(9,726,078))		197,908,286
Foreign currencies		(657,634	)
Foreign currency contracts		5,014,858
		202,265,510
Change in net unrealized appreciation (depreciation) of:
Investment securities		356,154,464
Foreign currencies		(27,941	)
Foreign currency contracts		(461,027	)
		355,665,496
Net realized and unrealized gain		557,931,006
Net increase in net assets resulting from operations	$	566,726,407

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

9        Invesco Charter Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	8,795,401		$	29,410,435
Net realized gain (loss)		202,265,510			(242,811,850	)
Change in net unrealized appreciation		355,665,496			824,266,666
Net increase in net assets resulting from operations		566,726,407			610,865,251
Distributions to shareholders from net investment income:
Class A		(25,440,812	)		(42,646,561	)
Class R		(147,321	)		(83,991	)
Class S		(44,845	)		—
Class Y		(541,375	)		(128,113	)
Institutional Class		(3,373,002	)		(3,585,822	)
Total distributions from net investment income		(29,547,355	)		(46,444,487	)
Share transactions–net:
Class A		11,619,372			(5,140,295	)
Class B		(55,546,660	)		(135,824,126	)
Class C		8,435,926			19,465,122
Class R		18,284,071			14,361,118
Class S		16,523,347			1,418,651
Class Y		44,132,252			53,730,122
Institutional Class		108,229,125			93,503,019
Net increase in net assets resulting from share transactions		151,677,433			41,513,611
Net increase in net assets		688,856,485			605,934,375
Net assets:
Beginning of period		4,848,655,809			4,242,721,434
End of period (includes undistributed net investment income of $7,169,813 and $27,921,767, respectively)	$	5,537,512,294		$	4,848,655,809

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Charter Fund, formerly AIM Charter Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class. 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 B shares and Class C shares are sold with a CDSC. Class R, Class S, Class Y and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. 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.

  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.

10        Invesco Charter Fund

	A security listed or traded on an exchange (except convertible bonds) 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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees

11        Invesco Charter Fund

	and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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 fails 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 affiliates 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.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

12        Invesco Charter Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $150 million		0	.80%
Over $150 million		0	.625%

  Through December 31, 2012, the Adviser has contractually agreed to waive advisory fees to the extent necessary so that the advisory fees payable by the Fund (based on the Fund’s average daily net assets) do not exceed the annual rate of:

Average Net Assets	Rate
First $150 million		0	.75%
Next $4.85 billion		0	.615%
Next $2.5 billion		0	.57%
Next $2.5 billion		0	.545%
Over $10 billion		0	.52%

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

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.90%, 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $1,030,590.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $5,821.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class S, Class Y and Institutional 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, Class R and Class S 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, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S 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 six months ended April 30, 2010, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

13        Invesco Charter 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 six months ended April 30, 2010, IDI advised the Fund that IDI retained $162,205 in front-end sales commissions from the sale of Class A shares and $59, $173,171 and $7,818 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 Invesco, IIS and/or IDI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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	$	5,467,292,877	$	59,234,727		$	—	$	5,526,527,604
Foreign Currency Contracts*		—		(826,172	)		—		(826,172	)
Total Investments	$	5,467,292,877	$	58,408,555		$	—	$	5,525,701,432

*  Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

The Fund has implemented the required disclosures about derivative instruments and hedging activities in accordance with GAAP. GAAP has intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. The enhanced disclosure has no impact on the results of operations reported in the financial statements.

Value of Derivative Instruments at Period-End

The Table below summarizes the value of the Fund’s derivative instruments, detailed by primary risk exposure, held as of April 30, 2010:

	Value
Risk Exposure/ Derivative Type	Assets		Liabilities
Currency risk
Foreign currency contracts(a)	$	—	$	(826,172	)

^(a) Values are disclosed on the Statement of Assets and Liabilities under Foreign currency contracts outstanding.

Effect of Derivative Instruments for the six months ended April 30, 2010

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

	Location of Gain on
	Statement of Operations
	Foreign Currency Contracts*
Realized Gain
Currency risk	$	5,014,858
Change in Unrealized Appreciation (Depreciation)
Currency risk		(461,027	)
Total	$	4,553,831

*  The average value of foreign currency contracts during the period was $56,960,638.

14        Invesco Charter Fund

Open Foreign Currency Contracts
							Unrealized
Settlement	Contract to						Appreciation
Date	Deliver		Receive		Value		(Depreciation)
06/04/2010	GBP	33,382,000	USD	50,233,856	$	51,060,028	$	(826,172	)

Currency Abbreviations:
GBP	– British Pound Sterling
USD	– U.S. Dollar

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 six months ended April 30, 2010, the Fund engaged in securities purchases of $56,514,465 and securities sales of $61,201,810, which resulted in net realized gains (losses) of $(9,726,078).

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangements are comprised of (1) transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions and (2) custodian credits which result from periodic overnight cash balances at the custodian. For the six months ended April 30, 2010, the Fund received credits from these arrangements, which resulted in the reduction of the Fund’s total expenses of $38,239.

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 are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $4,928 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 9—Tax Information

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

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. Under these limitation rules, the Fund is limited to utilizing $994,926,904 of capital loss carryforward in the fiscal year ending October 31, 2010.

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2010	$	733,056,500
October 31, 2017		262,306,886
Total capital loss carryforward	$	995,363,386

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

15        Invesco Charter Fund

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 six months ended April 30, 2010 was $1,587,491,784 and $1,514,067,694, 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	$	640,626,317
Aggregate unrealized (depreciation) of investment securities		(299,654,059	)
Net unrealized appreciation of investment securities	$	340,972,258
Cost of investments for tax purposes is $5,185,555,346.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		19,356,635		$	293,483,779			45,315,581		$	551,757,661
Class B		840,172			12,322,013			2,568,186			29,551,430
Class C		2,137,840			31,378,429			4,694,155			55,561,441
Class R		1,636,990			24,574,181			1,508,237			18,729,493
Class S(b)		1,131,431			16,980,494			98,171			1,418,651
Class Y		3,570,935			55,166,400			5,094,091			64,488,127
Institutional Class		8,425,390			130,647,897			9,726,356			132,832,528
Issued as reinvestment of dividends:
Class A		1,577,827			23,399,172			3,495,112			39,529,675
Class R		9,986			147,296			7,359			82,940
Class S(b)		2,997			44,418			—			—
Class Y		32,273			479,572			11,230			127,124
Institutional Class		206,180			3,138,052			299,989			3,476,848
Automatic conversion of Class B shares to Class A shares:
Class A		3,060,359			46,605,709			9,587,274			113,267,854
Class B		(3,173,516	)		(46,605,709	)		(9,924,621	)		(113,267,854	)
Reacquired:
Class A		(23,141,867	)		(351,869,288	)		(59,185,017	)		(709,695,485	)
Class B		(1,452,211	)		(21,262,964	)		(4,606,356	)		(52,107,702	)
Class C		(1,557,632	)		(22,942,503	)		(3,135,432	)		(36,096,319	)
Class R		(424,973	)		(6,437,406	)		(355,608	)		(4,451,315	)
Class S(b)		(32,623	)		(501,565	)		—			—
Class Y		(752,304	)		(11,513,720	)		(918,694	)		(10,885,129	)
Institutional Class		(1,633,088	)		(25,556,824	)		(3,300,035	)		(42,806,357	)
Net increase in share activity		9,820,801		$	151,677,433			979,978		$	41,513,611

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Class S shares commenced on September 25, 2009.

16        Invesco Charter Fund

NOTE 12—Financial Highlights

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

																						Ratio of			Ratio of
																						expenses			expenses
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends										net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 04/30/10	$	14.16	$	0.03		$	1.60		$	1.63		$	(0.09	)	$	15.70		11.56	%	$	4,355,234		1.13	%(d)		1.17	%(d)		0.37	%(d)		34	%
Year ended 10/31/09		12.46		0.09			1.76	(e)		1.85			(0.15	)		14.16		15.19	(e)		3,915,161		1.26			1.29			0.76			32
Year ended 10/31/08		17.30		0.14			(4.76	)		(4.62	)		(0.22	)		12.46		(27.00	)		3,454,370		1.19			1.23			0.88			38
Year ended 10/31/07		14.96		0.20			2.25	(e)		2.45			(0.11	)		17.30		16.44	(e)		5,005,716		1.16			1.19			1.25			39
Year ended 10/31/06		12.85		0.13			2.10			2.23			(0.12	)		14.96		17.49			4,812,619		1.26			1.27			0.93			51
Year ended 10/31/05		12.16		0.15	(f)		0.65			0.80			(0.11	)		12.85		6.59			1,638,002		1.23			1.25			1.16	(f)		54
Class B
Six months ended 04/30/10		13.62		(0.03	)		1.55			1.52			—			15.14		11.16			256,112		1.88	(d)		1.92	(d)		(0.38	)(d)		34
Year ended 10/31/09		11.91		0.00			1.71	(e)		1.71			—			13.62		14.36	(e)		281,911		2.01			2.04			0.01			32
Year ended 10/31/08		16.50		0.02			(4.54	)		(4.52	)		(0.07	)		11.91		(27.51	)		388,985		1.94			1.98			0.13			38
Year ended 10/31/07		14.30		0.08			2.14	(e)		2.22			(0.02	)		16.50		15.56	(e)		1,067,897		1.91			1.94			0.50			39
Year ended 10/31/06		12.27		0.02			2.02			2.04			(0.01	)		14.30		16.63			1,547,422		2.01			2.02			0.18			51
Year ended 10/31/05		11.61		0.05	(f)		0.62			0.67			(0.01	)		12.27		5.76			617,534		1.95			1.97			0.44	(f)		54
Class C
Six months ended 04/30/10		13.65		(0.03	)		1.56			1.53			—			15.18		11.21			260,982		1.88	(d)		1.92	(d)		(0.38	)(d)		34
Year ended 10/31/09		11.94		0.00			1.71	(e)		1.71			—			13.65		14.32	(e)		226,830		2.01			2.04			0.01			32
Year ended 10/31/08		16.55		0.02			(4.56	)		(4.54	)		(0.07	)		11.94		(27.55	)		179,759		1.94			1.98			0.13			38
Year ended 10/31/07		14.34		0.08			2.15	(e)		2.23			(0.02	)		16.55		15.58	(e)		272,904		1.91			1.94			0.50			39
Year ended 10/31/06		12.30		0.02			2.03			2.05			(0.01	)		14.34		16.67			287,359		2.01			2.02			0.18			51
Year ended 10/31/05		11.64		0.05	(f)		0.62			0.67			(0.01	)		12.30		5.75			107,776		1.95			1.97			0.44	(f)		54
Class R
Six months ended 04/30/10		14.07		0.01			1.60			1.61			(0.07	)		15.61		11.51			46,901		1.38	(d)		1.42	(d)		0.12	(d)		34
Year ended 10/31/09		12.38		0.07			1.75	(e)		1.82			(0.13	)		14.07		14.93	(e)		25,096		1.51			1.54			0.51			32
Year ended 10/31/08		17.18		0.10			(4.73	)		(4.63	)		(0.17	)		12.38		(27.19	)		7,717		1.44			1.48			0.63			38
Year ended 10/31/07		14.87		0.16			2.23	(e)		2.39			(0.08	)		17.18		16.12	(e)		6,565		1.41			1.44			1.00			39
Year ended 10/31/06		12.77		0.09			2.10			2.19			(0.09	)		14.87		17.21			5,153		1.51			1.52			0.68			51
Year ended 10/31/05		12.10		0.12	(f)		0.63			0.75			(0.08	)		12.77		6.22			2,637		1.45			1.47			0.94	(f)		54
Class S
Six months ended 04/30/10		14.16		0.04			1.60			1.64			(0.09	)		15.71		11.64			18,854		1.03	(d)		1.07	(d)		0.47	(d)		34
Year ended 10/31/09(g)		14.25		0.01			(0.10	)		(0.09	)		—			14.16		(0.63	)		1,390		1.09	(h)		1.12	(h)		0.93	(h)		32
Class Y
Six months ended 04/30/10		14.20		0.05			1.60			1.65			(0.10	)		15.75		11.69			122,785		0.88	(d)		0.92	(d)		0.62	(d)		34
Year ended 10/31/09		12.46		0.13			1.77	(e)		1.90			(0.16	)		14.20		15.54	(e)		70,187		1.01			1.04			1.01			32
Year ended 10/31/08(g)		13.94		0.01			(1.49	)		(1.48	)		—			12.46		(10.62	)		9,424		0.97	(h)		1.01	(h)		1.10	(h)		38
Institutional Class
Six months ended 04/30/10		14.57		0.06			1.66			1.72			(0.14	)		16.15		11.83			476,645		0.72	(d)		0.76	(d)		0.78	(d)		34
Year ended 10/31/09		12.83		0.16			1.80	(e)		1.96			(0.22	)		14.57		15.74	(e)		328,081		0.75			0.78			1.27			32
Year ended 10/31/08		17.81		0.20			(4.88	)		(4.68	)		(0.30	)		12.83		(26.68	)		202,467		0.76			0.80			1.31			38
Year ended 10/31/07		15.38		0.28			2.31	(e)		2.59			(0.16	)		17.81		16.96	(e)		134,745		0.73			0.76			1.68			39
Year ended 10/31/06		13.22		0.20			2.16			2.36			(0.20	)		15.38		18.03			123,476		0.79			0.80			1.40			51
Year ended 10/31/05		12.53		0.22	(f)		0.65			0.87			(0.18	)		13.22		6.98			54,728		0.71			0.73			1.68	(f)		54

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $4,208,136, $279,762, $249,412, $37,608, $12,345, $91,058 and $423,594 for Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class shares, respectively.
(e)	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 October 31, 2009 would have been $1.57, $1.52, $1.52, $1.56, $1.58 and $1.61 for Class A, Class B, Class C, Class R, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2007 would have been $2.12, $2.01, $2.02, $2.10, and $2.18 for Class A, Class B, Class C, Class R, and Institutional Class, respectively and total return would have been lower.
(f)	Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividend would have been $0.10 and 0.80%, $0.00 and 0.08%, $0.00 and 0.08%, $0.07 and 0.58%, $0.17 and 1.32%, for Class A, Class B, Class C, Class R and Institutional Class, respectively.
(g)	Commencement date of September 25, 2009 and October 3, 2008 for Class S and Class Y shares, respectively.
(h)	Annualized.

17        Invesco Charter 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,115.60	$	5.93	$	1,019.19	$	5.66		1.13	%
B		1,000.00		1,111.60		9.84		1,015.47		9.39		1.88
C		1,000.00		1,112.10		9.85		1,015.47		9.39		1.88
R		1,000.00		1,114.30		7.23		1,017.95		6.90		1.38
S		1,000.00		1,116.40		5.40		1,019.69		5.16		1.03
Y		1,000.00		1,116.90		4.62		1,020.43		4.41		0.88
Institutional		1,000.00		1,117.60		3.78		1,021.22		3.61		0.72

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

18        Invesco Charter Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent
quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

CHT-SAR-1          Invesco Distributors, Inc.

Invesco Constellation Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Constellation Fund was renamed Invesco Constellation Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
9	Financial Statements
11	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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*	14.38	%
Class B Shares*	13.95
Class C Shares*	13.89
Class R Shares*	14.22
Class Y Shares*	14.49
Institutional Class Shares*	14.66
S&P 500 Index6 (Broad Market Index)	15.66
Russell 1000 Growth Index6(Style-Specific Index)	15.79
Lipper Multi-Cap Growth Funds Index6(Peer Group Index)	18.87

⁶ Lipper Inc.

* Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

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

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

     The Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                     Invesco Constellation Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable sales charges

Class A Shares
Inception (4/30/76)	11.76	%
10 Years	-5.08
5 Years	-1.04
1 Year	24.46
Class B Shares
Inception (11/3/97)	0.10	%
10 Years	-5.09
5 Years	-1.06
1 Year	25.70
Class C Shares
Inception (8/4/97)	-0.24	%
10 Years	-5.23
5 Years	-0.67
1 Year	29.72
Class R Shares
10 Years	-4.72	%
5 Years	-0.16
1 Year	31.43
Class Y Shares
10 Years	-4.50	%
5 Years	0.17
1 Year	31.99
Institutional Class Shares
Inception (4/8/92)	6.61	%
10 Years	-4.05
5 Years	0.60
1 Year	32.53

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     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

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (4/30/76)	11.78	%
10 Years	-5.90
5 Years	-1.85
1 Year	31.24
Class B Shares
Inception (11/3/97)	0.07	%
10 Years	-5.91
5 Years	-1.87
1 Year	32.77
Class C Shares
Inception (8/4/97)	-0.26	%
10 Years	-6.05
5 Years	-1.48
1 Year	36.80
Class R Shares
10 Years	-5.55	%
5 Years	-0.99
1 Year	38.53
Class Y Shares
10 Years	-5.33	%
5 Years	-0.66
1 Year	39.12
Institutional Class Shares
Inception (4/8/92)	6.61	%
10 Years	-4.88
5 Years	-0.22
1 Year	39.66

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The 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 Institutional Class shares was 1.44%, 2.19%, 2.19%, 1.69%, 1.19% and 0.77%, 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 Institutional Class shares

was 1.45%, 2.20%, 2.20%, 1.70%, 1.20%, and 0.78%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 5.50% sales charge, and Class 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 R, Class Y and Institutional 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.

1 Total annual operating expenses less contractual advisory fee waivers by the advisor in effect through at least December 31, 2012. See current prospectus for more information.

3                     Invesco Constellation Fund

Letters to Shareholders

    Bruce CrockettDear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees
    Philip TaylorDear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4                     Invesco Constellation Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.35%
Aerospace & Defense–2.58%
Goodrich Corp.		259,247	$	19,230,943
Rockwell Collins, Inc.		179,145		11,644,425
United Technologies Corp.		676,952		50,737,552
				81,612,920
Air Freight & Logistics–0.57%
Expeditors International of Washington, Inc.		443,244		18,057,761
Airlines–1.14%
Delta Air Lines, Inc.(b)		981,370		11,854,950
UAL Corp.(b)(c)		1,129,682		24,378,537
				36,233,487
Apparel Retail–1.19%
American Eagle Outfitters, Inc.		1,428,238		24,008,681
Men’s Wearhouse, Inc. (The)		574,948		13,586,021
				37,594,702
Apparel, Accessories & Luxury Goods–1.12%
Coach, Inc.		847,044		35,364,087
Asset Management & Custody Banks–0.45%
T. Rowe Price Group Inc.		249,856		14,369,219
Auto Parts & Equipment–2.24%
Autoliv, Inc. (Sweden)(b)		517,856		28,352,616
BorgWarner, Inc.(b)		191,933		8,318,376
Johnson Controls, Inc.		1,015,679		34,116,658
				70,787,650
Automobile Manufacturers–0.61%
Toyota Motor Corp. (Japan)		501,900		19,378,266
Biotechnology–2.77%
Amgen Inc.(b)		653,954		37,510,802
Gilead Sciences, Inc.(b)		1,261,527		50,044,776
				87,555,578
Cable & Satellite–0.67%
Scripps Networks Interactive, Inc.–Class A		468,076		21,222,566
Casinos & Gaming–0.64%
International Game Technology		965,737		20,357,736
Communications Equipment–4.02%
Cisco Systems, Inc.(b)		2,037,876		54,859,622
QUALCOMM Inc.		1,071,745		41,519,401
Research In Motion Ltd. (Canada)(b)		433,097		30,832,176
				127,211,199
Computer Hardware–7.34%
Apple Inc.(b)		602,641		157,361,618
Hewlett-Packard Co.		619,578		32,199,469
International Business Machines Corp.		242,907		31,335,003
Teradata Corp.(b)		388,116		11,282,532
				232,178,622
Computer Storage & Peripherals–0.82%
EMC Corp.(b)		1,367,940		26,004,539
Construction & Engineering–0.59%
Fluor Corp.		354,408		18,726,919
Construction, Farm Machinery & Heavy Trucks–0.31%
Komatsu Ltd. (Japan)		481,400		9,712,888
Consumer Finance–0.48%
American Express Co.		329,164		15,181,044
Data Processing & Outsourced Services–1.75%
MasterCard, Inc.–Class A		102,855		25,512,154
Visa Inc.–Class A		329,666		29,745,763
				55,257,917
Department Stores–0.76%
Kohl’s Corp.(b)		438,284		24,101,237
Diversified Banks–0.52%
Banco Bradesco S.A.–ADR (Brazil)		886,831		16,512,793
Diversified Metals & Mining–1.51%
BHP Billiton Ltd. (Australia)		409,701		14,964,162
Freeport-McMoRan Copper & Gold Inc.		183,792		13,881,810
Rio Tinto PLC (United Kingdom)		373,420		18,833,863
				47,679,835
Drug Retail–0.95%
Walgreen Co.		856,715		30,113,532
Electrical Components & Equipment–1.59%
Cooper Industries PLC (Ireland)		1,023,757		50,266,469
Electronic Components–0.85%
Corning Inc.		1,405,637		27,058,512

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

5        Invesco Constellation Fund

	Shares		Value
Electronic Manufacturing Services–1.70%
Flextronics International Ltd. (Singapore)(b)		3,620,611	$	28,059,735
Tyco Electronics Ltd. (Switzerland)		797,256		25,607,863
				53,667,598
Fertilizers & Agricultural Chemicals–0.48%
Potash Corp. of Saskatchewan Inc. (Canada)		136,932		15,130,986
Gas Utilities–0.57%
EQT Corp.		415,281		18,060,571
General Merchandise Stores–1.75%
Dollar Tree, Inc.(b)		913,700		55,479,864
Health Care Distributors–1.91%
Cardinal Health, Inc.		1,010,758		35,063,195
McKesson Corp.		390,559		25,312,129
				60,375,324
Health Care Equipment–1.17%
Baxter International Inc.		417,455		19,712,225
Varian Medical Systems, Inc.(b)		309,634		17,457,165
				37,169,390
Health Care Services–2.59%
Express Scripts, Inc.(b)		491,874		49,251,344
Medco Health Solutions, Inc.(b)		553,714		32,624,829
				81,876,173
Health Care Supplies–0.63%
DENTSPLY International Inc.		544,374		19,945,863
Home Improvement Retail–1.47%
Lowe’s Cos., Inc.		1,710,126		46,378,617
Homefurnishing Retail–0.84%
Bed Bath & Beyond Inc.(b)		577,757		26,553,712
Hotels, Resorts & Cruise Lines–1.28%
Carnival Corp.(d)		974,086		40,619,386
Household Products–0.55%
Colgate-Palmolive Co.		205,298		17,265,562
Housewares & Specialties–0.38%
Fortune Brands, Inc.		227,938		11,948,510
Human Resource & Employment Services–0.48%
Robert Half International, Inc.		555,438		15,207,892
Hypermarkets & Super Centers–1.51%
Costco Wholesale Corp.		810,404		47,878,668
Industrial Machinery–3.12%
Illinois Tool Works Inc.		476,614		24,354,975
Ingersoll-Rand PLC (Ireland)		1,473,172		54,477,901
Kennametal Inc.		602,790		19,807,679
				98,640,555
Integrated Oil & Gas–2.75%
Exxon Mobil Corp.		491,441		33,344,272
Occidental Petroleum Corp.		605,308		53,666,607
				87,010,879
Internet Retail–1.30%
Amazon.com, Inc.(b)		299,155		41,002,184
Internet Software & Services–3.88%
Google Inc.–Class A(b)		179,322		94,222,952
VeriSign, Inc.(b)		1,046,581		28,540,264
				122,763,216
Investment Banking & Brokerage–3.05%
Charles Schwab Corp. (The)		1,240,478		23,928,821
Goldman Sachs Group, Inc. (The)		255,156		37,048,651
Jefferies Group, Inc.(c)		1,311,297		35,693,504
				96,670,976
IT Consulting & Other Services–1.37%
Amdocs Ltd.(b)		603,300		19,269,402
Cognizant Technology Solutions Corp.–Class A(b)		470,375		24,073,793
				43,343,195
Life Sciences Tools & Services–0.78%
Thermo Fisher Scientific, Inc.(b)		449,035		24,822,655
Managed Health Care–2.16%
UnitedHealth Group Inc.		2,260,148		68,505,086
Oil & Gas Drilling–0.42%
Transocean Ltd.(b)		181,432		13,144,748
Oil & Gas Equipment & Services–3.65%
Baker Hughes Inc.		292,057		14,532,756
Cameron International Corp.(b)		514,026		20,283,466
Halliburton Co.		394,450		12,089,893
Hornbeck Offshore Services, Inc.(b)		341,143		8,347,769
Schlumberger Ltd.		199,867		14,274,501
Smith International, Inc.		751,453		35,889,395
Weatherford International Ltd.(b)		556,188		10,072,565
				115,490,345
Oil & Gas Exploration & Production–0.59%
Apache Corp.		183,417		18,664,514

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

6        Invesco Constellation Fund

	Shares		Value
Other Diversified Financial Services–1.20%
JPMorgan Chase & Co.		894,198	$	38,074,951
Pharmaceuticals–2.33%
Abbott Laboratories		595,537		30,467,673
Johnson & Johnson		386,574		24,856,708
Shire PLC (United Kingdom)		834,857		18,429,480
				73,753,861
Railroads–0.92%
Union Pacific Corp.		386,867		29,270,357
Regional Banks–0.55%
PNC Financial Services Group, Inc.		257,427		17,301,669
Restaurants–0.56%
Krispy Kreme Doughnuts Inc.–Wts., expiring 03/02/12(e)		19,296		1,544
McDonald’s Corp.		251,558		17,757,479
				17,759,023
Semiconductor Equipment–1.62%
Applied Materials, Inc.		1,140,732		15,719,287
ASML Holding N.V. (Netherlands)		722,846		23,563,484
KLA-Tencor Corp.		350,082		11,923,793
				51,206,564
Semiconductors–3.73%
Altera Corp.		723,775		18,354,934
Intel Corp.		1,501,612		34,281,802
NVIDIA Corp.(b)		809,645		12,727,619
PMC-Sierra, Inc.(b)		794,412		7,030,546
Taiwan Semiconductor Manufacturing Co. Ltd.–ADR (Taiwan)		3,240,980		34,321,978
Xilinx, Inc.		443,561		11,435,003
				118,151,882
Soft Drinks–1.72%
PepsiCo, Inc.		835,622		54,499,267
Specialized Finance–1.69%
CME Group Inc.		100,594		33,036,076
IntercontinentalExchange Inc.(b)		174,007		20,294,436
				53,330,512
Specialty Stores–0.10%
Dick’s Sporting Goods, Inc.(b)		108,220		3,150,284
Systems Software–5.76%
Check Point Software Technologies Ltd. (Israel)(b)		2,272,648		80,951,722
McAfee Inc.(b)		1,239,934		43,087,706
Microsoft Corp.		1,903,480		58,132,279
				182,171,707
Trading Companies & Distributors–1.06%
W.W. Grainger, Inc.		304,567		33,666,836
Trucking–0.26%
Con-way Inc.		212,590		8,256,996
Total Common Stocks & Other Equity Interests (Cost $2,532,781,274)				3,080,749,856
Money Market Funds–2.95%
Liquid Assets Portfolio–Institutional Class(f)		46,757,115		46,757,115
Premier Portfolio–Institutional Class(f)		46,757,115		46,757,115
Total Money Market Funds (Cost $93,514,230)				93,514,230
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.30% (Cost $2,626,295,504)				3,174,264,086
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.23%
Liquid Assets Portfolio–Institutional Class (Cost $38,860,640)(f)(g)		38,860,640		38,860,640
TOTAL INVESTMENTS–101.53% (Cost $2,665,156,144)				3,213,124,726
OTHER ASSETS LESS LIABILITIES–(1.53)%				(48,571,747	)
NET ASSETS–100.00%			$	3,164,552,979

Investment Abbreviations:

ADR	– American Depositary Receipt
Wts.	– Warrants

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, 2010.
(d)	Each unit represents one common share with paired trust share.
(e)	Non-income producing security acquired through a class action.
(f)	The money market fund and the Fund are affiliated by having the same investment adviser.
(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

7        Invesco Constellation Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	32.8	%
Consumer Discretionary	14.9
Health Care	14.4
Industrials	12.6
Financials	7.9
Energy	7.4
Consumer Staples	4.7
Materials	2.0
Utilities	0.6
Money Market Funds Plus Other Assets Less Liabilities	2.7

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

8        Invesco Constellation Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $2,532,781,274)*	$	3,080,749,856
Investments in affiliated money market funds, at value and cost		132,374,870
Total investments, at value (Cost $2,665,156,144)		3,213,124,726
Receivables for:
Investments sold		8,405,924
Fund shares sold		382,077
Dividends		1,046,068
Investment for trustee deferred compensation and retirement plans		515,492
Other assets		129,400
Total assets		3,223,603,687
Liabilities:
Payables for:
Investments purchased		8,456,423
Fund shares reacquired		6,760,056
Collateral upon return of securities loaned		38,860,640
Accrued fees to affiliates		2,757,184
Accrued other operating expenses		440,063
Trustee deferred compensation and retirement plans		1,776,342
Total liabilities		59,050,708
Net assets applicable to shares outstanding	$	3,164,552,979
Net assets consist of:
Shares of beneficial interest	$	4,051,969,567
Undistributed net investment income (loss)		(6,676,654	)
Undistributed net realized gain (loss)		(1,428,704,751	)
Unrealized appreciation		547,964,817
	$	3,164,552,979
Net Assets:
Class A	$	2,829,258,448
Class B	$	167,290,494
Class C	$	106,868,740
Class R	$	10,867,812
Class Y	$	14,039,469
Institutional Class	$	36,228,016
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		133,066,143
Class B		8,712,329
Class C		5,567,831
Class R		517,832
Class Y		659,168
Institutional Class		1,539,772
Class A:
Net asset value per share	$	21.26
Maximum offering price per share
(Net asset value of $21.26 divided by 94.50%)	$	22.50
Class B:
Net asset value and offering price per share	$	19.20
Class C:
Net asset value and offering price per share	$	19.19
Class R:
Net asset value and offering price per share	$	20.99
Class Y:
Net asset value and offering price per share	$	21.30
Institutional Class:
Net asset value and offering price per share	$	23.53

*  At April 30, 2010, securities with an aggregate value of $38,731,374 were on loan to brokers.

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

9        Invesco Constellation Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $47,168)	$	15,667,145
Dividends from affiliated money market funds (includes securities lending income of $29,664)		76,259
Interest		1,198,030
Total investment income		16,941,434
Expenses:
Advisory fees		9,933,458
Administrative services fees		295,001
Custodian fees		67,169
Distribution fees:
Class A		3,489,373
Class B		895,323
Class C		528,615
Class R		25,107
Transfer agent fees — A, B, C, R and Y		6,307,677
Transfer agent fees — Institutional		18,615
Trustees’ and officers’ fees and benefits		58,716
Other		475,371
Total expenses		22,094,425
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(307,195	)
Net expenses		21,787,230
Net investment income (loss)		(4,845,796	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $47,151)		134,124,934
Foreign currencies		(333,319	)
		133,791,615
Change in net unrealized appreciation of:
Investment securities		291,479,876
Foreign currencies		134,964
		291,614,840
Net realized and unrealized gain		425,406,455
Net increase in net assets resulting from operations	$	420,560,659

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

10        Invesco Constellation Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income (loss)	$	(4,845,796	)	$	11,329,685
Net realized gain (loss)		133,791,615			(1,141,201,056	)
Change in net unrealized appreciation		291,614,840			1,240,356,806
Net increase in net assets resulting from operations		420,560,659			110,485,435
Distributions to shareholders from net investment income:
Class A		(9,467,671	)		—
Class R		(11,753	)		—
Class Y		(78,583	)		—
Institutional Class		(348,963	)		—
Total distributions from net investment income		(9,906,970	)		—
Share transactions–net:
Class A		(220,162,770	)		(366,003,872	)
Class B		(36,003,970	)		(101,396,228	)
Class C		(8,601,072	)		(16,333,710	)
Class R		584,853			(408,646	)
Class Y		(665,003	)		6,095,856
Institutional Class		(14,109,746	)		(8,704,465	)
Net increase (decrease) in net assets resulting from share transactions		(278,957,708	)		(486,751,065	)
Net increase (decrease) in net assets		131,695,981			(376,265,630	)
Net assets:
Beginning of period		3,032,856,998			3,409,122,628
End of period (includes undistributed net investment income (loss) of $(6,676,654) and $8,076,112, respectively)	$	3,164,552,979		$	3,032,856,998

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Constellation Fund, formerly AIM Constellation Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 R, Class Y and Institutional Class. 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 B shares and Class C shares are sold with a CDSC. Class R, Class Y and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares will no longer be subject to a CDSC. 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.

  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 bonds) 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

11        Invesco Constellation Fund

	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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

12        Invesco Constellation Fund

E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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 fails 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 affiliates 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.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

13        Invesco Constellation Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $150 million		0	.80%
Over $150 million		0	.625%

  Through December 31, 2012, the Adviser has contractually agreed to waive advisory fees to the extent necessary so that the advisory fees payable by the Fund (based on the Fund’s average daily net assets) do not exceed the annual rate of:

Average Net Assets	Rate
First $250 million		0	.695%
Next $4 billion		0	.615%
Next $750 million		0	.595%
Next $2.5 billion		0	.57%
Next $2.5 billion		0	.545%
Over $10 billion		0	.52%

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

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y and Institutional Class 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. 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, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $259,878.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $6,411.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y and Institutional 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 Class R 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 0.50% of the average daily net assets of Class R 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 six months ended April 30, 2010, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

14        Invesco Constellation 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 six months ended April 30, 2010, IDI advised the Fund that IDI retained $118,131 in front-end sales commissions from the sale of Class A shares and $9, $132,795 and $2,571 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 Invesco, IIS and/or IDI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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	$	3,126,672,063	$	86,452,663	$	—	$	3,213,124,726

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities purchases of $45,026 and securities sales of $6,138,077, which resulted in net realized gains of $47,151.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $40,906.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $3,477 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

15        Invesco Constellation Fund

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. Under these limitation rules, the Fund is limited to utilizing $1,562,159,091 of capital loss carryforward in the fiscal year ending October 31, 2010.

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2010	$	196,611,268
October 31, 2011		222,860,251
October 31, 2017		1,142,687,572
Total capital loss carryforward	$	1,562,159,091

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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 six months ended April 30, 2010 was $866,712,383 and $1,179,493,430, 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	$	594,198,237
Aggregate unrealized (depreciation) of investment securities		(46,566,930	)
Net unrealized appreciation of investment securities	$	547,631,307
Cost of investments for tax purposes is $2,665,493,419.

16        Invesco Constellation Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		1,472,293		$	30,025,339			5,007,366		$	84,243,733
Class B		402,684			7,406,573			1,125,333			17,140,171
Class C		172,290			3,169,599			481,497			7,288,076
Class R		95,788			1,929,472			139,678			2,306,317
Class Y		269,506			5,664,119			567,176			9,361,384
Institutional Class		146,609			3,310,743			486,976			9,131,705
Issued as reinvestment of dividends:
Class A		452,979			8,987,063			—			—
Class R		599			11,741			—			—
Class Y		3,760			74,634			—			—
Institutional Class		15,921			348,843			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		1,294,536			26,452,525			4,544,000			75,391,717
Class B		(1,431,995	)		(26,452,525	)		(5,004,535	)		(75,391,717	)
Reacquired:
Class A		(14,032,623	)		(285,627,697	)		(31,210,781	)		(525,639,322	)
Class B		(922,620	)		(16,958,018	)		(2,843,381	)		(43,144,682	)
Class C		(639,337	)		(11,770,671	)		(1,550,177	)		(23,621,786	)
Class R		(67,040	)		(1,356,360	)		(161,419	)		(2,714,963	)
Class Y		(309,033	)		(6,403,756	)		(199,592	)		(3,265,528	)
Institutional Class		(807,318	)		(17,769,332	)		(963,246	)		(17,836,170	)
Net increase (decrease) in share activity		(13,883,001	)	$	(278,957,708	)		(29,581,105	)	$	(486,751,065	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IADI has an agreement with these entities to sell Fund shares. The Fund, Invesco Aim and/or Invesco Aim affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco Aim and/or Invesco Aim 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 Constellation Fund

NOTE 11—Financial Highlights

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

																						Ratio of			Ratio of
																						expenses			expenses
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends										net assets			assets without			investment
	value,		investment			securities			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			(both realized			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			and unrealized)			operations			income			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 04/30/10	$	18.66	$	(0.02	)(c)	$	2.69		$	2.67		$	(0.07	)	$	21.26		14.32	%		2,829,258		1.32	%(d)		1.34	%(d)		(0.24	)%(d)		29	%
Year ended 10/31/09		17.79		0.08	(c)		0.79	(e)		0.87			—			18.66		4.89	(e)		2,684,240		1.42			1.44			0.44			90
Year ended 10/31/08		31.12		(0.04	)(c)		(13.29	)		(13.33	)		—			17.79		(42.83	)		2,945,536		1.25			1.27			(0.16	)		96
Year ended 10/31/07		25.56		(0.07	)(c)		5.63			5.56			—			31.12		21.75			6,145,755		1.17			1.20			(0.25	)		68
Year ended 10/31/06		23.63		(0.06	)(c)		1.99			1.93			—			25.56		8.17			6,374,641		1.21			1.24			(0.24	)		123
Year ended 10/31/05		21.27		(0.02	)(f)		2.38			2.36			—			23.63		11.10			4,461,224		1.29			1.31			(0.06	)(f)		59
Class B
Six months ended 04/30/10		16.85		(0.09	)(c)		2.44			2.35			—			19.20		13.95			167,290		2.07	(d)		2.09	(d)		(0.99	)(d)		29
Year ended 10/31/09		16.20		(0.05	)(c)		0.70	(e)		0.65			—			16.85		4.01	(e)		179,737		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.54		(0.21	)(c)		(12.13	)		(12.34	)		—			16.20		(43.24	)		281,592		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.62		(0.25	)(c)		5.17			4.92			—			28.54		20.83			844,018		1.92			1.95			(1.00	)		68
Year ended 10/31/06		22.00		(0.23	)(c)		1.85			1.62			—			23.62		7.36			1,008,799		1.96			1.99			(0.99	)		123
Year ended 10/31/05		19.95		(0.19	)(f)		2.24			2.05			—			22.00		10.28			531,341		2.01			2.03			(0.78	)(f)		59
Class C
Six months ended 04/30/10		16.85		(0.09	)(c)		2.43			2.34			—			19.19		13.89			106,869		2.07	(d)		2.09	(d)		(0.99	)(d)		29
Year ended 10/31/09		16.19		(0.05	)(c)		0.71	(e)		0.66			—			16.85		4.08	(e)		101,671		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.52		(0.21	)(c)		(12.12	)		(12.33	)		—			16.19		(43.23	)		115,004		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.61		(0.25	)(c)		5.16			4.91			—			28.52		20.80			256,377		1.92			1.95			(1.00	)		68
Year ended 10/31/06		21.99		(0.23	)(c)		1.85			1.62			—			23.61		7.37			274,187		1.96			1.99			(0.99	)		123
Year ended 10/31/05		19.94		(0.19	)(f)		2.24			2.05			—			21.99		10.28			132,056		2.01			2.03			(0.78	)(f)		59
Class R
Six months ended 04/30/10		18.40		(0.05	)(c)		2.66			2.61			(0.02	)		20.99		14.22			10,868		1.57	(d)		1.59	(d)		(0.49	)(d)		29
Year ended 10/31/09		17.59		0.03	(c)		0.78	(e)		0.81			—			18.40		4.60	(e)		8,987		1.67			1.69			0.19			90
Year ended 10/31/08		30.84		(0.10	)(c)		(13.15	)		(13.25	)		—			17.59		(42.96	)		8,976		1.50			1.52			(0.41	)		96
Year ended 10/31/07		25.41		(0.14	)(c)		5.57			5.43			—			30.84		21.37			14,580		1.42			1.45			(0.50	)		68
Year ended 10/31/06		23.54		(0.12	)(c)		1.99			1.87			—			25.41		7.94			12,982		1.46			1.49			(0.49	)		123
Year ended 10/31/05		21.24		(0.06	)(f)		2.36			2.30			—			23.54		10.83			7,467		1.51			1.53			(0.28	)(f)		59
Class Y
Six months ended 04/30/10		18.71		0.00	(c)		2.70			2.70			(0.11	)		21.30		14.49			14,039		1.07	(d)		1.09	(d)		0.01	(d)		29
Year ended 10/31/09		17.80		0.12	(c)		0.79	(e)		0.91			—			18.71		5.11	(e)		13,003		1.17			1.19			0.69			90
Year ended 10/31/08(g)		19.99		0.00	(c)		(2.19	)		(2.19	)		—			17.80		(10.96	)		5,827		1.05	(h)		1.07	(h)		0.04	(h)		96
Institutional Class
Six months ended 04/30/10		20.70		0.03	(c)		2.99			3.02			(0.19	)		23.53		14.66			36,228		0.77	(d)		0.79	(d)		0.31	(d)		29
Year ended 10/31/09		19.61		0.21	(c)		0.88	(e)		1.09			—			20.70		5.56	(e)		45,219		0.75			0.77			1.11			90
Year ended 10/31/08		34.14		0.09	(c)		(14.62	)		(14.53	)		—			19.61		(42.56	)		52,187		0.78			0.80			0.31			96
Year ended 10/31/07		27.92		0.06	(c)		6.16			6.22			—			34.14		22.28			115,443		0.71			0.74			0.21			68
Year ended 10/31/06		25.69		0.06	(c)		2.17			2.23			—			27.92		8.68			104,416		0.75			0.78			0.22			123
Year ended 10/31/05		23.01		0.10	(f)		2.58			2.68			—			25.69		11.65			192,498		0.76			0.78			0.47	(f)		59

(a)	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.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,814,632, $180,549, $106,599, $10,126, $13,507 and $37,636 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)	Includes litigation proceeds received during the period. Had the litigation proceeds not been received net gains on securities (both realized and unrealized) per share would have been $0.61, $0.52, $0.53, $0.60, $0.61 and $0.70 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively and total returns would have been lower.
(f)	Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividend are $(0.09) and (0.36)%; $(0.26) and (1.08)%; $(0.26) and (1.08)%; $(0.13) and (0.58)% and $0.03 and 0.17% for Class A, Class B, Class C, Class R and Institutional Class shares, respectively.
(g)	Commencement date of October 3, 2008.
(h)	Annualized.

18        Invesco Constellation 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,143.80	$	7.02	$	1,018.25	$	6.61		1.32	%
B		1,000.00		1,139.50		10.98		1,014.53		10.34		2.07
C		1,000.00		1,138.90		10.98		1,014.53		10.34		2.07
R		1,000.00		1,142.20		8.34		1,017.01		7.85		1.57
Y		1,000.00		1,144.90		5.69		1,019.49		5.36		1.07
Institutional		1,000.00		1,146.60		4.10		1,020.98		3.86		0.77

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

19        Invesco Constellation Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

CST-SAR-1           Invesco Distributors, Inc.

Invesco Disciplined Equity Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Disciplined Equity Fund was renamed Invesco Disciplined Equity Fund.

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
6	Financial Statements
8	Notes to Financial Statements
13	Financial Highlights
14	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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 Y Shares	15.70	%
S&P 500 Index▼ (Broad Market Index)	15.66

^▼Lipper Inc.

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

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

Average Annual Total Returns
As of 4/30/10, including maximum applicable sales charges

Class Y Shares
Inception (12/1/05)	2.57	%
1 Year	36.49

Effective Sept. 21, 2009, the Institutional Class shares of the Atlantic Whitehall Equity Income Fund (the predecessor fund) were reorganized into Class Y shares of Invesco Disciplined Equity Fund. Returns prior to that date are blended returns for the predecessor fund and Class Y shares of Invesco Disciplined Equity Fund. Returns since that date are those of Class Y shares of Invesco Disciplined Equity Fund. Class Y share returns will differ from the predecessor fund because of different expenses.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class Y Shares
Inception (12/1/05)	2.30	%
1 Year	49.21

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class Y shares was 1.11%. 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 Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

2 Invesco Disciplined Equity Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.
     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.
     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication
Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

3 Invesco Disciplined Equity Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.35%
Aerospace & Defense–3.57%
General Dynamics Corp.		36,615	$	2,795,921
United Technologies Corp.		54,005		4,047,675
				6,843,596
Apparel, Accessories & Luxury Goods–1.52%
VF Corp.		33,680		2,910,626
Asset Management & Custody Banks–2.48%
Bank of New York Mellon Corp.		152,655		4,752,150
Automotive Retail–1.74%
Advance Auto Parts, Inc.		73,765		3,326,801
Cable & Satellite–4.05%
Comcast Corp.–Class A		153,895		3,037,887
Liberty Global, Inc.–Class A(b)		93,155		2,553,379
Time Warner Cable, Inc.		38,470		2,163,937
				7,755,203
Coal & Consumable Fuels–0.63%
Peabody Energy Corp.		25,885		1,209,347
Communications Equipment–2.25%
Cisco Systems, Inc.(b)		159,955		4,305,989
Computer & Electronics Retail–1.16%
Best Buy Co., Inc.		48,800		2,225,280
Computer Hardware–4.49%
Hewlett-Packard Co.		78,865		4,098,614
International Business Machines Corp.		34,945		4,507,905
				8,606,519
Consumer Finance–0.47%
Capital One Financial Corp.		20,955		909,657
Data Processing & Outsourced Services–9.27%
Alliance Data Systems Corp.(b)		32,300		2,424,438
Automatic Data Processing, Inc.		104,550		4,533,288
Fidelity National Information Services, Inc.		117,310		3,084,080
Fiserv, Inc.(b)		57,545		2,939,974
Western Union Co. (The)		261,265		4,768,086
				17,749,866
Diversified Banks–2.47%
Wells Fargo & Co.		142,705		4,724,963
Drug Retail–4.03%
CVS Caremark Corp.		109,110		4,029,432
Walgreen Co.		105,140		3,695,671
				7,725,103
Electric Utilities–3.06%
FPL Group, Inc.		73,220		3,811,101
Northeast Utilities		73,825		2,051,597
				5,862,698
Footwear–1.34%
NIKE, Inc.–Class B		33,730		2,560,444
Gas Utilities–3.16%
EQT Corp.		71,070		3,090,834
Questar Corp.		61,730		2,959,954
				6,050,788
General Merchandise Stores–1.95%
Target Corp.		65,775		3,740,624
Health Care Equipment–2.76%
Medtronic, Inc.		54,175		2,366,906
Stryker Corp.		50,660		2,909,910
				5,276,816
Health Care Services–2.34%
Express Scripts, Inc.(b)		23,785		2,381,592
Laboratory Corp. of America Holdings(b)		26,620		2,091,533
				4,473,125
Home Improvement Retail–1.04%
Lowe’s Cos., Inc.		73,145		1,983,692
Household Products–2.30%
Procter & Gamble Co. (The)		70,925		4,408,698
Industrial Conglomerates–3.14%
General Electric Co.		318,410		6,005,213
Industrial Gases–2.67%
Praxair, Inc.		61,110		5,119,185
Industrial Machinery–1.02%
Danaher Corp.		23,160		1,951,925
Investment Banking & Brokerage–1.54%
TD Ameritrade Holding Corp.(b)		147,100		2,944,942
IT Consulting & Other Services–1.29%
Accenture PLC–Class A (Ireland)		56,750		2,476,570

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

4        Invesco Disciplined Equity Fund

	Shares		Value
Managed Health Care–3.11%
Aetna Inc.		73,700	$	2,177,835
UnitedHealth Group Inc.		124,325		3,768,291
				5,946,126
Multi-Utilities–2.21%
PG&E Corp.		96,625		4,232,175
Oil & Gas Exploration & Production–3.45%
Anadarko Petroleum Corp.		61,783		3,840,431
XTO Energy, Inc.		58,145		2,763,051
				6,603,482
Oil & Gas Storage & Transportation–1.40%
Williams Cos., Inc. (The)		113,480		2,679,263
Other Diversified Financial Services–4.94%
Bank of America Corp.		279,495		4,983,396
JPMorgan Chase & Co.		104,955		4,468,984
				9,452,380
Packaged Foods & Meats–2.52%
Heinz (H.J.) Co.		103,055		4,830,188
Pharmaceuticals–3.44%
Abbott Laboratories		59,070		3,022,021
Merck & Co., Inc.		57,190		2,003,937
Pfizer Inc.		93,255		1,559,224
				6,585,182
Railroads–1.11%
Norfolk Southern Corp.		35,950		2,132,913
Soft Drinks–2.78%
PepsiCo, Inc.		81,735		5,330,757
Specialized REIT’s–1.04%
Ventas, Inc.		42,198		1,993,011
Specialty Chemicals–2.11%
Nalco Holding Co.		163,405		4,041,006
Systems Software–3.50%
Check Point Software Technologies Ltd. (Israel)(b)		57,860		2,060,973
Oracle Corp.		179,395		4,635,567
				6,696,540
Total Common Stocks & Other Equity Interests (Cost $155,648,659)				186,422,843
Money Market Funds–3.41%
Liquid Assets Portfolio–Institutional Class(c)		3,264,406		3,264,406
Premier Portfolio–Institutional Class(c)		3,264,406		3,264,406
Total Money Market Funds (Cost $6,528,812)				6,528,812
TOTAL INVESTMENTS–100.76% (Cost $162,177,471)				192,951,655
OTHER ASSETS LESS LIABILITIES–(0.76)%				(1,458,545	)
NET ASSETS–100.00%			$	191,493,110

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	20.8	%
Financials	12.9
Consumer Discretionary	12.8
Consumer Staples	11.6
Health Care	11.6
Industrials	8.9
Utilities	8.4
Energy	5.5
Materials	4.8
Money Market Funds Plus Other Assets Less Liabilities	2.7

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

5        Invesco Disciplined Equity Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $155,648,659)	$	186,422,843
Investments in affiliated money market funds, at value and cost		6,528,812
Total investments, at value (Cost $162,177,471)		192,951,655
Receivables for:
Fund shares sold		9,477
Dividends		145,337
Investment for trustee deferred compensation and retirement plans		647
Other assets		3,091
Total assets		193,110,207
Liabilities:
Payables for:
Investments purchased		1,139,487
Fund shares reacquired		333,868
Accrued fees to affiliates		48,479
Accrued other operating expenses		93,164
Trustee deferred compensation and retirement plans		2,099
Total liabilities		1,617,097
Net assets applicable to shares outstanding	$	191,493,110
Net assets consist of:
Shares of beneficial interest	$	174,289,806
Undistributed net investment income		530,900
Undistributed net realized gain (loss)		(14,101,780	)
Unrealized appreciation		30,774,184
	$	191,493,110
Net Assets:
Class Y	$	191,493,110
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class Y		19,723,810
Class Y:
Net asset value and offering price per share	$	9.71

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

6        Invesco Disciplined Equity Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends	$	1,513,918
Dividends from affiliated money market funds		3,459
Total investment income		1,517,377
Expenses:
Advisory fees		632,756
Administrative services fees		24,794
Custodian fees		3,213
Transfer agent fees		27,087
Trustees’ and officers’ fees and benefits		7,212
Other		21,895
Total expenses		716,957
Less: Fees waived and expense offset arrangement(s)		(5,203	)
Net expenses		711,754
Net investment income		805,623
Net realized gain from investment securities		5,111,938
Change in net unrealized appreciation of investment securities		20,489,825
Net realized and unrealized gain		25,601,763
Net increase in net assets resulting from operations	$	26,407,386

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

7        Invesco Disciplined Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010, the period December 1, 2008 to October 31, 2009 and the year ended November 30, 2008

(Unaudited)

				Eleven
	Six months ended			months ended			Year ended
	April 30,			October 31,			November 30,
	2010			2009			2008
Operations:
Net investment income	$	805,623		$	1,550,319		$	2,345,254
Net realized gain (loss)		5,111,938			(12,619,705	)		(4,622,876	)
Change in net unrealized appreciation (depreciation)		20,489,825			41,687,349			(89,608,123	)
Net increase (decrease) in net assets resulting from operations		26,407,386			30,617,963			(91,885,745	)
Distributions to shareholders from net investment income — Class Y		(1,637,777	)		(2,129,446	)		(3,214,010	)*
Distributions to shareholders from net realized gains — Class Y		—			—			(25,450,721	)*
Share transactions-net:
Class Y		(174,757	)		(32,789,965	)		6,904,350	*
Net increase (decrease) in net assets resulting from share transactions		(174,757	)		(32,789,965	)		6,904,350
Net increase (decrease) in net assets		24,594,852			(4,301,448	)		(113,646,126	)
Net assets:
Beginning of period		166,898,258			171,199,706			284,845,832
End of period (includes undistributed net investment income of $530,900, $1,363,054 and $1,865,752, respectively)	$	191,493,110		$	166,898,258		$	171,199,706

*  Formerly known as Atlantic Whitehall Equity Income Fund — Institutional Class.

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Disciplined Equity Fund, formerly AIM Disciplined Equity Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 capital appreciation and, secondarily, current income.

  Prior to September 21, 2009, the Fund operated as Atlantic Whitehall Equity Income Fund (the “Acquired Fund”), an investment portfolio of Atlantic Whitehall Funds Trust. The Acquired Fund was reorganized on September 21, 2009 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”). Upon closing of the Reorganization, holders of the Acquired Fund Institutional Class received Class Y shares of the Fund. Information for the Acquired Fund-Institutional Class prior to the Reorganization is included with Class Y shares of the Fund throughout this report.

  The Fund currently consists of one class of shares, Class Y. Class Y shares are sold at net asset value.

  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 bonds) 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 ask 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 ask 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.

8        Invesco Disciplined Equity Fund

	Debt obligations (including convertible bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial

9        Invesco Disciplined Equity Fund

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.

G.

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 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.

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:

Average 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%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class Y shares to 1.75% 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. 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, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $5,015.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. For the six months ended April 30, 2010, Invesco Ltd. did not reimburse any expenses.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class Y shares of the Fund. The Fund is not charged any fees pursuant with the distribution agreement with IADI. Prior to the Reorganization, PFPC Distributors, Inc. served as the Distributor for the Acquired Fund.

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

10        Invesco Disciplined Equity Fund

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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	$	192,951,655	$	—	$	—	$	192,951,655

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $188.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $290 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

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

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

11        Invesco Disciplined Equity Fund

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	4,373,461
October 31, 2017		11,247,700
Total capital loss carryforward	$	15,621,161

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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 six months ended April 30, 2010 was $32,954,026 and $34,062,773, 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	$	30,577,358
Aggregate unrealized (depreciation) of investment securities		(3,395,731	)
Net unrealized appreciation of investment securities	$	27,181,627
Cost of investments for tax purposes is $165,770,028.

NOTE 9—Share Information

	Summary of Share Activity
							For the period
	Six months ended						December 1, 2008 to						Year ended
	April 30, 2010(a)						October 31, 2009(b)						November 30, 2008(c)
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class Y		1,926,384		$	17,658,083			8,584,303		$	60,620,456			3,519,049		$	34,201,293
Issued as reinvestment of dividends:
Class Y		85,251			761,292			108,545			744,616			2,412,329			25,980,788
Reacquired:
Class Y		(1,984,747	)		(18,594,132	)		(13,170,384	)		(94,155,037	)		(5,707,107	)		(53,277,731	)
Net increase (decrease) in share activity		26,888		$	(174,757	)		(4,477,536	)	$	(32,789,965	)		224,271		$	6,904,350

(a)	There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% 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 by these entities are also owned beneficially.
(b)	Upon Reorganization, holders of the Acquired Fund—Institutional Class received Class Y shares of the Fund.
(c)	Formerly known as Atlantic Whitehall Equity Income Fund—Institutional Class.

12        Invesco Disciplined Equity Fund

NOTE 10—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset					(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		Net			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class Y*
Six months ended 04/30/10	$	8.47	$	0.04	(c)	$	1.28		$	1.32		$	(0.08	)	$	—		$	(0.08	)	$	9.71		15.70	%	$	191,493		0.78	%(d)		0.79	%(d)		0.89	%(d)		19	%
Eleven months ended 10/31/09		7.08		0.08	(c)		1.43			1.51			(0.12	)		—			(0.12	)		8.47		21.80			166,898		1.12			1.33			1.16			48
Year ended 11/30/08		11.89		0.10			(3.71	)		(3.61	)		(0.13	)		(1.07	)		(1.20	)		7.08		(33.81	)		171,200		1.04			1.04			0.95			45
Year ended 11/30/07		11.00		0.11			0.80			0.91			(0.02	)		—			(0.02	)		11.89		8.14			284,846		1.01			1.05			1.08			95
Year ended 11/30/06(e)		10.00		0.08			0.99			1.07			(0.07	)		—			(0.07	)		11.00		10.87			49,201		1.10	(f)		1.64	(f)		1.32	(f)		43

 *  Prior to September 21, 2009, the Fund operated as Atlantic Whitehall Equity Income Fund. On such date, holders of Institutional Class received Class Y shares of the Fund.

(a)	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. Not annualized for periods less than one year, if applicable.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $183,597.
(e)	Commencement date of December 1, 2005.
(f)	Annualized.

13        Invesco Disciplined Equity 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

HYPOTHETICAL

(5% annual return before

ACTUAL

expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Paid During

Expense

Class

(11/01/09)

(04/30/10)1

Period2

(04/30/10)

Period2

Ratio

Y

$

1,000.00

$

1,157.00

$

4.17

$

1,020.93

$

3.91

0.78

%

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

14        Invesco Disciplined Equity Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

DEQ-SAR-1 Invesco Distributors, Inc.

Invesco Diversified Dividend Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Diversified Dividend Fund was renamed Invesco Diversified Dividend Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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	17.33	%
Class B Shares	16.87
Class C Shares	16.78
Class R Shares	17.17
Class Y Shares	17.46
Investor Class Shares	17.27
Institutional Class Shares	17.43
S&P 500 Index6 (Broad Market Index)	15.66
Russell 1000 Index6 (Style-Specific Index)	16.77
Lipper Large-Cap Core Funds Index6 (Peer Group Index)	14.47

⁶Lipper Inc.

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

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

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

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                    Invesco Diversified Dividend Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (12/31/01)	4.52	%
5 Years	3.15
1 Year	35.08
Class B Shares
Inception (12/31/01)	4.56	%
5 Years	3.25
1 Year	36.96
Class C Shares
Inception (12/31/01)	4.50	%
5 Years	3.60
1 Year	40.89
Class R Shares
Inception	5.03	%
5 Years	4.09
1 Year	42.70
Class Y Shares
Inception	5.28	%
5 Years	4.41
1 Year	43.40
Investor Class Shares
Inception	5.28	%
5 Years	4.40
1 Year	43.08
Institutional Class Shares
Inception	5.42	%
5 Years	4.64
1 Year	43.53

Class R shares incepted on October 25, 2005. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Investor Class shares incepted on July 15, 2005. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on October 25, 2005. Performance shown prior to that date is that of Class

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end,
including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	4.30	%
5 Years	2.48
1 Year	45.74
Class B Shares
Inception (12/31/01)	4.34	%
5 Years	2.60
1 Year	48.33
Class C Shares
Inception (12/31/01)	4.31	%
5 Years	2.94
1 Year	52.20
Class R Shares
Inception	4.83	%
5 Years	3.44
1 Year	54.20
Class Y Shares
Inception	5.08	%
5 Years	3.74
1 Year	55.02
Investor Class Shares
Inception	5.07	%
5 Years	3.73
1 Year	54.49
Institutional Class Shares
Inception	5.22	%
5 Years	3.97
1 Year	54.97

A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

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

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

recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares was 1.13, 1.88%, 1.88%, 1.38%, 0.88%, 1.03% and 0.70%, 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 R, Class Y and Institutional Class 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.

     Had the adviser not waived fees and/or reimbursed expenses in the past, performance would have been lower.

3                    Invesco Diversified Dividend Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

      Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4                    Invesco Diversified Dividend Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks–92.87%
Aerospace & Defense–2.34%
General Dynamics Corp.		268,900	$	20,533,204
Raytheon Co.		273,577		15,949,539
				36,482,743
Apparel Retail–0.52%
TJX Cos., Inc.		174,027		8,064,411
Apparel, Accessories & Luxury Goods–0.51%
VF Corp.		92,534		7,996,788
Asset Management & Custody Banks–2.44%
Bank of New York Mellon Corp.		20,635		642,368
Federated Investors, Inc.–Class B		975,077		23,518,857
State Street Corp.		320,769		13,953,451
				38,114,676
Auto Parts & Equipment–3.12%
Johnson Controls, Inc.		1,447,941		48,636,338
Brewers–1.33%
Heineken N.V. (Netherlands)		445,773		20,692,795
Building Products–1.50%
Masco Corp.		1,441,132		23,389,572
Casinos & Gaming–2.09%
International Game Technology		1,547,309		32,617,274
Computer Hardware–0.41%
Hewlett-Packard Co.		123,944		6,441,370
Construction, Farm Machinery & Heavy Trucks–0.99%
Caterpillar Inc.		225,672		15,366,007
Consumer Finance–3.01%
Capital One Financial Corp.		1,080,746		46,915,184
Data Processing & Outsourced Services–3.36%
Automatic Data Processing, Inc.		834,727		36,193,763
Western Union Co.		892,223		16,283,070
				52,476,833
Department Stores–0.58%
Nordstrom, Inc.		219,725		9,081,234
Distributors–0.58%
Genuine Parts Co.		212,543		9,096,840
Diversified Banks–1.12%
U.S. Bancorp		650,124		17,403,820
Diversified Chemicals–3.56%
E. I. du Pont de Nemours and Co.		728,480		29,022,643
PPG Industries, Inc.		376,639		26,504,087
				55,526,730
Drug Retail–1.67%
Walgreen Co.		741,328		26,057,679
Electric Utilities–4.10%
American Electric Power Co., Inc.		838,658		28,765,969
Entergy Corp.		179,800		14,615,942
Exelon Corp.		104,412		4,551,319
PPL Corp.		648,693		16,061,639
				63,994,869
Electrical Components & Equipment–2.10%
Emerson Electric Co.		627,045		32,750,560
Food Distributors–1.61%
Sysco Corp.		797,502		25,153,213
Forest Products–0.88%
Weyerhaeuser Co.		278,095		13,771,264
General Merchandise Stores–0.75%
Target Corp.		206,243		11,729,040
Health Care Equipment–2.42%
Medtronic, Inc.		263,796		11,525,247
Stryker Corp.		455,881		26,185,805
				37,711,052
Home Improvement Retail–0.12%
Home Depot, Inc. (The)		52,416		1,847,664
Hotels, Resorts & Cruise Lines–2.39%
Marriott International, Inc.–Class A		1,014,569		37,295,557
Household Products–2.71%
Kimberly-Clark Corp.		690,466		42,297,947
Hypermarkets & Super Centers–0.37%
Wal-Mart Stores, Inc.		107,542		5,769,628
Industrial Machinery–7.85%
Eaton Corp.		328,207		25,324,452
Illinois Tool Works Inc.		469,111		23,971,572
Pentair, Inc.		1,175,122		42,492,412
Snap-on Inc.		634,965		30,592,614
				122,381,050

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

5        Invesco Diversified Dividend Fund

	Shares		Value
Insurance Brokers–2.26%
Marsh & McLennan Cos., Inc.		1,454,164	$	35,219,852
Integrated Oil & Gas–2.26%
Eni S.p.A. (Italy)		333,901		7,485,482
Exxon Mobil Corp.		61,012		4,139,664
Occidental Petroleum Corp.		81,739		7,246,980
Total S.A. (France)		303,429		16,442,516
				35,314,642
Integrated Telecommunication Services–0.38%
AT&T Inc.		224,288		5,844,945
IT Consulting & Other Services–0.18%
International Business Machines Corp.		21,584		2,784,336
Life & Health Insurance–1.92%
Lincoln National Corp.		463,921		14,191,343
StanCorp Financial Group, Inc.		350,127		15,741,710
				29,933,053
Movies & Entertainment–1.30%
Time Warner Inc.		614,427		20,325,245
Multi-Utilities–2.53%
Dominion Resources, Inc.		791,680		33,092,224
Wisconsin Energy Corp.		122,708		6,443,397
				39,535,621
Oil & Gas Equipment & Services–1.36%
Baker Hughes Inc.		426,494		21,222,342
Packaged Foods & Meats–5.08%
Campbell Soup Co.		439,693		15,767,391
General Mills, Inc.		363,518		25,875,211
Kraft Foods Inc.–Class A		1,054,222		31,204,971
Mead Johnson Nutrition Co.		109,679		5,660,533
Sara Lee Corp.		55,398		787,760
				79,295,866
Pharmaceuticals–5.30%
Bristol-Myers Squibb Co.		630,572		15,947,166
Eli Lilly and Co.		491,872		17,200,764
Johnson & Johnson		447,401		28,767,884
Novartis AG (Switzerland)		277,059		14,135,231
Pfizer Inc.		396,083		6,622,508
				82,673,553
Regional Banks–5.96%
Fifth Third Bancorp		3,202,020		47,742,118
SunTrust Banks, Inc.		1,526,400		45,181,440
				92,923,558
Restaurants–1.30%
Brinker International, Inc.		1,098,520		20,344,590
Semiconductors–1.62%
Linear Technology Corp.		326,821		9,824,239
Texas Instruments Inc.		594,611		15,465,832
				25,290,071
Soft Drinks–0.76%
Coca-Cola Co. (The)		220,607		11,791,444
Specialized Consumer Services–0.58%
H&R Block, Inc.		495,111		9,065,483
Specialty Chemicals–1.10%
Ecolab Inc.		352,377		17,210,093
Systems Software–1.11%
Microsoft Corp.		565,495		17,270,217
Thrifts & Mortgage Finance–0.85%
Hudson City Bancorp, Inc.		992,791		13,204,120
Tobacco–2.59%
Altria Group, Inc.		809,899		17,161,760
Philip Morris International Inc.		473,129		23,221,171
				40,382,931
Total Common Stocks (Cost $1,276,825,684)				1,448,694,100
Money Market Funds–7.32%
Liquid Assets Portfolio–Institutional Class(b)		57,083,055		57,083,055
Premier Portfolio–Institutional Class(b)		57,083,055		57,083,055
Total Money Market Funds (Cost $114,166,110)				114,166,110
TOTAL INVESTMENTS–100.19% (Cost $1,390,991,794)				1,562,860,210
OTHER ASSETS LESS LIABILITIES–(0.19)%				(2,957,938	)
NET ASSETS–100.00%			$	1,559,902,272

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

6        Invesco Diversified Dividend Fund

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Financials	17.6	%
Consumer Staples	16.1
Industrials	14.8
Consumer Discretionary	13.9
Health Care	7.7
Information Technology	6.7
Utilities	6.6
Materials	5.5
Energy	3.6
Telecommunication Services	0.4
Money Market Funds Plus Other Assets Less Liabilities	7.1

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

7        Invesco Diversified Dividend Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $1,276,825,684)	$	1,448,694,100
Investments in affiliated money market funds, at value and cost		114,166,110
Total investments, at value (Cost $1,390,991,794)		1,562,860,210
Foreign currencies, at value (Cost $200,108)		201,806
Receivables for:
Investments sold		920,564
Fund shares sold		3,041,656
Dividends		1,896,563
Investment for trustee deferred compensation and retirement plans		236,003
Other assets		47,020
Total assets		1,569,203,822
Liabilities:
Payables for:
Investments purchased		7,195,400
Fund shares reacquired		957,173
Accrued fees to affiliates		669,379
Accrued other operating expenses		86,139
Trustee deferred compensation and retirement plans		393,459
Total liabilities		9,301,550
Net assets applicable to shares outstanding	$	1,559,902,272
Net assets consist of:
Shares of beneficial interest	$	1,467,553,620
Undistributed net investment income		1,607,652
Undistributed net realized gain (loss)		(81,144,140	)
Unrealized appreciation		171,885,140
	$	1,559,902,272
Net Assets:
Class A	$	255,977,357
Class B	$	32,331,430
Class C	$	45,901,716
Class R	$	4,513,052
Class Y	$	14,266,835
Investor Class	$	1,127,653,666
Institutional Class	$	79,258,216
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		21,626,417
Class B		2,759,228
Class C		3,921,577
Class R		380,854
Class Y		1,204,023
Investor Class		95,320,522
Institutional Class		6,698,246
Class A:
Net asset value per share	$	11.84
Maximum offering price per share
(Net asset value of $11.84 divided by 94.50%)	$	12.53
Class B:
Net asset value and offering price per share	$	11.72
Class C:
Net asset value and offering price per share	$	11.70
Class R:
Net asset value and offering price per share	$	11.85
Class Y:
Net asset value and offering price per share	$	11.85
Investor Class:
Net asset value and offering price per share	$	11.83
Institutional Class:
Net asset value and offering price per share	$	11.83

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

8        Invesco Diversified Dividend Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $181,659)	$	19,339,469
Dividends from affiliated money market funds		38,588
Total investment income		19,378,057
Expenses:
Advisory fees		3,810,722
Administrative services fees		193,071
Custodian fees		13,318
Distribution fees:
Class A		264,721
Class B		158,060
Class C		202,153
Class R		9,981
Investor Class		954,864
Transfer agent fees — A, B, C, R, Y and Investor		1,151,927
Transfer agent fees — Institutional		21,531
Trustees’ and officers’ fees and benefits		33,924
Other		95,798
Total expenses		6,910,070
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(67,967	)
Net expenses		6,842,103
Net investment income		12,535,954
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		8,850,419
Foreign currencies		(89,947	)
		8,760,472
Change in net unrealized appreciation of:
Investment securities		204,350,107
Foreign currencies		3,601
		204,353,708
Net realized and unrealized gain		213,114,180
Net increase in net assets resulting from operations	$	225,650,134

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

9        Invesco Diversified Dividend Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	12,535,954		$	25,940,427
Net realized gain (loss)		8,760,472			(57,511,767	)
Change in net unrealized appreciation		204,353,708			149,117,892
Net increase in net assets resulting from operations		225,650,134			117,546,552
Distributions to shareholders from net investment income:
Class A		(1,903,479	)		(3,534,789	)
Class B		(164,517	)		(467,713	)
Class C		(210,256	)		(459,804	)
Class R		(29,962	)		(26,063	)
Class Y		(81,468	)		(99,257	)
Investor Class		(9,787,773	)		(19,950,751	)
Institutional Class		(701,170	)		(1,275,974	)
Total distributions from net investment income		(12,878,625	)		(25,814,351	)
Share transactions-net:
Class A		39,247,403			13,257,360
Class B		(2,901,676	)		(8,053,148	)
Class C		3,275,176			2,974,296
Class R		585,743			2,215,388
Class Y		7,172,946			3,031,915
Investor Class		(17,369,487	)		(43,857,475	)
Institutional Class		10,612,034			13,493,072
Net increase (decrease) in net assets resulting from share transactions		40,622,139			(16,938,592	)
Net increase in net assets		253,393,648			74,793,609
Net assets:
Beginning of period		1,306,508,624			1,231,715,015
End of period (includes undistributed net investment income of $1,607,652 and $1,950,323, respectively)	$	1,559,902,272		$	1,306,508,624

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Diversified Dividend Fund, formerly AIM Diversified Dividend Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 and, secondarily, current income.

  The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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 B shares and Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are

10        Invesco Diversified Dividend Fund

subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. 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.

  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 bonds) 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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the

11        Invesco Diversified Dividend Fund

	laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income are declared and paid quarterly and are recorded on ex-dividend date. Distributions from net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
J.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.

12        Invesco Diversified Dividend Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Net Assets	Rate
First $350 million		0	.60%
Next $350 million		0	.55%
Next $1.3 billion		0	.50%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

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

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 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 waiver to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $58,798 and reimbursed class level expenses of $0 for Class A, Class B, Class C, Class R, Class Y and Investor Class shares in proportion to the relative net assets of such classes.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $1,261.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IADI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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, Class R 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 0.50% of the average daily net assets of Class R 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 six months ended April 30, 2010, 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

13        Invesco Diversified Dividend Fund

to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $46,653 in front-end sales commissions from the sale of Class A shares and $276, $18,682 and $1,612 from Class A, Class B and Class C, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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
France	$	—	$	16,442,516	$	—	$	16,442,516
Italy		—		7,485,482		—		7,485,482
Netherlands		—		20,692,795		—		20,692,795
Switzerland		—		14,135,231		—		14,135,231
United States		1,504,104,186		—		—		1,504,104,186
Total Investments	$	1,504,104,186	$	58,756,024	$	—	$	1,562,860,210

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,908.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $2,038 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

14        Invesco Diversified Dividend Fund

NOTE 7—Tax Information

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

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	30,854,048
October 31, 2017		58,898,553
Total capital loss carryforward	$	89,752,601

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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 six months ended April 30, 2010 was $77,446,978 and $83,109,902, 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	$	245,583,528
Aggregate unrealized (depreciation) of investment securities		(73,754,014	)
Net unrealized appreciation of investment securities	$	171,829,514
Cost of investments for tax purposes is $1,391,030,696.

15        Invesco Diversified Dividend Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		4,803,321		$	54,539,732			7,271,476		$	64,044,427
Class B		309,580			3,437,472			965,019			8,479,587
Class C		637,490			7,109,716			1,386,221			12,031,154
Class R		101,096			1,130,787			273,617			2,603,637
Class Y		705,873			8,074,932			473,914			4,206,190
Investor Class		2,617,752			29,305,198			4,750,539			42,992,447
Institutional Class		1,608,484			18,042,884			2,486,597			21,367,311
Issued as reinvestment of dividends:
Class A		155,448			1,739,064			378,006			3,268,569
Class B		14,001			154,887			52,590			440,578
Class C		17,055			188,741			48,964			412,405
Class R		2,672			29,962			2,906			26,063
Class Y		7,030			78,886			10,887			95,288
Investor Class		808,544			9,027,492			2,139,810			18,396,760
Institutional Class		51,556			577,449			120,680			1,044,369
Automatic conversion of Class B shares to Class A shares:
Class A		310,746			3,477,563			753,244			6,562,187
Class B		(313,834	)		(3,477,563	)		(757,381	)		(6,562,187	)
Reacquired:
Class A		(1,838,092	)		(20,508,955	)		(6,900,178	)		(60,617,823	)
Class B		(275,099	)		(3,016,472	)		(1,191,190	)		(10,411,126	)
Class C		(364,878	)		(4,023,282	)		(1,126,808	)		(9,469,263	)
Class R		(50,663	)		(575,007	)		(44,351	)		(414,312	)
Class Y		(86,988	)		(980,872	)		(141,375	)		(1,269,563	)
Investor Class		(5,000,074	)		(55,702,177	)		(12,282,494	)		(105,246,682	)
Institutional Class		(742,783	)		(8,008,299	)		(1,009,222	)		(8,918,608	)
Net increase (decrease) in share activity		3,478,237		$	40,622,138			(2,338,529	)	$	(16,938,592	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 9% 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.

16        Invesco Diversified Dividend Fund

NOTE 10—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset					(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		Net			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 04/30/10	$	10.18	$	0.10	(c)	$	1.66		$	1.76		$	(0.10	)	$	—		$	(0.10	)	$	11.84		17.33	%	$	255,977		0.99	%(d)		1.00	%(d)		1.74	%(d)		6	%
Year ended 10/31/09		9.43		0.19	(c)		0.75			0.94			(0.19	)		—			(0.19	)		10.18		10.42			185,274		1.11			1.12			2.17			24
Year ended 10/31/08		14.27		0.23	(c)		(3.89	)		(3.66	)		(0.24	)		(0.94	)		(1.18	)		9.43		(27.56	)		157,407		1.01			1.02			1.93			18
Year ended 10/31/07		13.88		0.20			0.99			1.19			(0.21	)		(0.59	)		(0.80	)		14.27		8.86			237,467		1.00			1.00			1.45			17
Year ended 10/31/06		12.11		0.19	(c)		1.92			2.11			(0.18	)		(0.16	)		(0.34	)		13.88		17.66			262,276		1.00			1.03			1.43			9
Year ended 10/31/05		11.48		0.17	(e)		0.85			1.02			(0.18	)		(0.21	)		(0.39	)		12.11		8.92			212,029		1.00			1.15			1.27	(e)		22
Class B
Six months ended 04/30/10		10.08		0.05	(c)		1.65			1.70			(0.06	)		—			(0.06	)		11.72		16.87			32,331		1.74	(d)		1.75	(d)		0.99	(d)		6
Year ended 10/31/09		9.34		0.13	(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.08		9.58			30,490		1.86			1.87			1.42			24
Year ended 10/31/08		14.14		0.15	(c)		(3.86	)		(3.71	)		(0.15	)		(0.94	)		(1.09	)		9.34		(28.06	)		36,934		1.69			1.76			1.25			18
Year ended 10/31/07		13.76		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.14		8.15			85,172		1.65			1.75			0.80			17
Year ended 10/31/06		12.01		0.10	(c)		1.90			2.00			(0.09	)		(0.16	)		(0.25	)		13.76		16.87			98,901		1.65			1.78			0.78			9
Year ended 10/31/05		11.38		0.09	(e)		0.85			0.94			(0.10	)		(0.21	)		(0.31	)		12.01		8.28			92,394		1.65			1.85			0.62	(e)		22
Class C
Six months ended 04/30/10		10.07		0.05	(c)		1.64			1.69			(0.06	)		—			(0.06	)		11.70		16.78			45,902		1.74	(d)		1.75	(d)		0.99	(d)		6
Year ended 10/31/09		9.33		0.13	(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.07		9.59			36,573		1.86			1.87			1.42			24
Year ended 10/31/08		14.12		0.15	(c)		(3.85	)		(3.70	)		(0.15	)		(0.94	)		(1.09	)		9.33		(28.02	)		30,998		1.69			1.76			1.25			18
Year ended 10/31/07		13.74		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.12		8.16			52,524		1.65			1.75			0.80			17
Year ended 10/31/06		11.99		0.10	(c)		1.90			2.00			(0.09	)		(0.16	)		(0.25	)		13.74		16.90			56,354		1.65			1.78			0.78			9
Year ended 10/31/05		11.37		0.09	(e)		0.84			0.93			(0.10	)		(0.21	)		(0.31	)		11.99		8.20			45,513		1.65			1.85			0.62	(e)		22
Class R
Six months ended 04/30/10		10.19		0.08	(c)		1.66			1.74			(0.08	)		—			(0.08	)		11.85		17.17			4,513		1.24	(d)		1.25	(d)		1.49	(d)		6
Year ended 10/31/09		9.44		0.18	(c)		0.74			0.92			(0.17	)		—			(0.17	)		10.19		10.14			3,341		1.36			1.37			1.92			24
Year ended 10/31/08		14.28		0.20	(c)		(3.89	)		(3.69	)		(0.21	)		(0.94	)		(1.15	)		9.44		(27.73	)		902		1.26			1.27			1.68			18
Year ended 10/31/07		13.88		0.17			1.00			1.17			(0.18	)		(0.59	)		(0.77	)		14.28		8.67			740		1.25			1.25			1.20			17
Year ended 10/31/06		12.11		0.16	(c)		1.92			2.08			(0.15	)		(0.16	)		(0.31	)		13.88		17.38			430		1.25			1.28			1.18			9
Year ended 10/31/05(f)		11.99		0.00			0.12			0.12			0.00			0.00			0.00			12.11		1.00			10		1.25	(g)		1.39	(g)		1.03	(g)		22
Class Y
Six months ended 04/30/10		10.19		0.11	(c)		1.67			1.78			(0.12	)		—			(0.12	)		11.85		17.46			14,267		0.74	(d)		0.75	(d)		1.99	(d)		6
Year ended 10/31/09		9.43		0.22	(c)		0.76			0.98			(0.22	)		—			(0.22	)		10.19		10.79			5,893		0.86			0.88			2.42			24
Year ended 10/31/08(f)		10.84		0.01	(c)		(1.42	)		(1.41	)		—			—			0.00			9.43		(13.01	)		2,213		0.82	(g)		0.82	(g)		2.12	(g)		18
Investor Class
Six months ended 04/30/10		10.18		0.10	(c)		1.65			1.75			(0.10	)		—			(0.10	)		11.83		17.27			1,127,654		0.92	(d)		0.93	(d)		1.81	(d)		6
Year ended 10/31/09		9.42		0.20	(c)		0.76			0.96			(0.20	)		—			(0.20	)		10.18		10.63			986,096		1.01			1.03			2.27			24
Year ended 10/31/08		14.26		0.24	(c)		(3.89	)		(3.65	)		(0.25	)		(0.94	)		(1.19	)		9.42		(27.50	)		963,835		0.93			0.94			2.01			18
Year ended 10/31/07		13.88		0.22			0.98			1.20			(0.23	)		(0.59	)		(0.82	)		14.26		8.91			1,472,311		0.91			0.91			1.54			17
Year ended 10/31/06		12.11		0.20	(c)		1.92			2.12			(0.19	)		(0.16	)		(0.35	)		13.88		17.77			1,522,235		0.87			0.90			1.56			9
Year ended 10/31/05(f)		12.36		0.05			(0.26	)		(0.21	)		(0.04	)		—			(0.04	)		12.11		(1.68	)		1,546,221		0.97	(g)		1.09	(g)		1.30	(g)		22
Institutional Class
Six months ended 04/30/10		10.18		0.12	(c)		1.65			1.77			(0.12	)		—			(0.12	)		11.83		17.43			79,258		0.64	(d)		0.65	(d)		2.09	(d)		6
Year ended 10/31/09		9.43		0.23	(c)		0.75			0.98			(0.23	)		—			(0.23	)		10.18		10.88			58,842		0.69			0.69			2.60			24
Year ended 10/31/08		14.26		0.27	(c)		(3.88	)		(3.61	)		(0.28	)		(0.94	)		(1.22	)		9.43		(27.25	)		39,425		0.67			0.68			2.27			18
Year ended 10/31/07		13.88		0.25			0.98			1.23			(0.26	)		(0.59	)		(0.85	)		14.26		9.17			53,464		0.66			0.66			1.79			17
Year ended 10/31/06		12.12		0.02	(c)		2.12			2.14			(0.22	)		(0.16	)		(0.38	)		13.88		17.96			29,606		0.59			0.59			1.84			9
Year ended 10/31/05(f)		11.99		0.00			0.13			0.13			—			—			—			12.12		1.08			48		0.68	(g)		0.80	(g)		1.59	(g)		22

(a)	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.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $213,531, $31,874, $40,766, $4,025, $8,532, $1,068,158 and $65,035 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Net investment income (loss) per share and the ratio of net investment income to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income per share, excluding the special dividend, remained the same and the ratio of net investment income to average net assets excluding the special dividend are 1.24%, 0.59% and 0.59% for Class A, Class B and Class C, respectively.
(f)	Commencement date of October 25, 2005, October, 3, 2008, July 15, 2005 and October 25, 2005 for Class R, Class Y, Investor Class and Institutional Class Shares, respectively.
(g)	Annualized.

17        Invesco Diversified Dividend 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,173.30	$	5.33	$	1,019.89	$	4.96		0.99	%
B		1,000.00		1,168.70		9.36		1,016.17		8.70		1.74
C		1,000.00		1,167.80		9.35		1,016.17		8.70		1.74
R		1,000.00		1,171.70		6.68		1,018.65		6.21		1.24
Y		1,000.00		1,174.60		3.99		1,021.12		3.71		0.74
Investor		1,000.00		1,172.70		4.96		1,020.23		4.61		0.92
Institutional		1,000.00		1,174.30		3.45		1,021.62		3.21		0.64

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

18        Invesco Diversified Dividend Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

DDI-SAR-1          Invesco Distributors, Inc.

Invesco Large Cap Basic Value Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Large Cap Basic Value Fund was renamed Invesco Large Cap Basic Value Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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*	16.83	%
Class B Shares*	16.61
Class C Shares*	16.61
Class R Shares*	16.89
Class Y Shares*	17.02
Investor Class Shares*	17.04
Institutional Class Shares*	17.32
S&P 500 Index▼ (Broad Market Index)	15.66
Russell 1000 Value Index▼ (Style-Specific Index)	17.77
Lipper Large-Cap Value Funds Index▼ (Peer Group Index)	14.54

^▼Lipper Inc.

*Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

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

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

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

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                    Invesco Large Cap Basic Value Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable
sales charges

Class A Shares
Inception (6/30/99)	1.61	%
10 Years	0.89
5 Years	-2.59
1 Year	35.16
Class B Shares
Inception (8/1/00)	0.62	%
5 Years	-2.54
1 Year	37.05
Class C Shares
Inception (8/1/00)	0.50	%
5 Years	-2.20
1 Year	41.05
Class R Shares
10 Years	1.25	%
5 Years	-1.71
1 Year	42.81
Class Y Shares
10 Years	1.50	%
5 Years	-1.40
1 Year	43.37
Investor Class Shares
10 Years	1.48	%
5 Years	-1.46
1 Year	43.23
Institutional Class Shares
10 Years	1.78	%
5 Years	-0.96
1 Year	44.06

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Investor Class shares incepted on September 30, 2003. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (6/30/99)	1.47	%
10 Years	0.67
5 Years	-3.23
1 Year	61.41
Class B Shares
Inception (8/1/00)	0.45	%
5 Years	-3.19
1 Year	64.65
Class C Shares
Inception (8/1/00)	0.33	%
5 Years	-2.88
1 Year	68.77
Class R Shares
10 Years	1.03	%
5 Years	-2.39
1 Year	70.50
Class Y Shares
10 Years	1.29	%
5 Years	-2.05
1 Year	71.29
Investor Class Shares
10 Years	1.27	%
5 Years	-2.12
1 Year	70.96
Institutional Class Shares
10 Years	1.56	%
5 Years	-1.62
1 Year	71.95

Performance includes litigation proceeds. Had these proceeds not been received, these returns would have been lower.

any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on April 30, 2004. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares was 1.66%, 2.41%, 2.41%, 1.91%, 1.41%, 1.66% and 0.82%, 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 R, Class Y, Investor Class and Institutional 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.

3                    Invesco Large Cap Basic Value Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:
By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.
     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.
     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,



Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:
During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication
Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,



Philip Taylor
Senior Managing Director, Invesco

4                    Invesco Large Cap Basic Value Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.61%
Advertising–5.67%
Interpublic Group of Cos., Inc. (The)(b)		534,428	$	4,761,754
Omnicom Group Inc.		120,558		5,143,004
				9,904,758
Asset Management & Custody Banks–2.57%
State Street Corp.		102,988		4,479,978
Brewers–1.49%
Molson Coors Brewing Co.–Class B		58,463		2,593,419
Casinos & Gaming–2.20%
International Game Technology		182,161		3,839,954
Communications Equipment–2.20%
Nokia Corp.–ADR (Finland)		316,292		3,846,111
Computer Hardware–3.24%
Dell Inc.(b)		349,473		5,654,473
Construction Materials–1.83%
Cemex S.A.B. de C.V.–ADR (Mexico)(b)		268,900		3,194,532
Consumer Finance–5.16%
American Express Co.		136,225		6,282,697
SLM Corp.(b)		222,393		2,722,090
				9,004,787
Data Processing & Outsourced Services–1.99%
Western Union Co.		189,837		3,464,525
Diversified Capital Markets–1.49%
UBS AG (Switzerland)(b)		168,276		2,594,816
Electronic Manufacturing Services–3.45%
Tyco Electronics Ltd. (Switzerland)		187,614		6,026,162
General Merchandise Stores–3.17%
Target Corp.		97,168		5,525,944
Health Care Equipment–1.13%
Baxter International Inc.		41,778		1,972,757
Home Improvement Retail–2.68%
Home Depot, Inc. (The)		132,825		4,682,081
Hotels, Resorts & Cruise Lines–1.49%
Marriott International, Inc.–Class A		70,707		2,599,189
Household Appliances–0.83%
Whirlpool Corp.		13,333		1,451,564
Human Resource & Employment Services–3.40%
Robert Half International, Inc.		216,466		5,926,839
Industrial Conglomerates–3.65%
Textron Inc.		102,575		2,342,813
Tyco International Ltd.		103,904		4,030,436
				6,373,249
Industrial Machinery–5.32%
Illinois Tool Works Inc.		105,087		5,369,946
Ingersoll-Rand PLC (Ireland)		106,066		3,922,320
				9,292,266
Insurance Brokers–1.38%
Willis Group Holdings PLC (Ireland)		69,973		2,410,570
Investment Banking & Brokerage–1.81%
Morgan Stanley		104,759		3,165,817
Managed Health Care–6.70%
Aetna Inc.		145,919		4,311,906
UnitedHealth Group Inc.		243,622		7,384,183
				11,696,089
Motorcycle Manufacturers–1.26%
Harley-Davidson, Inc.		65,259		2,207,712
Movies & Entertainment–1.40%
Walt Disney Co. (The)		66,239		2,440,245
Oil & Gas Drilling–0.53%
Transocean Ltd.(b)		12,729		922,216
Oil & Gas Equipment & Services–3.72%
Halliburton Co.		108,374		3,321,663
Weatherford International Ltd.(b)		174,775		3,165,175
				6,486,838
Other Diversified Financial Services–7.16%
Bank of America Corp.		312,722		5,575,833
Citigroup Inc.(b)		470,718		2,057,038
JPMorgan Chase & Co.		114,213		4,863,190
				12,496,061
Packaged Foods & Meats–1.10%
Unilever N.V. (Netherlands)		63,071		1,927,576
Property & Casualty Insurance–1.92%
XL Capital Ltd.–Class A		188,024		3,346,827

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

5        Invesco Large Cap Basic Value Fund

	Shares		Value
Regional Banks–3.56%
Fifth Third Bancorp		201,420	$	3,003,172
Zions Bancorp.		112,049		3,219,168
				6,222,340
Semiconductor Equipment–6.29%
ASML Holding N.V. (Netherlands)		200,428		6,533,594
KLA-Tencor Corp.		130,569		4,447,180
				10,980,774
Specialized Finance–3.39%
Moody’s Corp.		239,556		5,921,824
Specialty Stores–1.79%
Staples, Inc.		132,704		3,122,525
Systems Software–2.64%
Microsoft Corp.		150,752		4,603,966
Total Common Stocks & Other Equity Interests (Cost $149,719,919)				170,378,784
Money Market Funds–2.55%
Liquid Assets Portfolio–Institutional Class(c)		2,224,588		2,224,588
Premier Portfolio–Institutional Class(c)		2,224,588		2,224,588
Total Money Market Funds (Cost $4,449,176)				4,449,176
TOTAL INVESTMENTS–100.16% (Cost $154,169,095)				174,827,960
OTHER ASSETS LESS LIABILITIES–(0.16)%				(276,018	)
NET ASSETS–100.00%			$	174,551,942

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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Financials	28.4	%
Consumer Discretionary	20.5
Information Technology	19.8
Industrials	12.4
Health Care	7.8
Energy	4.3
Consumer Staples	2.6
Materials	1.8
Money Market Funds Plus Other Assets Less Liabilities	2.4

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

6        Invesco Large Cap Basic Value Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $149,719,919)	$	170,378,784
Investments in affiliated money market funds, at value and cost		4,449,176
Total investments, at value (Cost $154,169,095)		174,827,960
Receivables for:
Fund shares sold		124,691
Dividends		30,002
Investment for trustee deferred compensation and retirement plans		38,910
Other assets		47,048
Total assets		175,068,611
Liabilities:
Payables for:
Investments purchased		179,533
Fund shares reacquired		103,754
Accrued fees to affiliates		105,162
Accrued other operating expenses		54,883
Trustee deferred compensation and retirement plans		73,337
Total liabilities		516,669
Net assets applicable to shares outstanding	$	174,551,942
Net assets consist of:
Shares of beneficial interest	$	208,672,787
Undistributed net investment income (loss)		(138,426	)
Undistributed net realized gain (loss)		(54,641,284	)
Unrealized appreciation		20,658,865
	$	174,551,942
Net Assets:
Class A	$	56,909,373
Class B	$	10,012,281
Class C	$	10,474,024
Class R	$	1,944,648
Class Y	$	3,125,235
Investor Class	$	18,139,004
Institutional Class	$	73,947,377
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		5,528,329
Class B		1,018,899
Class C		1,065,991
Class R		190,556
Class Y		302,991
Investor Class		1,758,479
Institutional Class		7,150,838
Class A:
Net asset value per share	$	10.29
Maximum offering price per share
(Net asset value of $10.29 divided by 94.50%)	$	10.89
Class B:
Net asset value and offering price per share	$	9.83
Class C:
Net asset value and offering price per share	$	9.83
Class R:
Net asset value and offering price per share	$	10.21
Class Y:
Net asset value and offering price per share	$	10.31
Investor Class:
Net asset value and offering price per share	$	10.32
Institutional Class:
Net asset value and offering price per share	$	10.34

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

7        Invesco Large Cap Basic Value Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $14,535)	$	991,989
Dividends from affiliated money market funds		2,095
Total investment income		994,084
Expenses:
Advisory fees		509,585
Administrative services fees		24,795
Custodian fees		5,856
Distribution fees:
Class A		70,580
Class B		51,602
Class C		50,105
Class R		4,651
Investor Class		21,535
Transfer agent fees — A, B, C, R, Y and Investor		221,507
Transfer agent fees — Institutional		1,777
Trustees’ and officers’ fees and benefits		13,415
Other		81,925
Total expenses		1,057,333
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(5,393	)
Net expenses		1,051,940
Net investment income (loss)		(57,856	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,772,596
Foreign currencies		(61,699	)
		1,710,897
Change in net unrealized appreciation of investment securities		25,035,552
Net realized and unrealized gain		26,746,449
Net increase in net assets resulting from operations	$	26,688,593

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

8        Invesco Large Cap Basic Value Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income (loss)	$	(57,856	)	$	1,272,146
Net realized gain (loss)		1,710,897			(26,012,172	)
Change in net unrealized appreciation		25,035,552			49,683,874
Net increase in net assets resulting from operations		26,688,593			24,943,848
Distributions to shareholders from net investment income:
Class A		(283,823	)		(695,321	)
Class R		(5,291	)		(15,243	)
Class Y		(14,512	)		(15,353	)
Investor Class		(82,363	)		(223,076	)
Institutional Class		(587,315	)		(1,802,419	)
Total distributions from net investment income		(973,304	)		(2,751,412	)
Share transactions–net:
Class A		(5,379,157	)		(919,351	)
Class B		(1,690,330	)		(5,818,660	)
Class C		(459,477	)		(1,857,151	)
Class R		(48,477	)		63,676
Class Y		1,162,313			351,625
Investor Class		(443,053	)		(1,669,069	)
Institutional Class		(9,466,506	)		(13,570,805	)
Net increase (decrease) in net assets resulting from share transactions		(16,324,687	)		(23,419,735	)
Net increase (decrease) in net assets		9,390,602			(1,227,299	)
Net assets:
Beginning of period		165,161,340			166,388,639
End of period (includes undistributed net investment income (loss) of $(138,426) and $892,734, respectively)	$	174,551,942		$	165,161,340

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Large Cap Basic Value Fund, formerly AIM Large Cap Basic Value Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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 B shares and Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. 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.

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

9        Invesco Large Cap Basic Value Fund

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	A security listed or traded on an exchange (except convertible bonds) 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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees

10        Invesco Large Cap Basic Value Fund

	and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
J.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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:

Average Net Assets	Rate
First $1 billion		0	.60%
Next $1 billion		0	.575%
Over $2 billion		0	.55%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such

11        Invesco Large Cap Basic Value Fund

Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 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 waiver to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees and/or reimburse expenses during the period under this limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $3,733.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $224.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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, Class R 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, 0.50% of the average daily net assets of Class R 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 six months ended April 30, 2010, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $7,469 in front-end sales commissions from the sale of Class A shares and $0, $8,183 and $93 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 Invesco, IIS and/or IDI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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.

12        Invesco Large Cap Basic Value Fund

  The following is a summary of the tiered valuation input levels, as of April 30, 2010. 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	$	166,366,790	$	8,461,170	$	—	$	174,827,960

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities purchases of $2,512,608.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,436.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,064 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2016	$	25,750,989
October 31, 2017		23,986,960
Total capital loss carryforward	$	49,737,949

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

13        Invesco Large Cap Basic Value Fund

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 six months ended April 30, 2010 was $21,168,825 and $38,369,312, 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	$	31,140,603
Aggregate unrealized (depreciation) of investment securities		(17,095,970	)
Net unrealized appreciation of investment securities	$	14,044,633
Cost of investments for tax purposes is $160,783,327.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		475,104		$	4,577,481			1,735,280		$	13,800,251
Class B		114,329			1,050,223			182,043			1,271,587
Class C		173,258			1,603,556			311,980			2,113,599
Class R		25,518			247,940			92,697			638,710
Class Y		128,659			1,247,547			81,154			627,723
Investor Class		94,577			921,678			253,471			1,855,222
Institutional Class		216,796			2,119,160			539,442			3,846,686
Issued as reinvestment of dividends:
Class A		28,513			270,289			101,978			652,661
Class R		562			5,292			2,401			15,243
Class Y		1,475			13,994			2,398			15,348
Investor Class		8,468			80,442			34,037			218,176
Institutional Class		61,823			587,315			281,628			1,802,419
Automatic conversion of Class B shares to Class A shares:
Class A		163,231			1,586,309			515,052			3,618,775
Class B		(170,861	)		(1,586,309	)		(538,802	)		(3,618,775	)
Reacquired:
Class A		(1,229,786	)		(11,813,236	)		(2,628,879	)		(18,991,038	)
Class B		(124,364	)		(1,154,244	)		(525,490	)		(3,471,472	)
Class C		(224,872	)		(2,063,033	)		(603,251	)		(3,970,750	)
Class R		(30,858	)		(301,709	)		(80,863	)		(590,277	)
Class Y		(10,264	)		(99,228	)		(36,565	)		(291,446	)
Investor Class		(147,484	)		(1,445,173	)		(545,481	)		(3,742,467	)
Institutional Class		(1,275,787	)		(12,172,981	)		(2,559,807	)		(19,219,910	)
Net increase (decrease) in share activity		(1,721,963	)	$	(16,324,687	)		(3,385,577	)	$	(23,419,735	)

^(a) 38% 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.

14        Invesco Large Cap Basic Value Fund

NOTE 11—Financial Highlights

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

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
	Net asset		Net			(losses) on						Dividends			Distributions													net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			Distributions			of period		Return(b)			(000s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 04/30/10	$	8.84	$	(0.01	)	$	1.51		$	1.50		$	(0.05	)	$	—		$	(0.05	)	$	10.29		16.97	%	$	56,909		1.45	%(d)		1.45	%(d)		(0.28	)%(d)		13	%
Year ended 10/31/09		7.55		0.05			1.35	(e)		1.40			(0.11	)		—			(0.11	)		8.84		19.12	(e)		53,876		1.32			1.66			0.73			14
Year ended 10/31/08		16.61		0.09			(7.83	)		(7.74	)		(0.04	)		(1.28	)		(1.32	)		7.55		(50.30	)		48,068		1.23			1.31			0.70			54
Year ended 10/31/07		15.64		0.06			1.76			1.82			(0.06	)		(0.79	)		(0.85	)		16.61		12.08			121,287		1.23			1.24			0.39			29
Year ended 10/31/06		13.52		0.06			2.06			2.12			—			—			—			15.64		15.68			126,700		1.22			1.28			0.40			26
Year ended 10/31/05		12.36		0.02			1.14			1.16			—			—			—			13.52		9.38			129,410		1.35			1.37			0.15			9
Class B
Six months ended 04/30/10		8.43		(0.05	)		1.45			1.40			—			—			—			9.83		16.61			10,012		2.20	(d)		2.20	(d)		(1.03	)(d)		13
Year ended 10/31/09		7.13		(0.00	)		1.30	(e)		1.30			—			—			—			8.43		18.23	(e)		10,119		2.07			2.41			(0.02	)		14
Year ended 10/31/08		15.83		(0.01	)		(7.41	)		(7.42	)		—			(1.28	)		(1.28	)		7.13		(50.65	)		14,839		1.98			2.06			(0.05	)		54
Year ended 10/31/07		15.00		(0.06	)		1.68			1.62			—			(0.79	)		(0.79	)		15.83		11.17			48,108		1.98			1.99			(0.36	)		29
Year ended 10/31/06		13.06		(0.05	)		1.99			1.94			—			—			—			15.00		14.86			60,627		1.97			2.03			(0.35	)		26
Year ended 10/31/05		12.02		(0.07	)		1.11			1.04			—			—			—			13.06		8.65			69,040		2.03			2.05			(0.53	)		9
Class C
Six months ended 04/30/10		8.43		(0.05	)		1.45			1.40			—			—			—			9.83		16.61			10,474		2.20	(d)		2.20	(d)		(1.03	)(d)		13
Year ended 10/31/09		7.13		(0.00	)		1.30	(e)		1.30			—			—			—			8.43		18.23	(e)		9,425		2.07			2.41			(0.02	)		14
Year ended 10/31/08		15.83		(0.01	)		(7.41	)		(7.42	)		—			(1.28	)		(1.28	)		7.13		(50.65	)		10,042		1.98			2.06			(0.05	)		54
Year ended 10/31/07		14.99		(0.06	)		1.69			1.63			—			(0.79	)		(0.79	)		15.83		11.25			26,123		1.98			1.99			(0.36	)		29
Year ended 10/31/06		13.06		(0.05	)		1.98			1.93			—			—			—			14.99		14.78			27,153		1.97			2.03			(0.35	)		26
Year ended 10/31/05		12.02		(0.07	)		1.11			1.04			—			—			—			13.06		8.65			26,593		2.03			2.05			(0.53	)		9
Class R
Six months ended 04/30/10		8.76		(0.02	)		1.50			1.48			(0.03	)		—			(0.03	)		10.21		16.89			1,945		1.70	(d)		1.70	(d)		(0.53	)(d)		13
Year ended 10/31/09		7.47		0.04			1.33	(e)		1.37			(0.08	)		—			(0.08	)		8.76		18.82	(e)		1,712		1.57			1.91			0.48			14
Year ended 10/31/08		16.45		0.06			(7.76	)		(7.70	)		—			(1.28	)		(1.28	)		7.47		(50.43	)		1,352		1.48			1.56			0.45			54
Year ended 10/31/07		15.50		0.02			1.75			1.77			(0.03	)		(0.79	)		(0.82	)		16.45		11.82			2,314		1.48			1.49			0.14			29
Year ended 10/31/06		13.44		0.02			2.04			2.06			—			—			—			15.50		15.33			1,736		1.47			1.53			0.15			26
Year ended 10/31/05		12.31		0.00			1.13			1.13			—			—			—			13.44		9.18			1,306		1.53			1.55			(0.03	)		9
Class Y
Six months ended 04/30/10		8.87		(0.00	)		1.50			1.50			(0.06	)		—			(0.06	)		10.31		17.02			3,125		1.20	(d)		1.20	(d)		(0.03	)(d)		13
Year ended 10/31/09		7.55		0.07			1.36	(e)		1.43			(0.11	)		—			(0.11	)		8.87		19.57	(e)		1,624		1.07			1.41			0.98			14
Year ended 10/31/08(f)		9.09		0.01			(1.55	)		(1.54	)		—			—			—			7.55		(16.94	)		1,028		0.98	(g)		1.26	(g)		0.95	(g)		54
Investor Class
Six months ended 04/30/10		8.86		(0.01	)		1.52			1.51			(0.05	)		—			(0.05	)		10.32		17.04			18,139		1.45	(d)		1.45	(d)		(0.28	)(d)		13
Year ended 10/31/09		7.56		0.05			1.36	(e)		1.41			(0.11	)		—			(0.11	)		8.86		19.23	(e)		15,980		1.32			1.66			0.73			14
Year ended 10/31/08		16.64		0.09			(7.85	)		(7.76	)		(0.04	)		(1.28	)		(1.32	)		7.56		(50.33	)		15,590		1.23			1.31			0.70			54
Year ended 10/31/07		15.67		0.06			1.76			1.82			(0.06	)		(0.79	)		(0.85	)		16.64		12.06			35,232		1.23			1.24			0.39			29
Year ended 10/31/06		13.55		0.06			2.06			2.12			—			—			—			15.67		15.65			44,452		1.22			1.28			0.40			26
Year ended 10/31/05		12.37		0.03			1.15			1.18			—			—			—			13.55		9.54			62,838		1.28			1.30			0.22			9
Institutional Class
Six months ended 04/30/10		8.89		0.02			1.51			1.53			(0.08	)		—			(0.08	)		10.34		17.32			73,947		0.75	(d)		0.75	(d)		0.42	(d)		13
Year ended 10/31/09		7.63		0.09			1.35	(e)		1.44			(0.18	)		—			(0.18	)		8.89		19.85	(e)		72,426		0.82			0.82			1.23			14
Year ended 10/31/08		16.80		0.15			(7.91	)		(7.76	)		(0.13	)		(1.28	)		(1.41	)		7.63		(50.07	)		75,469		0.71			0.72			1.22			54
Year ended 10/31/07		15.82		0.15			1.77			1.92			(0.15	)		(0.79	)		(0.94	)		16.80		12.62			145,886		0.72			0.72			0.90			29
Year ended 10/31/06		13.63		0.13			2.09			2.22			(0.03	)		—			(0.03	)		15.82		16.28			84,679		0.73			0.73			0.89			26
Year ended 10/31/05		12.38		0.10			1.15			1.25			—			—			—			13.63		10.10			92,214		0.76			0.77			0.74			9

(a)	Calculated using average shares outstanding.
(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $56,932, $10,406, $10,104, $1,876, $2,540, $17,370 and $71,845 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	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 would have been $1.30, $1.25, $1.25, $1.28, $1.31, $1.31 and $1.30 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively and total returns would have been lower.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

15        Invesco Large Cap Basic 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,168.30	$	7.80	$	1,017.60	$	7.25		1.45	%
B		1,000.00		1,166.10		11.82		1,013.88		10.99		2.20
C		1,000.00		1,166.10		11.82		1,013.88		10.99		2.20
Y		1,000.00		1,170.20		6.46		1,018.84		6.01		1.20
Investor		1,000.00		1,170.40		7.80		1,017.60		7.25		1.45
Institutional		1,000.00		1,173.20		4.04		1,021.08		3.76		0.75

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

16        Invesco Large Cap Basic Value Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent
quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

LCBV-SAR-1 Invesco Distributors, Inc.

Invesco Large Cap Growth Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Large Cap Growth Fund was renamed Invesco Large Cap Growth Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, 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	14.62	%
Class B Shares	14.17
Class C Shares	14.17
Class R Shares	14.44
Class Y Shares	14.75
Investor Class Shares	14.70
Institutional Class Shares	15.08
S&P 500 Index6 (Broad Market Index)	15.66
Russell 1000 Growth Index6 (Style-Specific Index)	15.79
Lipper Large Cap Growth Funds Index6 (Peer Group Index)	15.31
6Lipper Inc.

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

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

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

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                              Invesco Large Cap Growth Fund

Average Annual Total Returns

As of 4/30/10, including maximum applicable sales charges

Class A Shares
Inception (3/1/99)	0.24	%
10 Years	-4.76
5 Years	2.00
1 Year	25.70
Class B Shares
Inception (4/5/99)	-0.69	%
10 Years	-4.75
5 Years	2.02
1 Year	26.97
Class C Shares
Inception (4/5/99)	-0.88	%
10 Years	-4.89
5 Years	2.38
1 Year	30.97
Class R Shares
10 Years	-4.41	%
5 Years	2.89
1 Year	32.75
Class Y Shares
10 Years	-4.19	%
5 Years	3.21
1 Year	33.10
Investor Class Shares
10 Years	-4.14	%
5 Years	3.22
1 Year	33.07
Institutional Class Shares
10 Years	-3.88	%
5 Years	3.76
1 Year	33.96

Class R shares incepted on June 3, 2002. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Investor Class shares incepted on September 30, 2003. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

Average Annual Total Returns

As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (3/1/99)	0.20	%
10 Years	-5.32
5 Years	1.07
1 Year	32.36
Class B Shares
Inception (4/5/99)	-0.73	%
10 Years	-5.31
5 Years	1.05
1 Year	34.02
Class C Shares
Inception (4/5/99)	-0.93	%
10 Years	-5.46
5 Years	1.43
1 Year	38.02
Class R Shares
10 Years	-4.97	%
5 Years	1.94
1 Year	39.81
Class Y Shares
10 Years	-4.77	%
5 Years	2.24
1 Year	40.29
Investor Class Shares
10 Years	-4.71	%
5 Years	2.26
1 Year	40.22
Institutional Class Shares
10 Years	-4.46	%
5 Years	2.80
1 Year	41.06

     Institutional Class shares incepted on April 30, 2004. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

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

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

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares was 1.56%, 2.31%, 2.31%, 1.81%, 1.31%, 1.48% 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. 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 R, Class Y, Investor and Institutional 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.

3                              Invesco Large Cap Growth Fund

Letters to Shareholders

Bruce CrockettDear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly

Commentary and select your Fund.
     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco

4                              Invesco Large Cap Growth Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.58%
Aerospace & Defense–2.71%
Goodrich Corp.		250,930	$	18,613,987
United Technologies Corp.		229,920		17,232,504
				35,846,491
Apparel Retail–5.06%
Gap, Inc. (The)		684,814		16,935,450
Limited Brands, Inc.		972,725		26,069,030
Ross Stores, Inc.		426,994		23,911,664
				66,916,144
Apparel, Accessories & Luxury Goods–1.15%
Coach, Inc.		363,192		15,163,266
Asset Management & Custody Banks–0.93%
BlackRock, Inc.		67,068		12,340,512
Automobile Manufacturers–2.24%
Ford Motor Co.(b)(c)		2,276,694		29,642,556
Biotechnology–3.82%
Amgen Inc.(c)		675,796		38,763,658
Gilead Sciences, Inc.(c)		293,395		11,638,980
				50,402,638
Communications Equipment–2.15%
Cisco Systems, Inc.(c)		1,057,484		28,467,469
Computer Hardware–14.85%
Apple Inc.(c)		432,175		112,849,536
Hewlett-Packard Co.		920,694		47,848,467
International Business Machines Corp.		274,751		35,442,879
				196,140,882
Computer Storage & Peripherals–2.48%
EMC Corp.(c)		1,723,508		32,763,887
Construction & Engineering–3.21%
Fluor Corp.		456,964		24,145,978
URS Corp.(c)		355,430		18,251,330
				42,397,308
Data Processing & Outsourced Services–1.23%
MasterCard, Inc.–Class A		65,767		16,312,847
Department Stores–1.04%
Kohl’s Corp.(c)		249,852		13,739,361
Diversified Metals & Mining–0.98%
Rio Tinto PLC–ADR (United Kingdom)		254,408		12,939,191
Education Services–0.94%
Apollo Group, Inc.–Class A(c)		215,358		12,363,703
Electrical Components & Equipment–1.19%
Cooper Industries PLC (Ireland)		319,850		15,704,635
Electronic Manufacturing Services–1.04%
Flextronics International Ltd. (Singapore)(c)		1,766,243		13,688,383
Fertilizers & Agricultural Chemicals–1.74%
Syngenta AG (Switzerland)		90,575		22,998,384
General Merchandise Stores–1.35%
Dollar Tree, Inc.(c)		293,161		17,800,736
Health Care Distributors–5.58%
AmerisourceBergen Corp.		820,197		25,303,078
Cardinal Health, Inc.		757,387		26,273,755
McKesson Corp.		341,446		22,129,115
				73,705,948
Health Care Equipment–0.96%
Hospira, Inc.(c)		236,159		12,702,992
Health Care Services–4.93%
Express Scripts, Inc.(c)		198,052		19,830,947
Medco Health Solutions, Inc.(c)		572,798		33,749,258
Quest Diagnostics Inc.		201,995		11,546,034
				65,126,239
Heavy Electrical Equipment–1.29%
ABB Ltd. (Switzerland)(c)		883,470		17,001,459
Integrated Oil & Gas–2.47%
Occidental Petroleum Corp.		368,259		32,649,843
Internet Software & Services–2.70%
Google Inc.–Class A(c)		43,354		22,779,926
NetEase.com Inc.–ADR (China)(c)		369,539		12,885,825
				35,665,751
Investment Banking & Brokerage–1.89%
Goldman Sachs Group, Inc. (The)		172,069		24,984,419
IT Consulting & Other Services–3.99%
Accenture PLC–Class A (Ireland)		748,721		32,674,184
Cognizant Technology Solutions Corp.–Class A(c)		391,675		20,045,927
				52,720,111
Managed Health Care–2.60%
UnitedHealth Group Inc.		593,690		17,994,744
WellPoint Inc.(c)		303,501		16,328,354
				34,323,098

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

5        Invesco Large Cap Growth Fund

	Shares		Value
Oil & Gas Drilling–2.89%
Diamond Offshore Drilling, Inc.(b)		135,049	$	10,682,376
Ensco PLC–ADR (United Kingdom)		329,421		15,542,083
Noble Corp.(c)		301,541		11,907,854
				38,132,313
Oil & Gas Equipment & Services–1.81%
National-Oilwell Varco Inc.		542,919		23,904,723
Personal Products–1.40%
Estee Lauder Cos. Inc. (The)–Class A		280,520		18,491,878
Pharmaceuticals–2.12%
Abbott Laboratories		204,585		10,466,569
Johnson & Johnson		272,867		17,545,348
				28,011,917
Railroads–1.33%
Union Pacific Corp.		231,521		17,516,879
Restaurants–1.11%
Starbucks Corp.		566,309		14,712,708
Semiconductors–2.95%
Marvell Technology Group Ltd.(c)		1,112,752		22,978,329
Xilinx, Inc.		622,145		16,038,898
				39,017,227
Systems Software–6.45%
Check Point Software Technologies Ltd. (Israel)(c)		402,862		14,349,944
Microsoft Corp.		1,221,413		37,301,953
Oracle Corp.		1,299,316		33,574,326
				85,226,223
Total Common Stocks & Other Equity Interests (Cost $1,024,491,904)				1,249,522,121
Money Market Funds–3.17%
Liquid Assets Portfolio–Institutional Class(d)		20,901,516		20,901,516
Premier Portfolio–Institutional Class(d)		20,901,516		20,901,516
Total Money Market Funds (Cost $41,803,032)				41,803,032
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–97.75% (Cost $1,066,294,936)				1,291,325,153
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.44%
Liquid Assets Portfolio–Institutional Class (Cost $32,277,900)(d)(e)		32,277,900		32,277,900
TOTAL INVESTMENTS–100.19% (Cost $1,098,572,836)				1,323,603,053
OTHER ASSETS LESS LIABILITIES–(0.19)%				(2,468,413	)
NET ASSETS–100.00%			$	1,321,134,640

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)	All or a portion of this security was out on loan at April 30, 2010.
(c)	Non-income producing security.
(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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	37.9	%
Health Care	20.0
Consumer Discretionary	12.9
Industrials	9.7
Energy	7.2
Financials	2.8
Materials	2.7
Consumer Staples	1.4
Money Market Funds Plus Other Assets Less Liabilities	5.4

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

6        Invesco Large Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $1,024,491,904)*	$	1,249,522,121
Investments in affiliated money market funds, at value and cost		74,080,932
Total investments, at value (Cost $1,098,572,836)		1,323,603,053
Foreign currencies, at value (Cost $328,904)		328,232
Receivables for:
Investments sold		58,462,715
Fund shares sold		488,906
Dividends		854,915
Investment for trustee deferred compensation and retirement plans		154,791
Other assets		49,212
Total assets		1,383,941,824
Liabilities:
Payables for:
Investments purchased		26,882,795
Fund shares reacquired		1,923,841
Collateral upon return of securities loaned		32,277,900
Accrued fees to affiliates		1,126,015
Accrued other operating expenses		172,745
Trustee deferred compensation and retirement plans		423,888
Total liabilities		62,807,184
Net assets applicable to shares outstanding	$	1,321,134,640
Net assets consist of:
Shares of beneficial interest	$	1,616,773,424
Undistributed net investment income (loss)		(1,530,425	)
Undistributed net realized gain (loss)		(519,142,036	)
Unrealized appreciation		225,033,677
	$	1,321,134,640
Net Assets:
Class A	$	729,441,570
Class B	$	112,494,824
Class C	$	92,519,857
Class R	$	11,719,088
Class Y	$	11,797,073
Investor Class	$	219,176,590
Institutional Class	$	143,985,638
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		67,641,900
Class B		11,258,682
Class C		9,259,307
Class R		1,103,079
Class Y		1,093,930
Investor Class		20,173,860
Institutional Class		12,958,314
Class A:
Net asset value per share	$	10.78
Maximum offering price per share (Net asset value of $10.78 divided by 94.50%)	$	11.41
Class B:
Net asset value and offering price per share	$	9.99
Class C:
Net asset value and offering price per share	$	9.99
Class R:
Net asset value and offering price per share	$	10.62
Class Y:
Net asset value and offering price per share	$	10.78
Investor Class:
Net asset value and offering price per share	$	10.86
Institutional Class:
Net asset value and offering price per share	$	11.11

*  At April 30, 2010, securities with an aggregate value of $31,561,138 were on loan to brokers.

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

7        Invesco Large Cap Growth Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $76,170)	$	8,070,382
Dividends from affiliated money market funds (includes securities lending income of $138,927)		146,693
Interest		91,515
Total investment income		8,308,590
Expenses:
Advisory fees		4,243,212
Administrative services fees		179,115
Custodian fees		20,541
Distribution fees:
Class A		890,337
Class B		603,229
Class C		457,441
Class R		28,084
Investor Class		196,517
Transfer agent fees — A, B, C, R, Y and Investor		2,583,725
Transfer agent fees — Institutional		18,638
Trustees’ and officers’ fees and benefits		31,105
Other		184,051
Total expenses		9,435,995
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(28,807	)
Net expenses		9,407,188
Net investment income (loss)		(1,098,598	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		48,743,815
Foreign currencies		(1,168	)
		48,742,647
Change in net unrealized appreciation (depreciation) of:
Investment securities		129,691,075
Foreign currencies		(8,275	)
		129,682,800
Net realized and unrealized gain		178,425,447
Net increase in net assets resulting from operations	$	177,326,849

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

8        Invesco Large Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income (loss)	$	(1,098,598	)	$	1,707,741
Net realized gain (loss)		48,742,647			(87,752,248	)
Change in net unrealized appreciation		129,682,800			190,362,638
Net increase in net assets resulting from operations		177,326,849			104,318,131
Distributions to shareholders from net investment income:
Class A		(1,137,946	)		—
Class Y		(36,806	)		—
Investor Class		(479,814	)		—
Institutional Class		(927,810	)		—
Total distributions from net investment income		(2,582,376	)		—
Share transactions–net:
Class A		(40,186,853	)		(18,991,474	)
Class B		(24,778,174	)		(70,134,250	)
Class C		(7,485,408	)		(17,150,541	)
Class R		(318,099	)		2,166,244
Class Y		1,110,569			3,147,973
Investor Class		(9,052,480	)		(22,007,684	)
Institutional Class		(14,682,382	)		(9,042,491	)
Net increase (decrease) in net assets resulting from share transactions		(95,392,827	)		(132,012,223	)
Net increase (decrease) in net assets		79,351,646			(27,694,092	)
Net assets:
Beginning of period		1,241,782,994			1,269,477,086
End of period (includes undistributed net investment income (loss) of $(1,530,425) and $2,150,549, respectively)	$	1,321,134,640		$	1,241,782,994

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Large Cap Growth Fund, formerly AIM Large Cap Growth Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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 B shares and Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Institutional Class shares are sold at net asset value. Under certain circumstances, Class R shares are subject to a CDSC. Effective April 1, 2010, Class R shares are no longer subject to a CDSC. 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.

  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.

9        Invesco Large Cap Growth Fund

	A security listed or traded on an exchange (except convertible bonds) 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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net 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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees

10        Invesco Large Cap Growth Fund

	and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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 fails 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 affiliates 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.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.
K.	Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

11        Invesco Large Cap Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average 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%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares to 2.00%, 2.75%, 2.75%, 2.25%, 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 waiver to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. 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, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $7,586.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $2,760.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IADI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional 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, Class R 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 0.50% of the average daily net assets of Class R 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 six months ended April 30, 2010, 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

12        Invesco Large Cap Growth Fund

to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $38,811 in front-end sales commissions from the sale of Class A shares and $15, $92,791 and $1,501 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 Invesco, IIS and/or IDI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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	$	1,283,603,211	$	39,999,842	$	—	$	1,323,603,053

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities purchases of $4,396,861.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangements are comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from these arrangements, which resulted in the reduction of the Fund’s total expenses of $18,461.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $1,977 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

13        Invesco Large Cap Growth Fund

NOTE 8—Tax Information

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

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. Under these limitation rules, the Fund is limited to utilizing $307,060,191 of capital loss carryforward in the fiscal year ending October 31, 2010.

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2010	$	414,856,373
October 31, 2011		35,095,604
October 31, 2015		478,176
October 31, 2016		16,117,525
October 31, 2017		88,826,766
Total capital loss carryforward	$	555,374,444

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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 six months ended April 30, 2010 was $218,405,689 and $370,818,137, 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	$	248,176,952
Aggregate unrealized (depreciation) of investment securities		(35,656,973	)
Net unrealized appreciation of investment securities	$	212,519,979
Cost of investments for tax purposes is $1,111,083,074.

14        Invesco Large Cap Growth Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010(a)						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		2,041,465		$	21,038,091			8,610,580		$	72,659,352
Class B		528,951			5,073,428			1,712,553			13,451,018
Class C		345,054			3,302,690			1,078,714			8,354,258
Class R		134,567			1,374,538			523,699			4,406,636
Class Y		212,428			2,257,572			280,073			2,208,364
Investor Class		559,619			5,811,252			1,358,467			11,225,103
Institutional Class		759,347			8,144,451			3,872,256			35,135,181
Issued as reinvestment of dividends:
Class A		107,476			1,073,755			—			—
Class Y		3,403			33,967			—			—
Investor Class		44,323			445,888			—			—
Institutional Class		83,771			860,328			—			—
Issued in connection with acquisitions:(b)
Class A		—			—			1,121,917			10,994,781
Class Y		—			—			2,188,308			21,489,252
Automatic conversion of Class B shares to Class A shares:
Class A		1,790,542			18,546,294			6,293,266			51,439,929
Class B		(1,929,722	)		(18,546,294	)		(6,744,747	)		(51,439,929	)
Reacquired:
Class A		(7,821,997	)		(80,844,993	)		(18,612,727	)		(154,085,536	)
Class B		(1,184,733	)		(11,305,308	)		(4,206,680	)		(32,145,339	)
Class C		(1,124,851	)		(10,788,098	)		(3,329,163	)		(25,504,799	)
Class R		(165,995	)		(1,692,637	)		(274,817	)		(2,240,392	)
Class Y		(113,414	)		(1,180,970	)		(2,109,339	)		(20,549,643	)
Investor Class		(1,470,322	)		(15,309,620	)		(4,000,419	)		(33,232,787	)
Institutional Class		(2,249,720	)		(23,687,161	)		(5,043,164	)		(44,177,672	)
Net increase (decrease) in share activity		(9,449,808	)	$	(95,392,827	)		(17,281,223	)	$	(132,012,223	)

(a)	There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% of the outstanding shares of the Fund. IADI 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
	In addition, 6% 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.
(b)	As of the open of business on September 21, 2009, the Fund acquired all the net assets of Atlantic Whitehall Growth Fund pursuant to a plan of reorganization approved by the Trustees of the Fund on June 17, 2009 and by the shareholders of Atlantic Whitehall Growth Fund on September 14, 2009. The acquisition was accomplished by a tax-free exchange of 3,310,225 shares of the Fund for 4,347,512 shares outstanding of Atlantic Whitehall Growth Fund as of the close of business on September 18, 2009. Each class of Atlantic Whitehall Growth Fund was exchanged for the like class of shares of the Fund based on the relative net asset value of Atlantic Whitehall Growth Fund to the net asset value of the Fund on the close of business, September 18, 2009. Atlantic Whitehall Growth Fund’s net assets at that date of $32,484,033 including $2,319,699 of unrealized appreciation, was combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,271,001,545. The net assets of the Fund immediately following the acquisition were $1,303,485,578.

15        Invesco Large Cap Growth Fund

NOTE 11—Financial Highlights

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

																						Ratio of			Ratio of
																						expenses			expenses
						Net gains																to average			to average net			Ratio of net
	Net asset		Net			(losses)on						Dividends										net assets			assets without			investment
	value,		investment			securities (both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations			income			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 04/30/10	$	9.42	$	(0.00	)(c)	$	1.38		$	1.38		$	(0.02	)	$	10.78		14.62	%	$	729,442		1.41	%(d)		1.41	%(d)		(0.13	)%(d)		17	%
Year ended 10/31/09		8.55		0.02	(c)		0.85			0.87			—			9.42		10.18			673,657		1.38			1.55			0.20			59
Year ended 10/31/08		13.67		(0.01	)(c)		(5.11	)		(5.12	)		—			8.55		(37.45	)		633,595		1.33			1.36			(0.09	)		41
Year ended 10/31/07		11.19		(0.04	)(c)		2.52			2.48			—			13.67		22.16			1,064,817		1.33			1.34			(0.30	)		55
Year ended 10/31/06		10.12		(0.01	)		1.08			1.07			—			11.19		10.57			981,750		1.32			1.42			(0.17	)		70
Year ended 10/31/05		9.16		(0.02	)(e)		0.98			0.96			—			10.12		10.48			166,860		1.47			1.56			(0.20	)(e)		103
Class B
Six months ended 04/30/10		8.75		(0.04	)(c)		1.28			1.24			—			9.99		14.17			112,495		2.16	(d)		2.16	(d)		(0.88	)(d)		17
Year ended 10/31/09		8.00		(0.04	)(c)		0.79			0.75			—			8.75		9.38			121,068		2.13			2.30			(0.55	)		59
Year ended 10/31/08		12.88		(0.09	)(c)		(4.79	)		(4.88	)		—			8.00		(37.89	)		184,573		2.08			2.11			(0.84	)		41
Year ended 10/31/07		10.63		(0.12	)(c)		2.37			2.25			—			12.88		21.17			497,990		2.08			2.09			(1.05	)		55
Year ended 10/31/06		9.69		(0.07	)		1.01			0.94			—			10.63		9.70			637,594		2.07			2.17			(0.92	)		70
Year ended 10/31/05		8.82		(0.09	)(e)		0.96			0.87			—			9.69		9.86			103,688		2.15			2.24			(0.88	)(e)		103
Class C
Six months ended 04/30/10		8.75		(0.04	)(c)		1.28			1.24			—			9.99		14.17			92,520		2.16	(d)		2.16	(d)		(0.88	)(d)		17
Year ended 10/31/09		8.00		(0.04	)(c)		0.79			0.75			—			8.75		9.38			87,795		2.13			2.30			(0.55	)		59
Year ended 10/31/08		12.88		(0.09	)(c)		(4.79	)		(4.88	)		—			8.00		(37.89	)		98,284		2.08			2.11			(0.84	)		41
Year ended 10/31/07		10.63		(0.12	)(c)		2.37			2.25			—			12.88		21.17			182,975		2.08			2.09			(1.05	)		55
Year ended 10/31/06		9.69		(0.07	)		1.01			0.94			—			10.63		9.70			179,730		2.07			2.17			(0.92	)		70
Year ended 10/31/05		8.83		(0.09	)(e)		0.95			0.86			—			9.69		9.74			48,293		2.15			2.24			(0.88	)(e)		103
Class R
Six months ended 04/30/10		9.28		(0.02	)(c)		1.36			1.34			—			10.62		14.44			11,719		1.66	(d)		1.66	(d)		(0.38	)(d)		17
Year ended 10/31/09		8.44		(0.00	)(c)		0.84			0.84			—			9.28		9.95			10,523		1.63			1.80			(0.05	)		59
Year ended 10/31/08		13.53		(0.04	)(c)		(5.05	)		(5.09	)		—			8.44		(37.62	)		7,474		1.58			1.61			(0.34	)		41
Year ended 10/31/07		11.10		(0.07	)(c)		2.50			2.43			—			13.53		21.89			11,465		1.58			1.59			(0.55	)		55
Year ended 10/31/06		10.07		(0.03	)		1.06			1.03			—			11.10		10.23			11,231		1.57			1.67			(0.42	)		70
Year ended 10/31/05		9.13		(0.04	)(e)		0.98			0.94			—			10.07		10.30			2,330		1.65			1.74			(0.38	)(e)		103
Class Y
Six months ended 04/30/10		9.43		0.01	(c)		1.38			1.39			(0.04	)		10.78		14.75			11,797		1.16	(d)		1.16	(d)		0.12	(d)		17
Year ended 10/31/09		8.55		0.04	(c)		0.84			0.88			—			9.43		10.29			9,347		1.13			1.30			0.45			59
Year ended 10/31/08(f)		9.46		0.00	(c)		(0.91	)		(0.91	)		—			8.55		(9.62	)		5,406		1.08	(g)		1.27	(g)		0.16	(g)		41
Investor Class
Six months ended 04/30/10		9.49		(0.00	)(c)		1.39			1.39			(0.02	)		10.86		14.70			219,177		1.35	(d)		1.35	(d)		(0.07	)(d)		17
Year ended 10/31/09		8.61		0.02	(c)		0.86			0.88			—			9.49		10.22			199,719		1.30			1.47			0.28			59
Year ended 10/31/08		13.76		(0.00	)(c)		(5.15	)		(5.15	)		—			8.61		(37.43	)		203,882		1.27			1.30			(0.03	)		41
Year ended 10/31/07		11.25		(0.03	)(c)		2.54			2.51			—			13.76		22.31			360,073		1.24			1.25			(0.21	)		55
Year ended 10/31/06		10.18		(0.01	)		1.08			1.07			—			11.25		10.51			347,621		1.27			1.37			(0.12	)		70
Year ended 10/31/05		9.20		(0.01	)(e)		0.99			0.98			—			10.18		10.65			358,498		1.34			1.43			(0.07	)(e)		103
Institutional Class
Six months ended 04/30/10		9.72		0.03	(c)		1.43			1.46			(0.07	)		11.11		15.08			143,986		0.74	(d)		0.74	(d)		0.54	(d)		17
Year ended 10/31/09		8.77		0.07	(c)		0.88			0.95			—			9.72		10.83			139,674		0.76			0.76			0.82			59
Year ended 10/31/08		13.94		0.06	(c)		(5.23	)		(5.17	)		—			8.77		(37.09	)		136,263		0.73			0.74			0.51			41
Year ended 10/31/07		11.35		0.04	(c)		2.55			2.59			—			13.94		22.82			248,852		0.72			0.72			0.30			55
Year ended 10/31/06		10.21		0.05			1.09			1.14			—			11.35		11.17			135,466		0.74			0.76			0.41			70
Year ended 10/31/05		9.18		0.03	(e)		1.00			1.03			—			10.21		11.22			123,368		0.81			0.88			0.46	(e)		103

(a)	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.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $718,172, $121,646, $92,246, $11,327, $10,209, $213,935 and $142,021 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)	Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividend are $(0.04) and (0.36)%; $(0.11) and (1.04)%; $(0.11) and (1.04)%; $(0.06) and (0.54)%; $(0.03) and (0.23)% and $0.01 and 0.30% for Class A, Class B, Class C, Class R, Investor Class and Institutional Class shares, respectively.
(f)	Commencement date of October 3, 2008.
(g)	Annualized.

16        Invesco Large Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,146.20	$	7.50	$	1,017.80	$	7.05		1.41	%
B		1,000.00		1,141.70		11.47		1,014.08		10.79		2.16
C		1,000.00		1,141.70		11.47		1,014.08		10.79		2.16
R		1,000.00		1,144.40		8.83		1,016.56		8.30		1.66
Y		1,000.00		1,147.50		6.18		1,019.04		5.81		1.16
Investor		1,000.00		1,147.00		7.19		1,018.10		6.76		1.35
Institutional		1,000.00		1,150.80		3.95		1,021.12		3.71		0.74

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

17        Invesco Large Cap Growth Fund

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.
     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

LCG-SAR-1             Invesco Distributors, Inc.

Invesco Summit Fund

Semiannual Report to Shareholders § April 30, 2010

Effective April 30, 2010, AIM Summit Fund was renamed Invesco Summit Fund.

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/09 to 4/30/10, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	13.31	%
Class B Shares	12.81
Class C Shares	12.82
Class P Shares	13.30
Class S Shares	13.41
Class Y Shares	13.45
Institutional Class Shares	13.52
S&P 500 Index6 (Broad Market Index)	15.66
Russell 1000 Growth Index6 (Style-Specific Index)	15.79
Lipper Multi-Cap Growth Funds Index6 (Peer Group Index)	18.87

⁶Lipper Inc.

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

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

     The Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

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

2                    Invesco Summit Fund

Average Annual Total Returns
As of 4/30/10, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	-0.14	%
1 Year	22.82
Class B Shares
Inception (10/31/05)	-0.03	%
1 Year	23.90
Class C Shares
Inception (10/31/05)	0.36	%
1 Year	27.94
Class P Shares
Inception (11/1/82)	8.58	%
10 Years	-4.02
5 Years	3.02
1 Year	30.10
Class S Shares
Inception	1.16	%
1 Year	30.15
Class Y Shares
Inception	1.21	%
1 Year	30.21
Institutional Class Shares
Inception	1.27	%
1 Year	30.40

Class S shares incepted on September 25, 2009. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     Institutional Class shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.

     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

Average Annual Total Returns
As of 3/31/10, the most recent calendar quarter-end, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	-0.21	%
1 Year	28.46
Class B Shares
Inception (10/31/05)	-0.08	%
1 Year	30.08
Class C Shares
Inception (10/31/05)	0.32	%
1 Year	33.96
Class P Shares
Inception (11/1/82)	8.60	%
10 Years	-4.91
5 Years	2.24
1 Year	36.22
Class S Shares
Inception	1.12	%
1 Year	36.17
Class Y Shares
Inception	1.17	%
1 Year	36.39
Institutional Class Shares
Inception	1.25	%
1 Year	36.72

distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares was 1.15%, 1.90%, 1.90%, 1.00%, 1.05%, 0.90%, and 0.70%, 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 P, Class S, Class Y and Institutional Class shares do not have a front-end sales charge or contingent deferred sales charge (CDSC); therefore, returns shown are at net asset value.

     The performance numbers shown do not reflect the creation and sales charges and other fees assessed by the AIM Summit Investors Plans, which were dissolved effective December 8, 2006.

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

3                     Invesco Summit Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders:

By all accounts, last year was a challenging time for all of us. Although the economy and financial markets whipsawed us, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010.

     Perhaps the most valuable takeaway from last year is the manner in which it underscored the importance of adopting a long-term, appropriately diversified investment strategy.

     Please be assured that your Board continues to oversee the Invesco Funds with a strong sense of responsibility for your savings and your trust. It might also interest you to know that the Board currently has five committees whose members exercise oversight to maintain the Invesco Funds’ “Investor First” orientation. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     To that end, some of you may have seen that Invesco is assuming the management of the Van Kampen family of mutual funds as well as Morgan Stanley’s retail funds. We view this addition as an excellent opportunity to provide you access to an even broader range of funds under the Invesco umbrella.

     As always, you’re welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,
Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

      Philip Taylor Dear Shareholders:

During the six months covered by this report, the U.S. economy strengthened, and – in the third quarter of 2009 – ended its year-long contraction and began growing again. Likewise, economies around the world recovered and major U.S. and global stock market indexes rallied impressively.

Timely communication

Our website, invesco.com, provides timely market commentary, investor education information and sector updates. The Investment Perspectives articles featured on our home page are written by Invesco’s investment professionals and cover a wide range of topics that are updated regularly. I invite you to read them.

     At invesco.com you also can access your Fund’s latest quarterly commentary. Simply click on Mutual Funds inside the Financial Products box. Then, in the Fund Information box, click on Quarterly Commentary and select your Fund.

     Also on our website, you’ll find a commentary from me that discusses the name change we made on April 30 – from Invesco Aim to Invesco. Some of the changes related to this event include all AIM funds being renamed Invesco funds. (It’s important to note that the funds’ investment strategies and objectives have not changed.) For more information about the change, please read the shareholder Q&A on the account balance page at invesco.com.

Taking our business forward

Invesco’s acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments, was completed on June 1, 2010. Our two companies have similar investment philosophies and cultures, as well as complementary investment expertise. I believe this combination represents the next step in our company’s evolution – and will allow us to better serve you through greater efficiencies and cost savings, a broader range of investment options, and a continued commitment to investment excellence, with complementary portfolio management expertise.

     If you have questions about your account, please contact one of our client services representatives at 800 959 4246. If you have a question or comment for me, please email me at phil@invesco.com. Thank you for investing with us.

Sincerely,
Philip Taylor
Senior Managing Director, Invesco

4                    Invesco Summit Fund

Schedule of Investments^(a)

April 30, 2010

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.97%
Aerospace & Defense–3.60%
Goodrich Corp.		133,597	$	9,910,225
Lockheed Martin Corp.		111,020		9,424,488
Raytheon Co.		266,805		15,554,732
United Technologies Corp.		368,239		27,599,513
				62,488,958
Air Freight & Logistics–0.53%
Expeditors International of Washington, Inc.		226,823		9,240,769
Airlines–1.11%
Continental Airlines, Inc.–Class B(b)		862,496		19,276,786
Apparel Retail–1.00%
American Eagle Outfitters, Inc.		1,035,884		17,413,210
Apparel, Accessories & Luxury Goods–1.11%
Coach, Inc.		461,352		19,261,446
Application Software–0.26%
TIBCO Software Inc.(b)		400,000		4,560,000
Asset Management & Custody Banks–0.85%
T. Rowe Price Group Inc.		257,482		14,807,790
Auto Parts & Equipment–1.40%
Autoliv, Inc. (Sweden)(b)		189,232		10,360,452
Johnson Controls, Inc.		416,414		13,987,346
				24,347,798
Automobile Manufacturers–0.95%
Honda Motor Co., Ltd. (Japan)		489,800		16,546,071
Biotechnology–2.33%
Amgen Inc.(b)		226,832		13,011,084
Gilead Sciences, Inc.(b)		692,035		27,453,028
				40,464,112
Cable & Satellite–1.12%
Scripps Networks Interactive, Inc.–Class A		427,605		19,387,611
Communications Equipment–4.09%
Cisco Systems, Inc.(b)		1,064,665		28,660,782
QUALCOMM Inc.		548,428		21,246,101
Research In Motion Ltd. (Canada)(b)		236,776		16,856,083
Tellabs, Inc.		462,730		4,201,588
				70,964,554
Computer Hardware–7.30%
Apple Inc.(b)		329,414		86,016,584
Hewlett-Packard Co.		337,029		17,515,397
International Business Machines Corp.		131,995		17,027,355
Teradata Corp.(b)		212,185		6,168,218
				126,727,554
Computer Storage & Peripherals–1.64%
EMC Corp.(b)		1,495,525		28,429,930
Construction & Engineering–0.49%
Fluor Corp.		162,054		8,562,933
Construction, Farm Machinery & Heavy Trucks–0.30%
Komatsu Ltd. (Japan)		255,900		5,163,125
Consumer Finance–0.46%
American Express Co.		172,103		7,937,390
Data Processing & Outsourced Services–1.37%
MasterCard, Inc.–Class A		54,855		13,606,234
Visa Inc.–Class A		112,474		10,148,529
				23,754,763
Department Stores–0.71%
Kohl’s Corp.(b)		224,289		12,333,652
Diversified Banks–0.52%
Banco Bradesco S.A.–ADR (Brazil)		484,758		9,026,194
Diversified Metals & Mining–0.88%
BHP Billiton Ltd. (Australia)		211,543		7,726,522
Freeport-McMoRan Copper & Gold Inc.		99,894		7,544,994
				15,271,516
Drug Retail–0.95%
Walgreen Co.		467,725		16,440,534
Electrical Components & Equipment–1.59%
Cooper Industries PLC (Ireland)		561,550		27,572,105
Electronic Components–1.28%
Amphenol Corp.–Class A		182,283		8,423,297
Corning Inc.		718,671		13,834,417
				22,257,714
Fertilizers & Agricultural Chemicals–0.47%
Potash Corp. of Saskatchewan Inc. (Canada)		74,486		8,230,703
Gas Utilities–0.53%
EQT Corp.		213,404		9,280,940

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

5        Invesco Summit Fund

	Shares		Value
General Merchandise Stores–1.46%
Dollar Tree, Inc.(b)		416,189	$	25,270,996
Health Care Distributors–2.65%
McKesson Corp.		570,862		36,997,566
Owens & Minor, Inc.		283,593		8,919,000
				45,916,566
Health Care Equipment–0.85%
Baxter International Inc.		122,015		5,761,548
Varian Medical Systems, Inc.(b)		157,964		8,906,011
				14,667,559
Health Care Services–2.13%
Express Scripts, Inc.(b)		259,706		26,004,362
Medco Health Solutions, Inc.(b)		185,482		10,928,599
				36,932,961
Health Care Supplies–0.63%
DENTSPLY International Inc.		296,709		10,871,418
Home Improvement Retail–1.22%
Home Depot, Inc. (The)		602,378		21,233,825
Homefurnishing Retail–1.11%
Bed Bath & Beyond Inc.(b)		419,039		19,259,033
Hotels, Resorts & Cruise Lines–1.61%
Royal Caribbean Cruises Ltd.(b)(c)		781,840		28,021,146
Household Products–1.51%
Colgate-Palmolive Co.		162,338		13,652,626
Procter & Gamble Co. (The)		202,385		12,580,251
				26,232,877
Human Resource & Employment Services–0.48%
Robert Half International, Inc.		301,651		8,259,204
Hypermarkets & Super Centers–2.27%
Costco Wholesale Corp.		442,441		26,139,414
Wal-Mart Stores, Inc.		247,827		13,295,919
				39,435,333
Industrial Machinery–3.02%
Illinois Tool Works Inc.		261,552		13,365,307
Ingersoll-Rand PLC (Ireland)		763,025		28,216,665
Kennametal Inc.		329,804		10,837,359
				52,419,331
Integrated Oil & Gas–2.43%
Exxon Mobil Corp.		188,519		12,791,014
Occidental Petroleum Corp.		331,182		29,362,596
				42,153,610
Internet Retail–1.29%
Amazon.com, Inc.(b)		163,973		22,474,139
Internet Software & Services–3.45%
Google Inc.–Class A(b)		91,395		48,022,589
VeriSign, Inc.(b)		437,528		11,931,388
				59,953,977
Investment Banking & Brokerage–1.88%
Charles Schwab Corp. (The)		640,589		12,356,962
Goldman Sachs Group, Inc. (The)		140,022		20,331,194
				32,688,156
IT Consulting & Other Services–1.12%
Amdocs Ltd.(b)		197,007		6,292,404
Cognizant Technology Solutions Corp.–Class A(b)		258,053		13,207,152
				19,499,556
Life Sciences Tools & Services–0.58%
Thermo Fisher Scientific, Inc.(b)		180,750		9,991,860
Managed Health Care–2.07%
UnitedHealth Group Inc.		458,015		13,882,435
WellPoint Inc.(b)		409,324		22,021,631
				35,904,066
Oil & Gas Drilling–0.34%
Transocean Ltd.(b)		81,056		5,872,507
Oil & Gas Equipment & Services–3.13%
Baker Hughes Inc.		149,379		7,433,099
Cameron International Corp.(b)		264,162		10,423,833
GulfMark Offshore, Inc.–Class A(b)		125,000		4,308,750
Schlumberger Ltd.		103,212		7,371,401
Smith International, Inc.		411,887		19,671,723
Weatherford International Ltd.(b)		284,475		5,151,842
				54,360,648
Oil & Gas Exploration & Production–0.85%
Apache Corp.		93,812		9,546,309
Southwestern Energy Co.(b)		129,049		5,120,665
				14,666,974
Other Diversified Financial Services–1.20%
JPMorgan Chase & Co.		490,710		20,894,432
Pharmaceuticals–3.35%
Abbott Laboratories		476,958		24,401,171
Johnson & Johnson		419,273		26,959,254
Shire PLC (United Kingdom)		308,158		6,802,592
				58,163,017

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

6        Invesco Summit Fund

	Shares		Value
Property & Casualty Insurance–1.00%
Chubb Corp.		328,117	$	17,347,546
Railroads–0.90%
Union Pacific Corp.		206,013		15,586,944
Regional Banks–0.37%
Cullen/Frost Bankers, Inc.		108,944		6,466,916
Restaurants–0.78%
Brinker International, Inc.		218,174		4,040,583
McDonald’s Corp.		134,343		9,483,272
				13,523,855
Semiconductor Equipment–1.84%
Applied Materials, Inc.		619,795		8,540,775
ASML Holding N.V. (Netherlands)		384,032		12,518,755
Lam Research Corp.(b)		270,169		10,955,353
				32,014,883
Semiconductors–3.58%
Altera Corp.		396,093		10,044,918
Intel Corp.		820,808		18,739,047
Maxim Integrated Products, Inc.		466,031		9,050,322
Taiwan Semiconductor Manufacturing Co. Ltd.–ADR (Taiwan)		1,710,608		18,115,339
Xilinx, Inc.		242,458		6,250,567
				62,200,193
Soft Drinks–2.64%
Coca-Cola Co. (The)		233,649		12,488,539
PepsiCo, Inc.		510,924		33,322,463
				45,811,002
Specialized Finance–1.85%
CME Group Inc.		41,402		13,596,831
IntercontinentalExchange Inc.(b)		159,147		18,561,314
				32,158,145
Systems Software–5.08%
Check Point Software Technologies Ltd. (Israel)(b)		1,143,919		40,746,395
McAfee Inc.(b)		492,796		17,124,661
Microsoft Corp.		995,236		30,394,507
				88,265,563
Technology Distributors–0.40%
Avnet, Inc.(b)		219,179		7,007,153
Trading Companies & Distributors–1.06%
W.W. Grainger, Inc.		166,475		18,402,147
Total Common Stocks & Other Equity Interests (Cost $1,384,790,891)				1,683,675,696
Money Market Funds–3.32%
Liquid Assets Portfolio–Institutional Class(d)		28,824,539		28,824,539
Premier Portfolio–Institutional Class(d)		28,824,539		28,824,539
Total Money Market Funds (Cost $57,649,078)				57,649,078
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.29% (Cost $1,442,439,969)				1,741,324,774
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.86%
Liquid Assets Portfolio–Institutional Class (Cost $14,945,340)(d)(e)		14,945,340		14,945,340
TOTAL INVESTMENTS–101.15% (Cost $1,457,385,309)				1,756,270,114
OTHER ASSETS LESS LIABILITIES–(1.15)%				(19,992,934	)
NET ASSETS–100.00%			$	1,736,277,180

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, 2010.
(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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2010

Information Technology	31.4	%
Health Care	14.6
Consumer Discretionary	13.8
Industrials	13.1
Financials	8.1
Consumer Staples	7.4
Energy	6.7
Materials	1.4
Utilities	0.5
Money Market Funds Plus Other Assets Less Liabilities	3.0

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

7        Invesco Summit Fund

Statement of Assets and Liabilities

April 30, 2010

(Unaudited)

Assets:
Investments, at value (Cost $1,384,790,891)*	$	1,683,675,696
Investments in affiliated money market funds, at value and cost		72,594,418
Total investments, at value (Cost $1,457,385,309)		1,756,270,114
Receivables for:
Fund shares sold		53,809
Dividends		544,582
Investment for trustee deferred compensation and retirement plans		82,105
Other assets		58,107
Total assets		1,757,008,717
Liabilities:
Payables for:
Investments purchased		4,281,213
Fund shares reacquired		644,873
Collateral upon return of securities loaned		14,945,340
Accrued fees to affiliates		439,316
Accrued other operating expenses		113,276
Trustee deferred compensation and retirement plans		307,519
Total liabilities		20,731,537
Net assets applicable to shares outstanding	$	1,736,277,180
Net assets consist of:
Shares of beneficial interest	$	1,850,054,878
Undistributed net investment income		1,243,231
Undistributed net realized gain (loss)		(413,904,641	)
Unrealized appreciation		298,883,712
	$	1,736,277,180
Net Assets:
Class A	$	25,278,461
Class B	$	1,798,162
Class C	$	2,953,660
Class P	$	1,700,011,694
Class S	$	4,013,682
Class Y	$	2,210,817
Institutional Class	$	10,704
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		2,351,699
Class B		170,132
Class C		279,735
Class P		157,383,139
Class S		372,829
Class Y		205,544
Institutional Class		994
Class A:
Net asset value per share	$	10.75
Maximum offering price per share
(Net asset value of $10.75 divided by 94.50%)	$	11.38
Class B:
Net asset value and offering price per share	$	10.57
Class C:
Net asset value and offering price per share	$	10.56
Class P:
Net asset value and offering price per share	$	10.80
Class S:
Net asset value and offering price per share	$	10.77
Class Y:
Net asset value and offering price per share	$	10.76
Institutional Class:
Net asset value and offering price per share	$	10.77

*  At April 30, 2010, securities with an aggregate value of $14,603,134 were on loan to brokers.

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

8        Invesco Summit Fund

Statement of Operations

For the six months ended April 30, 2010

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $25,914)	$	9,389,306
Dividends from affiliated money market funds (includes securities lending income of $22,566)		58,169
Total investment income		9,447,475
Expenses:
Advisory fees		5,438,514
Administrative services fees		215,066
Custodian fees		37,028
Distribution fees:
Class A		31,782
Class B		9,627
Class C		15,596
Class P		831,216
Class S		2,070
Transfer agent fees — Class A, B, C, P, S and Y		1,164,261
Trustees’ and officers’ fees and benefits		38,139
Other		133,453
Total expenses		7,916,752
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(69,391	)
Net expenses		7,847,361
Net investment income		1,600,114
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(194,684))		67,932,308
Foreign currencies		(61,671	)
		67,870,637
Change in net unrealized appreciation of:
Investment securities		142,847,995
Foreign currencies		72,790
		142,920,785
Net realized and unrealized gain		210,791,422
Net increase in net assets resulting from operations	$	212,391,536

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

9        Invesco Summit Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2010 and the year ended October 31, 2009

(Unaudited)

	April 30,			October 31,
	2010			2009
Operations:
Net investment income	$	1,600,114		$	12,820,693
Net realized gain (loss)		67,870,637			(482,092,230	)
Change in net unrealized appreciation		142,920,785			548,300,193
Net increase in net assets resulting from operations		212,391,536			79,028,656
Distributions to shareholders from net investment income:
Class A		(169,408	)		(140,189	)
Class P		(11,744,584	)		(10,115,843	)
Class S		(12,656	)		—
Class Y		(20,529	)		(1,485	)
Institutional Class		(117,708	)		(71,660	)
Total distributions from net investment income		(12,064,885	)		(10,329,177	)
Distributions to shareholders from net realized gains:
Class A		—			(1,599,398	)
Class B		—			(202,968	)
Class C		—			(265,043	)
Class P		—			(93,921,780	)
Class Y		—			(13,662	)
Institutional Class		—			(654,161	)
Total distributions from net realized gains		—			(96,657,012	)
Share transactions-net:
Class A		(2,579,018	)		(197,795	)
Class B		(415,826	)		(1,150,474	)
Class C		(575,994	)		(1,102,362	)
Class P		(67,857,448	)		45,749,746
Class S		3,464,858			319,740
Class Y		(267,565	)		1,817,206
Institutional Class		(12,441,889	)		725,822
Net increase (decrease) in net assets resulting from share transactions		(80,672,882	)		46,161,883
Net increase in net assets		119,653,769			18,204,350
Net assets:
Beginning of period		1,616,623,411			1,598,419,061
End of period (includes undistributed net investment income of $1,243,231 and $11,708,002, respectively)	$	1,736,277,180		$	1,616,623,411

Notes to Financial Statements

April 30, 2010

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Summit Fund, formerly AIM Summit Fund, (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds), formerly AIM Equity 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 eight separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The

10        Invesco Summit Fund

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 seven different classes of shares: Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class. Class P shares are not sold to members of the general public. Only shareholders who had accounts in the AIM Summit Investors Plans I and AIM Summit Investors Plans II at the close of business on December 8, 2006, may continue to purchase Class P shares. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class P, Class S, Class Y and Institutional Class shares are sold at net asset value. Generally, Class B shares will automatically convert to Class A shares on or about month-end which is at least eight years after the date of purchase.

  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 bonds) 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 ask 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 ask 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 bonds) 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, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
	Foreign securities (including foreign exchange contracts) 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 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 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 economical 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 are 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/ask 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.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses)

11        Invesco Summit Fund

	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.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income and net realized capital gain, if any, are generally paid annually and recorded on 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 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 files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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 fails 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 affiliates 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.
J.	Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

12        Invesco Summit Fund

The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.

K.

Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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:

Average Net Assets	Rate
First $10 million		1	.00%
Next $140 million		0	.75%
Over $150 million		0	.625%

  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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

  On December 31, 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc. and the consolidated adviser firm was renamed Invesco Advisers, Inc.

  The Adviser has contractually agreed, through at least February 28, 2011, 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 (excluding certain items discussed below) of Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares to 2.00%, 2.75%, 2.75%, 1.85%, 1.90%, 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 to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. The Board of Trustees or Invesco may terminate the fee waiver arrangement at any time. The Adviser did not waive fees or reimburse expenses during the period under this expense limitation.

  Further, the Adviser has contractually agreed, through at least June 30, 2010, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

  For the six months ended April 30, 2010, the Adviser waived advisory fees of $60,084.

  At the request of the Trustees of the Trust, Invesco Ltd. agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the Invesco Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended April 30, 2010, Invesco Ltd. reimbursed expenses of the Fund in the amount of $1,723.

  The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2010, 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 six months ended April 30, 2010, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Fund 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 P, Class S, Class Y and Institutional Class shares. The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C shares, Class P shares and Class S 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, 0.10% of Class P shares and 0.15% of Class S 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

13        Invesco Summit Fund

asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended April 30, 2010, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2010, IDI advised the Fund that IDI retained $3,665 in front-end sales commissions from the sale of Class A shares and $0, $877 and $206 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 Invesco, IIS and/or IDI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (“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, 2010. 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	$	1,714,315,641	$	41,954,473	$	—	$	1,756,270,114

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2010, the Fund engaged in securities purchases of $25,887 and securities sales of $1,654,924, which resulted in net realized gains (losses) of $(194,684).

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2010, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,584.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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.

  During the six months ended April 30, 2010, the Fund paid legal fees of $2,295 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

14        Invesco Summit Fund

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

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

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

  The Fund had a capital loss carryforward as of October 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2017	$	480,366,328

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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 six months ended April 30, 2010 was $514,538,612 and $584,779,215, 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	$	317,042,587
Aggregate unrealized (depreciation) of investment securities		(19,566,732	)
Net unrealized appreciation of investment securities	$	297,475,855
Cost of investments for tax purposes is $1,458,794,259.

15        Invesco Summit Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		267,775		$	2,764,779			1,575,219		$	13,766,868
Class B		12,048			121,414			94,671			795,023
Class C		16,643			169,307			161,860			1,346,998
Class P		4,538,661			46,949,995			10,751,940			94,150,818
Class S(a)		369,830			3,785,018			32,643			319,740
Class Y		31,977			324,308			354,338			3,075,848
Issued as reinvestment of dividends:
Class A		16,035			162,591			186,554			1,539,902
Class B		—			—			23,799			193,957
Class C		—			—			30,798			250,698
Class P		1,136,972			11,574,372			12,354,229			102,417,620
Class S(a)		1,247			12,656			—			—
Class Y		1,998			20,260			1,826			15,065
Institutional Class		11,609			117,708			87,978			725,822
Automatic conversion of Class B shares to Class A shares:
Class A		23,285			242,955			69,811			607,252
Class B		(23,676	)		(242,955	)		(70,975	)		(607,252	)
Reacquired:
Class A		(556,814	)		(5,749,343	)		(1,833,697	)		(16,111,817	)
Class B		(29,106	)		(294,285	)		(174,434	)		(1,532,202	)
Class C		(73,003	)		(745,301	)		(314,274	)		(2,700,058	)
Class P		(12,137,566	)		(126,381,815	)		(17,066,838	)		(150,818,692	)
Class S(a)		(30,891	)		(332,816	)		—			—
Class Y		(58,628	)		(612,133	)		(148,754	)		(1,273,707	)
Institutional Class		(1,195,995	)		(12,559,597	)		—			—
Net increase (decrease) in share activity		(7,677,599	)	$	(80,672,882	)		6,116,694		$	46,161,883

^(a) Class S shares commenced on September 25, 2009.

16        Invesco Summit Fund

NOTE 11—Financial Highlights

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

																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses) on																						to average			to average net			Ratio of net
	Net asset		Net			securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss)			unrealized)			operations			income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 04/30/10	$	9.55	$	0.00	(c)	$	1.27		$	1.27		$	(0.07	)	$	—		$	(0.07	)	$	10.75		13.31	%	$	25,278		1.06	%(d)		1.07	%(d)		0.05	%(d)		32	%
Year ended 10/31/09		9.81		0.06	(c)		0.33			0.39			(0.05	)		(0.60	)		(0.65	)		9.55		4.99			24,855		1.12			1.13			0.70			89
Year ended 10/31/08		15.42		0.05	(c)		(5.40	)		(5.35	)		(0.06	)		(0.20	)		(0.26	)		9.81		(35.26	)		25,529		1.06			1.07			0.34			79
Year ended 10/31/07		12.74		0.05	(c)		2.70			2.75			(0.07	)		—			(0.07	)		15.42		21.65			11,591		1.08			1.08			0.37			41
Year ended 10/31/06		11.38		0.04	(c)		1.35			1.39			(0.03	)		—			(0.03	)		12.74		12.23			4,584		1.19			1.19			0.32			76
Year ended 10/31/05(e)		11.38		—			—			—			—			—			—			11.38		—			10		—			—			—			31
Class B
Six months ended 04/30/10		9.37		(0.04	)(c)		1.24			1.20			—			—			—			10.57		12.81			1,798		1.81	(d)		1.82	(d)		(0.70	)(d)		32
Year ended 10/31/09		9.64		(0.00	)(c)		0.33			0.33			—			(0.60	)		(0.60	)		9.37		4.31			1,975		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)(c)		(5.30	)		(5.35	)		(0.01	)		(0.20	)		(0.21	)		9.64		(35.70	)		3,256		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)(c)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			2,727		1.83			1.83			(0.38	)		41
Year ended 10/31/06		11.38		(0.05	)(c)		1.34			1.29			(0.03	)		—			(0.03	)		12.64		11.34			681		1.94			1.94			(0.43	)		76
Year ended 10/31/05(e)		11.38		—			—			—			—			—			—			11.38		—			10		—			—			—			31
Class C
Six months ended 04/30/10		9.36		(0.04	)(c)		1.24			1.20			—			—			—			10.56		12.82			2,954		1.81	(d)		1.82	(d)		(0.70	)(d)		32
Year ended 10/31/09		9.63		0.00	(c)		0.33			0.33			—			(0.60	)		(0.60	)		9.36		4.31			3,145		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)(c)		(5.31	)		(5.36	)		(0.01	)		(0.20	)		(0.21	)		9.63		(35.77	)		4,408		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)(c)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			995		1.83			1.83			(0.38	)		41
Year ended 10/31/06		11.38		(0.05	)(c)		1.34			1.29			(0.03	)		—			(0.03	)		12.64		11.34			63		1.94			1.94			(0.43	)		76
Year ended 10/31/05(e)		11.38		—			—			—			—			—			—			11.38		—			10		—			—			—			31
Class P
Six months ended 04/30/10		9.60		0.01	(c)		1.26			1.27			(0.07	)		—			(0.07	)		10.80		13.30			1,700,012		0.91	(d)		0.92	(d)		0.20	(d)		32
Year ended 10/31/09		9.85		0.08	(c)		0.33			0.41			(0.06	)		(0.60	)		(0.66	)		9.60		5.22			1,572,776		0.97			0.98			0.85			89
Year ended 10/31/08		15.47		0.07	(c)		(5.42	)		(5.35	)		(0.07	)		(0.20	)		(0.27	)		9.85		(35.17	)		1,554,240		0.91			0.92			0.49			79
Year ended 10/31/07		12.77		0.07	(c)		2.71			2.78			(0.08	)		—			(0.08	)		15.47		21.85			2,594,668		0.92			0.94			0.52			41
Year ended 10/31/06		11.38		0.07	(c)		1.35			1.42			(0.03	)		—			(0.03	)		12.77		12.49			2,373,809		0.91			1.05			0.60			76
Year ended 10/31/05		9.93		0.04	(f)		1.42			1.46			(0.01	)		—			(0.01	)		11.38		14.71			2,242,529		0.93			1.08			0.36	(f)		31
Class S
Six months ended 04/30/10		9.56		0.01	(c)		1.27			1.28			(0.07	)		—			(0.07	)		10.77		13.41			4,014		0.96	(d)		0.97	(d)		0.15	d)		32
Year ended 10/31/09(e)		9.65		0.01	(c)		(0.10	)		0.09			—			—			—			9.56		(0.93	)		312		0.95	(g)		0.96	(g)		0.87	(g)		89
Class Y
Six months ended 04/30/10		9.56		0.01	(c)		1.27			1.28			(0.08	)		—			(0.08	)		10.76		13.45			2,211		0.81	(d)		0.82	(d)		0.30	(d)		32
Year ended 10/31/09		9.81		0.09	(c)		0.32			0.41			(0.06	)		(0.60	)		(0.66	)		9.56		5.26			2,201		0.87			0.88			0.95			89
Year ended 10/31/08(e)		10.98		0.00	(c)		(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		224		0.85	(g)		0.86	(g)		0.55	(g)		79
Institutional Class
Six months ended 04/30/10		9.58		0.02	(c)		1.27			1.29			(0.10	)		—			(0.10	)		10.77		13.52			11		0.68	(d)		0.69	(d)		0.43	(d)		32
Year ended 10/31/09		9.81		0.10	(c)		0.33			0.43			(0.06	)		(0.60	)		(0.66	)		9.58		5.48			11,358		0.67			0.68			1.15			89
Year ended 10/31/08(e)		10.98		0.00	(c)		(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		10,762		0.80	(g)		0.81	(g)		0.60	(g)		79

(a)	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.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $25,636, $1,941, $3,145, $1,676, $2,783, $2,458 and $8,574 for Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares, respectively.
(e)	Commencement date of October 31, 2005 for Class A, Class B and Class C shares, commencement date of September 25, 2009 for Class S shares and commencement date of October 3, 2008 for Class Y and Institutional Class shares.
(f)	Net investment income per share and the ratio of net investment income (loss) to average net assets include a special cash dividend received of $3.00 per share owned of Microsoft Corp. on December 2, 2004. Net investment income per share and the ratio of net investment income (loss) to average net assets excluding the special dividend are $0.02 and 0.15%, respectively.
(g)	Annualized.

17        Invesco Summit 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, and redemption fees, 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, 2009 through April 30, 2010.

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, contingent deferred sales charges on redemptions, and redemption fees, 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.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(11/01/09)		(04/30/10)1		Period2		(04/30/10)		Period2		Ratio
A	$	1,000.00	$	1,133.10	$	5.61	$	1,019.54	$	5.31		1.06	%
B		1,000.00		1,128.10		9.55		1,015.82		9.05		1.81
C		1,000.00		1,128.20		9.55		1,015.82		9.05		1.81
P		1,000.00		1,133.00		4.81		1,020.28		4.56		0.91
S		1,000.00		1,134.10		5.08		1,020.03		4.81		0.96
Y		1,000.00		1,134.50		4.29		1,020.78		4.06		0.81
Institutional		1,000.00		1,135.20		3.60		1,021.42		3.41		0.68

1	The actual ending account value is based on the actual total return of the Fund for the period November 1, 2009 through April 30, 2010, 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.

18        Invesco Summit Fund

Go Paperless with eDelivery Visit invesco.com/edelivery to receive quarterly statements, tax forms, fund reports and prospectuses with a service that’s all about eeees: — environmentally friendly. Go green by reducing the — efficient. Stop waiting for regular mail. Your documents number of trees used to produce paper. will be sent via email as soon as they’re available. — economical. Help reduce your fund’s printing and delivery — easy. Download, save and print files using your home expenses and put more capital back in your fund’s returns. computer with a few clicks of your mouse. This service is provided by Invesco Investment Services, Inc.

Invesco Privacy Policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

     Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

     Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

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 811-01424 and 002-25469.

     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 12 months ended June 30, 2009, is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

     If used after July 20, 2010, this report must be accompanied by a Quarterly Performance Review for the most recent quarter-end.

     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 U.S. 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.

     On April 30, 2010, Invesco Aim Distributors, Inc. became Invesco Distributors, Inc., Invesco Aim Investment Services, Inc. became Invesco Investment Services, Inc., and AIM funds became Invesco funds. In addition, invescoaim.com became invesco.com.

SUM-SAR-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.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of June 10, 2010, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 10, 2010, 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 the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a) (1)	Not applicable.
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 Equity Funds (Invesco Equity Funds)
By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer

Date: July 8, 2010

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 8, 2010

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer

Date: July 8, 2010

EXHIBIT INDEX

12(a) (1)	Not applicable.
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.