N-CSR

At the start of 2019, global equity markets rebounded strongly buoyed by more policy from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity markets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth left global equity markets largely flat for the third quarter. As the reporting period came to a close in October 2019, a raft of upbeat positive corporate earnings results and a US interest rate cut buoyed domestic equity results with some domestic indices recording record highs.

The Fed, in fact, both raised and lowered the federal funds rate during the reporting period. Given signs of a strong economy, the Fed raised rates in December 2018. In 2019, however, the Fed altered its outlook on further rate hikes leaving rates unchanged for the first half of the year. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. As the year continues to unfold, we’ll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That’s why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique financial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. He or she can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

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

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

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

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

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

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

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

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


Performance summary For the fiscal year ended October 31, 2019, Class A shares of Invesco Charter Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, October 31, 2018 to October 31, 2019, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares*			12.96%
Class C Shares*			12.14
Class R Shares*			12.68
Class S Shares*			13.09
Class Y Shares*			13.24
Class R5 Shares*			13.34
Class R6 Shares*			13.38
S&P 500 Index^▼(Broad Market Index)			14.33
Russell 1000 Index^▼(Style-Specific Index)			14.15
Lipper Large-Cap Core Funds Index^¾(Peer Group Index)			12.62
Source(s): ^▼RIMES Technologies Corp.; ^¾Lipper Inc.
* Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

Market conditions and your Fund

The US economy continued to exhibit decent economic growth, low unemployment and modest inflation during the fiscal year. This was driven partly by tax cuts, technological innovation and falling regulatory hurdles. That said, the effect of the strain from US-China trade tensions has been a headwind to growth, but not nearly enough to offset the momentum in the economy.

Opinions in the market have become highly polarized in our view. On one hand, relative safe-haven equity investments, like consumer staples stocks and utilities, were bid up to lofty valuations. On the other hand, speculation remained at an elevated level during the fiscal year. The mania around cryptocurrency and now cannabis stocks are symptoms of this sentiment. More recently, the initial

public offering market has been very active. We believe an equally big risk to stock prices is the stock market’s preference for so-called “disruptors” and the potential for stocks with this perceived characteristic to become crowded trades and have valuations that are untethered to financial reality. We are looking both to avoid the disrupted companies, while also gaining exposure to disruptors that are trading at reasonable valuations.

Please note there was a portfolio management change effective June 21, 2019 and the portfolio was transitioned to reflect the investment philosophy and process of the new management team during the final four months of the fiscal year.

During the fiscal year, stock selection within the financials, information technology (IT) and utilities sectors were the largest contributors to the Fund’s perfor-

mance versus the Russell 1000 Index. This was offset by weaker stock selection within the communication services and industrials sectors. The Fund’s underweight exposures to the real estate and IT sectors and slight overweight exposure to the energy sector also detracted from the Fund’s performance versus the style-specific index.

The largest individual contributors to the Fund’s performance relative to the style-specific benchmark during the fiscal year included EPAM Systems, Master-card, and WEC Energy. EPAM Systems is a digital provider of software engineering solutions and technology consulting. The company has benefited from the move to digital, which has driven strong growth rates and increasing margins. However, we exited this position after the portfolio management change.

Mastercard’s fundamentals remained strong during the fiscal year with mid-teens revenue growth, margin expansion and capital return mainly through stock buybacks. Mastercard’s wide moat from its lead in global merchant acceptance, technology innovation and wide variety of payments services business has well-positioned the company to compete and partner with emerging mobile-based payment models, such as digital wallets.

WEC Energy is an electric and natural gas utility in Wisconsin. WEC benefited from general outperformance by the utilities sector, which was a result of investors’ preference for more defensive-oriented stocks and so-called bond proxies that tend to outperform in a low interest rate environment. The company has also generated consistent earnings growth and an attractive return on equity.

The largest individual detractors from the Fund’s performance relative to the style-specific index during the fiscal year

included Activision, Facebook and Concho. Activision saw many transitions throughout calendar year 2019, following a challenging 2018. The company experienced a leadership change at its Blizzard unit, lost its chief financial officer to Netflix (not a Fund holding), exited an underperforming game title and reallocated internal resources to focus on delivering continuous content releases. We exited this position before the close of the fiscal year.

Facebook’s stock experienced strong gains for the style-specific index for the fiscal year but was not owned in the Fund prior to the portfolio management change in late June. We established a position in July 2019, after most of the stock’s gains for the fiscal year had already been achieved.

Concho is an oil and gas exploration and production company focused on the Permian Basin in Texas. The stock was negatively impacted by general weakness across the energy sector, which was the only sector within the Russell 1000 Index with negative returns during the fiscal year. Additionally, investors reacted negatively to the prices the company paid for land in the Permian given the drop in oil prices. We sold our position in this company after the portfolio management change.

As of the close of the fiscal year, we transitioned the Fund to reflect our discipline around valuation and focus on companies with competitive advantages and skilled management teams that are out-executing peers. The evidence of this that we look for in our companies include high returns on invested capital, consistently strong pricing power and/or rising market shares. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance, especially in down markets.

We thank you for your continued investment in Invesco Charter Fund.

Portfolio Managers:

Manind Govil - Lead

Paul Larson

Benjamin Ram


Average Annual Total Returns
As of 10/31/19, including maximum applicable sales charges


Class A Shares
Inception (11/26/68)	10.32	%
10 Years	8.12
5 Years	4.16
1 Year	6.75

Class C Shares
Inception (8/4/97)	5.19	%
10 Years	7.92
5 Years	4.56
1 Year	11.14

Class R Shares
Inception (6/3/02)	6.56	%
10 Years	8.46
5 Years	5.09
1 Year	12.68

Class S Shares
Inception (9/25/09)	8.69	%
10 Years	8.84
5 Years	5.45
1 Year	13.09

Class Y Shares
Inception (10/3/08)	8.41	%
10 Years	9.01
5 Years	5.61
1 Year	13.24

Class R5 Shares
Inception (7/30/91)	8.14	%
10 Years	9.11
5 Years	5.68
1 Year	13.34

Class R6 Shares
10 Years	9.05	%
5 Years	5.76
1 Year	13.38
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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.

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


Average Annual Total Returns
As of 9/30/19, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (11/26/68)	10.30	%
10 Years	7.77
5 Years	3.81
1 Year	–2.99

Class C Shares
Inception (8/4/97)	5.14	%
10 Years	7.58
5 Years	4.22
1 Year	1.01

Class R Shares
Inception (6/3/02)	6.49	%
10 Years	8.11
5 Years	4.73
1 Year	2.33

Class S Shares
Inception (9/25/09)	8.59	%
10 Years	8.49
5 Years	5.11
1 Year	2.75

Class Y Shares
Inception (10/3/08)	8.32	%
10 Years	8.66
5 Years	5.27
1 Year	2.93

Class R5 Shares
Inception (7/30/91)	8.10	%
10 Years	8.77
5 Years	5.34
1 Year	2.94

Class R6 Shares
10 Years	8.70	%
5 Years	5.43
1 Year	3.07
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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 C, Class R, Class S, Class Y, Class R5 and Class R6 shares was 1.08%, 1.83%, 1.33%, 0.98%, 0.83%, 0.77% and 0.70%, 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 C, Class R, Class S, Class Y, Class R5 and Class R6 shares was 1.09%, 1.84%, 1.34%, 0.99%, 0.84%,

0.78% 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 C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class 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.

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

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

About share classes

∎

Class R shares are generally available only to employee benefit plans. Please see the prospectus for more information.

∎

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

∎

Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎

Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.

∎

Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s finan-

cial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎

Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counter-party, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost.

Derivatives strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎

Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎

Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎

Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up

and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎

Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎

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

∎

The Russell 1000^® 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.


	Shares		Value
Common Stocks & Other Equity Interests–98.22%
Aerospace & Defense–4.11%
Lockheed Martin Corp.		253,794	$	95,599,124

United Technologies Corp.		252,764		36,291,855

				131,890,979


Automotive Retail–0.94%
O’Reilly Automotive, Inc.^(b)		69,509		30,271,865


Brewers–0.85%
Anheuser-Busch InBev S.A./N.V. (Belgium)		335,546		27,101,786


Communications Equipment–2.40%
Motorola Solutions, Inc.		463,511		77,091,150


Computer & Electronics Retail–1.17%
Best Buy Co., Inc.		522,335		37,519,323


Consumer Finance–4.02%
American Express Co.		386,183		45,291,542

Capital One Financial Corp.		895,193		83,476,747

				128,768,289


Data Processing & Outsourced Services–1.33%
Mastercard, Inc., Class A		154,373		42,731,990


Distillers & Vintners–0.93%
Constellation Brands, Inc., Class A		156,206		29,730,688


Diversified Banks–5.04%
Danske Bank A/S (Denmark)		429,785		6,135,122

JPMorgan Chase & Co.		1,243,470		155,334,272

				161,469,394


Financial Exchanges & Data–1.92%
Moody’s Corp.		279,291		61,636,731


Gas Utilities–0.48%
UGI Corp.		320,012		15,254,972


Health Care Equipment–3.26%
Boston Scientific Corp.^(b)		425,859		17,758,320

Medtronic PLC		267,892		29,173,439

Zimmer Biomet Holdings, Inc.		416,964		57,636,934

				104,568,693


Health Care Facilities–0.90%
HCA Healthcare, Inc.		215,905		28,831,954


Home Improvement Retail–2.38%
Home Depot, Inc. (The)		325,790		76,423,818


Homebuilding–0.74%
D.R. Horton, Inc.		450,507		23,593,052


	Shares		Value
Household Products–3.90%
Procter & Gamble Co. (The)		1,004,679	$	125,092,582


Industrial Conglomerates–2.08%
Honeywell International, Inc.		386,213		66,710,571


Industrial Machinery–0.64%
Stanley Black & Decker, Inc.		134,561		20,363,116


Industrial REITs–2.06%
Prologis, Inc.		753,106		66,092,583


Insurance Brokers–1.28%
Marsh & McLennan Cos., Inc.		395,005		40,930,418


Integrated Oil & Gas–3.78%
Chevron Corp.		368,285		42,772,620

Suncor Energy, Inc. (Canada)		2,642,514		78,456,241

				121,228,861


Integrated Telecommunication Services–2.01%
Verizon Communications, Inc.		1,064,244		64,354,835


Interactive Media & Services–5.69%
Alphabet, Inc., Class A^(b)		50,694		63,813,607

Facebook, Inc., Class A^(b)		618,313		118,499,687

				182,313,294


Internet & Direct Marketing Retail–6.03%
Amazon.com, Inc.^(b)		66,197		117,609,562

Booking Holdings, Inc.^(b)		36,979		75,761,466

				193,371,028


IT Consulting & Other Services–0.99%
Amdocs Ltd.		487,994		31,817,209


Life Sciences Tools & Services–1.57%
Thermo Fisher Scientific, Inc.		166,676		50,332,818


Managed Health Care–3.66%
UnitedHealth Group, Inc.		464,292		117,326,588


Multi–Sector Holdings–3.24%
Berkshire Hathaway, Inc., Class B^(b)		488,782		103,905,278


Multi–Utilities–1.81%
WEC Energy Group, Inc.		613,746		57,937,622


Oil & Gas Equipment & Services–1.09%
Schlumberger Ltd.		1,066,460		34,862,577


Oil & Gas Storage & Transportation–1.45%
Magellan Midstream Partners, L.P.		747,279		46,570,427


Other Diversified Financial Services–1.95%
AXA Equitable Holdings, Inc.		2,894,880		62,529,408

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


	Shares		Value
Pharmaceuticals–5.46%
AstraZeneca PLC, ADR (United Kingdom)		1,155,409	$	56,649,703

Elanco Animal Health, Inc.^(b)		600,023		16,212,621

Merck & Co., Inc.		1,180,216		102,277,519

				175,139,843


Property & Casualty Insurance–1.12%
Fidelity National Financial, Inc.		353,501		16,204,486

Progressive Corp. (The)		283,514		19,760,926

				35,965,412


Railroads–1.66%
Union Pacific Corp.		320,929		53,100,912


Regional Banks–0.12%
SVB Financial Group^(b)		16,742		3,708,018


Restaurants–0.89%
Starbucks Corp.		338,752		28,644,869


Semiconductor Equipment–1.98%
Applied Materials, Inc.		1,169,401		63,451,698


Semiconductors–2.39%
QUALCOMM, Inc.		391,061		31,456,947

Texas Instruments, Inc.		383,809		45,285,624

				76,742,571


Soft Drinks–1.68%
PepsiCo, Inc.		392,800		53,880,376


	Shares		Value
Specialty Stores–0.71%
Ulta Beauty, Inc.^(b)		97,862	$	22,816,525


Systems Software–8.39%
Microsoft Corp.		1,710,007		245,163,703

ServiceNow, Inc.^(b)		96,788		23,931,801

				269,095,504


Trading Companies & Distributors–0.12%
Fastenal Co.		102,885		3,697,687

Total Common Stocks & Other Equity Interests (Cost $2,668,760,600)				3,148,867,314


Money Market Funds–1.81%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(c)		20,327,443		20,327,443

Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(c)		14,515,265		14,521,072

Invesco Treasury Portfolio, Institutional Class, 1.66%^(c)		23,231,364		23,231,364

Total Money Market Funds (Cost $58,079,434)				58,079,879

TOTAL INVESTMENTS IN SECURITIES–100.03% (Cost $2,726,840,034)				3,206,947,193

OTHER ASSETS LESS LIABILITIES–(0.03)%				(1,049,651	)

NET ASSETS–100.00%			$	3,205,897,542

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


Assets:

Investments in securities, at value (Cost $2,668,760,600)	$	3,148,867,314

Investments in affiliated money market funds, at value (Cost $58,079,434)		58,079,879

Foreign currencies, at value (Cost $177,826)		180,990

Receivable for:
Dividends		2,771,570

Fund shares sold		140,887

Investment for trustee deferred compensation and retirement plans		1,697,106

Other assets		61,452

Total assets		3,211,799,198


Liabilities:

Payable for:
Fund shares reacquired		2,017,617

Accrued fees to affiliates		1,819,723

Accrued trustees’ and officers’ fees and benefits		4,416

Accrued other operating expenses		220,346

Trustee deferred compensation and retirement plans		1,839,554

Total liabilities		5,901,656

Net assets applicable to shares outstanding	$	3,205,897,542


Net assets consist of:
Shares of beneficial interest	$	2,210,920,440

Distributable earnings		994,977,102

	$	3,205,897,542


Net Assets:
Class A	$	3,007,391,024

Class C	$	40,492,845

Class R	$	19,772,063

Class S	$	16,905,758

Class Y	$	93,142,670

Class R5	$	9,162,746

Class R6	$	19,030,436


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		169,061,416

Class C		2,458,019

Class R		1,122,393

Class S		949,866

Class Y		5,209,935

Class R5		489,678

Class R6		1,017,442

Class A:
Net asset value per share	$	17.79

Maximum offering price per share (Net asset value of $17.79 ÷ 94.50%)	$	18.83

Class C:
Net asset value and offering price per share	$	16.47

Class R:
Net asset value and offering price per share	$	17.62

Class S:
Net asset value and offering price per share	$	17.80

Class Y:
Net asset value and offering price per share	$	17.88

Class R5:
Net asset value and offering price per share	$	18.71

Class R6:
Net asset value and offering price per share	$	18.70

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

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

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

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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.

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

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

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

The Fund 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.

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

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

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

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

For the year ended October 31, 2019, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended October 31, 2019, the Adviser waived advisory fees of $46,910.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 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 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, 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 year ended October 31, 2019, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

For the year ended October 31, 2019, the Fund incurred $3,607 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.

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:

The following is a summary of the tiered valuation input levels, as of October 31, 2019. 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.

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2019, the Fund engaged in securities purchases of $531,719,708 and securities sales of $131,369,711, which resulted in net realized gains of $55,181,506.

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $63,108.

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.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2019 and 2018

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

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

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

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2019 was $2,588,699,230 and $3,000,573,585, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2019, undistributed net investment income was decreased by $117,996 and undistributed net realized gain was increased by $117,996. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

To the Board of Trustees of AIM Equity Funds (Invesco Equity Funds) and Shareholders of Invesco Charter Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Charter Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.

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.

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.

At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Charter Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his

responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B.	Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Large Cap Core Funds Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s high quality bias and

underweight and overweight exposures to certain securities and sectors detracted from Fund performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

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

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

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2019:

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

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

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

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

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

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.

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

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

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

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

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

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


Performance summary For the fiscal year ended October 31, 2019, Class A shares of Invesco Diversified Dividend Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, October 31, 2018 to October 31, 2019, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			12.94%
Class C Shares			12.08
Class R Shares			12.69
Class Y Shares			13.27
Investor Class Shares			13.00
Class R5 Shares			13.29
Class R6 Shares			13.44
S&P 500 Index^▼(Broad Market Index)			14.33
Russell 1000 Value Index^▼ (Style-Specific Index)			11.21
Lipper Large-Cap Value Funds Index^∎ (Peer Group Index)			10.39
Source(s): ^▼RIMES Technologies Corp.;^∎Lipper Inc.

Market conditions and your Fund

The fiscal year began with increased market volatility in the final months of 2018, as US equity markets suffered a sharp sell-off due to ongoing US-China trade disputes, fears of a global economic slowdown and lower oil prices. The US Federal Reserve (the Fed) raised interest rates in December 2018.

Equity markets rebounded in the first quarter of 2019, as optimism about a potential US-China trade deal increased and the Fed signaled there would be no further interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, despite mixed US economic data and slower overseas growth. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering US-China trade war, as well as potential tariffs on Mexico. In addition, economic data continued to show a slowing domestic and global economy.

These investor concerns carried over into the third quarter of 2019. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% twice in the quarter. This uncertainty increased both market volatility and risk aversion, and investors crowded into asset classes perceived as safe havens, such as US Treasuries and gold. The US Treasury yield curve inverted several

times, increasing fears of a possible US recession. However, the Fed’s accommodative tone provided some support for risk assets.

In October 2019, optimism that phase one of a US-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates by another 0.25% based on business investment and exports remaining weak. Despite increased market volatility, most US-based equity indexes produced modest to strong returns for the fiscal year.

Within the S&P 500 Index, information technology (IT) was the best-performing sector for the fiscal year, while energy was the worst-performing sector and the only one to post a loss. It is important to view the market’s performance within the context of a full market cycle. This cycle, which began in June 2009, is one of the longest expansions on record with one of the largest bull markets, despite a historically low recovery in revenue versus previous cycle troughs.¹ In this environment, we remain focused on our assessment of each investment’s risk-reward profile.

During the fiscal year, the Fund’s management discipline remained unchanged. Our total return approach continued to emphasize long-term capital appreciation, current income and capital preservation. We believe the Fund may serve as an equity foundation within a well-diversified asset allocation strategy, complementing more aggressive and cyclical investments. We look for dividend-paying companies with strong profitability, solid balance sheets and capital allocation policies that support sustained or increasing dividends and share repurchases. We perform extensive

fundamental research, incorporating both financial statement analysis and an assessment of the potential reward relative to the downside risk, to determine a fair valuation over our two-to three-year investment horizon for each stock. We believe this process may provide a valuable combination of dividend income, price appreciation and capital preservation. We also maintain a rigorous sell discipline and consider selling or reducing shares in stocks that no longer meet our investment criteria.

Within the Fund’s style-specific benchmark, real estate, utilities and IT were the best-performing sectors, while energy was the worst-performing sector during the fiscal year. The Fund’s overweight exposure to the utilities and consumer staples sectors contributed the most to the Fund’s performance relative to the style-specific index. The Fund’s underweight exposure to energy also helped relative performance, as did stock selection in the health care sector. Underweight positions in the IT and real estate sectors detracted the most from the Fund’s relative performance during the fiscal year. Stock selection in the industrials sector also hurt the Fund’s performance relative to the style-specific benchmark.

During the fiscal year, holdings in the utilities and consumer staples sectors were the largest contributors to the Fund’s performance. Utility company Entergy was the largest contributor to Fund performance. The company has focused on exiting its merchant power business and transitioning to a fully regulated utility in order to deliver more consistent earnings. In addition, success in securing regulatory improvements in several state jurisdictions drove outperformance. Household and personal products company Procter & Gamble also made a significant contribution to Fund performance. The company experienced improving organic sales growth and better price realization during the fiscal year. In addition, management worked to improve shareholder returns by driving more focus at the business unit level, strengthening and accelerating productivity, investing in innovation and streamlining execution.

The Fund’s holdings in the energy sector were the largest detractors from performance during the fiscal year. Conoco-Phillips stock declined during the fiscal year, as did energy stocks in general. The company has consistently generated cash flows above expectations from higher unit profitability and faster debt

reduction. In line with our thesis, management continues to increase the return of capital to shareholders. Conoco-Phillips recently announced a 38% dividend increase and an annual share buyback of $3 billion. Packaged food company Kraft Heinz was also a large detractor from the Fund’s performance during the fiscal year. The company faced increasing costs that have lowered profitability and revenue growth has disappointed. The stock was also impacted by previous management actions that included a decrease in the dividend and an impairment of company assets. We believe new management initiatives to improve operations and invest in brands should improve Kraft Heinz profitability and organic sales.

The Fund used currency forward contracts for the purpose of hedging currency exposure of some of the non-US-based companies held in the portfolio and not for speculative purposes or leverage. The use of currency forward contracts had a very small positive impact on the Fund’s performance during the fiscal year.

The Fund has successfully navigated multiple market cycles during its 16-plus year history with a consistent long-term mandate to emphasize capital appreciation, current income and capital preservation over a full market cycle.

It has been our privilege to oversee Invesco Diversified Dividend Fund, and we thank you for your continued investment.

1	Sources: National Bureau of Economic Research, Ned Davis Research and FactSet Research Systems Inc.

Portfolio Managers:

Robert Botard

Kristina Bradshaw

Chris McMeans

Meggan Walsh - Lead

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


Average Annual Total Returns
As of 10/31/19, including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	7.38	%
10 Years	10.57
5 Years	6.22
1 Year	6.72

Class C Shares
Inception (12/31/01)	7.30	%
10 Years	10.36
5 Years	6.63
1 Year	11.08

Class R Shares
Inception (10/25/05)	7.88	%
10 Years	10.94
5 Years	7.17
1 Year	12.69

Class Y Shares
Inception (10/3/08)	9.94	%
10 Years	11.48
5 Years	7.71
1 Year	13.27

Investor Class Shares
Inception (7/15/05)	7.79	%
10 Years	11.24
5 Years	7.49
1 Year	13.00

Class R5 Shares
Inception (10/25/05)	8.48	%
10 Years	11.54
5 Years	7.76
1 Year	13.29

Class R6 Shares
10 Years	11.50	%
5 Years	7.87
1 Year	13.44

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


Average Annual Total Returns
As of 9/30/19, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	7.39	%
10 Years	10.28
5 Years	6.62
1 Year	2.25

Class C Shares
Inception (12/31/01)	7.31	%
10 Years	10.08
5 Years	7.03
1 Year	6.40

Class R Shares
Inception (10/25/05)	7.91	%
10 Years	10.65
5 Years	7.56
1 Year	7.90

Class Y Shares
Inception (10/3/08)	9.98	%
10 Years	11.18
5 Years	8.10
1 Year	8.45

Investor Class Shares
Inception (7/15/05)	7.81	%
10 Years	10.96
5 Years	7.88
1 Year	8.24

Class R5 Shares
Inception (10/25/05)	8.51	%
10 Years	11.27
5 Years	8.16
1 Year	8.51

Class R6 Shares
10 Years	11.21	%
5 Years	8.25
1 Year	8.61

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 C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares was 0.81%, 1.56%, 1.06%, 0.56%, 0.76%, 0.52% and 0.42%, 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 C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares was 0.82%, 1.57%, 1.07%, 0.57%, 0.77%, 0.53% and 0.43%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based

on expenses incurred during the period covered by this report.

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

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

1	Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

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

About share classes

∎

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

∎

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

∎

Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎

Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has

hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎

Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎

Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎

Value investing style risk. A value investing style subjects the Fund to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.

About indexes used in this report

∎

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

∎

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

∎

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

∎

Other information

∎

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

∎

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


	Shares		Value
Common Stocks & Other Equity Interests–94.60%

Aerospace & Defense–1.72%
General Dynamics Corp.		1,233,211	$	218,031,705

Raytheon Co.		525,727		111,564,526

				329,596,231


Air Freight & Logistics–1.01%
United Parcel Service, Inc., Class B		1,683,577		193,897,563


Apparel Retail–1.28%
TJX Cos., Inc. (The)		4,253,020		245,186,603


Apparel, Accessories & Luxury Goods–0.43%
Columbia Sportswear Co.		903,433		81,715,515


Asset Management & Custody Banks–0.57%
Federated Investors, Inc., Class B		3,410,369		108,927,186


Brewers–2.98%
Anheuser-Busch InBev S.A./N.V. (Belgium)		2,679,183		216,395,497

Heineken N.V. (Netherlands)		3,487,825		355,902,966

				572,298,463


Construction Machinery & Heavy Trucks–0.98%
Cummins, Inc.		1,087,608		187,590,628


Consumer Finance–1.31%
American Express Co.		2,134,851		250,375,325


Data Processing & Outsourced Services–1.19%
Automatic Data Processing, Inc.		1,411,544		228,994,783


Diversified Chemicals–0.73%
BASF S.E. (Germany)		1,849,550		140,774,290


Electric Utilities–12.28%
American Electric Power Co., Inc.		3,189,872		301,092,018

Duke Energy Corp.		2,578,860		243,083,344

Entergy Corp.		5,469,861		664,478,714

Exelon Corp.		9,427,795		428,870,395

PPL Corp.		14,013,235		469,303,240

SSE PLC (United Kingdom)		14,945,278		248,540,361

				2,355,368,072


Electrical Components & Equipment–1.74%
ABB Ltd. (Switzerland)		11,063,018		232,188,839

Emerson Electric Co.		1,454,735		102,049,660

				334,238,499


Fertilizers & Agricultural Chemicals–0.53%
Nutrien Ltd. (Canada)		2,140,297		102,391,704


Food Distributors–1.28%
Sysco Corp.		3,063,356		244,670,244


	Shares		Value
General Merchandise Stores–1.37%
Target Corp.		2,451,432	$	262,082,595


Health Care Equipment–0.24%
Stryker Corp.		216,631		46,850,786


Household Products–5.14%
Kimberly–Clark Corp.		3,014,728		400,597,057

Procter & Gamble Co. (The)		4,692,992		584,324,434

				984,921,491


Industrial Conglomerates–1.16%
Siemens AG (Germany)		1,926,479		222,216,370


Industrial Machinery–2.53%
Flowserve Corp.^(b)		7,621,382		372,228,297

Pentair PLC		2,711,271		112,436,408

				484,664,705


Integrated Oil & Gas–3.46%
Royal Dutch Shell PLC, Class B (United Kingdom)		2,044,789		58,890,086

Suncor Energy, Inc. (Canada)		7,957,996		236,607,033

TOTAL S.A. (France)		6,976,440		367,720,160

				663,217,279


Integrated Telecommunication Services–4.69%
AT&T, Inc.		13,540,190		521,161,913

BT Group PLC (United Kingdom)		65,954,939		174,946,776

Deutsche Telekom AG (Germany)		11,581,478		203,676,673

				899,785,362


IT Consulting & Other Services–0.36%
International Business Machines Corp.		514,078		68,747,651


Motorcycle Manufacturers–1.35%
Harley-Davidson, Inc.		6,637,496		258,264,969


Multi-line Insurance–3.19%
Hartford Financial Services Group, Inc. (The)		10,714,332		611,574,071


Multi-Utilities–6.02%
Consolidated Edison, Inc.		3,243,449		299,110,867

Dominion Energy, Inc.		5,781,430		477,257,046

Sempra Energy		2,622,652		378,999,441

				1,155,367,354


Oil & Gas Equipment & Services–0.72%
Baker Hughes Co.		6,448,831		138,004,983


Oil & Gas Exploration & Production–1.27%
ConocoPhillips		4,415,990		243,762,648


Packaged Foods & Meats–9.72%
Campbell Soup Co.		8,475,754		392,512,168

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


	Shares		Value
Packaged Foods & Meats–(continued)
Danone S.A. (France)		1,586,830	$	131,782,214

General Mills, Inc.		11,366,532		578,101,817

Kraft Heinz Co. (The)		4,085,616		132,087,965

Mondelez International, Inc., Class A		7,063,745		370,493,425

Nestle S.A. (Switzerland)		2,435,982		260,106,780

				1,865,084,369


Paper Packaging–2.32%
Avery Dennison Corp.		840,657		107,486,404

International Paper Co.		4,604,920		201,142,906

Sonoco Products Co.		2,355,955		135,938,603

				444,567,913


Personal Products–1.45%
L’Oreal S.A. (France)		949,302		277,286,598


Pharmaceuticals–7.34%
Bayer AG (Germany)		3,744,723		290,532,640

Bristol-Myers Squibb Co.		5,078,366		291,345,857

Eli Lilly and Co.		2,521,480		287,322,646

Johnson & Johnson		1,573,927		207,821,321

Merck & Co., Inc.		3,817,985		330,866,580

				1,407,889,044


Property & Casualty Insurance–1.65%
Travelers Cos., Inc. (The)		2,418,346		316,948,427


Regional Banks–7.44%
Comerica, Inc.		1,620,843		106,035,549

Cullen/Frost Bankers, Inc.		1,423,255		128,206,810

Fifth Third Bancorp		6,343,016		184,454,905

KeyCorp		2,796,501		50,253,123

M&T Bank Corp.		2,457,698		384,703,468


	Shares		Value
Regional Banks–(continued)
PNC Financial Services Group, Inc. (The)		1,698,895	$	249,227,897

Zions Bancorp. N.A.		6,696,044		324,557,253

				1,427,439,005


Restaurants–0.39%
Darden Restaurants, Inc.		666,495		74,827,394


Soft Drinks–2.81%
Coca-Cola Co. (The)		9,898,261		538,762,346


Specialized REITs–1.54%
Weyerhaeuser Co.		10,087,950		294,669,020


Specialty Chemicals–0.41%
DuPont de Nemours, Inc.		1,208,098		79,625,739

Total Common Stocks & Other Equity Interests (Cost $13,517,661,984)				18,142,585,225


Money Market Funds–5.29%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(c)		354,815,044		354,815,044

Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(c)		253,435,771		253,537,145

Invesco Treasury Portfolio, Institutional Class, 1.66%^(c)		405,502,907		405,502,907

Total Money Market Funds (Cost $1,013,789,171)				1,013,855,096

TOTAL INVESTMENTS IN SECURITIES-99.89% (Cost $14,531,451,155)				19,156,440,321

OTHER ASSETS LESS LIABILITIES–0.11%				21,875,239

NET ASSETS-100.00%			$	19,178,315,560

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


Assets:
Investments in securities, at value (Cost $13,189,956,914)	$	17,770,356,928

Investments in affiliates, at value (Cost $1,341,494,241)		1,386,083,393

Foreign currencies, at value (Cost $826,858)		828,845

Receivable for:
Dividends		34,529,536

Investments sold		20,297,273

Fund shares sold		16,658,647

Investment for trustee deferred compensation and retirement plans		806,038

Other assets		83,725

Total assets		19,229,644,385


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		2,239,669

Payable for:
Investments purchased		11,544,662

Fund shares reacquired		28,734,884

Accrued fees to affiliates		7,137,834

Accrued trustees’ and officers’ fees and benefits		20,320

Accrued other operating expenses		666,163

Trustee deferred compensation and retirement plans		985,293

Total liabilities		51,328,825

Net assets applicable to shares outstanding	$	19,178,315,560


Net assets consist of:
Shares of beneficial interest	$	13,964,676,024

Distributable earnings		5,213,639,536

	$	19,178,315,560


Net Assets:
Class A	$	4,995,726,031

Class C	$	449,837,626

Class R	$	255,482,474

Class Y	$	2,547,134,094

Investor Class	$	1,817,250,998

Class R5	$	3,915,167,532

Class R6	$	5,197,716,805


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		243,671,605

Class C		22,243,849

Class R		12,420,758

Class Y		124,092,858

Investor Class		88,671,546

Class R5		190,939,425

Class R6		253,450,037

Class A:
Net asset value per share	$	20.50

Maximum offering price per share (Net asset value of $20.50 ÷ 94.50%)	$	21.69

Class C:
Net asset value and offering price per share	$	20.22

Class R:
Net asset value and offering price per share	$	20.57

Class Y:
Net asset value and offering price per share	$	20.53

Investor Class:
Net asset value and offering price per share	$	20.49

Class R5:
Net asset value and offering price per share	$	20.50

Class R6:
Net asset value and offering price per share	$	20.51

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

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

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

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

For the year ended October 31, 2019, the effective advisory fee rate incurred by the Fund was 0.39%.

The Adviser has contractually agreed, through at least June 30, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2019, the Adviser waived advisory fees of $1,140,044.

the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2019, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

For the year ended October 31, 2019, the Fund incurred $37,559 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.

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

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

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2019:

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2019.

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

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

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.

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.

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2019 and 2018

The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

On December 28, 2018, a total of 4,427,853 Class R6 shares of the Fund valued at $76,911,804 were redeemed by significant shareholders and settled through a redemption-in-kind transaction, of which $4,821,258 consisted of cash, which resulted in a realized gain (loss) of $(7,680,540) to the Fund for book purposes. From a federal income tax perspective, the realized gains (losses) are not recognized.

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2019 was $908,968,610 and $3,508,348,303, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Primarily as a result of differing book/tax treatment of foreign currency transactions and real estate investments distributions, on October 31, 2019, undistributed net investment income was decreased by $8,244,768 and undistributed net realized gain was increased by $8,244,768. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

To the Board of Trustees of AIM Equity Funds (Invesco Equity Funds) and Shareholders of Invesco Diversified Dividend Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Diversified Dividend Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Diversified Dividend Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Large-Cap Value Funds Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of

the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s overweight exposure to certain defensive sectors and underweight exposure to certain cyclically-oriented sectors negatively impacted performance. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after

advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2018.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2019:

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

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

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

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

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

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

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

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


Performance summary
For the fiscal year ended October 31, 2019, Class A shares of Invesco Summit Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, October 31, 2018 to October 31, 2019, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	17.36	%
Class C Shares	16.43
Class P Shares	17.55
Class S Shares	17.44
Class Y Shares	17.65
Class R5 Shares	17.63
Class R6 Shares	17.73
S&P 500 Index^▼(Broad Market Index)	14.33
Russell 1000 Growth Index^▼(Style-Specific Index)	17.10
Lipper Multi-Cap Growth Funds Index^¾(Peer Group Index)	15.43
Source(s): ^▼RIMES Technologies Corp.;^¾Lipper Inc.

Market conditions and your Fund

The fiscal year began with noticeable market volatility in the final few months of 2018, which continued through year-end, as US equity markets suffered a sharp sell-off due to ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut. Oil prices plummeted from near $64 per barrel in early November 2018 to around $45 per barrel in late December 2018.¹ There was a flight to safety, as investors fled to more defensive areas of the markets, such as health care, utilities and US Treasuries. The US Federal Reserve (the Fed) raised interest rates once during the fiscal year in December 2018.²

Following a sharp sell-off during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and the Fed’s indication that there would be no interest rate hikes

in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.² This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

In October 2019, optimism that phase one of a US-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.² Despite increased market volatility, most US-based equity indexes produced modest to strong returns for the fiscal year.

In this market environment, the Fund produced a positive return at NAV and outperformed the Russell 1000 Growth Index, its style-specific benchmark, for the fiscal year. Overall, stock selection contributed to the Fund’s relative returns while market allocation detracted from the Fund’s relative performance. Stock selection in the industrials and information technology (IT) sectors was a key contributor to the Fund’s relative performance. Stock selection in the consumer staples and financials sectors was also beneficial. In contrast, stock selection in and overweight allocations to the energy and consumer discretionary sectors, as well as stock selection in the materials sector detracted from the Fund’s relative performance.

The leading individual contributors to Fund performance during the fiscal year included Visa, Facebook and Amazon.com. Visa contributed to both absolute and relative performance as the company implemented price increases across almost all of its products and reported very positive earnings results despite slowing cross-border volumes. Network economics and competition remained healthy during the fiscal year, and Visa has performed well despite the company’s slight delay in participating in the emerging alternative payments space. Following Visa’s strong performance, we trimmed the Fund’s exposure during the fiscal year.

Social networking company, Facebook, was an overall strong contributor to the Fund’s absolute and relative returns, despite slow-moving performance toward the end of the fiscal year as a result of increased anti-trust scrutiny and slow-to-materialize support for its newly announced Libra cryptocurrency. Although we believed that the Libra cryptocurrency is an interesting long-term option for Facebook, we did not expect it to provide a financial contribution to the company anytime soon. Instead, we believed increasing monetization for areas of Facebook, such as “Stories,” “Watch” and “Messenger,” as well as improving margins from slowing regulatory and privacy costs would be more impactful to the company in the near-term.

During the fiscal year, an overweight allocation to Amazon.com benefited the Fund’s performance on a relative and absolute basis. The company switched from two-day to one-day guaranteed shipping for its Prime subscription service and ramped up its salesforce headcount for Amazon Web Services, its cloud computing service. We viewed these changes as actions that will deepen Amazon.com’s position as the leading eCommerce provider and could drive better-than-expected revenue growth in the future. From a valuation standpoint, we viewed Amazon.com as extremely attractive with upside potential from e-commerce penetration of consumables, food and goods, as well as automobiles.

Individual detractors from the Fund’s performance for the fiscal year included Activision Blizzard, Take-Two Interactive Software and UnitedHealth Group. Within communication services, an overweight position in video game developers Activision Blizzard and Take-Two Interactive Software detracted from the Fund’s performance on a relative and absolute

basis. While our long-term view on Activision Blizzard has not changed, the company announced slower-than-expected growth for its Destiny franchise due to a delayed launch schedule for its Destiny 2 title, as well as a delay in its Blizzard studio’s launch schedule in the fourth quarter of 2018. Together, these issues were expected to slow the company’s growth over the near-term. We viewed these issues as transitory and continued to hold the stock. Activision Blizzard saw improvement in August 2019 due to strong earnings from its Call of Duty and Hearthstone titles. The stock also gained momentum from key catalysts, such as the launch of Call of Duty for mobile devices in October 2019 and Blizzcon, the company’s annual gaming convention, in November 2019.

Take-Two Interactive Software reported strong results from sales of its Red Dead Redemption 2 title, but gave guidance that suggested slow momentum for the online version. Despite this delay in revenue, we believed Take-Two was well positioned with a strong portfolio of game franchises like Red Dead and Grand Theft Auto, as well as multiple key sports franchises, such as NBA2K and WWE. In general, we are constructive on the video game software industry due to several themes: a strong console cycle; the shift from physical to digital distribution; an increase in mobile phone processing power, which leads to a larger addressable audience for established franchises and game libraries; an increase in viewership for eSports; and the potential for new markets through new peripherals using virtual reality (VR) and augmented reality (AR) interactive experiences.

During the fiscal year, UnitedHealth Group, along with the entire managed health care industry, lagged due to the increased political rhetoric surrounding the “Medicare for All” platform. Also weighing on the stock was a proposal from the Trump administration to eliminate rebates from government drug plans as part of an effort to lower prescription drug prices, which was later dropped. We believed the discussion of opposing viewpoints would continue at least through the primary election season and, as a result, reduced the Fund’s position in UnitedHealth Group. We continue to have high confidence in the company in the long term. UnitedHealth Group features a vertically integrated business model that is driven by its Optum division, which brings artificial intelligence, technology and a growing provider network

to drive lower costs of care and better outcomes to its customers and patients.

At the close of the fiscal year, the Fund had overweight exposures to the communication services, consumer discretionary and financials sectors relative to the Fund’s style-specific index. Within consumer discretionary, we focused on companies with technology-driven share shift capabilities, demographics and changing behaviors. The Fund’s position within the financials sector remained a small portion overall and was focused primarily on alternative asset managers that we believed had potential for sales growth and profit expansion. Relative to the Fund’s style-specific index, the Fund had underweight exposures to the IT, health care and real estate sectors. The Fund remained underweight in the IT sector given late economic cycle dynamics of excess inventory, slowing growth rates and peak profits. Within health care, our positioning continued to emphasize industries that provide equipment, tools and services for large pharmaceutical and biotechnology companies.

Recent central bank actions supported continued growth by keeping the cost of debt low. The labor market remains healthy with job and wage gains, which we believe is beneficial to consumers. However, these are clearly the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. True growth is likely to be scarce and we believe the market will favor companies that can produce growth and compound earnings in spite of the economic cycle. We believe change is the fuel for growth. Thus, we are seeking to identify “share-takers,” which are companies that can gain market share from technology-enabled advantages in their business models despite disruptive shifts in consumer behavior.

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

1 Source: Bloomberg

2 Source: US Federal Reserve

Portfolio managers:

Ido Cohen

Erik Voss - Lead

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


Average Annual Total Returns
As of 10/31/19, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)			8.51%
10 Years			12.95
5 Years			10.96
1 Year			10.89

Class C Shares
Inception (10/31/05)			8.36%
10 Years			12.74
5 Years			11.37
1 Year			15.43

Class P Shares
Inception (11/1/82)			9.71%
10 Years			13.76
5 Years			12.39
1 Year			17.55

Class S Shares
Inception (9/25/09)			13.46%
10 Years			13.71
5 Years			12.32
1 Year			17.44

Class Y Shares
Inception (10/3/08)			11.83%
10 Years			13.88
5 Years			12.51
1 Year			17.65

Class R5 Shares
Inception (10/3/08)			11.93%
10 Years			13.97
5 Years			12.55
1 Year			17.63

Class R6 Shares
10 Years			13.68%
5 Years			12.39
1 Year			17.73

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.


Average Annual Total Returns
As of 9/30/19, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)			8.35%
10 Years			12.43
5 Years			10.93
1 Year			–4.63

Class C Shares
Inception (10/31/05)			8.20%
10 Years			12.23
5 Years			11.35
1 Year			–0.72

Class P Shares
Inception (11/1/82)			9.65%
10 Years			13.24
5 Years			12.35
1 Year			1.06

Class S Shares
Inception (9/25/09)			13.26%
10 Years			13.19
5 Years			12.30
1 Year			0.98

Class Y Shares
Inception (10/3/08)			11.64%
10 Years			13.36
5 Years			12.46
1 Year			1.16

Class R5 Shares
Inception (10/3/08)			11.74%
10 Years			13.45
5 Years			12.52
1 Year			1.15

Class R6 Shares
10 Years			13.15%
5 Years			12.35
1 Year			1.24

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 C, Class P, Class S, Class Y, Class R5 and Class R6 shares was 1.02%, 1.77%, 0.87%, 0.92%, 0.77%, 0.72% and 0.72%, 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.

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

About share classes

∎

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

∎

Principal risks of investing in the Fund

∎

foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎

Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of stock. As a result, they tend to be

more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎

Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎

Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success,

and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

About indexes used in this report

∎

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

∎

The Russell 1000^®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.

∎

Other information

∎


	Shares		Value
Common Stocks & Other Equity Interests–99.99%

Aerospace & Defense–3.58%
Airbus S.E. (France)		225,700	$ 32,344,614
Boeing Co. (The)		22,500	7,647,975
L3Harris Technologies, Inc.		35,000	7,220,850
Lockheed Martin Corp.		40,700	15,330,876
Teledyne Technologies, Inc.^(b)		72,900	24,027,840
			86,572,155

Agricultural & Farm Machinery–0.40%
Deere & Co.		55,000	9,577,700

Application Software–4.92%
Adobe, Inc.^(b)		52,000	14,452,360
RealPage, Inc.^(b)		321,300	19,454,715
salesforce.com, inc.^(b)		376,200	58,871,538
Splunk, Inc.^(b)		75,000	8,997,000
Trade Desk, Inc. (The), Class A^(b)		86,500	17,369,200
			119,144,813

Asset Management & Custody Banks–2.63%
Apollo Global Management, Inc.		511,500	21,053,340
Ares Management Corp., Class A		881,010	26,051,466
Carlyle Group L.P. (The)^(c)		468,000	12,767,040
Legg Mason, Inc.		100,944	3,761,173
			63,633,019

Biotechnology–0.61%
Alnylam Pharmaceuticals, Inc.^(b)		66,000	5,724,840
BeiGene Ltd., ADR (China)^(b)		20,000	2,766,800
Bluebird Bio, Inc.^(b)		20,000	1,620,000
Moderna, Inc.^(b)		170,000	2,847,500
Sage Therapeutics, Inc.^(b)		14,000	1,899,100
			14,858,240

Cable & Satellite–1.46%
Altice USA, Inc., Class A^(b)		611,000	18,910,450
Charter Communications, Inc., Class A^(b)		25,000	11,696,500
DISH Network Corp., Class A^(b)		135,000	4,641,300
			35,248,250

Commodity Chemicals–0.30%
Westlake Chemical Corp.		115,010	7,267,482

Consumer Electronics–1.46%
Sony Corp. (Japan)		581,100	35,408,170

Data Processing & Outsourced Services–9.01%
Fidelity National Information Services, Inc.		258,300	34,033,608
Mastercard, Inc., Class A		369,900	102,392,019
PayPal Holdings, Inc.^(b)		314,100	32,697,810


	Shares		Value

Data Processing & Outsourced Services–(continued)
Visa, Inc., Class A		274,100	$ 49,025,526
			218,148,963

Diversified Support Services–1.13%
Cintas Corp.		101,400	27,243,138

Environmental & Facilities Services–2.31%
Casella Waste Systems, Inc., Class A^(b)		316,400	13,791,876
Clean Harbors, Inc.^(b)		233,000	19,213,180
Waste Connections, Inc.		79,865	7,379,526
Waste Management, Inc.		138,000	15,484,980
			55,869,562

Financial Exchanges & Data–0.75%
Intercontinental Exchange, Inc.		134,000	12,638,880
London Stock Exchange Group PLC (United Kingdom)		61,100	5,510,251
			18,149,131

Health Care Equipment–4.66%
Baxter International, Inc.		241,200	18,500,040
Boston Scientific Corp.^(b)		699,004	29,148,467
Intuitive Surgical, Inc.^(b)		40,000	22,118,000
Teleflex, Inc.		88,800	30,850,008
Zimmer Biomet Holdings, Inc.		87,164	12,048,680
			112,665,195

Health Care Services–0.69%
LHC Group, Inc.^(b)		150,300	16,678,791

Home Improvement Retail–3.53%
Home Depot, Inc. (The)		126,200	29,603,996
Lowe’s Cos., Inc.		500,490	55,859,689
			85,463,685

Hotels, Resorts & Cruise Lines–1.97%
Norwegian Cruise Line Holdings Ltd.^(b)		725,000	36,801,000
Royal Caribbean Cruises Ltd.		100,000	10,883,000
			47,684,000

Industrial Conglomerates–0.41%
Roper Technologies, Inc.		29,520	9,947,059

Industrial Gases–0.17%
Linde PLC (United Kingdom)		21,252	4,215,334

Industrial Machinery–0.34%
Stanley Black & Decker, Inc.		53,800	8,141,554

Interactive Home Entertainment–6.68%
Activision Blizzard, Inc.		811,400	45,462,742
Electronic Arts, Inc.^(b)		298,800	28,804,320
Nintendo Co., Ltd. (Japan)		114,500	40,839,754
Sea Ltd., ADR (Taiwan)^(b)		594,000	17,677,440


	Shares		Value
Interactive Home Entertainment–(continued)
Take-Two Interactive Software, Inc.^(b)		239,000	$ 28,763,650
			161,547,906

Interactive Media & Services–10.52%
Alphabet, Inc., Class A^(b)		650	818,220
Alphabet, Inc., Class C^(b)		112,800	142,140,408
Facebook, Inc., Class A^(b)		582,918	111,716,235
			254,674,863

Internet & Direct Marketing Retail–12.33%
Alibaba Group Holding Ltd., ADR (China)^(b)		327,355	57,833,808
Amazon.com, Inc.^(b)		116,280	206,590,025
Booking Holdings, Inc.^(b)		14,760	30,239,845
JD.com, Inc., ADR (China)^(b)		117,000	3,644,550
			298,308,228

Investment Banking & Brokerage–0.65%
Goldman Sachs Group, Inc. (The)		33,000	7,041,540
LPL Financial Holdings, Inc.		107,000	8,649,880
			15,691,420

Life Sciences Tools & Services–3.37%
10X Genomics, Inc., Class A^(b)		120,600	6,994,800
Avantor, Inc.^(b)		715,000	10,160,150
Illumina, Inc.^(b)		138,600	40,959,072
Thermo Fisher Scientific, Inc.		77,400	23,373,252
			81,487,274

Managed Health Care–1.65%
Humana, Inc.		50,900	14,974,780
UnitedHealth Group, Inc.		98,859	24,981,669
			39,956,449

Movies & Entertainment–1.10%
IMAX Corp.^(b)		332,000	7,088,200
Netflix, Inc.^(b)		37,260	10,708,897
Vivendi S.A. (France)		320,000	8,922,588
			26,719,685

Oil & Gas Exploration & Production–0.31%
Viper Energy Partners L.P.		312,200	7,514,654

Oil & Gas Refining & Marketing–0.71%
Marathon Petroleum Corp.		117,000	7,482,150
PBF Energy, Inc., Class A		300,500	9,700,140
			17,182,290

Packaged Foods & Meats–4.01%
Conagra Brands, Inc.		359,100	9,713,655
Lamb Weston Holdings, Inc.		150,200	11,721,608
Mondelez International, Inc., Class A		221,100	11,596,695
Mowi ASA (Norway)		518,400	12,658,857
Nomad Foods Ltd. (United Kingdom)^(b)		405,000	7,901,550
Tyson Foods, Inc., Class A		525,000	43,464,750
			97,057,115


	Shares		Value

Pharmaceuticals–1.00%
Novo Nordisk A/S, Class B (Denmark)		88,235	$ 4,858,062
Zoetis, Inc.		152,100	19,456,632
			24,314,694

Railroads–1.12%
Kansas City Southern		126,000	17,738,280
Union Pacific Corp.		56,000	9,265,760
			27,004,040

Regional Banks–0.25%
SVB Financial Group^(b)		27,000	5,979,960

Reinsurance–0.20%
Reinsurance Group of America, Inc.		30,500	4,955,335

Restaurants–0.27%
Restaurant Brands International, Inc. (Canada)^(c)		97,958	6,410,372

Semiconductor Equipment–2.31%
Applied Materials, Inc.		529,092	28,708,532
ASML Holding N.V., New York Shares (Netherlands)		104,030	27,252,739
			55,961,271

Semiconductors–3.67%
NVIDIA Corp.		51,300	10,312,326
QUALCOMM, Inc.		248,000	19,949,120
Semtech Corp.^(b)		492,000	24,826,320
Silicon Motion Technology Corp., ADR (Taiwan)		804,000	33,808,200
			88,895,966

Specialized Consumer Services–0.34%
Service Corp. International		180,000	8,186,400

Specialized REITs–0.19%
Crown Castle International Corp.		16,500	2,290,035
SBA Communications Corp., Class A		9,800	2,358,370
			4,648,405

Specialty Chemicals–0.44%
Sherwin-Williams Co. (The)		18,560	10,622,259

Systems Software–5.61%
Microsoft Corp.		606,808	86,998,063
Palo Alto Networks, Inc.^(b)		133,500	30,356,565
ServiceNow, Inc.^(b)		74,100	18,321,966
			135,676,594

Technology Hardware, Storage & Peripherals–2.44%
Apple, Inc.		237,619	59,110,102

Trucking–0.49%
Lyft, Inc., Class A^(b)		164,000	6,796,160


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.32%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		5,084,830	$	5,084,830

Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		2,718,191		2,719,278

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,803,934)				7,804,108

TOTAL INVESTMENTS IN SECURITIES–100.31% (Cost $1,369,159,953)				2,427,556,376

OTHER ASSETS LESS LIABILITIES–(0.31)%				(7,443,150	)

NET ASSETS–100.00%			$	2,420,113,226


Assets:
Investments in securities, at value (Cost $1,361,355,934)*	$	2,419,752,183
Investments in affiliated money market funds, at value (Cost $7,804,019)		7,804,193
Foreign currencies, at value (Cost $2,608)		2,627
Receivable for:
Investments sold		1,037,365
Dividends		938,035
Fund shares sold		400,877
Investment for trustee deferred compensation and retirement plans		409,618
Other assets		59,133
Total assets		2,430,404,031

Liabilities:
Payable for:
Fund shares reacquired		720,134
Amount due custodian		575,334
Collateral upon return of securities loaned		7,803,934
Accrued fees to affiliates		629,677
Accrued trustees’ and officers’ fees and benefits		3,022
Accrued other operating expenses		112,546
Trustee deferred compensation and retirement plans		446,158
Total liabilities		10,290,805
Net assets applicable to shares outstanding	$	2,420,113,226

Net assets consist of:
Shares of beneficial interest	$	1,162,020,516
Distributable earnings		1,258,092,710
	$	2,420,113,226


Net Assets:
Class A	$	169,882,825

Class C	$	15,470,306

Class P	$	2,204,984,427

Class S	$	3,710,607

Class Y	$	13,413,747

Class R5	$	95,682

Class R6	$	12,555,632


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,804,539

Class C		801,985

Class P		99,514,994

Class S		169,034

Class Y		606,505

Class R5		4,306

Class R6		564,627

Class A:
Net asset value per share	$	21.77

Maximum offering price per share (Net asset value of $21.77 ÷ 94.50%)	$	23.04

Class C:
Net asset value and offering price per share	$	19.29

Class P:
Net asset value and offering price per share	$	22.16

Class S:
Net asset value and offering price per share	$	21.95

Class Y:
Net asset value and offering price per share	$	22.12

Class R5:
Net asset value and offering price per share	$	22.22

Class R6:
Net asset value and offering price per share	$	22.24

*	At October 31, 2019, securities with an aggregate value of $7,630,007 were on loan to brokers.

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

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6. Class P shares are not sold to members of the general public. Only shareholders who had accounts in the AIM Summit Investors Plans I and AIM Summit Investors Plans II at the close of business on December 8, 2006, may continue to purchase Class P shares as described in the Fund’s prospectus. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load 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, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares (the Conversion Date).

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

depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

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

For the year ended October 31, 2019, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through at least June 30, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.85%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement

cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2019, the Adviser waived advisory fees of $7,185.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares. The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, 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 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A 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 year ended October 31, 2019, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

For the year ended October 31, 2019, the Fund incurred $15,398 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.

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2019, the Fund engaged in securities purchases of $83,357,967 and securities sales of $68,778,649, which resulted in net realized gains of $34,091,959.

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.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2019 and 2018

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2019 was $667,100,794 and $795,880,688, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Primarily as a result of differing book/tax treatment of net operating losses, partnership transactions and REIT distributions, on October 31, 2019, undistributed net investment income (loss) was increased by $317,190 and undistributed net realized gain was decreased by $317,190. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

To the Board of Trustees of AIM Equity Funds (Invesco Equity Funds) and Shareholders of Invesco Summit Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Summit Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Summit Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Multi-Cap Growth Funds Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period, and reasonably comparable to the performance of the Index for

the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

D.	Economies of Scale and Breakpoints

economies of scale through initial fee setting, fee waivers and expense reimbursements.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by

Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2019:

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

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

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

Annual Report

10/31/2019

Invesco

Oppenheimer

Rising Dividends

Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rising Dividends Fund. See Important Update on the following page for more information.

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund produced a net return of 12.30% during the reporting period, marginally lagging the Russell 1000 Index’s (the “Index”) return of 14.15%. The Fund’s under-performance can be attributed to stock selection within the Communication Services and Consumer Staples sections. This was offset by strong selection In Information Technology, Financials and Real Estate sectors.

revenue growth of 16%. Results were strong across business segments with particular strength in commercial cloud which posted constant currency revenue growth of 43% and comprised just over 30% of revenue. The company continued to drive leverage in the model with operating margins up 290 basis points year over year.

American Tower Corp. reported strong trends in domestic leasing, and announced a settlement with Tata, a partner in their India venture that has faced a high degree of churn. The outperformance in the US and certainty in India caused an improvement in American Tower’s multiple.

Applied Materials engages in the provision of materials engineering solutions used to produce new chip and advanced display. Investors are forecasting growth in both semis and display markets in 2020. Applied Materials could achieve healthy long-term profit growth with its dominant market share in semiconductor- production equipment.

Detractors from the Fund’s performance this reporting period included Altria Group, Marathon Petroleum Corp. and Pfizer. We exited our positions in both Altria Group and Marathon Petroleum Corp.

Altria Group, Inc. is a holding company, which engages in the manufacture and sale of cigarettes in the United States. It operates through the following segments: Smokeable Products, Smokeless Products, and Wine. Investors became disenchanted with

their investment in Juul, as the regulatory environment has cracked down on vaping which may hamper the industries growth.

Marathon Petroleum Corp. operates as a crude oil refining company. The company refines, supplies, markets and transports petroleum products. Strong 3Q 2019 refining performance is being offset by emissions violations in several states. In addition, retirements of both the CEO and Vice-Chairman leave a leadership gap during a period of activist activity.

Pfizer along with all of pharma has underperformed (after having strong performance in 2018) the sector in 1Q/19 as we’ve seen a rotation into medical device and life science tools companies that don’t have exposure to drug pricing reform concerns. Also, Pfizer has little in the way of meaningful data readouts (catalysts) while one of their larger drugs will go off patent next year (Lyrica). Also in July, Pfizer announced the spin-merger of Upjohn (PFE’s established products business and Mylan) through a Reverse Morris Trust. The outlook for RemainCo is lower sales at a lower contribution margin resulting in a rebasing of earnings and valuation, which sent the stock lower.

STRATEGY & OUTLOOK

Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are

positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of performance.

In the short-term, we expect the U.S. economy to continue to show economic growth, albeit at slower rates than experienced in 2018, driven by favorable consumer confidence, falling regulatory hurdles, and technological innovation.

However, there are several warning signs on the horizon including global synchronized growth becoming less synchronized, weakening transport volumes, elevated levels of inventories as companies hedge their risk of tariffs, and the flattening/inversion of the yield curve implying a slowing economy.

While a recession late this year or early next would not surprise us, it is not our base case assumption at this time.

We continue to maintain our discipline around valuation and focus on companies showing competitive advantages and skilled management teams that are out-executing peers.

Manind Govil, Portfolio Manager

Raman Vardharaj, Portfolio Manager

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of October 31, 2019, and are based on the total market value of common stocks.

1. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 5.50%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the S&P 500 Index and the Russell 1000 Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended October 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended October 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

1. Actual expenses paid for Class A, C, R, Y, and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 160/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

2. Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 2019 for Classes A, C, R, Y and R6 and for the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019 for Class R5 are as follows:

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the

Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.


	Shares		Value
Common Stocks—99.0%
Consumer Discretionary—11.9%
Auto Components—0.9%
Lear Corp.		201,557	$	23,737,368
Hotels, Restaurants & Leisure—2.7%
McDonald’s Corp.		247,777		48,737,736
Royal Caribbean Cruises Ltd.		260,764		28,378,946

				77,116,682
Media—2.8%
Comcast Corp., Cl. A		767,069		34,380,033
Fox Corp., Cl. B		821,624		25,667,534
Sirius XM Holdings, Inc.		2,879,052		19,347,229

				79,394,796
Specialty Retail—4.3%
Home Depot, Inc. (The)		292,042		68,507,212
Ross Stores, Inc.		242,130		26,554,397
TJX Cos., Inc. (The)		473,666		27,306,845

				122,368,454
Textiles, Apparel & Luxury Goods—1.2%
Kering SA		57,730		32,878,815
Consumer Staples—5.2%
Beverages—3.1%
Coca-Cola Co. (The)		662,318		36,049,969
Diageo plc		545,357		22,326,841
Pernod Ricard SA		159,187		29,392,452

				87,769,262
Household Products—2.1%
Procter & Gamble Co. (The)		479,786		59,738,155
Energy—5.8%
Oil, Gas & Consumable Fuels—5.8%
Chevron Corp.		539,692		62,679,829
ConocoPhillips		455,140		25,123,728
Suncor Energy, Inc.		903,486		26,824,499
TC Energy Corp.		361,315		18,184,984
Valero Energy Corp.		325,107		31,528,877

				164,341,917
Financials—22.8%
Capital Markets—5.6%
CME Group, Inc., Cl. A		188,750		38,835,313
Intercontinental Exchange, Inc.		403,364		38,045,292


	Shares		Value
Capital Markets (Continued)
Northern Trust Corp.		315,611	$	31,460,104
S&P Global, Inc.		187,713		48,428,077

				156,768,786
Commercial Banks—5.2%
East West Bancorp, Inc.		411,902		17,678,834
Huntington Bancshares, Inc.		2,738,078		38,689,042
JPMorgan Chase & Co.		730,505		91,254,685

				147,622,561
Consumer Finance—1.0%
Capital One Financial Corp.		301,917		28,153,760
Insurance—3.6%
Fidelity National Financial, Inc.		640,459		29,358,640
Marsh & McLennan Cos., Inc.		537,676		55,713,987
Progressive Corp. (The)		249,958		17,422,073

				102,494,700
Real Estate Investment Trusts (REITs)—7.4%
American Tower Corp.		253,557		55,295,710
EPR Properties		466,181		36,264,220
Lamar Advertising Co., Cl. A		521,558		41,729,856
Prologis, Inc.		574,275		50,398,374
SL Green Realty Corp.		280,183		23,423,299

				207,111,459
Health Care—12.5%
Health Care Equipment & Supplies—3.0%
Medtronic plc		253,678		27,625,534
STERIS plc		100,270		14,195,224
Stryker Corp.		193,539		41,856,680

				83,677,438
Health Care Providers & Services—3.3%
Humana, Inc.		97,713		28,747,165
UnitedHealth Group, Inc.		253,849		64,147,642

				92,894,807
Life Sciences Tools & Services—2.5%
Lonza Group AG¹		79,996		28,800,363


	Shares		Value
Life Sciences Tools & Services (Continued)
Thermo Fisher Scientific, Inc.		142,979	$	43,176,798

				71,977,161
Pharmaceuticals—3.7%
Merck & Co., Inc.		417,697		36,197,622
Pfizer, Inc.		605,300		23,225,361
Zoetis, Inc., Cl. A		349,012		44,645,615

				104,068,598
Industrials—9.9%
Aerospace & Defense—4.3%
Airbus SE		196,680		28,185,825
Boeing Co. (The)		130,776		44,452,070
Lockheed Martin Corp.		126,412		47,616,872

				120,254,767
Commercial Services & Supplies—1.6%
Cintas Corp.		86,835		23,329,960
Republic Services, Inc., Cl. A		258,928		22,658,789

				45,988,749
Industrial Conglomerates—1.3%
Honeywell International, Inc.		210,084		36,287,809
Machinery—1.2%
Illinois Tool Works, Inc.		208,679		35,179,106
Road & Rail—1.5%
Union Pacific Corp.		247,279		40,914,783
Information Technology—24.9%
Communications Equipment—3.0%
Cisco Systems, Inc.		1,024,761		48,686,395
Motorola Solutions, Inc.		216,152		35,950,401

				84,636,796
IT Services—7.0%
Accenture plc, Cl. A		248,047		45,992,875
Fidelity National Information Services, Inc.		194,616		25,642,604
Mastercard, Inc., Cl. A		217,984		60,340,151
Visa, Inc., Cl. A		365,342		65,345,070

				197,320,700


	Shares			Value
Semiconductors & Semiconductor Equipment—3.7%
Applied Materials, Inc.		614,636		$	33,350,149
ASML Holding NV		100,110			26,225,817
Texas Instruments, Inc.		365,040			43,071,070

					102,647,036
Software—6.2%
Intuit, Inc.		74,968			19,304,260
Microsoft Corp.		1,089,758			156,238,604

					175,542,864
Technology Hardware, Storage & Peripherals—5.0%
Apple, Inc.		568,855			141,508,370
Materials—1.3%
Chemicals—1.3%
Air Products & Chemicals, Inc.		171,814			36,641,054
Utilities—4.7%
Electric Utilities—3.0%
Duke Energy Corp.		514,695			48,515,151
Evergy, Inc.		584,105			37,330,150

					85,845,301
Gas Utilities—0.6%
Atmos Energy Corp.		144,326			16,233,788
Independent Power and Renewable Electricity Producers—1.1%
NRG Energy, Inc.		743,931			29,846,512

Total Common Stocks (Cost $2,057,175,186)					2,790,962,354
Investment Company—1.1%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%²(Cost $30,479,100)		30,479,100			30,479,100
Total Investments, at Value (Cost $2,087,654,286)		100.1%			2,821,441,454
Net Other Assets (Liabilities)		(0.1	)		(2,652,063	)

Net Assets		100.0%		$	2,818,789,391

2. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of October 31, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. 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.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

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