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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01424

AIM Equity Funds (Invesco Equity Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 4/30/14

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	April 30, 2014
	Invesco Charter Fund Nasdaq:
	A: CHTRX  n  B: BCHTX  n  C: CHTCX  n  R: CHRRX  n  S: CHRSX  n  Y: CHTYX  n  R5: CHTVX R6:  n  CHFTX
	2          Fund Performance
	4          Letters to Shareholders
	5          Schedule of Investments
	7          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, 10/31/13 to 4/30/14, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	7.49	%
Class B Shares	7.06
Class C Shares	7.08
Class R Shares	7.37
Class S Shares	7.54
Class Y Shares	7.62
Class R5 Shares	7.68
Class R6 Shares	7.69
S&P 500 Index‚ (Broad Market Index)	8.36
Russell 1000 Indexn (Style-Specific Index)	8.25
Lipper Large-Cap Core Funds Index¿ (Peer Group Index)	7.58

Source(s): ^‚Invesco, S&P-Dow Jones via FactSet Research Systems Inc.;

    ⁿInvesco, Russell via FactSet Research Systems Inc.; ^¿Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US 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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

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

2                Invesco Charter Fund

Average Annual Total Returns
As of 4/30/14, including maximum applicable sales charges
Class A Shares
Inception (11/26/68)	10.94	%
10 Years	7.32
5 Years	14.08
1 Year	12.55
Class B Shares
Inception (6/26/95)	7.56	%
10 Years	7.30
5 Years	14.29
1 Year	13.18
Class C Shares
Inception (8/4/97)	4.83	%
10 Years	7.13
5 Years	14.52
1 Year	17.18
Class R Shares
Inception (6/3/02)	7.23	%
10 Years	7.66
5 Years	15.10
1 Year	18.80
Class S Shares
10 Years	7.98	%
5 Years	15.48
1 Year	19.22
Class Y Shares
10 Years	8.08	%
5 Years	15.66
1 Year	19.33
Class R5 Shares
Inception (7/30/91)	8.73	%
10 Years	8.39
5 Years	15.84
1 Year	19.48
Class R6 Shares
10 Years	8.00	%
5 Years	15.53
1 Year	19.53

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 share 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 share performance reflects any applicable fee waivers or expense reimbursements.

    Class R6 shares incepted on September 24, 2012. Performance

Average Annual Total Returns
As of 3/31/14, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/26/68)	10.94	%
10 Years	7.36
5 Years	16.53
1 Year	13.08
Class B Shares
Inception (6/26/95)	7.56	%
10 Years	7.33
5 Years	16.77
1 Year	13.75
Class C Shares
Inception (8/4/97)	4.82	%
10 Years	7.18
5 Years	16.97
1 Year	17.75
Class R Shares
Inception (6/3/02)	7.23	%
10 Years	7.70
5 Years	17.56
1 Year	19.38
Class S Shares
10 Years	8.02	%
5 Years	17.95
1 Year	19.74
Class Y Shares
10 Years	8.12	%
5 Years	18.14
1 Year	19.91
Class R5 Shares
Inception (7/30/91)	8.74	%
10 Years	8.43
5 Years	18.32
1 Year	20.05
Class R6 Shares
10 Years	8.04	%
5 Years	18.00
1 Year	20.15

shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share 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, Class R5 and Class R6 shares was 1.07%, 1.82%, 1.82%, 1.32%, 0.97%, 0.82%, 0.74% and 0.65%, 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, Class R5 and Class R6 shares was 1.09%, 1.84%, 1.84%, 1.34%, 0.99% 0.84%, 0.76% and 0.67%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2015. See current prospectus for more information.

3                         Invesco Charter Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders: Members of the Invesco Funds Board work continually to oversee how the Invesco Funds are performing in light of ever-changing and often unpredictable economic and market conditions. In light of market conditions over the last few years, the financial news media have given increased attention to “alternative investment strategies” of late. Still, many investors don’t know very much about these types of investments. After a careful and thorough examination of the potential risks and potential benefits of alternative investment strategies, the Invesco Funds Board has approved the launch of several new alternative funds for the Invesco product lineup, to be managed by teams we determined have the depth and experience to pursue the funds’ investment objectives. That’s especially important, given that alternative products typically hold more non-traditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic strategies that change with market conditions. Investors

considering alternatives should be aware of their unique characteristics and the additional risks of the strategies they use. Like all investments, performance will fluctuate. You can lose money.

Your financial adviser is a good source of information about alternative investment strategies; he or she can explain the risks associated with them as well as their potential benefits. This type of professional guidance is why Invesco believes it’s so important that individual investors work with trusted, experienced financial advisers.

Be assured that the Invesco Funds Board will continue working on your behalf and on behalf of all our fund shareholders, keeping your needs and interests uppermost in our minds.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

      Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a list of its investments as of the close of the reporting period. I hope you find this report of interest. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your individual Invesco account whenever it’s convenient for you; just complete a simple, secure online registration. Use the “Login” box on our home page to get started. Invesco’s mobile app for iPad^® (available free from the App Store^SM) allows you to obtain the same detailed information about your Fund and the same investment insights from our investment leaders, market strategists, economists and retirement experts on the go. Also, you can obtain timely updates to help you stay informed about the markets, the economy

and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com or by visiting the “Intentional Investing Forum” on our home page.

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

Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

4                         Invesco Charter Fund

Schedule of Investments^(a)

April 30, 2014

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–89.10%
Air Freight & Logistics–0.66%
FedEx Corp.		301,242	$	41,044,222
Apparel, Accessories & Luxury Goods–0.89%
Prada S.p.A. (Italy)		6,920,400		55,452,528
Asset Management & Custody Banks–1.74%
Northern Trust Corp.		1,799,955		108,447,289
Auto Parts & Equipment–1.06%
Johnson Controls, Inc.		1,458,521		65,837,638
Automobile Manufacturers–1.04%
Daimler AG (Germany)		700,807		64,876,878
Biotechnology–1.63%
Gilead Sciences, Inc.(b)		1,287,988		101,094,178
Brewers–1.28%
Molson Coors Brewing Co.–Class B		1,323,371		79,362,559
Casinos & Gaming–1.14%
Las Vegas Sands Corp.		897,873		71,048,690
Communications Equipment–3.55%
Cisco Systems, Inc.		2,706,213		62,540,583
F5 Networks, Inc.(b)		569,348		59,878,329
QUALCOMM, Inc.		1,250,878		98,456,607
				220,875,519
Construction Machinery & Heavy Trucks–0.78%
Caterpillar Inc.		460,127		48,497,386
Construction Materials–0.55%
CRH PLC (Ireland)		1,173,344		34,178,714
Consumer Finance–2.44%
American Express Co.		1,735,996		151,778,130
Department Stores–1.92%
Macy’s, Inc.		2,077,944		119,336,324
Diversified Banks–1.27%
U.S. Bancorp		1,934,146		78,874,474
Diversified Chemicals–0.84%
Dow Chemical Co. (The)		1,050,000		52,395,000
Electric Utilities–0.99%
Duke Energy Corp.		830,268		61,846,663
Electrical Components & Equipment–1.00%
Eaton Corp. PLC		857,908		62,318,437
Electronic Manufacturing Services–1.91%
TE Connectivity Ltd. (Switzerland)		2,008,243		118,446,172
Fertilizers & Agricultural Chemicals–1.14%
Mosaic Co. (The)		1,409,900		70,551,396
Food Retail–1.01%
Kroger Co. (The)		1,357,538		62,501,050

	Shares		Value
General Merchandise Stores–0.42%
Target Corp.		421,753	$	26,043,248
Gold–0.46%
Agnico Eagle Mines Ltd. (Canada)		339,322		10,030,358
Kinross Gold Corp. (Canada)(b)		4,557,391		18,503,008
				28,533,366
Health Care Equipment–1.13%
Covidien PLC		989,438		70,497,457
Health Care Facilities–1.65%
HCA Holdings, Inc.(b)		1,967,541		102,312,132
Health Care Services–1.54%
Express Scripts Holding Co.(b)		1,437,916		95,736,447
Heavy Electrical Equipment–0.99%
ABB Ltd. (Switzerland)		2,545,819		61,337,995
Home Improvement Retail–1.00%
Lowe’s Cos., Inc.		1,347,330		61,855,920
Industrial Conglomerates–1.99%
General Electric Co.		4,606,764		123,875,884
Industrial Gases–1.27%
Praxair, Inc.		603,557		78,794,366
Industrial Machinery–4.64%
Illinois Tool Works Inc.		766,720		65,347,546
Parker Hannifin Corp.		665,657		84,458,560
Sandvik AB (Sweden)		5,552,429		78,747,533
SKF AB–Class B (Sweden)		2,306,951		59,820,025
				288,373,664
Insurance Brokers–1.51%
Marsh & McLennan Cos., Inc.		1,897,084		93,545,212
Integrated Oil & Gas–2.44%
Chevron Corp.		713,901		89,608,854
Occidental Petroleum Corp.		648,968		62,138,686
				151,747,540
Internet Software & Services–1.09%
eBay Inc.(b)		1,310,931		67,945,554
Investment Banking & Brokerage–1.28%
Charles Schwab Corp. (The)		3,006,057		79,810,813
IT Consulting & Other Services–1.12%
International Business Machines Corp.		353,709		69,493,207
Life Sciences Tools & Services–3.29%
Agilent Technologies, Inc.		1,339,708		72,397,820
Thermo Fisher Scientific, Inc.		738,926		84,237,564
Waters Corp.(b)		483,290		47,623,397
				204,258,781
Movies & Entertainment–0.70%
Twenty-First Century Fox, Inc.–Class A		1,363,749		43,667,243

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

5                         Invesco Charter Fund

	Shares		Value
Oil & Gas Equipment & Services–5.59%
Cameron International Corp.(b)		1,517,493	$	98,576,345
Halliburton Co.		1,541,706		97,235,398
Schlumberger Ltd.		478,944		48,636,763
Weatherford International Ltd.(b)		4,894,678		102,788,238
				347,236,744
Oil & Gas Exploration & Production–4.37%
Anadarko Petroleum Corp.		561,893		55,638,645
EOG Resources, Inc.		722,000		70,756,000
Noble Energy, Inc.		875,896		62,871,815
Pioneer Natural Resources Co.		426,886		82,504,257
				271,770,717
Packaged Foods & Meats–1.12%
Danone (France)		942,380		69,638,457
Paper Products–0.83%
International Paper Co.		1,100,000		51,315,000
Pharmaceuticals–10.73%
Allergan, Inc.		513,813		85,210,748
Merck & Co., Inc.		1,563,405		91,552,997
Novartis AG–ADR (Switzerland)		973,603		84,645,045
Pfizer Inc.		1,857,451		58,101,067
Roche Holding AG (Switzerland)		324,648		95,431,895
Sanofi–ADR (France)		2,643,319		142,210,562
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		1,376,823		67,271,572
Zoetis Inc.		1,391,145		42,096,048
				666,519,934
Property & Casualty Insurance–3.99%
Berkshire Hathaway Inc.–Class A(b)		722		139,544,550
Progressive Corp. (The)		4,459,658		108,146,706
				247,691,256

	Shares		Value
Railroads–1.85%
Norfolk Southern Corp.		516,880	$	48,860,667
Union Pacific Corp.		346,705		66,023,033
				114,883,700
Restaurants–0.66%
Yum! Brands, Inc.		536,287		41,288,736
Semiconductor Equipment–0.67%
KLA-Tencor Corp.		648,915		41,524,071
Semiconductors–3.30%
Analog Devices, Inc.		2,237,690		114,771,120
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		23,007,019		90,598,088
				205,369,208
Systems Software–1.27%
Microsoft Corp.		1,955,361		78,996,584
Technology Hardware, Storage & Peripherals–1.36%
EMC Corp.		3,266,776		84,282,821
Total Common Stocks & Other Equity Interests (Cost $3,736,118,346)				5,537,109,304
Money Market Funds–10.91%
Liquid Assets Portfolio–Institutional Class(c)		338,772,466		338,772,466
Premier Portfolio–Institutional Class(c)		338,772,467		338,772,467
Total Money Market Funds (Cost $677,544,933)				677,544,933
TOTAL INVESTMENTS–100.01% (Cost $4,413,663,279)				6,214,654,237
OTHER ASSETS LESS LIABILITIES–(0.01)%				(315,710	)
NET ASSETS–100.00%			$	6,214,338,527

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, 2014

Health Care	20.0	%
Information Technology	14.3
Energy	12.4
Financials	12.2
Industrials	11.9
Consumer Discretionary	8.8
Materials	5.1
Consumer Staples	3.4
Utilities	1.0
Money Market Funds Plus Other Assets Less Liabilities	10.9

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

6                         Invesco Charter Fund

Statement of Assets and Liabilities

April 30, 2014

(Unaudited)

Assets:
Investments, at value (Cost $3,736,118,346)	$	5,537,109,304
Investments in affiliated money market funds, at value and cost		677,544,933
Total investments, at value (Cost $4,413,663,279)		6,214,654,237
Foreign currencies, at value (Cost $7,463,590)		7,388,675
Receivable for:
Fund shares sold		4,139,617
Dividends		4,808,740
Investment for trustee deferred compensation and retirement plans		1,723,620
Other assets		58,367
Total assets		6,232,773,256
Liabilities:
Payable for:
Investments purchased		1,031,167
Fund shares reacquired		11,822,641
Accrued fees to affiliates		3,188,123
Accrued trustees’ and officers’ fees and benefits		7,010
Accrued other operating expenses		353,525
Trustee deferred compensation and retirement plans		2,032,263
Total liabilities		18,434,729
Net assets applicable to shares outstanding	$	6,214,338,527
Net assets consist of:
Shares of beneficial interest	$	4,180,553,403
Undistributed net investment income		17,634,479
Undistributed net realized gain		215,146,021
Net unrealized appreciation		1,801,004,624
	$	6,214,338,527

Net Assets:
Class A	$	4,649,895,493
Class B	$	92,388,957
Class C	$	286,214,007
Class R	$	74,664,301
Class S	$	24,429,609
Class Y	$	532,333,908
Class R5	$	417,747,380
Class R6	$	136,664,872
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		205,319,498
Class B		4,258,836
Class C		13,158,603
Class R		3,321,850
Class S		1,078,145
Class Y		23,428,287
Class R5		17,894,457
Class R6		5,854,326
Class A:
Net asset value per share	$	22.65
Maximum offering price per share
(Net asset value of $22.65 ¸ 94.50%)	$	23.97
Class B:
Net asset value and offering price per share	$	21.69
Class C:
Net asset value and offering price per share	$	21.75
Class R:
Net asset value and offering price per share	$	22.48
Class S:
Net asset value and offering price per share	$	22.66
Class Y:
Net asset value and offering price per share	$	22.72
Class R5:
Net asset value and offering price per share	$	23.35
Class R6:
Net asset value and offering price per share	$	23.34

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

7                         Invesco Charter Fund

Statement of Operations

For the six months ended April 30, 2014

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,537,903)	$	50,863,866
Dividends from affiliated money market funds		200,379
Total investment income		51,064,245
Expenses:
Advisory fees		18,319,888
Administrative services fees		331,355
Custodian fees		177,560
Distribution fees:
Class A		5,675,114
Class B		509,371
Class C		1,408,036
Class R		189,629
Class S		18,048
Transfer agent fees — A, B, C, R, S and Y		4,702,955
Transfer agent fees — R5		204,645
Transfer agent fees — R6		2,619
Trustees’ and officers’ fees and benefits		120,108
Other		533,649
Total expenses		32,192,977
Less: Fees waived and expense offset arrangement(s)		(648,567	)
Net expenses		31,544,410
Net investment income		19,519,835
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		267,907,996
Foreign currencies		17,923
		267,925,919
Change in net unrealized appreciation (depreciation) of:
Investment securities		153,773,238
Foreign currencies		(152,624	)
		153,620,614
Net realized and unrealized gain		421,546,533
Net increase in net assets resulting from operations	$	441,066,368

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

8                         Invesco Charter Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2014 and the year ended October 31, 2013

(Unaudited)

	April 30, 2014			October 31, 2013
Operations:
Net investment income	$	19,519,835		$	53,115,578
Net realized gain		267,925,919			280,208,345
Change in net unrealized appreciation		153,620,614			995,866,556
Net increase in net assets resulting from operations		441,066,368			1,329,190,479
Distributions to shareholders from net investment income:
Class A		(40,001,766	)		(41,612,854	)
Class B		(197,192	)		(332,279	)
Class C		(522,089	)		(664,655	)
Class R		(498,781	)		(615,458	)
Class S		(234,367	)		(240,607	)
Class Y		(5,312,405	)		(4,771,405	)
Class R5		(4,757,782	)		(5,364,133	)
Class R6		(1,603,465	)		(1,441,125	)
Total distributions from net investment income		(53,127,847	)		(55,042,516	)
Distributions to shareholders from net realized gains:
Class A		(190,962,696	)		—
Class B		(4,697,336	)		—
Class C		(12,436,765	)		—
Class R		(3,268,865	)		—
Class S		(1,013,912	)		—
Class Y		(20,079,702	)		—
Class R5		(16,807,748	)		—
Class R6		(5,278,097	)		—
Total distributions from net realized gains		(254,545,121	)		—
Share transactions–net:
Class A		20,336,142			(454,738,989	)
Class B		(18,388,479	)		(43,223,240	)
Class C		(3,839,051	)		(23,002,146	)
Class R		(4,768,888	)		(21,711,427	)
Class S		(103,005	)		(2,142,385	)
Class Y		52,206,611			14,464,207
Class R5		(4,230,918	)		(54,219,495	)
Class R6		2,890,345			9,498,357
Net increase (decrease) in net assets resulting from share transactions		44,102,757			(575,075,118	)
Net increase in net assets		177,496,157			699,072,845
Net assets:
Beginning of period		6,036,842,370			5,337,769,525
End of period (includes undistributed net investment income of $17,634,479 and $51,242,491, respectively)	$	6,214,338,527		$	6,036,842,370

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

9                         Invesco Charter Fund

Notes to Financial Statements

April 30, 2014

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.

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

10                         Invesco Charter Fund

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 (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and 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 declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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.

11                         Invesco Charter 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.

J. Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward 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 forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0	.695%
Next $4.05 billion		0	.615%
Next $3.9 billion		0	.57%
Next $1.8 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 Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2015, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2015. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2016, 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, 2014, the Adviser waived advisory fees of $642,280.

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, 2014, 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, 2014, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C, 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 Class A, Class B, Class C and Class R shares and 0.15% of the average daily net assets of Class S 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, 2014, 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

12                         Invesco Charter Fund

proceeds prior to remittance to the shareholder. During the six months ended April 30, 2014, IDI advised the Fund that IDI retained $235,257 in front-end sales commissions from the sale of Class A shares and $4,753, $24,650 and $3,699 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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, 2014. 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	$	5,669,449,003	$	545,205,234	$	—	$	6,214,654,237

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2014, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,287.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

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

NOTE 7—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

13                         Invesco Charter Fund

The Fund had a capital loss carryforward as of October 31, 2013, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2017	$	37,234,275	$	—	$	37,234,275
October 31, 2018		9,265,449		—		9,265,449
Total capital loss carryforward	$	46,499,724	$	—	$	46,499,724

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

NOTE 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, 2014 was $592,865,517 and $795,580,436, 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	$	1,828,204,038
Aggregate unrealized (depreciation) of investment securities		(33,013,530	)
Net unrealized appreciation of investment securities	$	1,795,190,508

Cost of investments for tax purposes is $4,419,463,729.

14                         Invesco Charter Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2014(a)						Year ended October 31, 2013
	Shares			Amount			Shares			Amount
Sold:
Class A		5,216,497		$	115,001,431			12,652,341		$	251,490,534
Class B		56,724			1,190,022			134,679			2,555,466
Class C		627,241			13,298,686			1,368,037			26,345,282
Class R		311,305			6,804,773			997,549			19,538,282
Class S		27,418			603,889			67,050			1,315,025
Class Y		3,792,869			83,882,423			8,445,957			167,974,315
Class R5		1,027,493			23,330,752			3,056,357			63,011,733
Class R6		170,383			3,822,180			972,513			20,256,468
Issued as reinvestment of dividends:
Class A		10,131,612			212,865,175			2,115,045			37,838,158
Class B		233,089			4,703,750			18,511			318,771
Class C		597,137			12,086,051			35,450			612,226
Class R		180,283			3,762,516			34,598			615,152
Class S		58,780			1,234,951			13,319			238,288
Class Y		891,731			18,780,072			218,839			3,923,789
Class R5		973,141			21,049,024			281,880			5,183,775
Class R6		318,297			6,881,563			78,407			1,441,124
Automatic conversion of Class B shares to Class A shares:
Class A		741,034			16,373,695			1,487,914			29,540,214
Class B		(773,027	)		(16,373,695	)		(1,550,889	)		(29,540,214	)
Reacquired:
Class A		(14,675,096	)		(323,904,159	)		(39,328,823	)		(773,607,895	)
Class B		(374,215	)		(7,908,556	)		(876,468	)		(16,557,263	)
Class C		(1,383,583	)		(29,223,788	)		(2,657,705	)		(49,959,654	)
Class R		(700,011	)		(15,336,177	)		(2,136,456	)		(41,864,861	)
Class S		(87,974	)		(1,941,845	)		(187,448	)		(3,695,698	)
Class Y		(2,280,542	)		(50,455,884	)		(7,977,731	)		(157,433,897	)
Class R5		(2,142,697	)		(48,610,694	)		(5,993,528	)		(122,415,003	)
Class R6		(342,488	)		(7,813,398	)		(592,344	)		(12,199,235	)
Net increase (decrease) in share activity		2,595,401		$	44,102,757			(29,322,946	)	$	(575,075,118	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                         Invesco Charter Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/14	$	22.22	$	0.07		$	1.50		$	1.57		$	(0.19	)	$	(0.95	)	$	(1.14	)	$	22.65		7.49	%	$	4,649,895		1.04	%(d)		1.06	%(d)		0.65	%(d)		11	%
Year ended 10/31/13		17.73		0.19			4.49			4.68			(0.19	)		—			(0.19	)		22.22		26.63			4,529,846		1.05			1.07			0.94			35
Year ended 10/31/12		16.38		0.14			1.31			1.45			(0.10	)		—			(0.10	)		17.73		8.93			4,025,451		1.10			1.12			0.79			42
Year ended 10/31/11		15.30		0.10			1.04			1.14			(0.06	)		—			(0.06	)		16.38		7.50			4,009,014		1.10			1.13			0.64			40
Year ended 10/31/10		14.16		0.07			1.16	(e)		1.23			(0.09	)		—			(0.09	)		15.30		8.72	(e)		4,027,296		1.14			1.18			0.45			48
Year ended 10/31/09		12.46		0.09			1.76	(e)		1.85			(0.15	)		—			(0.15	)		14.16		15.19	(e)		3,915,161		1.26			1.29			0.76			32
Class B
Six months ended 04/30/14		21.25		(0.01	)		1.44			1.43			(0.04	)		(0.95	)		(0.99	)		21.69		7.06			92,389		1.79	(d)		1.81	(d)		(0.10	)(d)		11
Year ended 10/31/13		16.96		0.04			4.30			4.34			(0.05	)		—			(0.05	)		21.25		25.63			108,696		1.80			1.82			0.19			35
Year ended 10/31/12		15.67		0.01			1.28			1.29			—			—			—			16.96		8.23			125,315		1.85			1.87			0.04			42
Year ended 10/31/11		14.69		(0.02	)		1.00			0.98			—			—			—			15.67		6.67			169,243		1.85			1.88			(0.11	)		40
Year ended 10/31/10		13.62		(0.04	)		1.11	(e)		1.07			—			—			—			14.69		7.86	(e)		211,105		1.89			1.93			(0.30	)		48
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
Class C
Six months ended 04/30/14		21.30		(0.01	)		1.45			1.44			(0.04	)		(0.95	)		(0.99	)		21.75		7.08			286,214		1.79	(d)		1.81	(d)		(0.10	)(d)		11
Year ended 10/31/13		17.00		0.04			4.31			4.35			(0.05	)		—			(0.05	)		21.30		25.63			283,655		1.80			1.82			0.19			35
Year ended 10/31/12		15.71		0.01			1.28			1.29			—			—			—			17.00		8.21			247,719		1.85			1.87			0.04			42
Year ended 10/31/11		14.73		(0.02	)		1.00			0.98			—			—			—			15.71		6.65			257,790		1.85			1.88			(0.11	)		40
Year ended 10/31/10		13.65		(0.04	)		1.12	(e)		1.08			—			—			—			14.73		7.91	(e)		245,757		1.89			1.93			(0.30	)		48
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
Class R
Six months ended 04/30/14		22.03		0.04			1.50			1.54			(0.14	)		(0.95	)		(1.09	)		22.48		7.37			74,664		1.29	(d)		1.31	(d)		0.40	(d)		11
Year ended 10/31/13		17.59		0.14			4.44			4.58			(0.14	)		—			(0.14	)		22.03		26.23			77,769		1.30			1.32			0.69			35
Year ended 10/31/12		16.25		0.09			1.32			1.41			(0.07	)		—			(0.07	)		17.59		8.73			81,503		1.35			1.37			0.54			42
Year ended 10/31/11		15.18		0.06			1.04			1.10			(0.03	)		—			(0.03	)		16.25		7.26			66,405		1.35			1.38			0.39			40
Year ended 10/31/10		14.07		0.03			1.15	(e)		1.18			(0.07	)		—			(0.07	)		15.18		8.43	(e)		57,003		1.39			1.43			0.20			48
Year ended 10/31/09		12.38		0.07			1.75	(e)		1.82			(0.13	)		—			(0.13	)		14.07		14.93	(e)		25,096		1.51			1.54			0.51			32
Class S
Six months ended 04/30/14		22.24		0.08			1.51			1.59			(0.22	)		(0.95	)		(1.17	)		22.66		7.54			24,430		0.94	(d)		0.96	(d)		0.75	(d)		11
Year ended 10/31/13		17.75		0.21			4.48			4.69			(0.20	)		—			(0.20	)		22.24		26.73			24,014		0.95			0.97			1.04			35
Year ended 10/31/12		16.39		0.15			1.33			1.48			(0.12	)		—			(0.12	)		17.75		9.08			21,072		1.00			1.02			0.89			42
Year ended 10/31/11		15.31		0.12			1.04			1.16			(0.08	)		—			(0.08	)		16.39		7.62			21,080		1.00			1.03			0.74			40
Year ended 10/31/10		14.16		0.08			1.16	(e)		1.24			(0.09	)		—			(0.09	)		15.31		8.80	(e)		19,916		1.04			1.08			0.55			48
Year ended 10/31/09(f)		14.25		0.01			(0.10	)		(0.09	)		—			—			—			14.16		(0.63	)		1,390		1.09	(g)		1.12	(g)		0.93	(g)		32
Class Y
Six months ended 04/30/14		22.31		0.10			1.51			1.61			(0.25	)		(0.95	)		(1.20	)		22.72		7.62			532,334		0.79	(d)		0.81	(d)		0.90	(d)		11
Year ended 10/31/13		17.81		0.24			4.49			4.73			(0.23	)		—			(0.23	)		22.31		26.89			469,066		0.80			0.82			1.19			35
Year ended 10/31/12		16.44		0.18			1.33			1.51			(0.14	)		—			(0.14	)		17.81		9.26			362,231		0.85			0.87			1.04			42
Year ended 10/31/11		15.36		0.15			1.04			1.19			(0.11	)		—			(0.11	)		16.44		7.78			186,623		0.85			0.88			0.89			40
Year ended 10/31/10		14.20		0.11			1.15	(e)		1.26			(0.10	)		—			(0.10	)		15.36		8.93	(e)		167,170		0.89			0.93			0.70			48
Year ended 10/31/09		12.46		0.13			1.77	(e)		1.90			(0.16	)		—			(0.16	)		14.20		15.54	(e)		70,187		1.01			1.04			1.01			32
Class R5
Six months ended 04/30/14		22.90		0.11			1.55			1.66			(0.26	)		(0.95	)		(1.21	)		23.35		7.68			417,747		0.72	(d)		0.74	(d)		0.97	(d)		11
Year ended 10/31/13		18.29		0.26			4.61			4.87			(0.26	)		—			(0.26	)		22.90		26.99			413,033		0.72			0.74			1.27			35
Year ended 10/31/12		16.87		0.22			1.36			1.58			(0.16	)		—			(0.16	)		18.29		9.43			378,446		0.68			0.70			1.21			42
Year ended 10/31/11		15.77		0.17			1.07			1.24			(0.14	)		—			(0.14	)		16.87		7.92			404,441		0.73			0.76			1.01			40
Year ended 10/31/10		14.57		0.14			1.20	(e)		1.34			(0.14	)		—			(0.14	)		15.77		9.20	(e)		571,624		0.71			0.75			0.88			48
Year ended 10/31/09		12.83		0.16			1.80	(e)		1.96			(0.22	)		—			(0.22	)		14.57		15.74	(e)		328,081		0.75			0.78			1.27			32
Class R6
Six months ended 04/30/14		22.91		0.12			1.55			1.67			(0.29	)		(0.95	)		(1.24	)		23.34		7.69			136,665		0.63	(d)		0.65	(d)		1.06	(d)		11
Year ended 10/31/13		18.29		0.28			4.62			4.90			(0.28	)		—			(0.28	)		22.91		27.15			130,764		0.63			0.65			1.36			35
Year ended 10/31/12(f)		18.64		0.02			(0.37	)		(0.35	)		—			—			—			18.29		(1.88	)		96,034		0.60	(g)		0.63	(g)		1.29	(g)		42

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $158,423,180 and sold of $177,461,241 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Multi-Sector Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,577,717, $102,718, $283,941, $76,480, $24,264, $495,863, $413,255 and $132,503 for Class A, Class B, Class C, Class R, Class S, Class Y, Class R5 and Class R6 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, 2010 would have been $1.11, $1.06, $1.07, $1.10, $1.11, $1.10 and $1.15 for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5, respectively and total returns would have been lower. 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 Class R5, respectively and total returns would have been lower.

^(f)  Commencement date of September 25, 2009 and September 24, 2012 for Class S shares and Class R6 shares, respectively.

^(g) Annualized.

16                         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, 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, 2013 through April 30, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (11/01/13)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/14)1		Expenses Paid During Period2		Ending Account Value (04/30/14)		Expenses Paid During Period2
A	$	1,000.00	$	1,074.90	$	5.35	$	1,019.64	$	5.21		1.04	%
B		1,000.00		1,070.60		9.19		1,015.92		8.95		1.79
C		1,000.00		1,070.80		9.19		1,015.92		8.95		1.79
R		1,000.00		1,073.70		6.63		1,018.40		6.46		1.29
S		1,000.00		1,075.40		4.84		1,020.13		4.71		0.94
Y		1,000.00		1,076.20		4.07		1,020.88		3.96		0.79
R5		1,000.00		1,076.80		3.71		1,021.22		3.61		0.72
R6		1,000.00		1,076.90		3.24		1,021.67		3.16		0.63

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2013 through April 30, 2014, 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 Charter Fund

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

SEC file numbers: 811-01424 and 002-25469 CHT-SAR-1 Invesco Distributors, Inc.

	Semiannual Report to Shareholders	April 30, 2014
	Invesco Diversified Dividend Fund
	Nasdaq:
	A: LCEAX  n  B: LCEDX   n  C: LCEVX   n  R: DDFRX   n  Y: LCEYX   n  Investor: LCEIX R5: DDFIX  n  R6: LCEFX
	2           Fund Performance
	4           Letters to Shareholders
	5           Schedule of Investments
	7           Financial Statements
	9           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, 10/31/13 to 4/30/14, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	8.56	%
Class B Shares	8.18
Class C Shares	8.12
Class R Shares	8.40
Class Y Shares	8.69
Investor Class Shares	8.56
Class R5 Shares	8.70
Class R6 Shares	8.76
S&P 500 Index‚ (Broad Market Index)	8.36
Russell 1000 Value Indexn (Style-Specific Index)	9.61
Lipper Large-Cap Value Funds Indext (Peer Group Index)	8.56

Sources(s): ^‚Invesco, S&P-Dow Jones via FactSet Research Systems Inc.;

ⁿInvesco, Russell via FactSet Research Systems Inc.; ^tLipper Inc.

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

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

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

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

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

2                         Invesco Diversified Dividend Fund

Average Annual Total Returns
As of 4/30/14, including maximum applicable sales charges
Class A Shares
Inception (12/31/01)	7.34	%
10 Years	7.71
5 Years	17.50
1 Year	11.04
Class B Shares
Inception (12/31/01)	7.37	%
10 Years	7.72
5 Years	17.75
1 Year	11.62
Class C Shares
Inception (12/31/01)	7.08	%
10 Years	7.56
5 Years	17.96
1 Year	15.65
Class R Shares
10 Years	8.10	%
5 Years	18.60
1 Year	17.27
Class Y Shares
10 Years	8.48	%
5 Years	19.15
1 Year	17.81
Investor Class Shares
10 Years	8.39	%
5 Years	18.90
1 Year	17.55
Class R5 Shares
10 Years	8.65	%
5 Years	19.27
1 Year	17.89
Class R6 Shares
10 Years	8.39	%
5 Years	18.97
1 Year	17.98

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 share 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 share 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 share performance reflects any

Average Annual Total Returns
As of 3/31/14, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/31/01)	7.33	%
10 Years	7.71
5 Years	19.61
1 Year	12.08
Class B Shares
Inception (12/31/01)	7.36	%
10 Years	7.72
5 Years	19.92
1 Year	12.75
Class C Shares
Inception (12/31/01)	7.07	%
10 Years	7.56
5 Years	20.09
1 Year	16.77
Class R Shares
10 Years	8.11	%
5 Years	20.76
1 Year	18.39
Class Y Shares
10 Years	8.48	%
5 Years	21.34
1 Year	18.95
Investor Class Shares
10 Years	8.38	%
5 Years	21.06
1 Year	18.62
Class R5 Shares
10 Years	8.64	%
5 Years	21.43
1 Year	18.95
Class R6 Shares
10 Years	8.38	%
5 Years	21.12
1 Year	19.13

applicable fee waivers or expense reimbursements.

    Class R5 shares incepted on October 25, 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 share performance reflects any applicable fee waivers or expense reimbursements.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A share 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 Y, Investor Class, Class R5 and Class R6 shares was 0.88%, 1.63%, 1.63%, 1.13%, 0.63%, 0.88%, 0.59% and 0.50%, 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, Investor Class, Class R5 and Class R6 shares was 0.89%, 1.64%, 1.64%, 1.14%, 0.64%, 0.89%, 0.60% and 0.51%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2015. See current prospectus for more information.

3                         Invesco Diversified Dividend Fund

Letters to Shareholders

    Bruce Crockett Dear Fellow Shareholders: Members of the Invesco Funds Board work continually to oversee how the Invesco Funds are performing in light of ever-changing and often unpredictable economic and market conditions. In light of market conditions over the last few years, the financial news media have given increased attention to “alternative investment strategies” of late. Still, many investors don’t know very much about these types of investments.     After a careful and thorough examination of the potential risks and potential benefits of alternative investment strategies, the Invesco Funds Board has approved the launch of several new alternative funds for the Invesco product lineup, to be managed by teams we determined have the depth and experience to pursue the funds’ investment objectives. That’s especially important, given that alternative products typically hold more non-traditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives,

short selling and opportunistic strategies that change with market conditions. Investors considering alternatives should be aware of their unique characteristics and the additional risks of the strategies they use. Like all investments, performance will fluctuate. You can lose money.

    Your financial adviser is a good source of information about alternative investment strategies; he or she can explain the risks associated with them as well as their potential benefits. This type of professional guidance is why Invesco believes it’s so important that individual investors work with trusted, experienced financial advisers.

    Be assured that the Invesco Funds Board will continue working on your behalf and on behalf of all our fund shareholders, keeping your needs and interests uppermost in our minds.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a list of its investments as of the close of the reporting period. I hope you find this report of interest.     Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your individual Invesco account whenever it’s convenient for you; just complete a simple, secure online registration. Use the “Login” box on our home page to get started.     Invesco’s mobile app for iPad^® (available free from the App Store^SM) allows you to obtain the same detailed information about your Fund and the same investment insights from our investment leaders, market strategists, economists and retirement experts on the go.     Also, you can obtain timely updates to help you stay informed about the markets, the

economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com or by visiting the “Intentional Investing Forum” on our home page.

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

    Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

4                         Invesco Diversified Dividend Fund

Schedule of Investments^(a)

April 30, 2014

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–91.06%
Aerospace & Defense–3.67%
General Dynamics Corp.		1,626,193	$	177,986,824
Raytheon Co.		1,906,122		181,996,528
				359,983,352
Air Freight & Logistics–1.17%
United Parcel Service, Inc.–Class B		1,163,368		114,591,748
Apparel Retail–0.86%
Guess?, Inc.		1,350,091		36,330,949
TJX Cos., Inc. (The)		830,219		48,302,141
				84,633,090
Apparel, Accessories & Luxury Goods–1.87%
Coach, Inc.		2,614,106		116,719,833
Columbia Sportswear Co.		771,530		66,336,149
				183,055,982
Asset Management & Custody Banks–2.37%
Federated Investors, Inc.–Class B		3,873,645		110,553,828
Legg Mason, Inc.		2,601,209		121,970,690
				232,524,518
Auto Parts & Equipment–0.97%
Johnson Controls, Inc.		2,099,973		94,792,781
Brewers–2.59%
Heineken N.V. (Netherlands)		3,663,026		254,085,799
Building Products–1.03%
Masco Corp.		5,019,969		100,851,177
Data Processing & Outsourced Services–1.06%
Automatic Data Processing, Inc.		1,330,660		103,738,254
Distillers & Vintners–0.14%
Treasury Wine Estates Ltd. (Australia)		3,801,623		13,483,864
Drug Retail–2.05%
Walgreen Co.		2,960,081		200,989,500
Electric Utilities–7.98%
American Electric Power Co., Inc.		2,283,990		122,901,502
Duke Energy Corp.		1,933,049		143,992,820
Entergy Corp.		1,025,582		74,354,695
Exelon Corp.		4,712,238		165,069,697
Pepco Holdings, Inc.		6,051,713		161,943,840
PPL Corp.		3,443,717		114,813,525
				783,076,079
Food Distributors–1.82%
Sysco Corp.		4,892,175		178,221,935
Gas Utilities–1.03%
AGL Resources Inc.		1,865,411		100,732,194
General Merchandise Stores–1.45%
Target Corp.		2,300,927		142,082,242
Health Care Equipment–2.05%
Medtronic, Inc.		1,127,700		66,331,314
Stryker Corp.		1,739,067		135,212,459
				201,543,773

	Shares		Value
Heavy Electrical Equipment–0.92%
ABB Ltd. (Switzerland)		3,766,473	$	90,747,968
Hotels, Resorts & Cruise Lines–1.94%
Accor S.A. (France)		2,032,726		99,612,052
Marriott International Inc.–Class A		1,563,472		90,571,933
				190,183,985
Household Products–3.33%
Kimberly-Clark Corp.		1,551,534		174,159,691
Procter & Gamble Co. (The)		1,841,827		152,042,819
				326,202,510
Housewares & Specialties–1.38%
Newell Rubbermaid Inc.		4,510,302		135,805,193
Industrial Machinery–1.00%
Pentair Ltd.		1,316,520		97,804,271
Integrated Oil & Gas–3.14%
Royal Dutch Shell PLC–Class B (United Kingdom)		4,180,679		177,477,593
Total S.A. (France)		1,829,745		130,826,205
				308,303,798
Integrated Telecommunication Services–2.73%
AT&T Inc.		5,179,380		184,903,866
Deutsche Telekom AG (Germany)		4,960,125		83,159,077
				268,062,943
Investment Banking & Brokerage–1.51%
Charles Schwab Corp. (The)(b)		5,596,338		148,582,774
Life & Health Insurance–2.74%
Lincoln National Corp.		2,366,074		114,778,250
Prudential Financial, Inc.		598,675		48,301,099
StanCorp Financial Group, Inc.		1,729,783		105,689,741
				268,769,090
Motorcycle Manufacturers–0.62%
Harley-Davidson, Inc.		826,558		61,115,699
Movies & Entertainment–0.89%
Time Warner Inc.		1,321,304		87,813,864
Multi-Utilities–2.94%
Consolidated Edison, Inc.		2,094,143		121,523,118
Dominion Resources, Inc.		940,882		68,251,580
Sempra Energy		1,003,432		98,948,430
				288,723,128
Oil & Gas Drilling–1.67%
Nabors Industries Ltd.		6,427,191		164,021,914
Oil & Gas Equipment & Services–1.50%
Baker Hughes Inc.		2,106,530		147,246,447
Packaged Foods & Meats–8.31%
Campbell Soup Co.		4,402,763		200,281,689
General Mills, Inc.		4,933,346		261,566,005
Kraft Foods Group, Inc.		3,228,059		183,547,435
Mead Johnson Nutrition Co.		669,296		59,072,065

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

5                         Invesco Diversified Dividend Fund

	Shares		Value
Packaged Foods & Meats–(continued)
Mondelez International Inc.–Class A		3,091,600	$	110,215,540
				814,682,734
Paper Packaging–1.19%
Avery Dennison Corp.		1,253,505		60,995,553
Sonoco Products Co.		1,315,655		55,362,763
				116,358,316
Paper Products–0.58%
International Paper Co.		1,210,852		56,486,246
Personal Products–0.76%
L’Oreal S.A. (France)		435,214		74,867,775
Pharmaceuticals–4.20%
Bristol-Myers Squibb Co.		1,006,216		50,401,360
Eli Lilly and Co.		2,826,821		167,065,121
Johnson & Johnson		1,399,653		141,770,852
Novartis AG (Switzerland)		605,993		52,658,005
				411,895,338
Property & Casualty Insurance–0.81%
Travelers Cos., Inc. (The)		872,868		79,064,383
Regional Banks–7.37%
Cullen/Frost Bankers, Inc.		619,530		47,338,287
Fifth Third Bancorp		4,228,748		87,154,496
KeyCorp		10,868,375		148,244,635
M&T Bank Corp.		815,867		99,543,933
SunTrust Banks, Inc.		4,213,095		161,193,015
Zions Bancorp.		6,212,656		179,670,012
				723,144,378
Restaurants–1.57%
Brinker International, Inc.		911,562		44,794,157
Darden Restaurants, Inc.		2,189,940		108,861,917
				153,656,074

	Shares		Value
Semiconductors–2.08%
Linear Technology Corp.		2,204,731	$	98,110,530
Texas Instruments Inc.		2,325,287		105,684,294
				203,794,824
Soft Drinks–1.57%
Coca-Cola Co. (The)		3,765,639		153,600,415
Specialized REIT’s–0.38%
Weyerhaeuser Co.		1,249,408		37,294,829
Systems Software–0.58%
Microsoft Corp.		1,410,250		56,974,100
Thrifts & Mortgage Finance–1.40%
Hudson City Bancorp, Inc.		13,795,378		137,401,965
Tobacco–1.84%
Altria Group, Inc.		2,321,086		93,098,760
Philip Morris International Inc.		1,027,124		87,747,203
				180,845,963
Total Common Stocks & Other Equity Interests (Cost $6,305,961,303)				8,931,837,212
Money Market Funds–10.17%
Liquid Assets Portfolio– Institutional Class(c)		499,041,982		499,041,982
Premier Portfolio–Institutional Class(c)		499,041,981		499,041,981
Total Money Market Funds (Cost $998,083,963)				998,083,963
TOTAL INVESTMENTS–101.23% (Cost $7,304,045,266)				9,929,921,175
OTHER ASSETS LESS LIABILITIES–(1.23)%				(121,084,235	)
NET ASSETS–100.00%			$	9,808,836,940

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)  A portion of this security is subject to call options written. See Note 1K and Note 4.

^(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, 2014

Consumer Staples	22.4	%
Financials	16.6
Utilities	12.0
Consumer Discretionary	11.6
Industrials	8.4
Energy	6.3
Health Care	6.3
Information Technology	3.7
Telecommunication Services	2.7
Materials	1.1
Money Market Funds Plus Other Assets Less Liabilities	8.9

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

6                         Invesco Diversified Dividend Fund

Statement of Assets and Liabilities

April 30, 2014

(Unaudited)

Assets:
Investments, at value (Cost $6,305,961,303)	$	8,931,837,212
Investments in affiliated money market funds, at value and cost		998,083,963
Total investments, at value (Cost $7,304,045,266)		9,929,921,175
Foreign currencies, at value (Cost $5,369)		52,135
Receivable for:
Investments sold		2,245,344
Fund shares sold		15,032,447
Dividends		14,507,316
Investment for trustee deferred compensation and retirement plans		678,957
Other assets		172,150
Total assets		9,962,609,524
Liabilities:
Payable for:
Investments purchased		138,858,417
Fund shares reacquired		8,250,379
Options written, at value (premiums received $710,410)		492,905
Forward foreign currency contracts outstanding		868,815
Accrued fees to affiliates		4,159,542
Accrued trustees’ and officers’ fees and benefits		9,266
Accrued other operating expenses		259,898
Trustee deferred compensation and retirement plans		873,362
Total liabilities		153,772,584
Net assets applicable to shares outstanding	$	9,808,836,940
Net assets consist of:
Shares of beneficial interest	$	7,165,402,226
Undistributed net investment income		8,372,965
Undistributed net realized gain		9,797,866
Net unrealized appreciation		2,625,263,883
	$	9,808,836,940

Net Assets:
Class A	$	4,098,324,191
Class B	$	33,376,176
Class C	$	326,343,891
Class R	$	129,475,172
Class Y	$	746,874,722
Investor Class	$	2,009,386,807
Class R5	$	1,641,878,293
Class R6	$	823,177,688
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		232,490,512
Class B		1,913,805
Class C		18,732,749
Class R		7,323,813
Class Y		42,319,607
Investor Class		114,055,821
Class R5		93,130,354
Class R6		46,685,802
Class A:
Net asset value per share	$	17.63
Maximum offering price per share
(Net asset value of $17.63 ¸ 94.50%)	$	18.66
Class B:
Net asset value and offering price per share	$	17.44
Class C:
Net asset value and offering price per share	$	17.42
Class R:
Net asset value and offering price per share	$	17.68
Class Y:
Net asset value and offering price per share	$	17.65
Investor Class:
Net asset value and offering price per share	$	17.62
Class R5:
Net asset value and offering price per share	$	17.63
Class R6:
Net asset value and offering price per share	$	17.63

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

7                         Invesco Diversified Dividend Fund

Statement of Operations

For the six months ended April 30, 2014

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,324,397)	$	106,316,286
Dividends from affiliated money market funds		187,962
Total investment income		106,504,248
Expenses:
Advisory fees		19,233,306
Administrative services fees		375,504
Custodian fees		114,869
Distribution fees:
Class A		4,836,145
Class B		174,254
Class C		1,495,648
Class R		298,634
Investor Class		1,989,484
Transfer agent fees — A, B, C, R, Y and Investor		4,897,541
Transfer agent fees — R5		755,126
Transfer agent fees — R6		11,271
Trustees’ and officers’ fees and benefits		162,863
Other		356,030
Total expenses		34,700,675
Less: Fees waived and expense offset arrangement(s)		(590,584	)
Net expenses		34,110,091
Net investment income		72,394,157
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		49,440,177
Foreign currencies		42,356
Forward foreign currency contracts		(4,995,545	)
		44,486,988
Change in net unrealized appreciation (depreciation) of:
Investment securities		634,646,494
Foreign currencies		7,104
Forward foreign currency contracts		(1,092,650	)
Option contracts written		217,505
		633,778,453
Net realized and unrealized gain		678,265,441
Net increase in net assets resulting from operations	$	750,659,598

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

8                         Invesco Diversified Dividend Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2014 and the year ended October 31, 2013

(Unaudited)

	April 30, 2014			October 31, 2013
Operations:
Net investment income	$	72,394,157		$	114,157,446
Net realized gain		44,486,988			92,631,255
Change in net unrealized appreciation		633,778,453			1,319,770,909
Net increase in net assets resulting from operations		750,659,598			1,526,559,610
Distributions to shareholders from net investment income:
Class A		(28,359,741	)		(51,833,917	)
Class B		(124,670	)		(351,728	)
Class C		(1,066,641	)		(1,944,258	)
Class R		(720,787	)		(1,038,324	)
Class Y		(5,437,417	)		(6,030,022	)
Investor Class		(14,148,007	)		(29,229,048	)
Class R5		(13,067,587	)		(21,198,754	)
Class R6		(5,508,756	)		(5,709,762	)
Total distributions from net investment income		(68,433,606	)		(117,335,813	)
Distributions to shareholders from net realized gains:
Class A		(36,438,787	)		(38,454,292	)
Class B		(348,170	)		(540,845	)
Class C		(2,799,135	)		(2,387,554	)
Class R		(1,089,928	)		(614,412	)
Class Y		(5,626,934	)		(2,747,052	)
Investor Class		(18,403,733	)		(22,192,076	)
Class R5		(14,112,888	)		(11,819,702	)
Class R6		(5,335,137	)		(2,533,633	)
Total distributions from net realized gains		(84,154,712	)		(81,289,566	)
Share transactions–net:
Class A		141,886,835			577,482,221
Class B		(4,786,566	)		(6,645,225	)
Class C		29,782,341			82,878,758
Class R		11,982,842			57,214,025
Class Y		219,590,174			246,465,727
Investor Class		(29,677,222	)		128,271,180
Class R5		132,303,990			476,533,189
Class R6		247,603,126			314,630,822
Net increase in net assets resulting from share transactions		748,685,520			1,876,830,697
Net increase in net assets		1,346,756,800			3,204,764,928
Net assets:
Beginning of period		8,462,080,140			5,257,315,212
End of period (includes undistributed net investment income of $8,372,965 and $4,412,414, respectively)	$	9,808,836,940		$	8,462,080,140

Notes to Financial Statements

April 30, 2014

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Diversified Dividend Fund (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco 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 four 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.

9                         Invesco Diversified Dividend Fund

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

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.

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

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

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 (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10                         Invesco Diversified Dividend Fund

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

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

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

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

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

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

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 Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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. Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward 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 forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of

11                         Invesco Diversified Dividend Fund

these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Call Options Written — The Fund may write covered call options. A covered call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. Written call options are recorded as a liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized gains and losses on these contracts are included in the Statement of Operations. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

L. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 Daily 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 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 Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2015, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2015. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2016, 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, 2014, the Adviser waived advisory fees of $589,102.

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, 2014, 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, 2014, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C, 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

12                         Invesco Diversified Dividend Fund

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, 2014, 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, 2014, IDI advised the Fund that IDI retained $578,576 in front-end sales commissions from the sale of Class A shares and $11,796, $8,041 and $12,438 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended April 30, 2014, the Fund incurred $1,286 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2014. 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.

During the six months ended April 30, 2014, there were transfers from Level 1 to Level 2 of $130,826,204 and from Level 2 to Level 1 of $412,112,651, due to foreign fair value adjustments.

	Level 1		Level 2			Level 3		Total
Equity Securities	$	9,365,115,488	$	564,805,687		$	—	$	9,929,921,175
Forward Foreign Currency Contracts*		—		(868,815	)		—		(868,815	)
Options Written*		217,505		—			—		217,505
Total Investments	$	9,365,332,993	$	563,936,872		$	—	$	9,929,269,865

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2014:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency Risk
Forward foreign currency contracts(a)	$	—	$	(868,815	)
Equity Risk
Options written(b)		217,505		—
Total	$	217,505	$	(868,815	)

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

^(b)  Values are disclosed on the Statement of Assets and Liabilities under the caption Options written, at value.

13                         Invesco Diversified Dividend Fund

Effect of Derivative Investments for the six months ended April 30, 2014

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

	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts			Options Written
Realized Gain (Loss)
Currency risk	$	(4,995,545	)	$	—
Change in Unrealized Appreciation (Depreciation)
Currency risk		(1,092,650	)		—
Equity risk		—			217,505
Total	$	(6,088,195	)	$	217,505

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

	Forward Foreign Currency Contracts		Options Written
Average notional value	$	282,899,048	$	23,733,267

Open Forward Foreign Currency Contracts at Period-End
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/23/14	Citibank Capital		EUR	106,710,519		USD	147,582,142	$	148,027,232	$	(445,090	)
05/23/14	Deutsche Bank AG		EUR	106,704,895		USD	147,595,705		148,019,430		(423,725	)
Total open forward foreign currency contracts										$	(868,815	)

Currency Abbreviations:

EUR	– Euro
USD	– U.S. Dollar

Transactions During the Period
	Call Option Contracts
	Number of Contracts		Premiums Received
Beginning of period		—	$	—
Written		14,083		710,410
End of period		14,083	$	710,410

Open Options Written at Period-End
	Contract Month		Strike Price		Number of Contracts		Premiums Received		Value		Unrealized Appreciation
Calls
Charles Schwab Corp. (The)		June-2014	$	28		14,083	$	710,410	$	492,905	$	217,505

Offsetting Assets and Liabilities

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

14                         Invesco Diversified Dividend Fund

There were no derivative instruments subject to a netting agreement for which the Fund is not currently netting. The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of April 30, 2014.

Liabilities:
	Gross amounts presented in Statement of Assets & Liabilities		Gross amounts offset in Statement of Assets & Liabilities		Net amounts of liabilities presented in the Statement of Assets and Liabilities		Collateral Pledged
Counterparty							Financial Instruments		Cash		Net Amount
Citibank Capital	$	445,090	$	—	$	445,090	$	—	$	—	$	445,090
Deutsche Bank AG		423,725		—		423,725		—		—		423,725
Total	$	868,815	$	—	$	868,815	$	—	$	—	$	868,815

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2014, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,482.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

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

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss 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, 2013, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
October 31, 2016	$	6,010,416	$	—	$	6,010,416
October 31, 2017		28,049,390		—		28,049,390
	$	34,059,806	$	—	$	34,059,806

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

15                         Invesco Diversified Dividend 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, 2014 was $660,112,192 and $153,332,433, 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	$	2,669,626,264
Aggregate unrealized (depreciation) of investment securities		(44,038,481	)
Net unrealized appreciation of investment securities	$	2,625,587,783

Cost of investments for tax purposes is $7,304,333,392.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2014(a)						Year ended October 31, 2013
	Shares			Amount			Shares			Amount
Sold:
Class A		22,474,932		$	380,393,050			61,276,660		$	932,245,912
Class B		80,644			1,351,164			419,558			6,247,049
Class C		3,239,758			54,246,715			7,638,378			115,432,516
Class R		1,392,533			23,573,989			4,961,403			74,789,993
Class Y		17,977,182			304,947,956			20,542,290			313,649,947
Investor Class		4,408,728			74,292,389			23,010,667			341,251,736
Class R5		15,596,460			264,245,439			45,682,264			685,798,200
Class R6		15,710,363			271,659,792			23,329,968			363,440,054
Issued as reinvestment of dividends:
Class A		3,665,128			60,695,869			6,219,451			87,712,276
Class B		27,148			442,785			64,015			873,635
Class C		217,932			3,552,692			301,994			4,157,150
Class R		109,089			1,810,617			115,031			1,652,735
Class Y		605,782			10,061,196			561,053			8,086,629
Investor Class		1,843,155			30,482,749			3,462,719			48,762,495
Class R5		1,500,515			24,874,445			2,175,139			30,979,212
Class R6		406,931			6,755,768			559,239			8,098,047
Automatic conversion of Class B shares to Class A shares:
Class A		227,287			3,871,983			558,516			8,428,414
Class B		(229,738	)		(3,871,983	)		(564,446	)		(8,428,414	)
Reacquired:
Class A		(17,877,965	)		(303,074,067	)		(30,184,176	)		(450,904,381	)
Class B		(161,356	)		(2,708,532	)		(364,222	)		(5,337,495	)
Class C		(1,669,173	)		(28,017,066	)		(2,462,794	)		(36,710,908	)
Class R		(784,088	)		(13,401,764	)		(1,264,996	)		(19,228,703	)
Class Y		(5,603,409	)		(95,418,978	)		(4,974,395	)		(75,270,849	)
Investor Class		(7,956,584	)		(134,452,360	)		(17,435,202	)		(261,743,051	)
Class R5		(9,221,540	)		(156,815,894	)		(15,829,929	)		(240,244,223	)
Class R6		(1,818,328	)		(30,812,434	)		(3,791,195	)		(56,907,279	)
Net increase in share activity		44,161,386		$	748,685,520			124,006,990		$	1,876,830,697

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16                         Invesco Diversified Dividend Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or  expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/14	$	16.52	$	0.13	$	1.26		$	1.39		$	(0.12	)	$	(0.16	)	$	(0.28	)	$	17.63		8.56	%	$	4,098,324		0.83	%(d)		0.84	%(d)		1.54	%(d)		2	%
Year ended 10/31/13		13.54		0.25		3.20			3.45			(0.26	)		(0.21	)		(0.47	)		16.52		26.07			3,700,473		0.86			0.87			1.65			9
Year ended 10/31/12		11.92		0.22		1.76			1.98			(0.22	)		(0.14	)		(0.36	)		13.54		17.00			2,520,209		0.91			0.92			1.78			12
Year ended 10/31/11		11.67		0.19		0.29			0.48			(0.23	)		—			(0.23	)		11.92		4.15			2,121,824		0.94			0.97			1.64			20
Year ended 10/31/10		10.18		0.25		1.43			1.68			(0.19	)		—			(0.19	)		11.67		16.64			377,758		1.01			1.02			2.23			13
Year ended 10/31/09		9.43		0.19		0.75			0.94			(0.19	)		—			(0.19	)		10.18		10.42			185,274		1.11			1.12			2.17			24
Class B
Six months ended 04/30/14		16.35		0.07		1.24			1.31			(0.06	)		(0.16	)		(0.22	)		17.44		8.11			33,376		1.58	(d)		1.59	(d)		0.79	(d)		2
Year ended 10/31/13		13.40		0.13		3.17			3.30			(0.14	)		(0.21	)		(0.35	)		16.35		25.16			35,912		1.61			1.62			0.90			9
Year ended 10/31/12		11.80		0.13		1.74			1.87			(0.13	)		(0.14	)		(0.27	)		13.40		16.12			35,401		1.66			1.67			1.03			12
Year ended 10/31/11		11.55		0.11		0.28			0.39			(0.14	)		—			(0.14	)		11.80		3.39			36,873		1.69			1.72			0.89			20
Year ended 10/31/10		10.08		0.16		1.42			1.58			(0.11	)		—			(0.11	)		11.55		15.75			32,600		1.76			1.77			1.48			13
Year ended 10/31/09		9.34		0.13		0.74			0.87			(0.13	)		—			(0.13	)		10.08		9.58			30,490		1.86			1.87			1.42			24
Class C
Six months ended 04/30/14		16.33		0.07		1.24			1.31			(0.06	)		(0.16	)		(0.22	)		17.42		8.12			326,344		1.58	(d)		1.59	(d)		0.79	(d)		2
Year ended 10/31/13		13.38		0.13		3.17			3.30			(0.14	)		(0.21	)		(0.35	)		16.33		25.19			276,653		1.61			1.62			0.90			9
Year ended 10/31/12		11.79		0.13		1.73			1.86			(0.13	)		(0.14	)		(0.27	)		13.38		16.04			153,467		1.66			1.67			1.03			12
Year ended 10/31/11		11.53		0.11		0.29			0.40			(0.14	)		—			(0.14	)		11.79		3.48			120,031		1.69			1.72			0.89			20
Year ended 10/31/10		10.07		0.16		1.41			1.57			(0.11	)		—			(0.11	)		11.53		15.66			52,755		1.76			1.77			1.48			13
Year ended 10/31/09		9.33		0.13		0.74			0.87			(0.13	)		—			(0.13	)		10.07		9.59			36,573		1.86			1.87			1.42			24
Class R
Six months ended 04/30/14		16.57		0.11		1.26			1.37			(0.10	)		(0.16	)		(0.26	)		17.68		8.40			129,475		1.08	(d)		1.09	(d)		1.29	(d)		2
Year ended 10/31/13		13.58		0.22		3.20			3.42			(0.22	)		(0.21	)		(0.43	)		16.57		25.77			109,444		1.11			1.12			1.40			9
Year ended 10/31/12		11.96		0.19		1.76			1.95			(0.19	)		(0.14	)		(0.33	)		13.58		16.66			37,948		1.16			1.17			1.53			12
Year ended 10/31/11		11.70		0.17		0.29			0.46			(0.20	)		—			(0.20	)		11.96		3.97			19,261		1.19			1.22			1.39			20
Year ended 10/31/10		10.19		0.22		1.46			1.68			(0.17	)		—			(0.17	)		11.70		16.55			7,693		1.26			1.27			1.98			13
Year ended 10/31/09		9.44		0.18		0.74			0.92			(0.17	)		—			(0.17	)		10.19		10.14			3,341		1.36			1.37			1.92			24
Class Y
Six months ended 04/30/14		16.54		0.15		1.27			1.42			(0.15	)		(0.16	)		(0.31	)		17.65		8.69			746,875		0.58	(d)		0.59	(d)		1.79	(d)		2
Year ended 10/31/13		13.56		0.29		3.19			3.48			(0.29	)		(0.21	)		(0.50	)		16.54		26.35			485,248		0.61			0.62			1.90			9
Year ended 10/31/12		11.94		0.26		1.76			2.02			(0.26	)		(0.14	)		(0.40	)		13.56		17.26			179,087		0.66			0.67			2.03			12
Year ended 10/31/11		11.68		0.23		0.30			0.53			(0.27	)		—			(0.27	)		11.94		4.50			131,365		0.69			0.72			1.89			20
Year ended 10/31/10		10.19		0.28		1.43			1.71			(0.22	)		—			(0.22	)		11.68		16.91			31,529		0.76			0.77			2.48			13
Year ended 10/31/09		9.43		0.22		0.76			0.98			(0.22	)		—			(0.22	)		10.19		10.79			5,893		0.86			0.88			2.42			24
Investor Class
Six months ended 04/30/14		16.51		0.13		1.26			1.39			(0.12	)		(0.16	)		(0.28	)		17.62		8.56			2,009,387		0.79	(d)		0.80	(d)		1.58	(d)		2
Year ended 10/31/13		13.53		0.25		3.20			3.45			(0.26	)		(0.21	)		(0.47	)		16.51		26.11			1,910,866		0.86			0.87			1.64			9
Year ended 10/31/12		11.92		0.23		1.75			1.98			(0.23	)		(0.14	)		(0.37	)		13.53		16.95			1,444,060		0.90			0.91			1.79			12
Year ended 10/31/11		11.66		0.21		0.29			0.50			(0.24	)		—			(0.24	)		11.92		4.32			1,253,533		0.87			0.90			1.71			20
Year ended 10/31/10		10.18		0.26		1.42			1.68			(0.20	)		—			(0.20	)		11.66		16.62			1,089,663		0.92			0.93			2.32			13
Year ended 10/31/09		9.42		0.20		0.76			0.96			(0.20	)		—			(0.20	)		10.18		10.63			986,096		1.01			1.03			2.27			24
Class R5
Six months ended 04/30/14		16.52		0.16		1.26			1.42			(0.15	)		(0.16	)		(0.31	)		17.63		8.70			1,641,878		0.54	(d)		0.55	(d)		1.83	(d)		2
Year ended 10/31/13		13.54		0.29		3.20			3.49			(0.30	)		(0.21	)		(0.51	)		16.52		26.47			1,408,407		0.57			0.58			1.94			9
Year ended 10/31/12		11.92		0.27		1.76			2.03			(0.27	)		(0.14	)		(0.41	)		13.54		17.39			720,726		0.56			0.57			2.13			12
Year ended 10/31/11		11.67		0.24		0.29			0.53			(0.28	)		—			(0.28	)		11.92		4.53			443,581		0.58			0.59			2.00			20
Year ended 10/31/10		10.18		0.29		1.43			1.72			(0.23	)		—			(0.23	)		11.67		17.05			254,392		0.64			0.65			2.61			13
Year ended 10/31/09		9.43		0.23		0.75			0.98			(0.23	)		—			(0.23	)		10.18		10.88			58,842		0.69			0.69			2.60			24
Class R6
Six months ended 04/30/14		16.52		0.16		1.26			1.42			(0.15	)		(0.16	)		(0.31	)		17.63		8.76			823,178		0.44	(d)		0.45	(d)		1.93	(d)		2
Year ended 10/31/13		13.54		0.31		3.19			3.50			(0.31	)		(0.21	)		(0.52	)		16.52		26.56			535,077		0.48			0.49			2.03			9
Year ended 10/31/12(e)		13.61		0.03		(0.10	)		(0.07	)		—			—			—			13.54		(0.51	)		166,418		0.49	(f)		0.50	(f)		2.20	(f)		12

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $1,261,900,843 and sold of $210,298,763 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Dividend Growth Securities Fund, Invesco Financial Services Fund and Invesco Van Kampen Core Equity Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $3,900,979, $35,140, $301,609, $120,443, $628,116, $1,951,327, $1,524,389 and $612,396 for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of September 24, 2012.

^(f)  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, 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, 2013 through April 30, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (11/01/13)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/14)1		Expenses Paid During Period2		Ending Account Value (04/30/14)		Expenses Paid During Period2
A	$	1,000.00	$	1,085.60	$	4.29	$	1,020.68	$	4.16		0.83	%
B		1,000.00		1,081.80		8.16		1,016.96		7.90		1.58
C		1,000.00		1,081.20		8.15		1,016.96		7.90		1.58
R		1,000.00		1,084.00		5.58		1,019.44		5.41		1.08
Y		1,000.00		1,086.90		3.00		1,021.92		2.91		0.58
Investor		1,000.00		1,085.60		4.09		1,020.88		3.96		0.79
R5		1,000.00		1,087.00		2.79		1,022.12		2.71		0.54
R6		1,000.00		1,087.60		2.28		1,022.61		2.21		0.44

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2013 through April 30, 2014, 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 mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

SEC file numbers: 811-01424 and 002-25469 DDI-SAR-1 Invesco Distributors, Inc.

	Semiannual Report to Shareholders	April 30, 2014
	Invesco Summit Fund
	Nasdaq:
	A: ASMMX  n  B: BSMMX  n  C: CSMMX  n  P: SMMIX  n  S: SMMSX  n  Y: ASMYX  n  R5: SMITX
	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, 10/31/13 to 4/30/14, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.76	%
Class B Shares	5.33
Class C Shares	5.28
Class P Shares	5.85
Class S Shares	5.77
Class Y Shares	5.82
Class R5 Shares	5.96
S&P 500 Index‚ (Broad Market Index)	8.36
Russell 1000 Growth Indexn (Style-Specific Index)	6.95
Lipper Multi-Cap Growth Funds Index¿ (Peer Group Index)	5.49
Source(s): ‚Invesco, S&P-Dow Jones via FactSet Research Systems Inc.;
nInvesco, Russell via FactSet Research Systems Inc.; ¿Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US 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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

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

2                         Invesco Summit Fund

Average Annual Total Returns
As of 4/30/14, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	5.74	%
5 Years	14.71
1 Year	15.55
Class B Shares
Inception (10/31/05)	5.72	%
5 Years	14.92
1 Year	16.44
Class C Shares
Inception (10/31/05)	5.64	%
5 Years	15.12
1 Year	20.41
Class P Shares
Inception (11/1/82)	9.13	%
10 Years	7.18
5 Years	16.19
1 Year	22.56
Class S Shares
Inception	6.51	%
5 Years	16.13
1 Year	22.38
Class Y Shares
Inception	6.62	%
5 Years	16.29
1 Year	22.59
Class R5 Shares
Inception	6.71	%
5 Years	16.43
1 Year	22.74

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 share 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 share performance reflects any applicable fee waivers or expense reimbursements.

    Class R5 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 share performance reflects any applicable fee waivers or expense reimbursements.

    The performance data quoted represent past performance and cannot guarantee comparable future

Average Annual Total Returns
As of 3/31/14, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	6.06	%
5 Years	16.28
1 Year	19.20
Class B Shares
Inception (10/31/05)	6.03	%
5 Years	16.56
1 Year	20.25
Class C Shares
Inception (10/31/05)	5.96	%
5 Years	16.72
1 Year	24.23
Class P Shares
Inception (11/1/82)	9.22	%
10 Years	7.08
5 Years	17.78
1 Year	26.40
Class S Shares
Inception	6.84	%
5 Years	17.72
1 Year	26.32
Class Y Shares
Inception	6.95	%
5 Years	17.92
1 Year	26.45
Class R5 Shares
Inception	7.03	%
5 Years	18.05
1 Year	26.62

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 P, Class S, Class Y and Class R5 shares was 1.06%, 1.81%, 1.81%, 0.91%, 0.96%, 0.81% and 0.71%, 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 Class R5 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: Members of the Invesco Funds Board work continually to oversee how the Invesco Funds are performing in light of ever-changing and often unpredictable economic and market conditions. In light of market conditions over the last few years, the financial news media have given increased attention to “alternative investment strategies” of late. Still, many investors don’t know very much about these types of investments. After a careful and thorough examination of the potential risks and potential benefits of alternative investment strategies, the Invesco Funds Board has approved the launch of several new alternative funds for the Invesco product lineup, to be managed by teams we determined have the depth and experience to pursue the funds’ investment objectives. That’s especially important, given that alternative products typically hold more non-traditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic strategies that change with market conditions. Investors

considering alternatives should be aware of their unique characteristics and the additional risks of the strategies they use. Like all investments, performance will fluctuate. You can lose money.

Your financial adviser is a good source of information about alternative investment strategies; he or she can explain the risks associated with them as well as their potential benefits. This type of professional guidance is why Invesco believes it’s so important that individual investors work with trusted, experienced financial advisers.

Be assured that the Invesco Funds Board will continue working on your behalf and on behalf of all our fund shareholders, keeping your needs and interests uppermost in our minds.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

      Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a list of its investments as of the close of the reporting period. I hope you find this report of interest. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including prices, performance, holdings and portfolio manager commentaries. You can access information about your individual Invesco account whenever it’s convenient for you; just complete a simple, secure online registration. Use the “Login” box on our home page to get started. Invesco’s mobile app for iPad^® (available free from the App Store^SM) allows you to obtain the same detailed information about your Fund and the same investment insights from our investment leaders, market strategists, economists and retirement experts on the go. Also, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our

blog at blog.invesco.us.com or by visiting the “Intentional Investing Forum” on our home page.

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

Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

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

4                         Invesco Summit Fund

Schedule of Investments^(a)

April 30, 2014

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.44%
Advertising–0.98%
Interpublic Group of Cos., Inc. (The)		1,018,686	$	17,745,510
Aerospace & Defense–2.24%
Honeywell International Inc.		201,143		18,686,185
Precision Castparts Corp.		48,015		12,152,116
Textron Inc.		235,744		9,641,930
				40,480,231
Agricultural Products–1.47%
Archer-Daniels-Midland Co.		607,512		26,566,500
Airlines–0.53%
Delta Air Lines, Inc.		261,642		9,636,275
Apparel Retail–0.44%
Gap, Inc. (The)		200,791		7,891,086
Apparel, Accessories & Luxury Goods–1.16%
Michael Kors Holdings Ltd.(b)		172,687		15,749,055
Prada S.p.A. (Italy)(b)(c)		424,200		3,399,075
Prada S.p.A. (Italy)		237,500		1,903,066
				21,051,196
Application Software–3.51%
Monitise PLC (United Kingdom)(b)		28,174,950		31,924,944
Salesforce.com, Inc.(b)		399,713		20,645,176
Splunk, Inc.(b)		201,675		11,005,405
				63,575,525
Biotechnology–8.94%
Acceleron Pharma, Inc.(b)(d)		283,027		9,721,977
Alkermes PLC(b)		527,695		24,411,171
Amgen Inc.		148,897		16,639,240
Biogen Idec Inc.(b)		77,980		22,389,617
Celgene Corp.(b)		187,363		27,544,235
Gilead Sciences, Inc.(b)		778,173		61,078,799
				161,785,039
Broadcasting–0.84%
CBS Corp.–Class B		262,935		15,187,126
Building Products–0.54%
Trex Co., Inc.(b)		125,251		9,834,708
Cable & Satellite–4.82%
Comcast Corp.–Class A		317,830		16,450,881
DIRECTV(b)		121,120		9,398,912
DISH Network Corp.–Class A(b)		572,391		32,546,152
Time Warner Cable Inc.		204,124		28,875,381
				87,271,326
Communications Equipment–2.35%
Aruba Networks, Inc.(b)		596,521		11,793,220
Palo Alto Networks, Inc.(b)		189,609		12,055,340

	Shares		Value
Communications Equipment–(continued)
QUALCOMM, Inc.		238,131	$	18,743,291
				42,591,851
Construction & Engineering–2.99%
Fluor Corp.		375,100		28,395,070
Jacobs Engineering Group, Inc.(b)		445,457		25,702,869
				54,097,939
Construction Materials–1.01%
Vulcan Materials Co.		282,519		18,230,951
Consumer Finance–1.05%
Capital One Financial Corp.		255,981		18,916,996
Data Processing & Outsourced Services–1.49%
MasterCard, Inc.–Class A		139,216		10,239,337
Visa Inc.–Class A		82,776		16,771,245
				27,010,582
Department Stores–0.27%
Macy’s, Inc.		84,336		4,843,416
Distributors–0.47%
Pool Corp.		145,655		8,596,558
Diversified Banks–1.38%
JPMorgan Chase & Co.		447,094		25,028,322
Drug Retail–0.58%
CVS Caremark Corp.		145,470		10,578,578
Electrical Components & Equipment–1.36%
AMETEK, Inc.		320,282		16,885,267
Roper Industries, Inc.		56,085		7,793,011
				24,678,278
Fertilizers & Agricultural Chemicals–1.04%
Monsanto Co.		170,872		18,915,530
Food Retail–1.71%
Kroger Co. (The)		672,827		30,976,955
General Merchandise Stores–0.60%
Dollar General Corp.(b)		192,237		10,849,856
Health Care Equipment–0.83%
Covidien PLC		211,387		15,061,324
Health Care Facilities–1.03%
HCA Holdings, Inc.(b)		359,325		18,684,900
Health Care Technology–1.21%
IMS Health Holdings, Inc.(b)(d)		924,079		21,937,635
Home Entertainment Software–0.81%
Electronic Arts Inc.(b)		215,499		6,098,622
Nintendo Co., Ltd. (Japan)		81,000		8,509,635
				14,608,257

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

5                         Invesco Summit Fund

	Shares		Value
Home Improvement Retail–1.66%
Lowe’s Cos., Inc.		653,794	$	30,015,683
Homebuilding–0.82%
Lennar Corp.–Class A		209,332		8,078,122
Taylor Morrison Home Corp.–Class A(b)		319,203		6,770,295
				14,848,417
Hotels, Resorts & Cruise Lines–1.46%
Royal Caribbean Cruises Ltd.		496,809		26,395,462
Household Appliances–0.96%
Whirlpool Corp.		112,992		17,330,713
Industrial Conglomerates–0.39%
Danaher Corp.		95,352		6,996,930
Industrial Gases–0.69%
Praxair, Inc.		96,358		12,579,537
Industrial Machinery–1.55%
Flowserve Corp.		181,615		13,266,976
Ingersoll-Rand PLC		246,771		14,756,906
				28,023,882
Insurance Brokers–1.13%
Aon PLC		239,955		20,367,380
Integrated Telecommunication Services–1.05%
Koninklijke (Royal) KPN N.V. (Netherlands)(b)		5,340,241		18,980,619
Internet Retail–3.30%
Amazon.com, Inc.(b)		89,904		27,342,504
Priceline Group Inc. (The)(b)		28,015		32,434,366
				59,776,870
Internet Software & Services–10.04%
Baidu, Inc.–ADR (China)(b)		91,950		14,146,507
Criteo S.A.–ADR (France)(b)(d)		138,721		4,436,298
Facebook Inc.–Class A(b)		897,562		53,656,256
Google Inc.–Class A(b)		78,658		42,072,591
Google Inc.–Class C(b)		78,653		41,423,389
Q2 Holdings Inc.(b)		158,183		1,942,487
Rocket Fuel Inc.(b)(d)		87,468		2,805,099
Twitter, Inc.(b)(d)		42,088		1,640,169
Yelp Inc.(b)		337,127		19,661,247
				181,784,043
Investment Banking & Brokerage–0.39%
Charles Schwab Corp. (The)		268,692		7,133,773
IT Consulting & Other Services–0.66%
Cognizant Technology Solutions Corp.–Class A(b)		249,686		11,961,208
Leisure Products–0.47%
Brunswick Corp.		211,408		8,496,488
Life Sciences Tools & Services–0.98%
Thermo Fisher Scientific, Inc.		156,079		17,793,006

	Shares		Value
Oil & Gas Equipment & Services–2.08%
Halliburton Co.		597,625	$	37,692,209
Oil & Gas Exploration & Production–0.79%
Pioneer Natural Resources Co.		73,874		14,277,628
Oil & Gas Refining & Marketing–0.32%
Marathon Petroleum Corp.		63,234		5,877,600
Packaged Foods & Meats–1.65%
Mondelez International Inc.–Class A		835,445		29,783,614
Personal Products–1.00%
Estee Lauder Cos. Inc. (The)–Class A		249,180		18,082,993
Pharmaceuticals–4.39%
AbbVie Inc.		109,250		5,689,740
Allergan, Inc.		66,237		10,984,744
Bristol-Myers Squibb Co.		370,163		18,541,465
Johnson & Johnson		149,256		15,118,140
Mylan Inc.(b)		354,202		17,986,377
Pfizer Inc.		358,196		11,204,371
				79,524,837
Publishing–0.85%
Tribune Co.–Class A(b)		196,901		15,309,053
Regional Banks–1.58%
Fifth Third Bancorp		722,238		14,885,325
First Republic Bank		271,511		13,781,899
				28,667,224
Restaurants–0.42%
Papa John’s International, Inc.		172,596		7,570,061
Semiconductors–4.34%
Altera Corp.		264,446		8,599,784
Avago Technologies Ltd. (Singapore)		265,159		16,837,596
NXP Semiconductors N.V. (Netherlands)(b)		528,877		31,531,647
Skyworks Solutions, Inc.		290,366		11,919,524
Synaptics Inc.(b)(d)		156,033		9,697,451
				78,586,002
Soft Drinks–0.83%
Monster Beverage Corp.(b)		223,453		14,962,413
Specialty Stores–0.50%
Vitamin Shoppe, Inc.(b)		188,072		9,004,887
Systems Software–1.70%
ServiceNow, Inc.(b)		328,479		16,331,976
VMware, Inc.–Class A(b)(d)		156,873		14,512,321
				30,844,297
Technology Hardware, Storage & Peripherals–4.35%
Apple Inc.		122,913		72,529,732
Stratasys Ltd.(b)(d)		65,030		6,299,456
				78,829,188
Trucking–0.92%
Old Dominion Freight Line, Inc.(b)		273,468		16,580,365

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

6                         Invesco Summit Fund

	Shares		Value
Wireless Telecommunication Services–2.52%
SBA Communications Corp.–Class A(b)		123,541	$	11,089,040
Sprint Corp.(b)		4,056,556		34,480,726
				45,569,766
Total Common Stocks & Other Equity Interests (Cost $1,321,240,800)				1,800,278,598
Money Market Funds–0.49%
Liquid Assets Portfolio–Institutional Class(e)		4,447,886		4,447,886
Premier Portfolio–Institutional Class(e)		4,447,886		4,447,886
Total Money Market Funds (Cost $8,895,772)				8,895,772
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.93% (Cost $1,330,136,572)				1,809,174,370

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.73%
Liquid Assets Portfolio–Institutional Class (Cost $31,294,425)(e)(f)		31,294,425	$	31,294,425
TOTAL INVESTMENTS–101.66% (Cost $1,361,430,997)				1,840,468,795
OTHER ASSETS LESS LIABILITIES–(1.66)%				(29,946,678	)
NET ASSETS–100.00%			$	1,810,522,117

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)  Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2014 represented less than 1% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at April 30, 2014.

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

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of April 30, 2014.

Counterparty	Gross Amount of Securities on Loan at Value		Cash Collateral Received for Securities Loaned			Net Amount
Brown Brothers Harriman	$	31,447,968	$	(31,294,425	)	$	153,543

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2014

Information Technology	29.3	%
Consumer Discretionary	20.0
Health Care	17.4
Industrials	10.5
Consumer Staples	7.2
Financials	5.5
Telecommunication Services	3.6
Energy	3.2
Materials	2.7
Money Market Funds Plus Other Assets Less Liabilities	0.6

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, 2014

(Unaudited)

Assets:
Investments, at value (Cost $1,321,240,800)*	$	1,800,278,598
Investments in affiliated money market funds, at value and cost		40,190,197
Total investments, at value (Cost $1,361,430,997)		1,840,468,795
Foreign currencies, at value (Cost $30)		30
Receivable for:
Investments sold		5,347,644
Fund shares sold		35,837
Dividends		617,479
Investment for trustee deferred compensation and retirement plans		391,205
Other assets		59,391
Total assets		1,846,920,381
Liabilities:
Payable for:
Investments purchased		3,304,747
Fund shares reacquired		862,205
Collateral upon return of securities loaned		31,294,425
Accrued fees to affiliates		423,641
Accrued trustees’ and officers’ fees and benefits		3,380
Accrued other operating expenses		49,862
Trustee deferred compensation and retirement plans		460,004
Total liabilities		36,398,264
Net assets applicable to shares outstanding	$	1,810,522,117
Net assets consist of:
Shares of beneficial interest	$	1,162,532,101
Undistributed net investment income		(78,299	)
Undistributed net realized gain		169,030,216
Net unrealized appreciation		479,038,099
	$	1,810,522,117

Net Assets:
Class A	$	36,098,792
Class B	$	768,306
Class C	$	2,292,129
Class P	$	1,751,092,444
Class S	$	3,796,736
Class Y	$	15,981,427
Class R5	$	492,283
Shares outstanding, $0.001 par value per share, with an unlimited number of shares authorized:
Class A		2,127,634
Class B		47,278
Class C		141,378
Class P		102,607,442
Class S		223,458
Class Y		940,147
Class R5		28,931
Class A:
Net asset value per share	$	16.97
Maximum offering price per share
(Net asset value of $16.97 ¸ 94.50%)	$	17.96
Class B:
Net asset value and offering price per share	$	16.25
Class C:
Net asset value and offering price per share	$	16.21
Class P:
Net asset value and offering price per share	$	17.07
Class S:
Net asset value and offering price per share	$	16.99
Class Y:
Net asset value and offering price per share	$	17.00
Class R5:
Net asset value and offering price per share	$	17.02

* At April 30, 2014, securities with an aggregate value of $31,447,968 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, 2014

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $7,973)	$	8,439,229
Dividends from affiliated money market funds (includes securities lending income of $215,987)		217,813
Total investment income		8,657,042
Expenses:
Advisory fees		5,863,745
Administrative services fees		209,034
Custodian fees		37,124
Distribution fees:
Class A		39,008
Class B		3,999
Class C		11,532
Class P		897,525
Class S		3,221
Transfer agent fees — A, B, C, P, S and Y		1,020,868
Transfer agent fees — R5		20
Trustees’ and officers’ fees and benefits		44,355
Other		173,363
Total expenses		8,303,794
Less: Fees waived and expense offset arrangement(s)		(8,686	)
Net expenses		8,295,108
Net investment income		361,934
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		169,542,982
Foreign currencies		(29,919	)
		169,513,063
Change in net unrealized appreciation (depreciation) of:
Investment securities		(66,488,445	)
Foreign currencies		(72	)
		(66,488,517	)
Net realized and unrealized gain		103,024,546
Net increase in net assets resulting from operations	$	103,386,480

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, 2014 and the year ended October 31, 2013

(Unaudited)

	April 30, 2014			October 31, 2013
Operations:
Net investment income	$	361,934		$	5,480,043
Net realized gain		169,513,063			214,082,032
Change in net unrealized appreciation (depreciation)		(66,488,517	)		211,133,096
Net increase in net assets resulting from operations		103,386,480			430,695,171
Distributions to shareholders from net investment income:
Class A		(32,288	)		(43,878	)
Class P		(4,352,748	)		(4,973,001	)
Class S		(9,255	)		(11,071	)
Class Y		(1,329	)		(2,163	)
Class R5		(462	)		(721	)
Total distributions from net investment income		(4,396,082	)		(5,030,834	)
Distributions to shareholders from net realized gains:
Class A		(506,574	)		—
Class B		(17,246	)		—
Class C		(47,705	)		—
Class P		(35,952,022	)		—
Class S		(90,593	)		—
Class Y		(8,411	)		—
Class R5		(2,353	)		—
Total distributions from net realized gains		(36,624,904	)		—
Share transactions–net:
Class A		12,499,410			(5,656,004	)
Class B		(88,851	)		(306,897	)
Class C		103,924			36,087
Class P		(56,938,784	)		(189,984,187	)
Class S		(864,072	)		(462,938	)
Class Y		15,615,813			(95,527	)
Class R5		394,517			(38,277	)
Net increase (decrease) in net assets resulting from share transactions		(29,278,043	)		(196,507,743	)
Net increase in net assets		33,087,451			229,156,594
Net assets:
Beginning of period		1,777,434,666			1,548,278,072
End of period (includes undistributed net investment income of $(78,299) and $3,955,849, respectively)	$	1,810,522,117		$	1,777,434,666

Notes to Financial Statements

April 30, 2014

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Summit Fund (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco 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 three 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 P, Class S, Class Y and Class R5. 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

10                         Invesco Summit Fund

at the close of business on December 8, 2006, may continue to purchase Class P shares as described in the Fund’s Prospectus. 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 C shares are sold with a CDSC. Class P, Class S, Class Y and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.

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

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

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 (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and

11                         Invesco Summit Fund

unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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 declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

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

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

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 Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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 the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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 failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

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,

12                         Invesco Summit Fund

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. Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward 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 forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily 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 Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2015, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class P, Class S, Class Y and Class R5 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 and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2015. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

Further, the Adviser has contractually agreed, through at least June 30, 2016, 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, 2014, the Adviser waived advisory fees of $6,830.

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, 2014, 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, 2014, 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 Class R5 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 the average daily net assets of Class P 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 Class A, Class B and Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S 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, 2014, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

13                         Invesco Summit 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, 2014, IDI advised the Fund that IDI retained $8,226 in front-end sales commissions from the sale of Class A shares and $615 and $25 from Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended April 30, 2014, the Fund incurred $5,944 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2014. 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	$	1,803,241,710	$	37,227,085	$	—	$	1,840,468,795

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, 2014, the Fund engaged in securities purchases of $1,811,705.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2014, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,856.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2013.

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, 2014 was $607,563,826 and $677,741,120, 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	$	507,834,095
Aggregate unrealized (depreciation) of investment securities		(29,263,948	)
Net unrealized appreciation of investment securities	$	478,570,147

Cost of investments for tax purposes is $1,361,898,648.

15                         Invesco Summit Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30,  2014						Year ended October 31,  2013
	Shares			Amount			Shares			Amount
Sold:
Class A		891,706		$	15,381,376			525,746		$	7,290,223
Class B		3,478			58,243			11,649			151,168
Class C		21,331			351,906			79,562			1,053,742
Class P		1,445,141			24,887,564			3,874,176			54,668,908
Class S		4,970			84,675			14,304			198,996
Class Y		917,774			15,766,323			6,001			88,347
Class R5		22,027			394,671			—			—
Issued as reinvestment of dividends:
Class A		31,099			515,320			3,239			41,359
Class B		1,064			16,940			—			—
Class C		2,968			47,138			—			—
Class P		2,397,458			39,941,650			383,821			4,928,263
Class S		6,019			99,848			866			11,071
Class Y		208			3,469			99			1,269
Class R5		145			2,406			50			647
Automatic conversion of Class B shares to Class A shares:
Class A		4,224			72,440			9,577			133,394
Class B		(4,402	)		(72,440	)		(9,924	)		(133,394	)
Reacquired:
Class A		(203,307	)		(3,469,726	)		(926,509	)		(13,120,980	)
Class B		(5,567	)		(91,594	)		(23,553	)		(324,671	)
Class C		(17,888	)		(295,120	)		(73,656	)		(1,017,655	)
Class P		(7,055,496	)		(121,767,998	)		(17,503,878	)		(249,581,358	)
Class S		(60,849	)		(1,048,595	)		(48,612	)		(673,005	)
Class Y		(9,085	)		(153,979	)		(12,557	)		(185,143	)
Class R5		(149	)		(2,560	)		(2,831	)		(38,924	)
Net increase (decrease) in share activity		(1,607,131	)	$	(29,278,043	)		(13,692,430	)	$	(196,507,743	)

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.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/14	$	16.40	$	(0.01	)	$	0.94		$	0.93		$	(0.02	)	$	(0.34	)	$	(0.36	)	$	16.97		5.76	%	$	36,099		1.05	%(d)		1.05	%(d)		(0.11	)%(d)		33	%
Year ended 10/31/13		12.67		0.03			3.72			3.75			(0.02	)		—			(0.02	)		16.40		29.68			23,025		1.06			1.06			0.20			49
Year ended 10/31/12		11.56		0.01			1.10			1.11			(0.00	)		—			(0.00	)		12.67		9.62			22,712		1.08			1.08			0.09			36
Year ended 10/31/11		11.09		0.00			0.47			0.47			(0.00	)		—			(0.00	)		11.56		4.25			17,763		1.06			1.07			0.00			59
Year ended 10/31/10		9.55		0.00			1.61			1.61			(0.07	)		—			(0.07	)		11.09		16.89			21,981		1.09			1.10			0.00			53
Year ended 10/31/09		9.81		0.06			0.33			0.39			(0.05	)		(0.60	)		(0.65	)		9.55		4.99			24,855		1.12			1.13			0.70			89
Class B
Six months ended 04/30/14		15.76		(0.07	)		0.90			0.83			—			(0.34	)		(0.34	)		16.25		5.33			768		1.80	(d)		1.80	(d)		(0.86	)(d)		33
Year ended 10/31/13		12.25		(0.08	)		3.59			3.51			—			—			—			15.76		28.65			831		1.81			1.81			(0.55	)		49
Year ended 10/31/12		11.24		(0.08	)		1.09			1.01			—			—			—			12.25		8.99			913		1.83			1.83			(0.66	)		36
Year ended 10/31/11		10.87		(0.09	)		0.46			0.37			—			—			—			11.24		3.40			1,085		1.81			1.82			(0.75	)		59
Year ended 10/31/10		9.37		(0.08	)		1.58			1.50			—			—			—			10.87		16.01			1,477		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.64		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.37		4.31			1,975		1.87			1.88			(0.05	)		89
Class C
Six months ended 04/30/14		15.73		(0.07	)		0.89			0.82			—			(0.34	)		(0.34	)		16.21		5.28			2,292		1.80	(d)		1.80	(d)		(0.86	)(d)		33
Year ended 10/31/13		12.22		(0.08	)		3.59			3.51			—			—			—			15.73		28.72			2,122		1.81			1.81			(0.55	)		49
Year ended 10/31/12		11.23		(0.08	)		1.07			0.99			—			—			—			12.22		8.82			1,577		1.83			1.83			(0.66	)		36
Year ended 10/31/11		10.85		(0.09	)		0.47			0.38			—			—			—			11.23		3.50			1,968		1.81			1.82			(0.75	)		59
Year ended 10/31/10		9.36		(0.08	)		1.57			1.49			—			—			—			10.85		15.92			2,435		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.63		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.36		4.31			3,145		1.87			1.88			(0.05	)		89
Class P
Six months ended 04/30/14		16.50		0.00			0.95			0.95			(0.04	)		(0.34	)		(0.38	)		17.07		5.85			1,751,092		0.90	(d)		0.90	(d)		0.04	(d)		33
Year ended 10/31/13		12.75		0.05			3.74			3.79			(0.04	)		—			(0.04	)		16.50		29.84			1,746,339		0.91			0.91			0.35			49
Year ended 10/31/12		11.63		0.03			1.11			1.14			(0.02	)		—			(0.02	)		12.75		9.80			1,518,577		0.93			0.93			0.24			36
Year ended 10/31/11		11.15		0.02			0.48			0.50			(0.02	)		—			(0.02	)		11.63		4.46			1,545,006		0.91			0.92			0.15			59
Year ended 10/31/10		9.60		0.02			1.60			1.62			(0.07	)		—			(0.07	)		11.15		16.97			1,663,462		0.94			0.95			0.15			53
Year ended 10/31/09		9.85		0.08			0.33			0.41			(0.06	)		(0.60	)		(0.66	)		9.60		5.22			1,572,776		0.97			0.98			0.85			89
Class S
Six months ended 04/30/14		16.43		(0.00	)		0.94			0.94			(0.04	)		(0.34	)		(0.38	)		16.99		5.77			3,797		0.95	(d)		0.95	(d)		(0.01	)(d)		33
Year ended 10/31/13		12.70		0.04			3.73			3.77			(0.04	)		—			(0.04	)		16.43		29.74			4,490		0.96			0.96			0.30			49
Year ended 10/31/12		11.58		0.02			1.12			1.14			(0.02	)		—			(0.02	)		12.70		9.82			3,896		0.98			0.98			0.19			36
Year ended 10/31/11		11.11		0.01			0.47			0.48			(0.01	)		—			(0.01	)		11.58		4.36			4,078		0.96			0.97			0.10			59
Year ended 10/31/10		9.56		0.01			1.61			1.62			(0.07	)		—			(0.07	)		11.11		16.99			4,246		0.99			1.00			0.10			53
Year ended 10/31/09(e)		9.65		0.01			(0.10	)		(0.09	)		—			—			—			9.56		(0.93	)		312		0.95	(f)		0.96	(f)		0.87	(f)		89
Class Y
Six months ended 04/30/14		16.45		0.01			0.93			0.94			(0.05	)		(0.34	)		(0.39	)		17.00		5.82			15,981		0.80	(d)		0.80	(d)		0.14	(d)		33
Year ended 10/31/13		12.72		0.06			3.73			3.79			(0.06	)		—			(0.06	)		16.45		29.90			514		0.81			0.81			0.45			49
Year ended 10/31/12		11.58		0.04			1.13			1.17			(0.03	)		—			(0.03	)		12.72		10.14			479		0.83			0.83			0.34			36
Year ended 10/31/11		11.11		0.03			0.47			0.50			(0.03	)		—			(0.03	)		11.58		4.48			1,186		0.81			0.82			0.25			59
Year ended 10/31/10		9.56		0.03			1.60			1.63			(0.08	)		—			(0.08	)		11.11		17.14			1,422		0.84			0.85			0.25			53
Year ended 10/31/09		9.81		0.09			0.32			0.41			(0.06	)		(0.60	)		(0.66	)		9.56		5.26			2,201		0.87			0.88			0.95			89
Class R5
Six months ended 04/30/14		16.46		0.02			0.95			0.97			(0.07	)		(0.34	)		(0.41	)		17.02		5.96			492		0.70	(d)		0.70	(d)		0.24	(d)		33
Year ended 10/31/13		12.73		0.08			3.72			3.80			(0.07	)		—			(0.07	)		16.46		30.05			114		0.71			0.71			0.55			49
Year ended 10/31/12		11.60		0.06			1.11			1.17			(0.04	)		—			(0.04	)		12.73		10.12			123		0.72			0.72			0.45			36
Year ended 10/31/11		11.14		0.04			0.47			0.51			(0.05	)		—			(0.05	)		11.60		4.54			77		0.74			0.75			0.32			59
Year ended 10/31/10		9.58		0.04			1.62			1.66			(0.10	)		—			(0.10	)		11.14		17.42			11		0.68			0.69			0.41			53
Year ended 10/31/09		9.81		0.10			0.33			0.43			(0.06	)		(0.60	)		(0.66	)		9.58		5.48			11,358		0.67			0.68			1.15			89

^(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 $31,465, $806, $2,326, $1,809,927, $4,331, $8,871 and $224 for Class A, Class B, Class C, Class P, Class S, Class Y and Class R5 shares, respectively.

^(e)  Commencement date of September 25, 2009.

^(f)  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, 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, 2013 through April 30, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (11/01/13)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/14)1		Expenses Paid During Period2		Ending Account Value (04/30/14)		Expenses Paid During Period2
A	$	1,000.00	$	1,057.60	$	5.36	$	1,019.59	$	5.26		1.05	%
B		1,000.00		1,053.30		9.16		1,015.87		9.00		1.80
C		1,000.00		1,052.80		9.16		1,015.87		9.00		1.80
P		1,000.00		1,058.50		4.59		1,020.33		4.51		0.90
S		1,000.00		1,057.70		4.85		1,020.08		4.76		0.95
Y		1,000.00		1,058.20		4.08		1,020.83		4.01		0.80
R5		1,000.00		1,059.60		3.57		1,021.32		3.51		0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2013 through April 30, 2014, 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

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

SEC file numbers: 811-01424 and 002-25469 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 May 23, 2014, 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 May 23, 2014, 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 7, 2014

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 7, 2014

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	July 7, 2014

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.