N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01424

AIM Equity Funds

(Invesco Equity Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 4/30/2024

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semiannual Report to Shareholders April 30, 2024

Invesco Charter Fund

Nasdaq:

A: CHTRX ∎ C: CHTCX ∎ R: CHRRX ∎ S: CHRSX ∎ Y: CHTYX ∎ R5: CHTVX ∎ R6: CHFTX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	20.11	%
Class C Shares	19.68
Class R Shares	19.95
Class S Shares	20.15
Class Y Shares	20.28
Class R5 Shares	20.25
Class R6 Shares	20.29
S&P 500 Index▼ (Broad Market Index)	20.98
Russell 1000 Index▼ (Style-Specific Index)	21.17
Source(s): ▼RIMES Technologies Corp.
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 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

 Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

 

2 Invesco Charter Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/26/68)	10.37	%
10 Years	7.24
5 Years	8.99
1 Year	13.05
Class C Shares
Inception (8/4/97)	6.21	%
10 Years	7.21
5 Years	9.41
1 Year	17.76
Class R Shares
Inception (6/3/02)	7.39	%
10 Years	7.58
5 Years	9.96
1 Year	19.35
Class S Shares
Inception (9/25/09)	9.42	%
10 Years	7.96
5 Years	10.34
1 Year	19.85
Class Y Shares
Inception (10/3/08)	9.22	%
10 Years	8.12
5 Years	10.51
1 Year	19.98
Class R5 Shares
Inception (7/30/91)	8.57	%
10 Years	8.19
5 Years	10.54
1 Year	19.97
Class R6 Shares
Inception (9/24/12)	9.85	%
10 Years	8.27
5 Years	10.63
1 Year	20.08

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

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class 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.

 

3 Invesco Charter Fund

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Charter Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.92%
Aerospace & Defense–2.01%
Howmet Aerospace, Inc.		458,548	$	30,608,079
Huntington Ingalls Industries, Inc.		119,883		33,199,199
				63,807,278
Air Freight & Logistics–1.41%
United Parcel Service, Inc., Class B		304,062		44,843,064
Application Software–1.63%
Autodesk, Inc.(b)		114,459		24,362,598
Tyler Technologies, Inc.(b)		59,696		27,552,689
				51,915,287
Asset Management & Custody Banks–1.40%
BlackRock, Inc.		59,072		44,578,094
Automobile Manufacturers–0.45%
Tesla, Inc.(b)		78,383		14,366,036
Automotive Parts & Equipment–0.98%
Aptiv PLC(b)		440,108		31,247,668
Biotechnology–0.64%
Gilead Sciences, Inc.		311,637		20,318,732
Broadline Retail–5.18%
Amazon.com, Inc.(b)		942,612		164,957,100
Building Products–0.86%
Johnson Controls International PLC		421,255		27,411,063
Communications Equipment–0.62%
Motorola Solutions, Inc.		58,595		19,872,494
Construction Materials–0.89%
CRH PLC		365,994		28,335,255
Consumer Finance–1.65%
American Express Co.		224,408		52,518,204
Consumer Staples Merchandise Retail–1.44%
Walmart, Inc.		771,345		45,779,326
Distillers & Vintners–1.17%
Constellation Brands, Inc., Class A		146,286		37,077,650
Distributors–0.83%
LKQ Corp.		608,835		26,259,054
Diversified Banks–2.85%
JPMorgan Chase & Co.		473,067		90,705,867
Diversified Financial Services–0.67%
Equitable Holdings, Inc.		577,053		21,299,026
Electrical Components & Equipment–2.58%
Emerson Electric Co.		427,368		46,061,723
Hubbell, Inc.		97,297		36,050,484
				82,112,207

	Shares		Value
Fertilizers & Agricultural Chemicals–0.84%
Mosaic Co. (The)		851,876	$	26,740,388
Health Care Equipment–2.64%
Boston Scientific Corp.(b)		544,935		39,164,479
Zimmer Biomet Holdings, Inc.		373,055		44,871,055
				84,035,534
Health Care Facilities–1.25%
HCA Healthcare, Inc.		128,701		39,874,144
Home Improvement Retail–1.51%
Lowe’s Cos., Inc.		210,723		48,042,737
Hotels, Resorts & Cruise Lines–1.55%
Royal Caribbean Cruises Ltd.(b)(c)		184,576		25,772,347
Wyndham Hotels & Resorts, Inc.(c)		318,775		23,433,150
				49,205,497
Household Products–2.16%
Procter & Gamble Co. (The)		420,389		68,607,485
Human Resource & Employment Services–0.81%
Paylocity Holding Corp.(b)(c)		165,715		25,712,339
Industrial REITs–1.28%
Prologis, Inc.		398,794		40,696,928
Insurance Brokers–1.19%
Arthur J. Gallagher & Co.		161,903		37,997,015
Integrated Oil & Gas–2.07%
Chevron Corp.		408,560		65,888,471
Integrated Telecommunication Services–1.61%
Verizon Communications, Inc.		1,297,772		51,249,016
Interactive Media & Services–6.45%
Alphabet, Inc., Class A(b)		708,620		115,349,164
Meta Platforms, Inc., Class A		208,937		89,878,429
				205,227,593
Internet Services & Infrastructure–0.58%
MongoDB, Inc.(b)		50,307		18,371,110
Investment Banking & Brokerage–2.73%
Charles Schwab Corp. (The)		472,322		34,928,212
Morgan Stanley		339,559		30,845,539
Raymond James Financial, Inc.		172,561		21,052,442
				86,826,193
Life Sciences Tools & Services–1.73%
Danaher Corp.		111,488		27,495,171
Lonza Group AG (Switzerland)		49,893		27,540,598
				55,035,769
Managed Health Care–1.64%
UnitedHealth Group, Inc.		107,885		52,183,975
Movies & Entertainment–1.20%
Walt Disney Co. (The)		343,952		38,213,067

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

5 Invesco Charter Fund

	Shares		Value
Multi-Family Residential REITs–0.87%
Mid-America Apartment Communities, Inc.		212,257	$	27,593,410
Multi-line Insurance–1.41%
American International Group, Inc.		594,774		44,792,430
Multi-Utilities–1.61%
Ameren Corp.		394,474		29,139,794
WEC Energy Group, Inc.		265,929		21,976,373
				51,116,167
Oil & Gas Exploration & Production–2.02%
APA Corp.		793,940		24,961,474
Marathon Oil Corp.		1,467,657		39,406,590
				64,368,064
Personal Care Products–0.48%
BellRing Brands, Inc.(b)		277,189		15,292,517
Pharmaceuticals–2.80%
Eli Lilly and Co.		86,221		67,347,223
Pfizer, Inc.		849,119		21,754,429
				89,101,652
Property & Casualty Insurance–0.87%
Hartford Financial Services Group, Inc. (The)		284,429		27,558,326
Regional Banks–0.88%
M&T Bank Corp.		194,248		28,047,469
Restaurants–1.25%
McDonald’s Corp.		146,203		39,919,267
Semiconductor Materials & Equipment–1.37%
Applied Materials, Inc.		218,634		43,431,644
Semiconductors–8.62%
Broadcom, Inc.		29,522		38,386,571
NVIDIA Corp.		230,211		198,906,908
Texas Instruments, Inc.		210,003		37,048,729
				274,342,208
Specialty Chemicals–0.82%
PPG Industries, Inc.		201,448		25,986,792
Systems Software–8.48%
GitLab, Inc., Class A(b)		288,427		15,133,765
Microsoft Corp.		653,993		254,619,094
				269,752,859

Investment Abbreviations:

REIT - Real Estate Investment Trust

	Shares		Value
Technology Hardware, Storage & Peripherals–5.42%
Apple, Inc.		817,455	$	139,237,110
Dell Technologies, Inc., Class C		267,140		33,296,330
				172,533,440
Timber REITs–0.49%
Weyerhaeuser Co.		516,652		15,587,391
Tobacco–1.28%
Philip Morris International, Inc.		428,968		40,726,222
Trading Companies & Distributors–0.68%
Air Lease Corp., Class A(c)		433,451		21,776,578
Transaction & Payment Processing Services–1.07%
Fiserv, Inc.(b)		223,722		34,155,638
Total Common Stocks & Other Equity Interests (Cost $2,277,942,582)				3,147,392,740
Money Market Funds–0.70%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)		7,768,835		7,768,835
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)		5,568,182		5,569,852
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)		8,878,668		8,878,668
Total Money Market Funds (Cost $22,216,654)				22,217,355
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $2,300,159,236)				3,169,610,095
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.87%
Invesco Private Government Fund, 5.29%(d)(e)(f)		4,998,113		4,998,113
Invesco Private Prime Fund, 5.46%(d)(e)(f)		22,698,760		22,705,570
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,705,241)				27,703,683
TOTAL INVESTMENTS IN SECURITIES–100.49% (Cost $2,327,864,477)				3,197,313,778
OTHER ASSETS LESS LIABILITIES–(0.49)%				(15,725,620	)
NET ASSETS–100.00%			$	3,181,588,158

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

6 Invesco Charter Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 4,795,162		$ 87,636,795		$ (84,663,122	)		$      -		$    -		$ 7,768,835		$  274,647
Invesco Liquid Assets Portfolio, Institutional Class		3,447,517		62,597,710		(60,473,658	)		(759)		(958)		5,569,852		201,764
Invesco Treasury Portfolio, Institutional Class		5,480,185		100,156,336		(96,757,853	)		-		-		8,878,668		311,620
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,976,168		97,686,318		(95,664,373	)		-		-		4,998,113		138,182*
Invesco Private Prime Fund		7,658,868		224,034,816		(208,988,981	)		(805)		1,672		22,705,570		382,029*
Total		$24,357,900		$572,111,975		$(546,547,987	)		$(1,564)		$ 714		$49,921,038		$1,308,242

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Information Technology	26.72	%
Financials	14.72
Consumer Discretionary	11.76
Health Care	10.70
Communication Services	9.26
Industrials	8.35
Consumer Staples	6.52
Energy	4.09
Real Estate	2.64
Materials	2.55
Utilities	1.61
Money Market Funds Plus Other Assets Less Liabilities	1.08

 

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

7 Invesco Charter Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,277,942,582)*	$3,147,392,740
Investments in affiliated money market funds, at value (Cost $49,921,895)	49,921,038
Foreign currencies, at value (Cost $1,805)	1,657
Receivable for:
Investments sold	11,954,830
Fund shares sold	224,178
Dividends	2,644,977
Investment for trustee deferred compensation and retirement plans	1,194,660
Other assets	681,554
Total assets	3,214,015,634
Liabilities:
Payable for:
Fund shares reacquired	1,955,668
Collateral upon return of securities loaned	27,705,241
Accrued fees to affiliates	1,405,159
Accrued other operating expenses	105,592
Trustee deferred compensation and retirement plans	1,255,816
Total liabilities	32,427,476
Net assets applicable to shares outstanding	$3,181,588,158
Net assets consist of:
Shares of beneficial interest	$2,141,330,772
Distributable earnings	1,040,257,386
	$3,181,588,158
Net Assets:
Class A	$3,013,994,641
Class C	$   17,233,484
Class R	$   17,182,830
Class S	$   17,304,658
Class Y	$   93,297,319
Class R5	$    6,203,547
Class R6	$   16,371,679

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	166,635,643
Class C	1,079,934
Class R	962,076
Class S	956,748
Class Y	5,128,740
Class R5	317,676
Class R6	839,249
Class A:
Net asset value per share	$       18.09
Maximum offering price per share (Net asset value of $18.09 ÷ 94.50%)	$       19.14
Class C:
Net asset value and offering price per share	$       15.96
Class R:
Net asset value and offering price per share	$       17.86
Class S:
Net asset value and offering price per share	$       18.09
Class Y:
Net asset value and offering price per share	$       18.19
Class R5:
Net asset value and offering price per share	$       19.53
Class R6:
Net asset value and offering price per share	$       19.51

* At April 30, 2024, securities with an aggregate value of $26,344,688 were on loan to brokers.

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

8 Invesco Charter Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $19,338)	$	24,751,520
Dividends from affiliated money market funds (includes net securities lending income of $91,726)		879,757
Total investment income		25,631,277
Expenses:
Advisory fees		9,701,029
Administrative services fees		215,217
Custodian fees		9,336
Distribution fees:
Class A		3,698,988
Class C		89,039
Class R		42,426
Class S		12,661
Transfer agent fees – A, C, R, S and Y		1,906,527
Transfer agent fees – R5		3,097
Transfer agent fees – R6		2,403
Trustees’ and officers’ fees and benefits		17,833
Registration and filing fees		55,332
Reports to shareholders		265,146
Professional services fees		49,733
Other		22,586
Total expenses		16,091,353
Less: Fees waived and/or expense offset arrangement(s)		(84,108	)
Net expenses		16,007,245
Net investment income		9,624,032
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		171,641,044
Affiliated investment securities		714
Foreign currencies		23,736
		171,665,494
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		373,179,562
Affiliated investment securities		(1,564	)
Foreign currencies		9,354
		373,187,352
Net realized and unrealized gain		544,852,846
Net increase in net assets resulting from operations	$	554,476,878

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

9 Invesco Charter Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	9,624,032		$	11,738,607
Net realized gain		171,665,494			182,058,650
Change in net unrealized appreciation		373,187,352			70,156,891
Net increase in net assets resulting from operations		554,476,878			263,954,148
Distributions to shareholders from distributable earnings:
Class A		(173,054,349	)		(107,764,460	)
Class C		(1,131,587	)		(661,290	)
Class R		(965,583	)		(602,186	)
Class S		(995,958	)		(620,548	)
Class Y		(5,382,506	)		(3,762,877	)
Class R5		(358,832	)		(270,422	)
Class R6		(928,591	)		(579,930	)
Total distributions from distributable earnings		(182,817,406	)		(114,261,713	)
Share transactions–net:
Class A		8,475,472			(160,254,977	)
Class C		(1,119,382	)		(2,846,746	)
Class R		22,842			(1,287,839	)
Class S		418,448			(766,005	)
Class Y		2,699,253			(11,835,675	)
Class R5		(156,835	)		(1,342,684	)
Class R6		(190,081	)		(638,048	)
Net increase (decrease) in net assets resulting from share transactions		10,149,717			(178,971,974	)
Net increase (decrease) in net assets		381,809,189			(29,279,539	)
Net assets:
Beginning of period		2,799,778,969			2,829,058,508
End of period	$	3,181,588,158		$	2,799,778,969

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

10 Invesco Charter Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$16.01		$0.05			$ 3.09			$ 3.14			$(0.06	)		$(1.00	)		$(1.06	)		$18.09		20.11	%		$3,013,995		1.03	%(d)		1.03	%(d)		0.61	%(d)		23	%
Year ended 10/31/23		15.25		0.06			1.32			1.38			(0.12	)		(0.50	)		(0.62	)		16.01		9.44			2,653,092		1.03			1.03			0.39			84
Year ended 10/31/22		21.88		0.10	(e)		(3.58	)		(3.48	)		(0.08	)		(3.07	)		(3.15	)		15.25		(18.71	)		2,671,536		1.02			1.02			0.58	(e)		52
Year ended 10/31/21		15.99		0.07			6.24			6.31			(0.10	)		(0.32	)		(0.42	)		21.88		40.10			3,609,724		1.03			1.03			0.38			47
Year ended 10/31/20		17.79		0.11			1.02			1.13			(0.13	)		(2.80	)		(2.93	)		15.99		6.71			2,816,198		1.07			1.07			0.70			45
Year ended 10/31/19		17.52		0.13			1.86	(f)		1.99			(0.07	)		(1.65	)		(1.72	)		17.79		12.96	(f)		3,007,391		1.07			1.07			0.74			82
Class C
Six months ended 04/30/24		14.23		(0.01	)		2.74			2.73			–			(1.00	)		(1.00	)		15.96		19.68			17,233		1.78	(d)		1.78	(d)		(0.14	)(d)		23
Year ended 10/31/23		13.60		(0.05	)		1.18			1.13			–			(0.50	)		(0.50	)		14.23		8.65			16,336		1.78			1.78			(0.36	)		84
Year ended 10/31/22		19.91		(0.03	)(e)		(3.21	)		(3.24	)		–			(3.07	)		(3.07	)		13.60		(19.35	)		18,306		1.77			1.77			(0.17	)(e)		52
Year ended 10/31/21		14.61		(0.07	)		5.69			5.62			–			(0.32	)		(0.32	)		19.91		39.00			27,725		1.78			1.78			(0.37	)		47
Year ended 10/31/20		16.47		(0.01	)		0.95			0.94			–			(2.80	)		(2.80	)		14.61		5.96			30,607		1.82			1.82			(0.05	)		45
Year ended 10/31/19		16.39		(0.00	)		1.73	(f)		1.73			–			(1.65	)		(1.65	)		16.47		12.14	(f)		40,493		1.82			1.82			(0.01	)		82
Class R
Six months ended 04/30/24		15.80		0.03			3.05			3.08			(0.02	)		(1.00	)		(1.02	)		17.86		19.95			17,183		1.28	(d)		1.28	(d)		0.36	(d)		23
Year ended 10/31/23		15.05		0.02			1.31			1.33			(0.08	)		(0.50	)		(0.58	)		15.80		9.17			15,125		1.28			1.28			0.14			84
Year ended 10/31/22		21.63		0.06	(e)		(3.54	)		(3.48	)		(0.03	)		(3.07	)		(3.10	)		15.05		(18.91	)		15,653		1.27			1.27			0.33	(e)		52
Year ended 10/31/21		15.82		0.02			6.16			6.18			(0.05	)		(0.32	)		(0.37	)		21.63		39.66			20,442		1.28			1.28			0.13			47
Year ended 10/31/20		17.62		0.07			1.01			1.08			(0.08	)		(2.80	)		(2.88	)		15.82		6.46			16,500		1.32			1.32			0.45			45
Year ended 10/31/19		17.34		0.08			1.85	(f)		1.93			–			(1.65	)		(1.65	)		17.62		12.68	(f)		19,772		1.32			1.32			0.49			82
Class S
Six months ended 04/30/24		16.02		0.06			3.09			3.15			(0.08	)		(1.00	)		(1.08	)		18.09		20.15			17,305		0.93	(d)		0.93	(d)		0.71	(d)		23
Year ended 10/31/23		15.26		0.08			1.32			1.40			(0.14	)		(0.50	)		(0.64	)		16.02		9.57			14,903		0.93			0.93			0.49			84
Year ended 10/31/22		21.89		0.12	(e)		(3.58	)		(3.46	)		(0.10	)		(3.07	)		(3.17	)		15.26		(18.61	)		14,877		0.92			0.92			0.68	(e)		52
Year ended 10/31/21		16.00		0.09			6.23			6.32			(0.11	)		(0.32	)		(0.43	)		21.89		40.20			21,013		0.93			0.93			0.48			47
Year ended 10/31/20		17.80		0.13			1.02			1.15			(0.15	)		(2.80	)		(2.95	)		16.00		6.82			16,783		0.97			0.97			0.80			45
Year ended 10/31/19		17.53		0.14			1.87	(f)		2.01			(0.09	)		(1.65	)		(1.74	)		17.80		13.09	(f)		16,906		0.97			0.97			0.84			82
Class Y
Six months ended 04/30/24		16.11		0.08			3.10			3.18			(0.10	)		(1.00	)		(1.10	)		18.19		20.28			93,297		0.78	(d)		0.78	(d)		0.86	(d)		23
Year ended 10/31/23		15.35		0.10			1.32			1.42			(0.16	)		(0.50	)		(0.66	)		16.11		9.71			80,126		0.78			0.78			0.64			84
Year ended 10/31/22		22.01		0.14	(e)		(3.60	)		(3.46	)		(0.13	)		(3.07	)		(3.20	)		15.35		(18.53	)		87,804		0.77			0.77			0.83	(e)		52
Year ended 10/31/21		16.09		0.12			6.26			6.38			(0.14	)		(0.32	)		(0.46	)		22.01		40.36			116,054		0.78			0.78			0.63			47
Year ended 10/31/20		17.88		0.15			1.04			1.19			(0.18	)		(2.80	)		(2.98	)		16.09		7.03			81,404		0.82			0.82			0.95			45
Year ended 10/31/19		17.61		0.17			1.87	(f)		2.04			(0.12	)		(1.65	)		(1.77	)		17.88		13.24	(f)		93,143		0.82			0.82			0.99			82
Class R5
Six months ended 04/30/24		17.23		0.08			3.33			3.41			(0.11	)		(1.00	)		(1.11	)		19.53		20.25			6,204		0.76	(d)		0.76	(d)		0.88	(d)		23
Year ended 10/31/23		16.36		0.12			1.42			1.54			(0.17	)		(0.50	)		(0.67	)		17.23		9.81			5,610		0.76			0.76			0.66			84
Year ended 10/31/22		23.25		0.16	(e)		(3.85	)		(3.69	)		(0.13	)		(3.07	)		(3.20	)		16.36		(18.50	)		6,555		0.75			0.75			0.85	(e)		52
Year ended 10/31/21		16.98		0.14			6.60			6.74			(0.15	)		(0.32	)		(0.47	)		23.25		40.37			9,109		0.75			0.75			0.66			47
Year ended 10/31/20		18.71		0.17			1.09			1.26			(0.19	)		(2.80	)		(2.99	)		16.98		7.11			7,511		0.76			0.76			1.01			45
Year ended 10/31/19		18.34		0.19			1.96	(f)		2.15			(0.13	)		(1.65	)		(1.78	)		18.71		13.34	(f)		9,163		0.75			0.75			1.06			82
Class R6
Six months ended 04/30/24		17.22		0.09			3.32			3.41			(0.12	)		(1.00	)		(1.12	)		19.51		20.29			16,372		0.69	(d)		0.69	(d)		0.95	(d)		23
Year ended 10/31/23		16.36		0.13			1.41			1.54			(0.18	)		(0.50	)		(0.68	)		17.22		9.83			14,588		0.69			0.69			0.73			84
Year ended 10/31/22		23.24		0.17	(e)		(3.83	)		(3.66	)		(0.15	)		(3.07	)		(3.22	)		16.36		(18.41	)		14,327		0.68			0.68			0.92	(e)		52
Year ended 10/31/21		16.97		0.15			6.60			6.75			(0.16	)		(0.32	)		(0.48	)		23.24		40.49			20,931		0.68			0.68			0.73			47
Year ended 10/31/20		18.70		0.18			1.09			1.27			(0.20	)		(2.80	)		(3.00	)		16.97		7.19			16,553		0.69			0.69			1.08			45
Year ended 10/31/19		18.34		0.20			1.95	(f)		2.15			(0.14	)		(1.65	)		(1.79	)		18.70		13.38	(f)		19,030		0.69			0.69			1.12			82

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.32%, $(0.07) and (0.43)%, $0.02 and 0.07%, $0.08 and 0.42%, $0.10 and 0.57%, $0.12 and 0.59% and $0.13 and 0.66% for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Includes litigation proceeds received during the year October 31, 2019. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $1.81, $1.68, $1.80, $1.82, $1.82, $1.91 and $1.90 for Class A, Class C, Class R, Class S, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

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

11 Invesco Charter Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Charter Fund

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Charter Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $6,123 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.695%
Next $4.05 billion		0.615%
Next $3.9 billion		0.570%
Next $1.8 billion		0.545%
Over $10 billion		0.520%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.62%.

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

The Adviser has agreed, for an indefinite period, 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 the Fund’s average daily net assets (the “boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

14 Invesco Charter Fund

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $15,703.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, 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 Plans 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 six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $56,144 in front-end sales commissions from the sale of Class A shares and $478 and $374 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $10,109 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,119,852,142	$	27,540,598		$–	$	3,147,392,740
Money Market Funds		22,217,355		27,703,683		–		49,921,038
Total Investments	$	3,142,069,497	$	55,244,281		$–	$	3,197,313,778

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $68,405.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

15 Invesco Charter Fund

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $715,334,872 and $889,859,973, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	950,622,280
Aggregate unrealized (depreciation) of investments		(90,389,193	)
Net unrealized appreciation of investments	$	860,233,087

Cost of investments for tax purposes is $2,337,080,691.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,264,912		$	22,300,991			2,271,675		$	36,577,611
Class C		72,885			1,142,934			131,138			1,867,355
Class R		73,230			1,275,819			108,140			1,719,707
Class S		5,163			90,606			15,068			240,188
Class Y		531,348			9,539,591			893,640			14,347,344
Class R5		4,618			87,467			31,626			534,244
Class R6		62,266			1,171,784			222,317			3,791,403
Issued as reinvestment of dividends:
Class A		9,562,009			160,928,569			6,826,746			100,352,865
Class C		75,112			1,118,415			49,820			655,128
Class R		58,028			965,582			41,416			602,186
Class S		59,152			995,521			42,097			618,823
Class Y		233,809			3,953,716			194,031			2,865,844
Class R5		19,282			350,159			16,780			264,794
Class R6		46,548			843,908			34,066			536,873
Automatic conversion of Class C shares to Class A shares:
Class A		96,113			1,716,322			136,433			2,163,013
Class C		(108,750	)		(1,716,322	)		(152,940	)		(2,163,013	)

16 Invesco Charter Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(10,009,948	)	$	(176,470,410	)		(18,734,188	)	$	(299,348,466	)
Class C		(107,178	)		(1,664,409	)		(225,995	)		(3,206,216	)
Class R		(126,375	)		(2,218,559	)		(232,490	)		(3,609,732	)
Class S		(38,032	)		(667,679	)		(101,850	)		(1,625,016	)
Class Y		(608,733	)		(10,794,054	)		(1,834,966	)		(29,048,863	)
Class R5		(31,854	)		(594,461	)		(123,341	)		(2,141,722	)
Class R6		(116,931	)		(2,205,773	)		(284,985	)		(4,966,324	)
Net increase (decrease) in share activity		1,016,674		$	10,149,717			(10,675,762	)	$	(178,971,974	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Charter Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning  Account Value  (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense Ratio
		Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2
Class A	$1,000.00	$1,201.10	$5.64	$1,019.74	$5.17	1.03%
Class C	1,000.00	1,196.80	9.72	1,016.01	8.92	1.78
Class R	1,000.00	1,199.50	7.00	1,018.50	6.42	1.28
Class S	1,000.00	1,201.50	5.09	1,020.24	4.67	0.93
Class Y	1,000.00	1,202.80	4.27	1,020.98	3.92	0.78
Class R5	1,000.00	1,202.50	4.16	1,021.08	3.82	0.76
Class R6	1,000.00	1,202.90	3.78	1,021.43	3.47	0.69

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Charter Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

Matter	Votes For		Votes  Against/Withheld
(1)*   Beth Ann Brown		651,559,928.73		19,521,717.34
Carol Deckbar		650,894,864.61		20,186,781.46
Cynthia Hostetler		650,788,202.34		20,293,443.73
Dr. Eli Jones		648,707,288.42		22,374,357.65
Elizabeth Krentzman		651,631,266.14		19,450,379.93
Jeffrey H. Kupor		649,847,545.85		21,234,100.22
Anthony J. LaCava, Jr.		649,901,414.33		21,180,231.73
James Liddy		650,425,873.28		20,655,772.79
Dr. Prema Mathai-Davis		647,909,288.41		23,172,357.65
Joel W. Motley		649,312,571.82		21,769,074.25
Teresa M. Ressel		651,453,689.85		19,627,956.22
Douglas Sharp		650,694,622.77		20,387,023.30
Robert C. Troccoli		649,373,999.87		21,707,646.20
Daniel S. Vandivort		650,459,705.29		20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds).

19 Invesco Charter Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469 Invesco Distributors, Inc. CHT-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Diversified Dividend Fund

Nasdaq:

A: LCEAX ∎ C: LCEVX ∎ R: DDFRX ∎ Y: LCEYX ∎ Investor: LCEIX ∎ R5: DDFIX ∎ R6: LCEFX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	17.52	%
Class C Shares	17.13
Class R Shares	17.42
Class Y Shares	17.71
Investor Class Shares	17.58
Class R5 Shares	17.69
Class R6 Shares	17.73
S&P 500 Index▼ (Broad Market Index)	20.98
Russell 1000 Value Index▼ (Style-Specific Index)	18.42
Source(s): ▼RIMES Technologies Corp.
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 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

 Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Diversified Dividend Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (12/31/01)	7.42	%
10 Years	6.91
5 Years	6.64
1 Year	5.16
Class C Shares
Inception (12/31/01)	7.43	%
10 Years	6.88
5 Years	7.06
1 Year	9.48
Class R Shares
Inception (10/25/05)	7.75	%
10 Years	7.26
5 Years	7.59
1 Year	10.99
Class Y Shares
Inception (10/3/08)	9.34	%
10 Years	7.79
5 Years	8.13
1 Year	11.58
Investor Class Shares
Inception (7/15/05)	7.77	%
10 Years	7.60
5 Years	7.96
1 Year	11.36
Class R5 Shares
Inception (10/25/05)	8.35	%
10 Years	7.84
5 Years	8.17
1 Year	11.57
Class R6 Shares
Inception (9/24/12)	9.75	%
10 Years	7.94
5 Years	8.26
1 Year	11.65

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

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, 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.

 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.

3 Invesco Diversified Dividend Fund

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Diversified Dividend Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.53%
Aerospace & Defense–3.05%
General Electric Co.		942,647	$	152,539,138
Huntington Ingalls Industries, Inc.		204,626		56,667,078
Northrop Grumman Corp.		267,035		129,519,986
				338,726,202
Air Freight & Logistics–1.18%
United Parcel Service, Inc., Class B		893,079		131,711,291
Apparel Retail–0.75%
TJX Cos., Inc. (The)		886,101		83,373,243
Apparel, Accessories & Luxury Goods–0.71%
Cie Financiere Richemont S.A. (Switzerland)		571,864		79,047,061
Application Software–1.00%
Intuit, Inc.(b)		177,010		110,740,996
Asset Management & Custody Banks–1.76%
Ares Management Corp., Class A		422,821		56,273,247
BlackRock, Inc.		184,220		139,019,781
				195,293,028
Building Products–2.12%
Carlisle Cos., Inc.		146,952		57,054,114
Fortune Brands Innovations, Inc.		697,447		50,983,376
Johnson Controls International PLC		1,963,943		127,793,771
				235,831,261
Construction Machinery & Heavy Transportation Equipment– 0.84%
Caterpillar, Inc.		278,066		93,032,542
Construction Materials–1.58%
CRH PLC		2,273,252		175,995,170
Consumer Finance–1.26%
American Express Co.		599,997		140,417,298
Consumer Staples Merchandise Retail–2.78%
Walmart, Inc.		5,204,588		308,892,298
Distributors–0.49%
LKQ Corp.		1,272,058		54,863,861
Diversified Banks–8.09%
Fifth Third Bancorp(b)		1,973,742		71,962,633
JPMorgan Chase & Co.		1,846,706		354,087,409
PNC Financial Services Group, Inc. (The)		1,301,626		199,487,201
Wells Fargo & Co.		4,607,970		273,344,780
				898,882,023
Electric Utilities–3.75%
American Electric Power Co., Inc.		1,311,273		112,808,816
Entergy Corp.		1,618,172		172,610,407
PPL Corp.		4,777,349		131,186,004
				416,605,227

	Shares		Value
Electrical Components & Equipment–3.15%
ABB Ltd. (Switzerland)		2,185,290	$	106,179,826
Emerson Electric Co.(b)		1,362,685		146,870,189
Hubbell, Inc.(b)		263,341		97,573,108
				350,623,123
Electronic Manufacturing Services–1.44%
TE Connectivity Ltd.		1,128,511		159,661,736
Financial Exchanges & Data–1.09%
CME Group, Inc., Class A		577,828		121,135,862
Food Distributors–0.95%
Sysco Corp.		1,425,295		105,927,924
Health Care Equipment–4.34%
Becton, Dickinson and Co.		920,145		215,866,017
Stryker Corp.		310,115		104,353,698
Zimmer Biomet Holdings, Inc.		1,347,219		162,043,501
				482,263,216
Home Improvement Retail–1.45%
Lowe’s Cos., Inc.(b)		708,905		161,623,251
Household Products–1.75%
Colgate-Palmolive Co.		2,115,939		194,497,113
Human Resource & Employment Services–0.92%
Automatic Data Processing, Inc.		422,877		102,289,717
Industrial Machinery & Supplies & Components–1.42%
Parker-Hannifin Corp.		290,609		158,355,750
Industrial REITs–1.39%
Prologis, Inc.(b)		1,515,584		154,665,347
Integrated Oil & Gas–3.55%
Chevron Corp.		2,096,503		338,103,039
Suncor Energy, Inc. (Canada)		1,487,626		56,812,437
				394,915,476
Integrated Telecommunication Services–1.04%
Deutsche Telekom AG (Germany)		5,044,511		115,547,367
Interactive Home Entertainment–0.73%
Electronic Arts, Inc.		640,496		81,227,703
Investment Banking & Brokerage–3.35%
Charles Schwab Corp. (The)		2,002,543		148,088,055
Morgan Stanley		2,463,694		223,801,963
				371,890,018
IT Consulting & Other Services–0.82%
Accenture PLC, Class A		301,333		90,674,113
Life Sciences Tools & Services–0.53%
Lonza Group AG (Switzerland)		107,645		59,419,311
Managed Health Care–1.71%
UnitedHealth Group, Inc.(b)		392,753		189,974,626

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

5 Invesco Diversified Dividend Fund

	Shares		Value
Movies & Entertainment–1.80%
Walt Disney Co. (The)		1,803,179	$	200,333,187
Multi-Family Residential REITs–0.63%
Mid-America Apartment Communities, Inc.(b)		534,975		69,546,750
Multi-line Insurance–1.98%
American International Group, Inc.		2,925,500		220,319,405
Multi-Utilities–1.32%
Ameren Corp.		825,981		61,015,216
Public Service Enterprise Group, Inc.(b)		1,247,956		86,208,801
				147,224,017
Oil & Gas Exploration & Production–3.40%
ConocoPhillips(b)		1,820,307		228,666,965
Marathon Oil Corp.		5,561,434		149,324,503
				377,991,468
Oil & Gas Storage & Transportation–0.60%
Cheniere Energy, Inc.		424,681		67,023,155
Packaged Foods & Meats–1.17%
Nestle S.A. (Switzerland)		1,291,162		129,632,868
Personal Care Products–1.08%
Estee Lauder Cos., Inc. (The), Class A		398,126		58,409,066
L’Oreal S.A. (France)		132,424		62,087,409
				120,496,475
Pharmaceuticals–6.12%
AstraZeneca PLC (United Kingdom)		1,006,381		152,213,985
Johnson & Johnson		1,666,853		241,010,275
Merck & Co., Inc.		2,221,719		287,090,529
				680,314,789
Property & Casualty Insurance–0.88%
Hartford Financial Services Group, Inc. (The)		1,011,608		98,014,699
Rail Transportation–1.72%
Union Pacific Corp.		808,370		191,713,029
Regional Banks–0.49%
Huntington Bancshares, Inc.		4,079,125		54,945,814
Restaurants–2.96%
Darden Restaurants, Inc.		370,783		56,881,820
McDonald’s Corp.		692,561		189,096,856
Starbucks Corp.		934,137		82,661,783
				328,640,459
Semiconductor Materials & Equipment–0.75%
Lam Research Corp.		93,667		83,776,701
Semiconductors–2.86%
Analog Devices, Inc.		1,170,317		234,777,293
Broadcom, Inc.		63,730		82,866,207
				317,643,500

Investment Abbreviations:

REIT - Real Estate Investment Trust

	Shares		Value
Soft Drinks & Non-alcoholic Beverages–1.41%
PepsiCo, Inc.(b)		893,228	$	157,127,737
Specialty Chemicals–2.24%
DuPont de Nemours, Inc.		1,853,608		134,386,580
PPG Industries, Inc.		889,288		114,718,152
				249,104,732
Systems Software–2.22%
Microsoft Corp.		634,026		246,845,343
Technology Hardware, Storage & Peripherals–1.07%
Dell Technologies, Inc., Class C		951,237		118,562,180
Timber REITs–0.84%
Weyerhaeuser Co.		3,085,529		93,090,410
Tobacco–2.26%
Philip Morris International, Inc.(b)		2,644,351		251,054,684
Transaction & Payment Processing Services–1.74%
Visa, Inc., Class A(b)		719,329		193,218,963
Total Common Stocks & Other Equity Interests (Cost $8,456,323,746)				10,954,723,519
Money Market Funds–1.47%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c)(d)		57,140,346		57,140,346
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(c)(d)		40,799,962		40,812,202
Invesco Treasury Portfolio, Institutional Class, 5.22%(c)(d)		65,303,253		65,303,253
Total Money Market Funds (Cost $163,251,440)				163,255,801
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $8,619,575,186)				11,117,979,320
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.76%
Invesco Private Government Fund, 5.29%(c)(d)(e)		54,635,416		54,635,416
Invesco Private Prime Fund, 5.46%(c)(d)(e)		140,477,547		140,519,690
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $195,181,387)				195,155,106
TOTAL INVESTMENTS IN SECURITIES–101.76% (Cost $8,814,756,573)				11,313,134,426
OTHER ASSETS LESS LIABILITIES–(1.76)%				(195,130,255	)
NET ASSETS–100.00%			$	11,118,004,171

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

6 Invesco Diversified Dividend Fund

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	114,276,421	$	481,360,140	$	(538,496,215)	$	-	$	-	$	57,140,346	$	2,075,654
Invesco Liquid Assets Portfolio, Institutional Class		81,621,747		343,828,671		(384,640,153)		(9,608)		11,545		40,812,202		1,523,962
Invesco Treasury Portfolio, Institutional Class		130,601,624		550,125,874		(615,424,245)		-		-		65,303,253		2,359,220
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		90,569,365		150,624,871		(186,558,820)		-		-		54,635,416		1,561,979*
Invesco Private Prime Fund		232,953,581		372,432,841		(464,912,315)		(33,765)		79,348		140,519,690		4,184,153*
Total	$	650,022,738	$	1,898,372,397	$	(2,190,031,748)	$	(43,373)	$	90,893	$	358,410,907	$	11,704,968

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Financials	20.63%
Industrials	14.41
Health Care	12.70
Consumer Staples	11.40
Information Technology	10.15
Energy	7.56
Consumer Discretionary	6.37
Utilities	5.07
Materials	3.82
Communication Services	3.57
Real Estate	2.85
Money Market Funds Plus Other Assets Less Liabilities	1.47

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

7 Invesco Diversified Dividend Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $8,456,323,746)*	$	10,954,723,519
Investments in affiliated money market funds, at value (Cost $358,432,827)		358,410,907
Foreign currencies, at value (Cost $937,930)		933,601
Receivable for:
Fund shares sold		3,278,220
Dividends		20,071,572
Investment for trustee deferred compensation and retirement plans		606,248
Other assets		161,233
Total assets		11,338,185,300
Liabilities:
Payable for:
Investments purchased		9,464,540
Dividends		2,259
Fund shares reacquired		10,440,220
Collateral upon return of securities loaned		195,181,387
Accrued fees to affiliates		3,955,485
Accrued other operating expenses		401,123
Trustee deferred compensation and retirement plans		736,115
Total liabilities		220,181,129
Net assets applicable to shares outstanding	$	11,118,004,171
Net assets consist of:
Shares of beneficial interest	$	7,884,970,327
Distributable earnings		3,233,033,844
	$	11,118,004,171

Net Assets:
Class A	$	3,810,924,958
Class C	$	152,989,220
Class R	$	130,230,853
Class Y	$	1,243,429,117
Investor Class	$	1,533,421,873
Class R5	$	1,871,733,536
Class R6	$	2,375,274,614
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		208,420,704
Class C		8,519,672
Class R		7,085,661
Class Y		67,917,384
Investor Class		83,891,050
Class R5		102,389,299
Class R6		129,932,185
Class A:
Net asset value per share	$	18.28
Maximum offering price per share (Net asset value of $18.28 ÷ 94.50%)	$	19.34
Class C:
Net asset value and offering price per share	$	17.96
Class R:
Net asset value and offering price per share	$	18.38
Class Y:
Net asset value and offering price per share	$	18.31
Investor Class:
Net asset value and offering price per share	$	18.28
Class R5:
Net asset value and offering price per share	$	18.28
Class R6:
Net asset value and offering price per share	$	18.28

* At April 30, 2024, securities with an aggregate value of $188,911,725 were on loan to brokers.

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

8 Invesco Diversified Dividend Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	227,021
Dividends (net of foreign withholding taxes of $1,115,359)		129,621,111
Dividends from affiliates (includes net securities lending income of $145,383)		6,104,219
Foreign withholding tax claims		3,471,696
Total investment income		139,424,047
Expenses:
Advisory fees		22,749,125
Administrative services fees		772,790
Custodian fees		50,381
Distribution fees:
Class A		4,698,242
Class C		819,084
Class R		318,091
Investor Class		1,170,788
Transfer agent fees – A, C, R, Y and Investor		4,675,836
Transfer agent fees – R5		921,070
Transfer agent fees – R6		354,697
Trustees’ and officers’ fees and benefits		52,028
Registration and filing fees		95,486
Reports to shareholders		1,226,913
Professional services fees		93,142
Other		65,128
Total expenses		38,062,801
Less: Fees waived and/or expense offset arrangement(s)		(197,658	)
Net expenses		37,865,143
Net investment income		101,558,904
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		738,898,143
Affiliated investment securities		90,893
Foreign currencies		148,113
		739,137,149
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		917,839,320
Affiliated investment securities		(43,373	)
Foreign currencies		(49,647	)
		917,746,300
Net realized and unrealized gain		1,656,883,449
Net increase in net assets resulting from operations	$	1,758,442,353

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

9 Invesco Diversified Dividend Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	101,558,904		$	210,035,580
Net realized gain		739,137,149			750,153,758
Change in net unrealized appreciation (depreciation)		917,746,300			(1,134,329,616	)
Net increase (decrease) in net assets resulting from operations		1,758,442,353			(174,140,278	)
Distributions to shareholders from distributable earnings:
Class A		(247,970,832	)		(434,098,421	)
Class C		(10,679,096	)		(22,532,260	)
Class R		(8,137,652	)		(14,778,850	)
Class Y		(82,000,505	)		(140,687,861	)
Investor Class		(100,189,551	)		(174,646,711	)
Class R5		(123,450,245	)		(232,341,754	)
Class R6		(160,978,860	)		(305,604,623	)
Total distributions from distributable earnings		(733,406,741	)		(1,324,690,480	)
Share transactions–net:
Class A		(16,812,154	)		57,114,562
Class C		(24,024,075	)		(32,641,012	)
Class R		2,156,637			(3,783,739	)
Class Y		(25,316,046	)		40,743,880
Investor Class		8,635,860			19,534,017
Class R5		12,055,383			(82,929,035	)
Class R6		(61,094,438	)		(153,167,171	)
Net increase (decrease) in net assets resulting from share transactions		(104,398,833	)		(155,128,498	)
Net increase (decrease) in net assets		920,636,779			(1,653,959,256	)
Net assets:
Beginning of period		10,197,367,392			11,851,326,648
End of period	$	11,118,004,171		$	10,197,367,392

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

10 Invesco Diversified Dividend Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$16.64			$0.15		$ 2.70			$ 2.85			$(0.16	)		$(1.05	)		$(1.21	)		$18.28		17.52	%		$3,810,925			0.85	%(d)		0.85	%(d)		1.68	%(d)		27	%
Year ended 10/31/23		19.08			0.30		(0.62	)		(0.32	)		(0.34	)		(1.78	)		(2.12	)		16.64		(2.18	)		3,478,556			0.82			0.82			1.69			39
Year ended 10/31/22		22.89			0.35		(0.56	)		(0.21	)		(0.37	)		(3.23	)		(3.60	)		19.08		(0.90	)		3,923,162			0.82			0.82			1.76			39
Year ended 10/31/21		17.82			0.37		5.43			5.80			(0.43	)		(0.30	)		(0.73	)		22.89		33.06			4,287,951			0.81			0.81			1.73			34
Year ended 10/31/20		20.50			0.43		(2.07	)		(1.64	)		(0.46	)		(0.58	)		(1.04	)		17.82		(8.28	)		3,599,794			0.83			0.83			2.30			8
Year ended 10/31/19		19.55			0.47		1.89			2.36			(0.51	)		(0.90	)		(1.41	)		20.50		12.94			4,995,726			0.81			0.82			2.45			5
Class C
Six months ended 04/30/24		16.36			0.08		2.66			2.74			(0.09	)		(1.05	)		(1.14	)		17.96		17.13			152,989			1.60	(d)		1.60	(d)		0.93	(d)		27
Year ended 10/31/23		18.78			0.17		(0.61	)		(0.44	)		(0.20	)		(1.78	)		(1.98	)		16.36		(2.89	)		161,365			1.57			1.57			0.94			39
Year ended 10/31/22		22.57			0.20		(0.55	)		(0.35	)		(0.21	)		(3.23	)		(3.44	)		18.78		(1.63	)		220,377			1.57			1.57			1.01			39
Year ended 10/31/21		17.58			0.21		5.34			5.55			(0.26	)		(0.30	)		(0.56	)		22.57		32.02			276,023			1.56			1.56			0.98			34
Year ended 10/31/20		20.22			0.29		(2.04	)		(1.75	)		(0.31	)		(0.58	)		(0.89	)		17.58		(8.96	)		300,883			1.58			1.58			1.55			8
Year ended 10/31/19		19.30			0.32		1.86			2.18			(0.36	)		(0.90	)		(1.26	)		20.22		12.08			449,838			1.56			1.57			1.70			5
Class R
Six months ended 04/30/24		16.72			0.13		2.71			2.84			(0.13	)		(1.05	)		(1.18	)		18.38		17.42			130,231			1.10	(d)		1.10	(d)		1.43	(d)		27
Year ended 10/31/23		19.16			0.26		(0.62	)		(0.36	)		(0.30	)		(1.78	)		(2.08	)		16.72		(2.41	)		116,297			1.07			1.07			1.44			39
Year ended 10/31/22		22.97			0.30		(0.56	)		(0.26	)		(0.32	)		(3.23	)		(3.55	)		19.16		(1.15	)		137,274			1.07			1.07			1.51			39
Year ended 10/31/21		17.89			0.32		5.44			5.76			(0.38	)		(0.30	)		(0.68	)		22.97		32.66			193,353			1.06			1.06			1.48			34
Year ended 10/31/20		20.57			0.38		(2.07	)		(1.69	)		(0.41	)		(0.58	)		(0.99	)		17.89		(8.48	)		179,293			1.08			1.08			2.05			8
Year ended 10/31/19		19.61			0.43		1.89			2.32			(0.46	)		(0.90	)		(1.36	)		20.57		12.69			255,482			1.06			1.07			2.20			5
Class Y
Six months ended 04/30/24		16.66			0.17		2.71			2.88			(0.18	)		(1.05	)		(1.23	)		18.31		17.71			1,243,429			0.60	(d)		0.60	(d)		1.93	(d)		27
Year ended 10/31/23		19.10			0.35		(0.62	)		(0.27	)		(0.39	)		(1.78	)		(2.17	)		16.66		(1.93	)		1,153,540			0.57			0.57			1.94			39
Year ended 10/31/22		22.91			0.40		(0.56	)		(0.16	)		(0.42	)		(3.23	)		(3.65	)		19.10		(0.64	)		1,275,341			0.57			0.57			2.01			39
Year ended 10/31/21		17.84			0.43		5.42			5.85			(0.48	)		(0.30	)		(0.78	)		22.91		33.35			1,620,295			0.56			0.56			1.98			34
Year ended 10/31/20		20.53			0.48		(2.08	)		(1.60	)		(0.51	)		(0.58	)		(1.09	)		17.84		(8.07	)		1,589,496			0.58			0.58			2.55			8
Year ended 10/31/19		19.57			0.52		1.90			2.42			(0.56	)		(0.90	)		(1.46	)		20.53		13.27			2,547,134			0.56			0.57			2.70			5
Investor Class
Six months ended 04/30/24		16.64			0.16		2.69			2.85			(0.16	)		(1.05	)		(1.21	)		18.28		17.58	(e)		1,533,422			0.76	(d)(e)		0.76	(d)(e)		1.77	(d)(e)		27
Year ended 10/31/23		19.07			0.32		(0.61	)		(0.29	)		(0.36	)		(1.78	)		(2.14	)		16.64		(2.03	)(e)		1,385,127			0.72	(e)		0.72	(e)		1.79	(e)		39
Year ended 10/31/22		22.88			0.37		(0.56	)		(0.19	)		(0.39	)		(3.23	)		(3.62	)		19.07		(0.81	)(e)		1,565,529			0.73	(e)		0.73	(e)		1.85	(e)		39
Year ended 10/31/21		17.82			0.40		5.41			5.81			(0.45	)		(0.30	)		(0.75	)		22.88		33.11	(e)		1,742,672			0.70	(e)		0.70	(e)		1.84	(e)		34
Year ended 10/31/20		20.49			0.44		(2.06	)		(1.62	)		(0.47	)		(0.58	)		(1.05	)		17.82		(8.17	)(e)		1,489,011			0.77	(e)		0.77	(e)		2.36	(e)		8
Year ended 10/31/19		19.54			0.49		1.88			2.37			(0.52	)		(0.90	)		(1.42	)		20.49		13.00	(e)		1,817,251			0.74	(e)		0.75	(e)		2.52	(e)		5
Class R5
Six months ended 04/30/24		16.64			0.18		2.69			2.87			(0.18	)		(1.05	)		(1.23	)		18.28		17.69			1,871,734			0.56	(d)		0.56	(d)		1.97	(d)		27
Year ended 10/31/23		19.07			0.35		(0.61	)		(0.26	)		(0.39	)		(1.78	)		(2.17	)		16.64		(1.85	)		1,688,322			0.54			0.54			1.97			39
Year ended 10/31/22		22.89			0.41		(0.57	)		(0.16	)		(0.43	)		(3.23	)		(3.66	)		19.07		(0.66	)		2,027,303			0.53			0.53			2.05			39
Year ended 10/31/21		17.82			0.43		5.43			5.86			(0.49	)		(0.30	)		(0.79	)		22.89		33.45			3,062,152			0.52			0.52			2.02			34
Year ended 10/31/20		20.50			0.49		(2.07	)		(1.58	)		(0.52	)		(0.58	)		(1.10	)		17.82		(7.98	)		3,107,721			0.52			0.52			2.61			8
Year ended 10/31/19		19.55			0.54		1.88			2.42			(0.57	)		(0.90	)		(1.47	)		20.50		13.29			3,915,168			0.50			0.51			2.76			5
Class R6
Six months ended 04/30/24		16.64			0.18		2.70			2.88			(0.19	)		(1.05	)		(1.24	)		18.28		17.73			2,375,275			0.49	(d)		0.49	(d)		2.04	(d)		27
Year ended 10/31/23		19.07			0.36		(0.61	)		(0.25	)		(0.40	)		(1.78	)		(2.18	)		16.64		(1.77	)		2,214,161			0.47			0.47			2.04			39
Year ended 10/31/22		22.89			0.42		(0.57	)		(0.15	)		(0.44	)		(3.23	)		(3.67	)		19.07		(0.58	)		2,702,340			0.46			0.46			2.12			39
Year ended 10/31/21		17.83			0.45		5.42			5.87			(0.51	)		(0.30	)		(0.81	)		22.89		33.49			3,605,804			0.43			0.43			2.11			34
Year ended 10/31/20		20.51			0.50		(2.07	)		(1.57	)		(0.53	)		(0.58	)		(1.11	)		17.83		(7.88	)		4,024,875			0.43			0.43			2.70			8
Year ended 10/31/19		19.55			0.55		1.90			2.45			(0.59	)		(0.90	)		(1.49	)		20.51		13.44			5,197,717			0.41			0.42			2.85			5

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.16%, 0.15%, 0.16%, 0.14%, 0.19% and 0.18% for the six months ended April 30, 2024 and for the years ended October 31, 2023, 2022, 2021, 2020 and 2019, respectively.

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

11 Invesco Diversified Dividend Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Diversified Dividend Fund (the “Fund”) is a series portfolio of AIM Equity Funds (Invesco Equity Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Diversified Dividend Fund

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2024, the Fund did not enter into any closing agreements.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in

13 Invesco Diversified Dividend Fund

short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $13,478 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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 performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $350 million		0.600%
Next $350 million		0.550%
Next $1.3 billion		0.500%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

  For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.41%.

14 Invesco Diversified Dividend Fund

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $140,810.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $146,665 in front-end sales commissions from the sale of Class A shares and $4,603 and $1,553 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	10,250,595,692	$	704,127,827		$–	$	10,954,723,519
Money Market Funds		163,255,801		195,155,106		–		358,410,907
Total Investments	$	10,413,851,493	$	899,282,933		$–	$	11,313,134,426

15 Invesco Diversified Dividend Fund

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $56,848.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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.

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $2,900,197,392 and $3,504,347,990, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,572,366,732
Aggregate unrealized (depreciation) of investments	(76,971,457	)
Net unrealized appreciation of investments	$2,495,395,275

 Cost of investments for tax purposes is $8,817,739,151.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2024(a)				October 31, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		7,303,151	$	130,341,343		14,929,944	$	265,794,823
Class C		271,160		4,784,341		952,075		16,694,399
Class R		526,550		9,495,980		1,302,574		23,318,161
Class Y		10,120,029		180,724,049		18,068,726		321,751,621
Investor Class		440,131		7,855,026		1,013,797		18,123,405
Class R5		4,512,661		80,944,550		10,052,175		181,403,834
Class R6		8,760,869		156,190,210		16,346,232		291,487,234
Issued as reinvestment of dividends:
Class A		13,821,461		240,247,218		22,485,427		397,527,110
Class C		602,233		10,267,777		1,188,932		20,725,565
Class R		464,965		8,126,591		830,438		14,763,837
Class Y		3,542,567		61,650,216		6,245,048		110,524,432
Investor Class		5,196,449		90,375,843		8,853,431		156,405,158
Class R5		7,089,908		123,323,251		13,139,583		232,072,886
Class R6		9,207,156		160,137,986		16,907,485		298,572,735

16 Invesco Diversified Dividend Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		1,081,795		$	19,507,388			1,564,344		$	27,630,606
Class C		(1,101,553	)		(19,507,388	)		(1,591,299	)		(27,630,606	)
Reacquired:
Class A		(22,812,223	)		(406,908,103	)		(35,608,699	)		(633,837,977	)
Class C		(1,115,147	)		(19,568,805	)		(2,421,822	)		(42,430,370	)
Class R		(860,284	)		(15,465,934	)		(2,343,265	)		(41,865,737	)
Class Y		(14,979,552	)		(267,690,311	)		(21,860,033	)		(391,532,173	)
Investor Class		(5,006,067	)		(89,595,009	)		(8,699,156	)		(154,994,546	)
Class R5		(10,688,266	)		(192,212,418	)		(28,003,716	)		(496,405,755	)
Class R6		(21,113,838	)		(377,422,634	)		(41,850,316	)		(743,227,140	)
Net increase (decrease) in share activity		(4,735,845	)	$	(104,398,833	)		(8,498,095	)	$	(155,128,498	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,175.20	$4.60	$1,020.64	$4.27	0.85%
Class C	1,000.00	1,171.30	8.64	1,016.91	8.02	1.60
Class R	1,000.00	1,174.20	5.95	1,019.39	5.52	1.10
Class Y	1,000.00	1,177.10	3.25	1,021.88	3.02	0.60
Investor Class	1,000.00	1,175.80	4.11	1,021.08	3.82	0.76
Class R5	1,000.00	1,176.90	3.03	1,022.08	2.82	0.56
Class R6	1,000.00	1,177.30	2.65	1,022.43	2.46	0.49

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Diversified Dividend Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

				Votes
	Matter	Votes For		Against/Withheld
(1)*	Beth Ann Brown	651,559,928.73			19,521,717.34
	Carol Deckbar	650,894,864.61			20,186,781.46
	Cynthia Hostetler	650,788,202.34			20,293,443.73
	Dr. Eli Jones	648,707,288.42			22,374,357.65
	Elizabeth Krentzman	651,631,266.14			19,450,379.93
	Jeffrey H. Kupor	649,847,545.85			21,234,100.22
	Anthony J. LaCava, Jr.	649,901,414.33			21,180,231.73
	James Liddy	650,425,873.28			20,655,772.79
	Dr. Prema Mathai-Davis	647,909,288.41			23,172,357.65
	Joel W. Motley	649,312,571.82			21,769,074.25
	Teresa M. Ressel	651,453,689.85			19,627,956.22
	Douglas Sharp	650,694,622.77			20,387,023.30
	Robert C. Troccoli	649,373,999.87			21,707,646.20
	Daniel S. Vandivort	650,459,705.29			20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds).

19 Invesco Diversified Dividend Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469     Invesco Distributors, Inc. DDI-SAR-1          

Semiannual Report to Shareholders April 30, 2024

Invesco Main Street Fund^®

Nasdaq:

A: MSIGX ∎ C: MIGCX ∎ R: OMGNX ∎ Y: MIGYX ∎ R5: MSJFX ∎ R6: OMSIX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	22.79	%
Class C Shares	22.33
Class R Shares	22.62
Class Y Shares	22.93
Class R5 Shares	22.98
Class R6 Shares	22.97
S&P 500 Index▼	20.98
Source(s): ▼RIMES Technologies Corp.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

 

2 Invesco Main Street Fund^®

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (2/3/88)	11.04	%
10 Years	10.02
5 Years	9.83
1 Year	14.66
Class C Shares
Inception (12/1/93)	8.62	%
10 Years	9.97
5 Years	10.22
1 Year	19.40
Class R Shares
Inception (3/1/01)	7.11	%
10 Years	10.35
5 Years	10.77
1 Year	21.00
Class Y Shares
Inception (11/1/96)	8.54	%
10 Years	10.90
5 Years	11.33
1 Year	21.62
Class R5 Shares
10 Years	10.82	%
5 Years	11.43
1 Year	21.72
Class R6 Shares
Inception (12/29/11)	12.87	%
10 Years	11.05
5 Years	11.44
1 Year	21.72

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Fund^®, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Fund^®. Note: The Fund was subsequently renamed the Invesco Main Street Fund^® (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

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

 

3 Invesco Main Street Fund^®

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Main Street Fund^®

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.73%
Aerospace & Defense–0.56%
Huntington Ingalls Industries, Inc.		202,252	$	56,009,646
Air Freight & Logistics–1.82%
United Parcel Service, Inc., Class B		1,230,023		181,403,792
Application Software–1.83%
Autodesk, Inc.(b)		332,526		70,778,159
Tyler Technologies, Inc.(b)(c)		243,227		112,261,422
				183,039,581
Asset Management & Custody Banks–0.27%
Ares Management Corp., Class A(c)		205,245		27,316,057
Automobile Manufacturers–0.39%
Tesla, Inc.(b)		213,311		39,095,640
Automotive Parts & Equipment–1.00%
Aptiv PLC(b)		690,438		49,021,098
Mobileye Global, Inc., Class A (Israel)(b)(c)		1,828,120		50,364,706
				99,385,804
Automotive Retail–1.03%
Valvoline, Inc.(b)(c)		2,423,432		103,044,329
Biotechnology–1.00%
Gilead Sciences, Inc.		1,532,620		99,926,824
Broadline Retail–4.17%
Amazon.com, Inc.(b)		2,375,421		415,698,675
Construction Materials–0.44%
CRH PLC		568,501		44,013,347
Consumer Finance–2.18%
American Express Co.		928,179		217,221,731
Consumer Staples Merchandise Retail–1.46%
Walmart, Inc.		2,447,724		145,272,419
Distillers & Vintners–2.09%
Constellation Brands, Inc., Class A		823,438		208,708,595
Diversified Banks–3.75%
JPMorgan Chase & Co.		1,345,869		258,056,922
Wells Fargo & Co.		1,960,474		116,295,318
				374,352,240
Diversified Financial Services–1.36%
Equitable Holdings, Inc.		3,687,302		136,098,317
Electric Utilities–0.51%
FirstEnergy Corp.		1,325,816		50,831,785
Electrical Components & Equipment–3.07%
Emerson Electric Co.		1,395,957		150,456,246
Hubbell, Inc.		328,595		121,751,018
Rockwell Automation, Inc.		125,229		33,932,050
				306,139,314

	Shares		Value
Gas Utilities–0.76%
Atmos Energy Corp.(c)		646,793	$	76,256,895
Health Care Equipment–4.24%
Becton, Dickinson and Co.		543,802		127,575,949
Boston Scientific Corp.(b)		1,546,993		111,182,387
Zimmer Biomet Holdings, Inc.		1,533,040		184,394,051
				423,152,387
Health Care Facilities–2.32%
HCA Healthcare, Inc.		378,427		117,244,253
Tenet Healthcare Corp.(b)		1,017,880		114,297,745
				231,541,998
Human Resource & Employment Services–0.74%
Paylocity Holding Corp.(b)(c)		473,047		73,397,972
Industrial Machinery & Supplies & Components–0.74%
Otis Worldwide Corp.		806,610		73,562,832
Industrial REITs–1.45%
Prologis, Inc.(c)		1,418,113		144,718,432
Insurance Brokers–0.63%
Arthur J. Gallagher & Co.(c)		269,653		63,284,863
Integrated Oil & Gas–3.77%
Chevron Corp.		507,786		81,890,648
Exxon Mobil Corp.(c)		2,490,046		294,497,741
				376,388,389
Integrated Telecommunication Services–1.88%
Verizon Communications, Inc.(c)		4,750,951		187,615,055
Interactive Media & Services–7.27%
Alphabet, Inc., Class A(b)		2,834,156		461,343,914
Meta Platforms, Inc., Class A		614,371		264,283,973
				725,627,887
Internet Services & Infrastructure–0.51%
MongoDB, Inc.(b)		138,255		50,487,961
Investment Banking & Brokerage–1.79%
Charles Schwab Corp. (The)		2,416,511		178,700,988
IT Consulting & Other Services–0.88%
Amdocs Ltd.(c)		1,048,471		88,061,079
Life Sciences Tools & Services–1.10%
Lonza Group AG (Switzerland)		198,609		109,630,823
Managed Health Care–2.41%
UnitedHealth Group, Inc.		496,431		240,123,675
Movies & Entertainment–1.64%
Walt Disney Co. (The)		1,468,907		163,195,568
Multi-line Insurance–1.76%
American International Group, Inc.		2,335,197		175,863,686
Multi-Utilities–0.53%
Ameren Corp.		713,708		52,721,610

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

5 Invesco Main Street Fund^®

	Shares		Value
Oil & Gas Exploration & Production–0.59%
Marathon Oil Corp.		2,207,548	$	59,272,664
Passenger Ground Transportation–0.81%
Uber Technologies, Inc.(b)		1,211,325		80,274,508
Personal Care Products–0.86%
Coty, Inc., Class A(b)(c)		5,295,298		60,578,209
Estee Lauder Cos., Inc. (The), Class A		173,763		25,492,770
				86,070,979
Pharmaceuticals–3.72%
Eli Lilly and Co.		238,347		186,172,842
Merck & Co., Inc.		1,428,612		184,605,242
				370,778,084
Research & Consulting Services–1.19%
Equifax, Inc.		539,666		118,829,057
Restaurants–0.90%
Starbucks Corp.		1,018,116		90,093,085
Semiconductor Materials & Equipment–1.93%
Applied Materials, Inc.		969,215		192,534,560
Semiconductors–6.56%
NVIDIA Corp.		647,745		559,664,635
Texas Instruments, Inc.		536,766		94,696,258
				654,360,893
Specialty Chemicals–1.05%
DuPont de Nemours, Inc.		1,447,027		104,909,457
Systems Software–9.24%
Microsoft Corp.		2,002,858		779,772,705
ServiceNow, Inc.(b)		205,603		142,550,728
				922,323,433
Technology Hardware, Storage & Peripherals–5.47%
Apple, Inc.		2,796,655		476,354,246
Dell Technologies, Inc., Class C		554,191		69,074,366
				545,428,612

	Shares		Value
Tobacco–2.47%
Philip Morris International, Inc.(c)		2,600,549	$	246,896,122
Transaction & Payment Processing Services–2.95%
Fiserv, Inc.(b)		1,054,664		161,015,553
Mastercard, Inc., Class A		295,144		133,168,973
				294,184,526
Wireless Telecommunication Services–0.64%
T-Mobile US, Inc.(c)		390,315		64,078,014
Total Common Stocks & Other Equity Interests (Cost $7,070,269,735)				9,951,924,190
Money Market Funds–0.29%
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e) (Cost $28,992,395)		28,980,802		28,989,497
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $7,099,262,130)				9,980,913,687
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.62%
Invesco Private Government Fund, 5.29%(d)(e)(f)		45,172,884		45,172,884
Invesco Private Prime Fund, 5.46%(d)(e)(f)		116,187,387		116,222,243
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $161,400,733)				161,395,127
TOTAL INVESTMENTS IN SECURITIES–101.64% (Cost $7,260,662,863)				10,142,308,814
OTHER ASSETS LESS LIABILITIES–(1.64)%				(163,646,508	)
NET ASSETS–100.00%			$	9,978,662,306

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Liquid Assets Portfolio, Institutional Class		$	143,902,835		$	751,576,262		$	(866,478,274)		$	(24,435)		$	13,109		$	28,989,497		$	2,309,497

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

6 Invesco Main Street Fund^®

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	29,926,788		$	430,175,040		$	(414,928,944)		$	-		$	-		$	45,172,884		$	1,144,954*
Invesco Private Prime Fund			76,981,568			902,145,691			(862,899,573)			(5,606)			163			116,222,243			3,212,609*
Total		$	250,811,191		$	2,083,896,993		$	(2,144,306,791)		$	(30,041)		$	13,272		$	190,384,624		$	6,667,060

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Information Technology	26.42	%
Health Care	14.78
Financials	14.70
Communication Services	11.43
Industrials	8.92
Consumer Discretionary	7.49
Consumer Staples	6.88
Energy	4.37
Other Sectors, Each Less than 2% of Net Assets	4.74
Money Market Funds Plus Other Assets Less Liabilities	0.27

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

7 Invesco Main Street Fund^®

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $7,070,269,735)*	$	9,951,924,190
Investments in affiliated money market funds, at value (Cost $190,393,128)		190,384,624
Cash		3,000,000
Receivable for:
Fund shares sold		1,616,119
Dividends		4,961,712
Investment for trustee deferred compensation and retirement plans		659,403
Other assets		115,386
Total assets		10,152,661,434
Liabilities:
Payable for:
Dividends		4,582
Fund shares reacquired		8,095,098
Collateral upon return of securities loaned		161,400,733
Accrued fees to affiliates		3,673,496
Accrued other operating expenses		165,816
Trustee deferred compensation and retirement plans		659,403
Total liabilities		173,999,128
Net assets applicable to shares outstanding	$	9,978,662,306
Net assets consist of:
Shares of beneficial interest	$	6,696,028,601
Distributable earnings		3,282,633,705
	$	9,978,662,306

Net Assets:
Class A	$	8,672,562,754
Class C	$	209,556,452
Class R	$	290,693,149
Class Y	$	499,337,430
Class R5	$	11,782
Class R6	$	306,500,739
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		161,911,276
Class C		4,421,930
Class R		5,653,934
Class Y		9,404,333
Class R5		218
Class R6		5,772,315
Class A:
Net asset value per share	$	53.56
Maximum offering price per share (Net asset value of $53.56 ÷ 94.50%)	$	56.68
Class C:
Net asset value and offering price per share	$	47.39
Class R:
Net asset value and offering price per share	$	51.41
Class Y:
Net asset value and offering price per share	$	53.10
Class R5:
Net asset value and offering price per share	$	54.05
Class R6:
Net asset value and offering price per share	$	53.10

* At April 30, 2024, securities with an aggregate value of $156,023,773 were on loan to brokers.

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

8 Invesco Main Street Fund^®

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $94,558)	$	64,855,744
Dividends from affiliated money market funds (includes net securities lending income of $271,237)		2,580,734
Total investment income		67,436,478
Expenses:
Advisory fees		21,699,661
Administrative services fees		710,219
Custodian fees		24,696
Distribution fees:
Class A		9,621,987
Class C		1,059,485
Class R		700,145
Transfer agent fees – A, C, R and Y		4,922,376
Transfer agent fees – R5		2
Transfer agent fees – R6		61,697
Trustees’ and officers’ fees and benefits		41,580
Registration and filing fees		72,002
Reports to shareholders		460,746
Professional services fees		81,118
Other		57,867
Total expenses		39,513,581
Less: Fees waived and/or expense offset arrangement(s)		(255,189	)
Net expenses		39,258,392
Net investment income		28,178,086
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		436,704,950
Affiliated investment securities		13,272
Foreign currencies		18,518
		436,736,740
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,481,077,074
Affiliated investment securities		(30,041	)
Foreign currencies		3,218
		1,481,050,251
Net realized and unrealized gain		1,917,786,991
Net increase in net assets resulting from operations	$	1,945,965,077

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

9 Invesco Main Street Fund^®

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	28,178,086		$	61,101,491
Net realized gain		436,736,740			697,236,396
Change in net unrealized appreciation		1,481,050,251			5,417,097
Net increase in net assets resulting from operations		1,945,965,077			763,754,984
Distributions to shareholders from distributable earnings:
Class A		(572,137,988	)		(327,399,325	)
Class C		(16,122,108	)		(8,337,967	)
Class R		(19,578,206	)		(10,092,630	)
Class Y		(33,359,710	)		(20,377,148	)
Class R5		(809	)		(479	)
Class R6		(30,332,485	)		(18,336,707	)
Total distributions from distributable earnings		(671,531,306	)		(384,544,256	)
Share transactions-net:
Class A		207,345,416			(292,102,340	)
Class C		(5,273,073	)		(25,636,459	)
Class R		10,122,096			3,493,657
Class Y		13,787,984			(28,027,443	)
Class R6		(148,151,753	)		(3,951,083	)
Net increase (decrease) in net assets resulting from share transactions		77,830,670			(346,223,668	)
Net increase in net assets		1,352,264,441			32,987,060
Net assets:
Beginning of period		8,626,397,865			8,593,410,805
End of period	$	9,978,662,306		$	8,626,397,865

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

10 Invesco Main Street Fund^®

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$46.88		$ 0.15			$ 10.20			$ 10.35			$(0.08	)		$ (3.59	)		$ (3.67	)		$53.56			22.79	%(e)		$8,672,563			0.81	%(e)(f)		0.81	%(e)(f)		0.57	%(e)(f)		22	%
Year ended 10/31/23		45.05		0.32			3.54			3.86			(0.47	)		(1.56	)		(2.03	)		46.88			8.95	(e)		7,375,761			0.80	(e)		0.80	(e)		0.68	(e)		66
Year ended 10/31/22		66.18		0.38			(10.59	)		(10.21	)		(0.38	)		(10.54	)		(10.92	)		45.05			(18.61	)(e)		7,340,263			0.80	(e)		0.80	(e)		0.73	(e)		52
Year ended 10/31/21		48.70		0.35			18.82			19.17			(0.44	)		(1.25	)		(1.69	)		66.18			40.26	(e)		9,808,667			0.82	(e)		0.82	(e)		0.58	(e)		47
Year ended 10/31/20		49.26		0.44			3.08			3.52			(0.43	)		(3.65	)		(4.08	)		48.70			7.38	(e)		7,502,604			0.83	(e)		0.83	(e)		0.93	(e)		37
Two months ended 10/31/19		48.16		0.07			1.03			1.10			–			–			–			49.26			2.28			7,681,783			0.85	(f)		0.85	(f)		0.81	(f)		7
Year ended 08/31/19		54.31		0.49			1.14			1.63			(0.49	)		(7.29	)		(7.78	)		48.16			5.14			7,625,507			0.88			0.88			1.03			49
Class C
Six months ended 04/30/24		41.95		(0.04	)		9.09			9.05			(0.02	)		(3.59	)		(3.61	)		47.39			22.33			209,556			1.58	(f)		1.58	(f)		(0.20	)(f)		22
Year ended 10/31/23		40.46		(0.04	)		3.18			3.14			(0.09	)		(1.56	)		(1.65	)		41.95			8.09			189,259			1.57			1.57			(0.09	)		66
Year ended 10/31/22		60.54		(0.02	)		(9.52	)		(9.54	)		–			(10.54	)		(10.54	)		40.46			(19.20	)		206,387			1.57			1.57			(0.04	)		52
Year ended 10/31/21		44.96		(0.10	)		17.31			17.21			(0.38	)		(1.25	)		(1.63	)		60.54			39.19			307,346			1.59			1.59			(0.19	)		47
Year ended 10/31/20		45.99		0.07			2.86			2.93			(0.31	)		(3.65	)		(3.96	)		44.96			6.55			300,125			1.60			1.60			0.16			37
Two months ended 10/31/19		45.03		0.00			0.96			0.96			–			–			–			45.99			2.13			343,918			1.62	(f)		1.62	(f)		0.04	(f)		7
Year ended 08/31/19		51.26		0.11			1.06			1.17			(0.11	)		(7.29	)		(7.40	)		45.03			4.34			350,276			1.65			1.65			0.26			49
Class R
Six months ended 04/30/24		45.17		0.08			9.81			9.89			(0.06	)		(3.59	)		(3.65	)		51.41			22.62			290,693			1.08	(f)		1.08	(f)		0.30	(f)		22
Year ended 10/31/23		43.47		0.19			3.41			3.60			(0.34	)		(1.56	)		(1.90	)		45.17			8.63			245,222			1.07			1.07			0.41			66
Year ended 10/31/22		64.21		0.23			(10.21	)		(9.98	)		(0.22	)		(10.54	)		(10.76	)		43.47			(18.80	)		231,671			1.07			1.07			0.46			52
Year ended 10/31/21		47.40		0.18			18.30			18.48			(0.42	)		(1.25	)		(1.67	)		64.21			39.88			291,450			1.09			1.09			0.31			47
Year ended 10/31/20		48.13		0.30			3.00			3.30			(0.38	)		(3.65	)		(4.03	)		47.40			7.09			219,954			1.10			1.10			0.66			37
Two months ended 10/31/19		47.08		0.04			1.01			1.05			–			–			–			48.13			2.23			221,335			1.12	(f)		1.12	(f)		0.54	(f)		7
Year ended 08/31/19		53.26		0.35			1.11			1.46			(0.35	)		(7.29	)		(7.64	)		47.08			4.84			218,620			1.15			1.15			0.76			49
Class Y
Six months ended 04/30/24		46.47		0.21			10.11			10.32			(0.10	)		(3.59	)		(3.69	)		53.10			22.93			499,337			0.58	(f)		0.58	(f)		0.80	(f)		22
Year ended 10/31/23		44.69		0.43			3.50			3.93			(0.59	)		(1.56	)		(2.15	)		46.47			9.20			423,217			0.57			0.57			0.91			66
Year ended 10/31/22		65.75		0.49			(10.49	)		(10.00	)		(0.52	)		(10.54	)		(11.06	)		44.69			(18.42	)		434,168			0.57			0.57			0.96			52
Year ended 10/31/21		48.31		0.48			18.67			19.15			(0.46	)		(1.25	)		(1.71	)		65.75			40.57			596,575			0.59			0.59			0.81			47
Year ended 10/31/20		48.82		0.54			3.07			3.61			(0.47	)		(3.65	)		(4.12	)		48.31			7.64			443,001			0.60			0.60			1.16			37
Two months ended 10/31/19		47.72		0.08			1.02			1.10			–			–			–			48.82			2.31			611,287			0.62	(f)		0.62	(f)		1.04	(f)		7
Year ended 08/31/19		53.90		0.59			1.13			1.72			(0.61	)		(7.29	)		(7.90	)		47.72			5.37			590,781			0.65			0.65			1.26			49
Class R5
Six months ended 04/30/24		47.23		0.23			10.29			10.52			(0.11	)		(3.59	)		(3.70	)		54.05			22.98			12			0.50	(f)		0.50	(f)		0.88	(f)		22
Year ended 10/31/23		45.40		0.47			3.55			4.02			(0.63	)		(1.56	)		(2.19	)		47.23			9.28			10			0.50			0.50			0.98			66
Year ended 10/31/22		66.63		0.54			(10.64	)		(10.10	)		(0.59	)		(10.54	)		(11.13	)		45.40			(18.33	)		10			0.49			0.49			1.04			52
Year ended 10/31/21		48.89		0.55			18.91			19.46			(0.47	)		(1.25	)		(1.72	)		66.63			40.73			15			0.48			0.48			0.92			47
Year ended 10/31/20		49.33		0.61			3.08			3.69			(0.48	)		(3.65	)		(4.13	)		48.89			7.75			11			0.48			0.48			1.28			37
Two months ended 10/31/19		48.20		0.09			1.04			1.13			–			–			–			49.33			2.34			11			0.52	(f)		0.52	(f)		1.14	(f)		7
Period ended 08/31/19 (g)		45.79		0.18			2.23			2.41			–			–			–			48.20			5.26			11			0.54	(f)		0.54	(f)		1.37	(f)		49
Class R6
Six months ended 04/30/24		46.46		0.22			10.12			10.34			(0.11	)		(3.59	)		(3.70	)		53.10			22.97			306,501			0.50	(f)		0.50	(f)		0.88	(f)		22
Year ended 10/31/23		44.70		0.46			3.49			3.95			(0.63	)		(1.56	)		(2.19	)		46.46			9.26			392,928			0.50			0.50			0.98			66
Year ended 10/31/22		65.78		0.53			(10.48	)		(9.95	)		(0.59	)		(10.54	)		(11.13	)		44.70			(18.35	)		380,913			0.49			0.49			1.04			52
Year ended 10/31/21		48.28		0.54			18.68			19.22			(0.47	)		(1.25	)		(1.72	)		65.78			40.75			539,993			0.48			0.48			0.92			47
Year ended 10/31/20		48.77		0.60			3.05			3.65			(0.49	)		(3.65	)		(4.14	)		48.28			7.75			438,565			0.48			0.48			1.28			37
Two months ended 10/31/19		47.66		0.09			1.02			1.11			–			–			–			48.77			2.33			616,482			0.48	(f)		0.48	(f)		1.18	(f)		7
Year ended 08/31/19		53.87		0.66			1.12			1.78			(0.70	)		(7.29	)		(7.99	)		47.66			5.55			621,207			0.49			0.49			1.42			49

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the two months ended October 31, 2019 and the year ended August 31, 2019, respectively.

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

11 Invesco Main Street Fund^®

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Main Street 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 to seek capital appreciation.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Main Street Fund^®

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Main Street Fund^®

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $9,098 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $200 million		0.650%
Next $150 million		0.600%
Next $150 million		0.550%
Next $9.5 billion		0.450%
Over $10 billion		0.430%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.44%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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

14 Invesco Main Street Fund^®

offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $50,623.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $251,105 in front-end sales commissions from the sale of Class A shares and $3,781 and $3,480 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $13,936 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	9,842,293,367	$	109,630,823		$–	$	9,951,924,190
Money Market Funds		28,989,497		161,395,127		–		190,384,624
Total Investments	$	9,871,282,864	$	271,025,950		$–	$	10,142,308,814

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $204,566.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

15 Invesco Main Street Fund^®

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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.

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $2,076,898,760 and $2,462,334,477, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,931,658,905
Aggregate unrealized (depreciation) of investments	(97,910,160	)
Net unrealized appreciation of investments	$2,833,748,745

Cost of investments for tax purposes is $7,308,560,069.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		3,010,463		$	155,646,788			5,281,896		$	250,594,781
Class C		294,046			13,599,681			524,431			22,285,230
Class R		366,525			18,328,643			735,243			33,473,101
Class Y		803,725			41,463,937			1,234,389			58,520,923
Class R6		538,153			27,700,396			1,241,561			58,952,227
Issued as reinvestment of dividends:
Class A		11,022,792			542,652,227			7,177,272			310,560,468
Class C		364,717			15,930,822			210,622			8,210,062
Class R		412,272			19,500,196			240,424			10,047,332
Class Y		602,571			29,381,362			421,799			18,052,986
Class R6		607,106			29,596,423			417,507			17,856,791
Automatic conversion of Class C shares to Class A shares:
Class A		320,030			16,822,262			505,166			23,733,472
Class C		(360,883	)		(16,822,262	)		(562,639	)		(23,733,472	)
Reacquired:
Class A		(9,764,517	)		(507,775,861	)		(18,560,384	)		(876,991,061	)
Class C		(387,030	)		(17,981,314	)		(762,942	)		(32,398,279	)
Class R		(553,527	)		(27,706,743	)		(876,873	)		(40,026,776	)
Class Y		(1,109,362	)		(57,057,315	)		(2,262,815	)		(104,601,352	)
Class R6		(3,829,818	)		(205,448,572	)		(1,723,938	)		(80,760,101	)
Net increase (decrease) in share activity		2,337,263		$	77,830,670			(6,759,281	)	$	(346,223,668	)

^(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

16 Invesco Main Street Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,227.90	$4.49	$1,020.84	$4.07	0.81%
Class C	1,000.00	1,223.30	8.73	1,017.01	7.92	1.58
Class R	1,000.00	1,226.20	5.98	1,019.49	5.42	1.08
Class Y	1,000.00	1,229.30	3.21	1,021.98	2.92	0.58
Class R5	1,000.00	1,229.80	2.77	1,022.38	2.51	0.50
Class R6	1,000.00	1,229.70	2.77	1,022.38	2.51	0.50

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Main Street Fund^®

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		651,559,928.73		19,521,717.34
	Carol Deckbar		650,894,864.61		20,186,781.46
	Cynthia Hostetler		650,788,202.34		20,293,443.73
	Dr. Eli Jones		648,707,288.42		22,374,357.65
	Elizabeth Krentzman		651,631,266.14		19,450,379.93
	Jeffrey H. Kupor		649,847,545.85		21,234,100.22
	Anthony J. LaCava, Jr.		649,901,414.33		21,180,231.73
	James Liddy		650,425,873.28		20,655,772.79
	Dr. Prema Mathai-Davis		647,909,288.41		23,172,357.65
	Joel W. Motley		649,312,571.82		21,769,074.25
	Teresa M. Ressel		651,453,689.85		19,627,956.22
	Douglas Sharp		650,694,622.77		20,387,023.30
	Robert C. Troccoli		649,373,999.87		21,707,646.20
	Daniel S. Vandivort		650,459,705.29		20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds). 

18 Invesco Main Street Fund^®

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469     Invesco Distributors, Inc. O-MST-SAR-1          

Semiannual Report to Shareholders April 30, 2024

Invesco Main Street All Cap Fund^®

Nasdaq:

A: OMSOX ∎ C: OMSCX ∎ R: OMSNX ∎ Y: OMSYX ∎ R5: MSAZX ∎ R6: IOAPX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	23.37	%
Class C Shares	22.94
Class R Shares	23.20
Class Y Shares	23.53
Class R5 Shares	23.60
Class R6 Shares	23.58
Russell 3000 Index▼*	21.09
S&P 500 Index▼*	20.98
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell 3000 Index to the S&P 500 Index to reflect that the S&P 500 Index can be considered more broadly representative of the overall applicable securities market.
The Russell 3000® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

 Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Main Street All Cap Fund^®

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (9/25/00)	8.12	%
10 Years	9.66
5 Years	11.45
1 Year	17.98
Class C Shares
Inception (9/25/00)	8.12	%
10 Years	9.63
5 Years	11.89
1 Year	22.91
Class R Shares
Inception (3/1/01)	8.31	%
10 Years	10.01
5 Years	12.43
1 Year	24.57
Class Y Shares
Inception (9/25/00)	8.72	%
10 Years	10.56
5 Years	13.00
1 Year	25.20
Class R5 Shares
10 Years	10.46	%
5 Years	13.10
1 Year	25.33
Class R6 Shares
10 Years	10.47	%
5 Years	13.12
1 Year	25.30

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppenheimer Main Street All Cap Fund^®, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Oppenheimer Main Street All Cap Fund^®. Note: The Fund was subsequently renamed the Invesco Main Street All Cap Fund^® (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

 Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures

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

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

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

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

3 Invesco Main Street All Cap Fund^®

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Main Street All Cap Fund^®

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.52%
Aerospace & Defense–1.77%
Howmet Aerospace, Inc.		220,645	$	14,728,054
Huntington Ingalls Industries, Inc.		31,054		8,599,784
				23,327,838
Air Freight & Logistics–0.89%
United Parcel Service, Inc., Class B		79,175		11,676,729
Application Software–1.35%
Autodesk, Inc.(b)		46,014		9,794,080
Tyler Technologies, Inc.(b)		17,442		8,050,355
				17,844,435
Asset Management & Custody Banks–0.52%
Blue Owl Capital, Inc.		366,116		6,915,931
Automobile Manufacturers–0.43%
Tesla, Inc.(b)		30,587		5,605,985
Automotive Parts & Equipment–0.46%
Aptiv PLC(b)		85,436		6,065,956
Biotechnology–0.95%
Gilead Sciences, Inc.		192,032		12,520,486
Broadline Retail–5.08%
Amazon.com, Inc.(b)		383,197		67,059,475
Construction Materials–1.16%
CRH PLC		197,720		15,307,482
Consumer Finance–1.39%
American Express Co.		78,556		18,384,461
Consumer Staples Merchandise Retail–1.35%
Walmart, Inc.		299,829		17,794,851
Distillers & Vintners–1.02%
Constellation Brands, Inc., Class A		53,119		13,463,542
Distributors–0.56%
LKQ Corp.		170,186		7,340,122
Diversified Banks–3.26%
JPMorgan Chase & Co.		224,276		43,002,680
Diversified Financial Services–0.78%
Equitable Holdings, Inc.		280,292		10,345,578
Electric Utilities–0.97%
American Electric Power Co., Inc.		149,364		12,849,785
Electrical Components & Equipment–2.87%
Emerson Electric Co.		141,513		15,252,271
Hubbell, Inc.		36,459		13,508,789
Regal Rexnord Corp.		56,746		9,157,102
				37,918,162
Electronic Equipment & Instruments–0.62%
Keysight Technologies, Inc.(b)		55,036		8,142,026

	Shares		Value
Fertilizers & Agricultural Chemicals–0.42%
Mosaic Co. (The)		178,010	$	5,587,734
Health Care Equipment–2.78%
Becton, Dickinson and Co.		37,124		8,709,291
Boston Scientific Corp.(b)		204,282		14,681,747
Zimmer Biomet Holdings, Inc.		110,593		13,302,126
				36,693,164
Health Care Facilities–1.16%
Tenet Healthcare Corp.(b)		136,678		15,347,573
Home Improvement Retail–1.06%
Lowe’s Cos., Inc.		61,415		14,002,006
Homebuilding–0.54%
D.R. Horton, Inc.		50,347		7,173,944
Hotels, Resorts & Cruise Lines–1.34%
Royal Caribbean Cruises Ltd.(b)		62,008		8,658,177
Wyndham Hotels & Resorts, Inc.		123,401		9,071,208
				17,729,385
Household Products–1.72%
Procter & Gamble Co. (The)		139,204		22,718,093
Human Resource & Employment Services–0.71%
Paylocity Holding Corp.(b)(c)		60,292		9,354,907
Industrial Machinery & Supplies & Components–0.61%
Lincoln Electric Holdings, Inc.		36,816		8,082,216
Industrial REITs–1.20%
First Industrial Realty Trust, Inc.		347,553		15,785,857
Insurance Brokers–1.09%
Arthur J. Gallagher & Co.		61,170		14,355,987
Integrated Oil & Gas–2.31%
Exxon Mobil Corp.		258,147		30,531,046
Integrated Telecommunication Services–1.74%
Verizon Communications, Inc.		579,618		22,889,115
Interactive Media & Services–8.77%
Alphabet, Inc., Class A(b)		435,313		70,860,250
Meta Platforms, Inc., Class A		104,279		44,857,698
				115,717,948
Internet Services & Infrastructure–0.68%
MongoDB, Inc.(b)		24,397		8,909,296
Investment Banking & Brokerage–3.42%
Charles Schwab Corp. (The)		189,748		14,031,865
Morgan Stanley		172,550		15,674,442
Raymond James Financial, Inc.		126,231		15,400,182
				45,106,489
IT Consulting & Other Services–0.49%
Amdocs Ltd.		77,025		6,469,330

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

5 Invesco Main Street All Cap Fund^®

	Shares		Value
Life Sciences Tools & Services–0.94%
Lonza Group AG (Switzerland)		22,365	$	12,345,329
Managed Health Care–1.90%
UnitedHealth Group, Inc.		51,695		25,004,871
Movies & Entertainment–1.67%
Walt Disney Co. (The)		198,218		22,022,020
Multi-Family Residential REITs–0.63%
Mid-America Apartment Communities, Inc.		63,417		8,244,210
Multi-line Insurance–1.50%
American International Group, Inc.		261,949		19,727,379
Multi-Utilities–1.14%
Ameren Corp.		103,236		7,626,043
CMS Energy Corp.		121,413		7,358,842
				14,984,885
Oil & Gas Exploration & Production–2.20%
APA Corp.		199,800		6,281,712
Chesapeake Energy Corp.		90,517		8,135,668
Marathon Oil Corp.		545,941		14,658,516
				29,075,896
Personal Care Products–0.70%
BellRing Brands, Inc.(b)		166,510		9,186,357
Pharmaceuticals–4.60%
AstraZeneca PLC, ADR (United Kingdom)(c)		135,959		10,316,569
Eli Lilly and Co.		34,209		26,720,650
Merck & Co., Inc.		182,861		23,629,298
				60,666,517
Property & Casualty Insurance–0.55%
Hartford Financial Services Group, Inc. (The)		74,969		7,263,746
Rail Transportation–1.02%
Union Pacific Corp.		57,012		13,520,966
Regional Banks–1.02%
M&T Bank Corp.		92,787		13,397,515
Semiconductor Materials & Equipment–1.44%
Applied Materials, Inc.		95,385		18,948,230
Semiconductors–7.93%
Astera Labs, Inc.(b)(c)		47,870		4,057,461
NVIDIA Corp.		94,161		81,356,987
Texas Instruments, Inc.		108,559		19,151,979
				104,566,427

	Shares		Value
Specialty Chemicals–0.89%
PPG Industries, Inc.		91,337	$	11,782,473
Systems Software–8.53%
GitLab, Inc., Class A(b)		119,958		6,294,196
Microsoft Corp.		273,008		106,290,205
				112,584,401
Technology Hardware, Storage & Peripherals–5.23%
Apple, Inc.		360,880		61,468,690
Dell Technologies, Inc., Class C		60,687		7,564,028
				69,032,718
Timber REITs–0.44%
Weyerhaeuser Co.		193,171		5,827,969
Tobacco–1.19%
Philip Morris International, Inc.		165,959		15,756,147
Trading Companies & Distributors–0.53%
Air Lease Corp., Class A		139,873		7,027,220
Total Common Stocks & Other Equity Interests (Cost $865,988,733)				1,312,984,890
Money Market Funds–0.44%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)		2,031,835		2,031,835
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)		1,451,154		1,451,589
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)		2,322,097		2,322,097
Total Money Market Funds (Cost $5,805,508)				5,805,521
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $871,794,241)				1,318,790,411
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.03%
Invesco Private Government Fund, 5.29%(d)(e)(f)		3,799,460		3,799,460
Invesco Private Prime Fund, 5.46%(d)(e)(f)		9,769,941		9,772,872
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,573,027)				13,572,332
TOTAL INVESTMENTS IN SECURITIES–100.99% (Cost $885,367,268)				1,332,362,743
OTHER ASSETS LESS LIABILITIES–(0.99)%				(13,075,563	)
NET ASSETS–100.00%			$	1,319,287,180

Investment Abbreviations:

ADR –  American Depositary Receipt

REIT – Real Estate Investment Trust

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

6 Invesco Main Street All Cap Fund^®

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2024.

^(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,178,447		$	23,100,437		$	(25,247,049)		$	-		$	-		$	2,031,835		$	82,306
Invesco Liquid Assets Portfolio, Institutional Class			2,984,739			16,500,310			(18,033,606)			(411)			557			1,451,589			60,348
Invesco Treasury Portfolio, Institutional Class			4,775,369			26,400,498			(28,853,770)			-			-			2,322,097			93,569
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,012,280			50,729,570			(53,942,390)			-			-			3,799,460			119,161*
Invesco Private Prime Fund			18,035,221			117,165,195			(125,434,250)			(310)			7,016			9,772,872			324,933*
Total		$	36,986,056		$	233,896,010		$	(251,511,065)		$	(721)			$7,573		$	19,377,853		$	680,317

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Information Technology	26.26	%
Financials	13.53
Health Care	12.32
Communication Services	12.18
Consumer Discretionary	9.47
Industrials	8.41
Consumer Staples	5.98
Energy	4.52
Materials	2.48
Real Estate	2.26
Utilities	2.11
Money Market Funds Plus Other Assets Less Liabilities	0.48

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

7 Invesco Main Street All Cap Fund^®

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $865,988,733)*	$	1,312,984,890
Investments in affiliated money market funds, at value (Cost $19,378,535)		19,377,853
Cash		500,000
Foreign currencies, at value (Cost $346)		342
Receivable for:
Fund shares sold		254,397
Dividends		911,845
Investment for trustee deferred compensation and retirement plans		129,992
Other assets		208,507
Total assets		1,334,367,826
Liabilities:
Payable for:
Fund shares reacquired		782,800
Collateral upon return of securities loaned		13,573,027
Accrued fees to affiliates		553,327
Accrued other operating expenses		41,500
Trustee deferred compensation and retirement plans		129,992
Total liabilities		15,080,646
Net assets applicable to shares outstanding	$	1,319,287,180
Net assets consist of:
Shares of beneficial interest	$	790,104,458
Distributable earnings		529,182,722
	$	1,319,287,180

Net Assets:
Class A	$	1,131,268,293
Class C	$	47,159,193
Class R	$	64,072,179
Class Y	$	72,329,435
Class R5	$	11,160
Class R6	$	4,446,920
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,460,228
Class C		2,241,049
Class R		2,707,755
Class Y		2,800,387
Class R5		446
Class R6		177,606
Class A:
Net asset value per share	$	24.88
Maximum offering price per share
(Net asset value of $24.88 ÷ 94.50%)	$	26.33
Class C:
Net asset value and offering price per share	$	21.04
Class R:
Net asset value and offering price per share	$	23.66
Class Y:
Net asset value and offering price per share	$	25.83
Class R5:
Net asset value and offering price per share	$	25.02
Class R6:
Net asset value and offering price per share	$	25.04

* At April 30, 2024, securities with an aggregate value of $13,316,220 were on loan to brokers.

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

8 Invesco Main Street All Cap Fund^®

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends	$	9,278,194
Dividends from affiliated money market funds (includes net securities lending income of $54,474)		290,697
Total investment income		9,568,891
Expenses:
Advisory fees		4,127,070
Administrative services fees		91,960
Custodian fees		4,207
Distribution fees:
Class A		1,319,666
Class C		233,909
Class R		150,709
Transfer agent fees – A, C, R and Y		753,466
Transfer agent fees – R5		2
Transfer agent fees – R6		629
Trustees’ and officers’ fees and benefits		13,204
Registration and filing fees		45,171
Reports to shareholders		61,165
Professional services fees		36,016
Other		10,970
Total expenses		6,848,144
Less: Fees waived and/or expense offset arrangement(s)		(44,505	)
Net expenses		6,803,639
Net investment income		2,765,252
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		82,657,618
Affiliated investment securities		7,573
Foreign currencies		75,815
		82,741,006
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		171,107,365
Affiliated investment securities		(721	)
Foreign currencies		8
		171,106,652
Net realized and unrealized gain		253,847,658
Net increase in net assets resulting from operations	$	256,612,910

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

9 Invesco Main Street All Cap Fund^®

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	2,765,252		$	4,323,349
Net realized gain		82,741,006			45,281,856
Change in net unrealized appreciation		171,106,652			67,585,941
Net increase in net assets resulting from operations		256,612,910			117,191,146
Distributions to shareholders from distributable earnings:
Class A		(40,996,998	)		(50,576,639	)
Class C		(2,015,077	)		(2,550,094	)
Class R		(2,302,683	)		(2,602,128	)
Class Y		(2,656,466	)		(3,159,556	)
Class R5		(439	)		(525	)
Class R6		(169,810	)		(176,587	)
Total distributions from distributable earnings		(48,141,473	)		(59,065,529	)
Share transactions–net:
Class A		(664,713	)		(28,008,129	)
Class C		(1,498,211	)		(2,148,934	)
Class R		3,743,811			1,621,406
Class Y		2,356,261			(1,849,565	)
Class R6		(67,973	)		768,777
Net increase (decrease) in net assets resulting from share transactions		3,869,175			(29,616,445	)
Net increase in net assets		212,340,612			28,509,172
Net assets:
Beginning of period		1,106,946,568			1,078,437,396
End of period	$	1,319,287,180		$	1,106,946,568

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

10 Invesco Main Street All Cap Fund^®

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$20.98		$0.05			$4.76			$4.81			$(0.03	)		$(0.88	)		$(0.91	)		$24.88		23.37	%(e)		$1,131,268		1.04	%(e)(f)		1.05	%(e)(f)		0.47	%(e)(f)		29	%
Year ended 10/31/23		19.99		0.09			2.00			2.09			(0.04	)		(1.06	)		(1.10	)		20.98		11.05	(e)		952,567		1.06	(e)		1.06	(e)		0.41	(e)		56
Year ended 10/31/22		28.54		0.12			(4.36	)		(4.24	)		(0.16	)		(4.15	)		(4.31	)		19.99		(17.59	)(e)		929,660		1.06	(e)		1.06	(e)		0.53	(e)		45
Year ended 10/31/21		20.45		0.05			8.25			8.30			(0.11	)		(0.10	)		(0.21	)		28.54		40.84	(e)		1,229,595		1.07	(e)		1.07	(e)		0.18	(e)		35
Year ended 10/31/20		18.53		0.14			1.94			2.08			(0.09	)		(0.07	)		(0.16	)		20.45		11.24	(e)		938,494		1.12	(e)		1.12	(e)		0.73	(e)		28
Three months ended 10/31/19		18.30		0.03			0.20			0.23			–			–			–			18.53		1.26			957,529		1.14	(f)		1.14	(f)		0.73	(f)		7
Year ended 07/31/19		18.77		0.13			0.75			0.88			(0.07	)		(1.28	)		(1.35	)		18.30		5.84			976,093		1.13			1.13			0.73			48
Class C
Six months ended 04/30/24		17.90		(0.03	)		4.05			4.02			–			(0.88	)		(0.88	)		21.04		22.94			47,159		1.80	(f)		1.81	(f)		(0.29	)(f)		29
Year ended 10/31/23		17.30		(0.06	)		1.72			1.66			–			(1.06	)		(1.06	)		17.90		10.20			41,279		1.82			1.82			(0.35	)		56
Year ended 10/31/22		25.35		(0.04	)		(3.80	)		(3.84	)		(0.06	)		(4.15	)		(4.21	)		17.30		(18.25	)		41,846		1.82			1.82			(0.23	)		45
Year ended 10/31/21		18.31		(0.13	)		7.37			7.24			(0.10	)		(0.10	)		(0.20	)		25.35		39.78			60,285		1.83			1.83			(0.58	)		35
Year ended 10/31/20		16.66		(0.01	)		1.76			1.75			(0.03	)		(0.07	)		(0.10	)		18.31		10.52			61,600		1.88			1.88			(0.03	)		28
Three months ended 10/31/19		16.49		–			0.17			0.17			–			–			–			16.66		1.03			69,736		1.90	(f)		1.90	(f)		(0.03	)(f)		7
Year ended 07/31/19		17.10		–			0.67			0.67			–			(1.28	)		(1.28	)		16.49		5.18			73,404		1.89			1.89			(0.02	)		48
Class R
Six months ended 04/30/24		20.00		0.02			4.53			4.55			(0.01	)		(0.88	)		(0.89	)		23.66		23.20			64,072		1.30	(f)		1.31	(f)		0.21	(f)		29
Year ended 10/31/23		19.12		0.03			1.92			1.95			(0.01	)		(1.06	)		(1.07	)		20.00		10.81			50,630		1.32			1.32			0.15			56
Year ended 10/31/22		27.48		0.06			(4.18	)		(4.12	)		(0.09	)		(4.15	)		(4.24	)		19.12		(17.82	)		46,688		1.32			1.32			0.27			45
Year ended 10/31/21		19.74		(0.02	)		7.96			7.94			(0.10	)		(0.10	)		(0.20	)		27.48		40.47			59,603		1.33			1.33			(0.08	)		35
Year ended 10/31/20		17.91		0.09			1.88			1.97			(0.07	)		(0.07	)		(0.14	)		19.74		11.01			49,869		1.38			1.38			0.47			28
Three months ended 10/31/19		17.70		0.02			0.19			0.21			–			–			–			17.91		1.19			53,064		1.40	(f)		1.40	(f)		0.47	(f)		7
Year ended 07/31/19		18.20		0.08			0.73			0.81			(0.03	)		(1.28	)		(1.31	)		17.70		5.63			55,265		1.38			1.38			0.48			48
Class Y
Six months ended 04/30/24		21.77		0.09			4.93			5.02			(0.08	)		(0.88	)		(0.96	)		25.83		23.53			72,329		0.80	(f)		0.81	(f)		0.71	(f)		29
Year ended 10/31/23		20.70		0.14			2.09			2.23			(0.10	)		(1.06	)		(1.16	)		21.77		11.36			58,642		0.82			0.82			0.65			56
Year ended 10/31/22		29.41		0.18			(4.52	)		(4.34	)		(0.22	)		(4.15	)		(4.37	)		20.70		(17.41	)		57,359		0.82			0.82			0.77			45
Year ended 10/31/21		21.03		0.11			8.49			8.60			(0.12	)		(0.10	)		(0.22	)		29.41		41.15			71,664		0.83			0.83			0.42			35
Year ended 10/31/20		19.01		0.19			2.01			2.20			(0.11	)		(0.07	)		(0.18	)		21.03		11.59			49,316		0.88			0.88			0.97			28
Three months ended 10/31/19		18.77		0.05			0.19			0.24			–			–			–			19.01		1.28			46,309		0.91	(f)		0.91	(f)		0.97	(f)		7
Year ended 07/31/19		19.22		0.18			0.77			0.95			(0.12	)		(1.28	)		(1.40	)		18.77		6.11			44,719		0.89			0.89			0.98			48
Class R5
Six months ended 04/30/24		21.12		0.09			4.79			4.88			(0.10	)		(0.88	)		(0.98	)		25.02		23.60			11		0.72	(f)		0.72	(f)		0.79	(f)		29
Year ended 10/31/23		20.13		0.16			2.01			2.17			(0.12	)		(1.06	)		(1.18	)		21.12		11.42			9		0.73			0.73			0.74			56
Year ended 10/31/22		28.72		0.20			(4.39	)		(4.19	)		(0.25	)		(4.15	)		(4.40	)		20.13		(17.32	)		9		0.72			0.72			0.87			45
Year ended 10/31/21		20.53		0.13			8.28			8.41			(0.12	)		(0.10	)		(0.22	)		28.72		41.24			13		0.73			0.73			0.52			35
Year ended 10/31/20		18.56		0.20			1.95			2.15			(0.11	)		(0.07	)		(0.18	)		20.53		11.64			12		0.80			0.80			1.05			28
Three months ended 10/31/19		18.31		0.05			0.20			0.25			–			–			–			18.56		1.37			11		0.84	(f)		0.84	(f)		1.04	(f)		7
Period ended 07/31/19(g)		17.13		0.04			1.14			1.18			–			–			–			18.31		6.89			11		0.79	(f)		0.79	(f)		1.07	(f)		48
Class R6
Six months ended 04/30/24		21.14		0.09			4.79			4.88			(0.10	)		(0.88	)		(0.98	)		25.04		23.58			4,447		0.72	(f)		0.72	(f)		0.79	(f)		29
Year ended 10/31/23		20.14		0.16			2.02			2.18			(0.12	)		(1.06	)		(1.18	)		21.14		11.46			3,819		0.73			0.73			0.74			56
Year ended 10/31/22		28.74		0.20			(4.40	)		(4.20	)		(0.25	)		(4.15	)		(4.40	)		20.14		(17.35	)		2,875		0.72			0.72			0.87			45
Year ended 10/31/21		20.53		0.14			8.29			8.43			(0.12	)		(0.10	)		(0.22	)		28.74		41.34			3,309		0.73			0.73			0.52			35
Year ended 10/31/20		18.56		0.20			1.96			2.16			(0.12	)		(0.07	)		(0.19	)		20.53		11.68			102		0.80			0.80			1.05			28
Three months ended 10/31/19		18.31		0.05			0.20			0.25			–			–			–			18.56		1.37			11		0.73	(f)		0.73	(f)		1.15	(f)		7
Period ended 07/31/19(g)		17.13		0.04			1.14			1.18			–			–			–			18.31		6.89			11		0.74	(f)		0.74	(f)		1.12	(f)		48

^(a) Calculated using average shares outstanding.

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

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the three months ended October 31, 2019 and the year ended July 31, 2019, respectively.

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

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2024 and for the years ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(f) Annualized.

^(g) Commencement date after the close of business on May 24, 2019.

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

11 Invesco Main Street All Cap Fund^®

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Main Street All Cap 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 to seek capital appreciation.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Main Street All Cap Fund^®

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Main Street All Cap Fund^®

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $4,877 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.65%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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

14 Invesco Main Street All Cap Fund^®

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $4,719.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $85,884 in front-end sales commissions from the sale of Class A shares and $5 and $677 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $45,239 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,300,639,561	$	12,345,329		$–	$	1,312,984,890
Money Market Funds		5,805,521		13,572,332		–		19,377,853
Total Investments	$	1,306,445,082	$	25,917,661		$–	$	1,332,362,743

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $39,786.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

15 Invesco Main Street All Cap Fund^®

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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.

NOTE 7–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $364,433,381 and $393,853,733, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$472,355,412
Aggregate unrealized (depreciation) of investments	(27,315,101	)
Net unrealized appreciation of investments	$445,040,311

Cost of investments for tax purposes is $887,322,432.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,354,896		$	32,319,138			1,977,880		$	41,388,137
Class C		207,471			4,211,960			367,018			6,632,127
Class R		341,258			7,727,467			364,337			7,304,579
Class Y		388,950			9,687,318			404,985			8,858,258
Class R6		32,574			784,990			84,117			1,760,882
Issued as reinvestment of dividends:
Class A		1,744,289			39,455,814			2,574,836			48,715,893
Class C		103,853			1,991,895			155,648			2,529,277
Class R		106,624			2,295,616			143,592			2,594,701
Class Y		93,903			2,202,017			134,714			2,639,050
Class R6		6,932			157,572			8,846			168,167
Automatic conversion of Class C shares to Class A shares:
Class A		130,628			3,189,862			215,950			4,446,667
Class C		(154,216	)		(3,189,862	)		(252,011	)		(4,446,667	)
Reacquired:
Class A		(3,171,172	)		(75,629,527	)		(5,881,703	)		(122,558,826	)
Class C		(221,504	)		(4,512,204	)		(384,102	)		(6,863,671	)
Class R		(272,102	)		(6,279,272	)		(417,729	)		(8,277,874	)
Class Y		(376,572	)		(9,533,074	)		(616,487	)		(13,346,873	)
Class R6		(42,561	)		(1,010,535	)		(55,058	)		(1,160,272	)
Net increase (decrease) in share activity		273,251		$	3,869,175			(1,175,167	)	$	(29,616,445	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16 Invesco Main Street All Cap Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,233.70	$5.78	$1,019.69	$5.22	1.04%
Class C	1,000.00	1,229.40	9.98	1,015.91	9.02	1.80
Class R	1,000.00	1,232.00	7.21	1,018.40	6.52	1.30
Class Y	1,000.00	1,235.30	4.45	1,020.89	4.02	0.80
Class R5	1,000.00	1,236.00	4.00	1,021.28	3.62	0.72
Class R6	1,000.00	1,235.80	4.00	1,021.28	3.62	0.72

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Main Street All Cap Fund^®

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For			Votes Against/Withheld
(1)*	Beth Ann Brown		651,559,928.73			19,521,717.34
	Carol Deckbar		650,894,864.61			20,186,781.46
	Cynthia Hostetler		650,788,202.34			20,293,443.73
	Dr. Eli Jones		648,707,288.42			22,374,357.65
	Elizabeth Krentzman		651,631,266.14			19,450,379.93
	Jeffrey H. Kupor		649,847,545.85			21,234,100.22
	Anthony J. LaCava, Jr.		649,901,414.33			21,180,231.73
	James Liddy		650,425,873.28			20,655,772.79
	Dr. Prema Mathai-Davis		647,909,288.41			23,172,357.65
	Joel W. Motley		649,312,571.82			21,769,074.25
	Teresa M. Ressel		651,453,689.85			19,627,956.22
	Douglas Sharp		650,694,622.77			20,387,023.30
	Robert C. Troccoli		649,373,999.87			21,707,646.20
	Daniel S. Vandivort		650,459,705.29			20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds).

18 Invesco Main Street All Cap Fund^®

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469     Invesco Distributors, Inc. O-MSA-SAR-1          

Semiannual Report to Shareholders April 30, 2024

Invesco Rising Dividends Fund

Nasdaq:

A: OARDX ∎ C: OCRDX ∎ R: ONRDX ∎ Y: OYRDX ∎ R5: RSDQX ∎ R6: OIRDX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	17.82	%
Class C Shares	17.42
Class R Shares	17.70
Class Y Shares	17.98
Class R5 Shares	18.04
Class R6 Shares	18.04
S&P 500 Index▼	20.98
Russell 1000 Index▼	21.17
Source(s): ▼RIMES Technologies Corp.
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 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

 Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Rising Dividends Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (4/30/80)	11.86	%
10 Years	9.09
5 Years	10.22
1 Year	9.57
Class C Shares
Inception (9/1/93)	8.74	%
10 Years	9.05
5 Years	10.64
1 Year	14.08
Class R Shares
Inception (3/1/01)	7.13	%
10 Years	9.44
5 Years	11.20
1 Year	15.65
Class Y Shares
Inception (12/16/96)	8.24	%
10 Years	9.98
5 Years	11.74
1 Year	16.20
Class R5 Shares
10 Years	9.89	%
5 Years	11.86
1 Year	16.33
Class R6 Shares
Inception (2/28/12)	10.80	%
10 Years	10.14
5 Years	11.87
1 Year	16.30

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Rising Dividend Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Rising Dividend Fund. Note: The Fund was subsequently renamed the Invesco Rising Dividends Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

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

3 Invesco Rising Dividends Fund

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Rising Dividends Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.86%
Aerospace & Defense–2.29%
Howmet Aerospace, Inc.		613,989	$	40,983,766
Northrop Grumman Corp.		55,781		27,055,458
				68,039,224
Air Freight & Logistics–1.33%
United Parcel Service, Inc., Class B		267,474		39,447,066
Application Software–1.11%
Intuit, Inc.		52,925		33,110,938
Asset Management & Custody Banks–1.48%
BlackRock, Inc.		58,186		43,909,483
Building Products–0.82%
Johnson Controls International PLC		375,529		24,435,672
Communications Equipment–1.27%
Motorola Solutions, Inc.		111,083		37,673,799
Construction Materials–0.83%
CRH PLC		318,729		24,675,999
Consumer Finance–0.86%
American Express Co.		109,214		25,559,352
Consumer Staples Merchandise Retail–2.17%
Walmart, Inc.		1,086,087		64,459,263
Distillers & Vintners–1.23%
Constellation Brands, Inc., Class A		144,221		36,554,255
Distributors–0.52%
LKQ Corp.		355,437		15,329,998
Diversified Banks–2.41%
JPMorgan Chase & Co.		373,189		71,555,259
Electric Utilities–1.93%
American Electric Power Co., Inc.		405,796		34,910,630
PPL Corp.		814,617		22,369,383
				57,280,013
Electrical Components & Equipment–2.11%
Emerson Electric Co.		303,038		32,661,435
Hubbell, Inc.		80,994		30,009,897
				62,671,332
Electronic Manufacturing Services–1.37%
TE Connectivity Ltd.		287,974		40,742,562
Fertilizers & Agricultural Chemicals–0.44%
Mosaic Co. (The)		413,027		12,964,918
Financial Exchanges & Data–0.78%
CME Group, Inc., Class A		111,016		23,273,394
Food Distributors–0.84%
Sysco Corp.		336,671		25,021,389

	Shares		Value
Health Care Equipment–4.00%
Becton, Dickinson and Co.		185,921	$	43,617,066
Stryker Corp.		94,206		31,700,319
Zimmer Biomet Holdings, Inc.		361,560		43,488,437
				118,805,822
Home Improvement Retail–1.83%
Lowe’s Cos., Inc.		237,920		54,243,381
Household Products–2.12%
Procter & Gamble Co. (The)		386,219		63,030,941
Industrial Conglomerates–1.20%
Honeywell International, Inc.		185,611		35,772,808
Industrial Machinery & Supplies & Components–1.36%
Parker-Hannifin Corp.		74,013		40,330,424
Industrial REITs–1.38%
Prologis, Inc.		401,500		40,973,075
Insurance Brokers–1.02%
Marsh & McLennan Cos., Inc.		151,891		30,291,622
Integrated Oil & Gas–1.80%
Chevron Corp.		332,588		53,636,467
Integrated Telecommunication Services–1.03%
Verizon Communications, Inc.		772,234		30,495,521
Interactive Home Entertainment–0.67%
Electronic Arts, Inc.		157,790		20,010,928
Investment Banking & Brokerage–1.66%
Charles Schwab Corp. (The)		246,367		18,218,840
Morgan Stanley		344,011		31,249,959
				49,468,799
IT Consulting & Other Services–1.10%
Accenture PLC, Class A		108,290		32,585,544
Life Sciences Tools & Services–2.17%
Danaher Corp.		163,952		40,433,842
Lonza Group AG (Switzerland)		43,840		24,199,383
				64,633,225
Managed Health Care–2.02%
UnitedHealth Group, Inc.		124,370		60,157,769
Movies & Entertainment–1.72%
Walt Disney Co. (The)		461,391		51,260,540
Multi-Family Residential REITs–0.73%
Mid-America Apartment Communities, Inc.		166,986		21,708,180
Multi-line Insurance–1.60%
American International Group, Inc.		632,796		47,655,867
Multi-Utilities–1.70%
Ameren Corp.		251,641		18,588,721
WEC Energy Group, Inc.		386,710		31,957,714
				50,546,435

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

5 Invesco Rising Dividends Fund

	Shares		Value
Oil & Gas Exploration & Production–2.35%
ConocoPhillips		352,175	$	44,240,224
Marathon Oil Corp.		947,831		25,449,262
				69,689,486
Oil & Gas Storage & Transportation–0.90%
Cheniere Energy, Inc.		169,655		26,774,952
Pharmaceuticals–6.38%
AstraZeneca PLC, ADR (United Kingdom)(b)		465,413		35,315,538
Eli Lilly and Co.		78,566		61,367,903
Johnson & Johnson		313,381		45,311,759
Merck & Co., Inc.		369,037		47,686,961
				189,682,161
Property & Casualty Insurance–0.99%
Hartford Financial Services Group, Inc. (The)		304,830		29,534,979
Rail Transportation–1.67%
Union Pacific Corp.		208,817		49,523,040
Regional Banks–0.88%
M&T Bank Corp.		181,888		26,262,808
Restaurants–2.85%
McDonald’s Corp.		196,282		53,592,837
Starbucks Corp.		350,416		31,008,312
				84,601,149
Semiconductor Materials & Equipment–2.67%
Applied Materials, Inc.		230,558		45,800,347
ASML Holding N.V., New York Shares (Netherlands)		38,497		33,587,477
				79,387,824
Semiconductors–7.89%
Broadcom, Inc.		44,241		57,525,245
NVIDIA Corp.		169,810		146,719,236
Texas Instruments, Inc.		172,183		30,376,525
				234,621,006
Specialty Chemicals–1.81%
DuPont de Nemours, Inc.		394,195		28,579,137
PPG Industries, Inc.		194,625		25,106,625
				53,685,762

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

	Shares		Value
Systems Software–7.58%
Microsoft Corp.		578,615	$	225,272,178
Technology Hardware, Storage & Peripherals–4.46%
Apple, Inc.		601,058		102,378,209
Dell Technologies, Inc., Class C		241,527		30,103,925
				132,482,134
Telecom Tower REITs–0.98%
American Tower Corp.		170,292		29,215,296
Tobacco–1.56%
Philip Morris International, Inc.		489,010		46,426,609
Transaction & Payment Processing Services–1.99%
Visa, Inc., Class A(b)		220,252		59,161,890
Total Common Stocks & Other Equity Interests (Cost $1,840,290,793)				2,908,632,538
Money Market Funds–2.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c)(d)		21,264,125		21,264,125
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(c)(d)		15,315,297		15,319,892
Invesco Treasury Portfolio, Institutional Class, 5.22%(c)(d)		24,301,857		24,301,857
Total Money Market Funds (Cost $60,887,297)				60,885,874
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $1,901,178,090)				2,969,518,412
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.67%
Invesco Private Government Fund, 5.29%(c)(d)(e)		22,200,435		22,200,435
Invesco Private Prime Fund, 5.46%(c)(d)(e)		57,080,472		57,097,597
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $79,305,790)				79,298,032
TOTAL INVESTMENTS IN SECURITIES–102.58% (Cost $1,980,483,880)				3,048,816,444
OTHER ASSETS LESS LIABILITIES–(2.58)%				(76,769,843	)
NET ASSETS–100.00%			$	2,972,046,601

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

6 Invesco Rising Dividends Fund

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 31,552,739		$	51,889,673		$	(62,178,287	)		$	-		$	-		$	21,264,125		$	532,301
Invesco Liquid Assets Portfolio, Institutional Class		22,665,771			37,064,053			(44,413,063	)			(4,000)			7,131			15,319,892			392,720
Invesco Treasury Portfolio, Institutional Class		36,060,273			59,302,484			(71,060,900	)			-			-			24,301,857			603,366
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		22,763,350			22,462,312			(23,025,227	)			-			-			22,200,435			479,871*
Invesco Private Prime Fund		58,550,269			52,321,003			(53,786,191	)			(9,420)			21,936			57,097,597			1,285,326*
Total		$171,592,402		$	223,039,525		$	(254,463,668	)		$	(13,420)		$	29,067		$	140,183,906		$	3,293,584

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition
By sector, based on Net Assets as of April 30, 2024
Information Technology	27.45	%
Health Care	14.58
Financials	13.68
Industrials	10.78
Consumer Staples	7.92
Consumer Discretionary	5.19
Energy	5.05
Utilities	3.63
Communication Services	3.42
Real Estate	3.09
Materials	3.07
Money Market Funds Plus Other Assets Less Liabilities	2.14

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

7 Invesco Rising Dividends Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,840,290,793)*	$	2,908,632,538
Investments in affiliated money market funds, at value (Cost $140,193,087)		140,183,906
Cash		3,000,000
Foreign currencies, at value (Cost $409)		387
Receivable for:
Fund shares sold		487,359
Dividends		2,230,440
Investment for trustee deferred compensation and retirement plans		171,998
Other assets		69,261
Total assets		3,054,775,889
Liabilities:
Payable for:
Dividends		148
Fund shares reacquired		1,828,586
Collateral upon return of securities loaned		79,305,790
Accrued fees to affiliates		1,248,272
Accrued trustees’ and officers’ fees and benefits		1,793
Accrued other operating expenses		69,844
Trustee deferred compensation and retirement plans		274,855
Total liabilities		82,729,288
Net assets applicable to shares outstanding	$	2,972,046,601
Net assets consist of:
Shares of beneficial interest	$	1,705,745,246
Distributable earnings		1,266,301,355
	$	2,972,046,601

Net Assets:
Class A	$	2,371,745,893
Class C	$	125,623,151
Class R	$	117,586,974
Class Y	$	313,497,246
Class R5	$	13,000
Class R6	$	43,580,337
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		97,722,251
Class C		6,662,124
Class R		4,891,921
Class Y		12,272,572
Class R5		536
Class R6		1,711,720
Class A:
Net asset value per share	$	24.27
Maximum offering price per share (Net asset value of $24.27 ÷ 94.50%)	$	25.68
Class C:
Net asset value and offering price per share	$	18.86
Class R:
Net asset value and offering price per share	$	24.04
Class Y:
Net asset value and offering price per share	$	25.54
Class R5:
Net asset value and offering price per share	$	24.25
Class R6:
Net asset value and offering price per share	$	25.46

* At April 30, 2024, securities with an aggregate value of $77,125,873 were on loan to brokers.

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

8 Invesco Rising Dividends Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $28,633)	$	27,451,080
Dividends from affiliated money market funds (includes net securities lending income of $44,742)		1,573,129
Total investment income		29,024,209
Expenses:
Advisory fees		8,577,357
Administrative services fees		212,220
Custodian fees		8,364
Distribution fees:
Class A		2,910,271
Class C		646,894
Class R		288,946
Transfer agent fees – A, C, R and Y		1,680,600
Transfer agent fees – R5		2
Transfer agent fees – R6		6,511
Trustees’ and officers’ fees and benefits		35,607
Registration and filing fees		54,989
Reports to shareholders		157,919
Professional services fees		41,857
Other		20,426
Total expenses		14,641,963
Less: Fees waived and/or expense offset arrangement(s)		(97,866	)
Net expenses		14,544,097
Net investment income		14,480,112
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		191,746,668
Affiliated investment securities		29,067
Foreign currencies		41,696
		191,817,431
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		260,548,519
Affiliated investment securities		(13,420	)
Foreign currencies		(196	)
		260,534,903
Net realized and unrealized gain		452,352,334
Net increase in net assets resulting from operations	$	466,832,446

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

9 Invesco Rising Dividends Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	14,480,112		$	27,018,607
Net realized gain		191,817,431			200,765,051
Change in net unrealized appreciation (depreciation)		260,534,903			(25,276,347	)
Net increase in net assets resulting from operations		466,832,446			202,507,311
Distributions to shareholders from distributable earnings:
Class A		(157,396,134	)		(125,800,903	)
Class C		(10,641,115	)		(8,431,540	)
Class R		(7,689,299	)		(5,795,329	)
Class Y		(20,369,326	)		(16,416,932	)
Class R5		(916	)		(750	)
Class R6		(2,967,979	)		(2,196,164	)
Total distributions from distributable earnings		(199,064,769	)		(158,641,618	)
Share transactions–net:
Class A		55,568,325			(18,516,358	)
Class C		(4,229,330	)		(19,681,808	)
Class R		3,198,348			3,916,774
Class Y		5,707,745			(8,465,589	)
Class R6		24,062			3,593,179
Net increase (decrease) in net assets resulting from share transactions		60,269,150			(39,153,802	)
Net increase in net assets		328,036,827			4,711,891
Net assets:
Beginning of period		2,644,009,774			2,639,297,883
End of period	$	2,972,046,601		$	2,644,009,774

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

10 Invesco Rising Dividends Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Six months ended 04/30/24		$	22.10		$	0.12			$	3.71			$	3.83			$	(0.12	)		$	(1.54	)		$	(1.66	)		$	24.27		17.82	%		$	2,371,746		0.99	%(e)		0.99	%(e)		0.99	%(e)		14	%
Year ended 10/31/23			21.76			0.22				1.45				1.67				(0.26	)			(1.07	)			(1.33	)			22.10		7.74				2,102,472		0.99			0.99			0.99			29
Year ended 10/31/22			27.44			0.20				(2.67	)			(2.47	)			(0.12	)			(3.09	)			(3.21	)			21.76		(10.33	)			2,085,512		0.96			0.96			0.87			38
Year ended 10/31/21			20.52			0.15				7.30				7.45				(0.15	)			(0.38	)			(0.53	)			27.44		36.83				2,497,385		1.00			1.00			0.62			30
Year ended 10/31/20			20.21			0.20				0.99				1.19				(0.23	)			(0.65	)			(0.88	)			20.52		6.05				1,944,346		1.04			1.04			0.99			28
Year ended 10/31/19			19.48			0.22				1.98				2.20				(0.18	)			(1.29	)			(1.47	)			20.21		12.30				2,055,643		1.05			1.05			1.13			29
Class C
Six months ended 04/30/24			17.48			0.02				2.92				2.94				(0.02	)			(1.54	)			(1.56	)			18.86		17.42				125,623		1.74	(e)		1.74	(e)		0.24	(e)		14
Year ended 10/31/23			17.37			0.04				1.15				1.19				(0.01	)			(1.07	)			(1.08	)			17.48		6.90				119,923		1.74			1.74			0.24			29
Year ended 10/31/22			22.56			0.02				(2.12	)			(2.10	)			–				(3.09	)			(3.09	)			17.37		(11.00	)			138,325		1.71			1.71			0.12			38
Year ended 10/31/21			16.95			(0.03	)			6.02				5.99				(0.00	)			(0.38	)			(0.38	)			22.56		35.83				195,831		1.75			1.75			(0.13	)		30
Year ended 10/31/20			16.77			0.04				0.82				0.86				(0.03	)			(0.65	)			(0.68	)			16.95		5.23				238,458		1.79			1.79			0.24			28
Year ended 10/31/19			16.44			0.06				1.64				1.70				(0.08	)			(1.29	)			(1.37	)			16.77		11.44				317,475		1.80			1.80			0.38			29
Class R
Six months ended 04/30/24			21.90			0.09				3.68				3.77				(0.09	)			(1.54	)			(1.63	)			24.04		17.70				117,587		1.24	(e)		1.24	(e)		0.74	(e)		14
Year ended 10/31/23			21.57			0.17				1.43				1.60				(0.20	)			(1.07	)			(1.27	)			21.90		7.48				103,799		1.24			1.24			0.74			29
Year ended 10/31/22			27.23			0.14				(2.65	)			(2.51	)			(0.06	)			(3.09	)			(3.15	)			21.57		(10.58	)			98,241		1.21			1.21			0.62			38
Year ended 10/31/21			20.36			0.09				7.25				7.34				(0.09	)			(0.38	)			(0.47	)			27.23		36.53				115,326		1.25			1.25			0.37			30
Year ended 10/31/20			20.06			0.15				0.97				1.12				(0.17	)			(0.65	)			(0.82	)			20.36		5.75				94,605		1.29			1.29			0.74			28
Year ended 10/31/19			19.35			0.17				1.97				2.14				(0.14	)			(1.29	)			(1.43	)			20.06		12.00				104,287		1.30			1.30			0.88			29
Class Y
Six months ended 04/30/24			23.18			0.16				3.90				4.06				(0.16	)			(1.54	)			(1.70	)			25.54		17.98				313,497		0.74	(e)		0.74	(e)		1.24	(e)		14
Year ended 10/31/23			22.78			0.30				1.50				1.80				(0.33	)			(1.07	)			(1.40	)			23.18		7.98				278,381		0.74			0.74			1.24			29
Year ended 10/31/22			28.59			0.27				(2.80	)			(2.53	)			(0.19	)			(3.09	)			(3.28	)			22.78		(10.12	)			281,984		0.71			0.71			1.12			38
Year ended 10/31/21			21.36			0.22				7.61				7.83				(0.22	)			(0.38	)			(0.60	)			28.59		37.21				324,469		0.75			0.75			0.87			30
Year ended 10/31/20			21.02			0.26				1.02				1.28				(0.29	)			(0.65	)			(0.94	)			21.36		6.29				255,399		0.79			0.79			1.24			28
Year ended 10/31/19			20.21			0.27				2.06				2.33				(0.23	)			(1.29	)			(1.52	)			21.02		12.52				311,750		0.80			0.80			1.38			29
Class R5
Six months ended 04/30/24			22.08			0.16				3.71				3.87				(0.16	)			(1.54	)			(1.70	)			24.25		18.04				13		0.65	(e)		0.65	(e)		1.33	(e)		14
Year ended 10/31/23			21.74			0.30				1.44				1.74				(0.33	)			(1.07	)			(1.40	)			22.08		8.11				12		0.65			0.65			1.33			29
Year ended 10/31/22			27.43			0.28				(2.68	)			(2.40	)			(0.20	)			(3.09	)			(3.29	)			21.74		(10.06	)			12		0.63			0.63			1.20			38
Year ended 10/31/21			20.51			0.24				7.30				7.54				(0.24	)			(0.38	)			(0.62	)			27.43		37.33				15		0.65			0.65			0.97			30
Year ended 10/31/20			20.21			0.27				0.98				1.25				(0.30	)			(0.65	)			(0.95	)			20.51		6.41				11		0.67			0.67			1.36			28
Period ended 10/31/19(f)			18.65			0.13				1.55				1.68				(0.12	)			–				(0.12	)			20.21		9.05				11		0.70	(e)		0.70	(e)		1.49	(e)		29
Class R6
Six months ended 04/30/24			23.11			0.17				3.89				4.06				(0.17	)			(1.54	)			(1.71	)			25.46		18.04				43,580		0.65	(e)		0.65	(e)		1.33	(e)		14
Year ended 10/31/23			22.71			0.31				1.51				1.82				(0.35	)			(1.07	)			(1.42	)			23.11		8.09				39,423		0.65			0.65			1.33			29
Year ended 10/31/22			28.51			0.29				(2.79	)			(2.50	)			(0.21	)			(3.09	)			(3.30	)			22.71		(10.04	)			35,224		0.63			0.63			1.20			38
Year ended 10/31/21			21.31			0.25				7.58				7.83				(0.25	)			(0.38	)			(0.63	)			28.51		37.30				40,929		0.65			0.65			0.97			30
Year ended 10/31/20			20.97			0.29				1.02				1.31				(0.32	)			(0.65	)			(0.97	)			21.31		6.47				28,537		0.64			0.67			1.39			28
Year ended 10/31/19			20.16			0.30				2.06				2.36				(0.26	)			(1.29	)			(1.55	)			20.97		12.72				29,624		0.64			0.64			1.54			29

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended October 31, 2019.

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

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

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

11 Invesco Rising Dividends Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Rising Dividends 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 to seek total return.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Rising Dividends Fund

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Rising Dividends Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $4,371 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $ 800 million	0.650%
Next $700 million	0.600%
Next $1 billion	0.580%
Next $2.5 billion	0.560%
Next $5 billion	0.540%
Over $10 billion	0.520%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.59%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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

14 Invesco Rising Dividends Fund

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $30,316.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, 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 fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $137,934 in front-end sales commissions from the sale of Class A shares and $2,126 and $1,341 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $4,141 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,884,433,155	$	24,199,383		$–	$	2,908,632,538
Money Market Funds		60,885,874		79,298,032		–		140,183,906
Total Investments	$	2,945,319,029	$	103,497,415		$–	$	3,048,816,444

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $67,550.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

15 Invesco Rising Dividends Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

The Fund did not have a capital loss carryforward as of October 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $394,773,501 and $489,059,383, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,097,790,615
Aggregate unrealized (depreciation) of investments		(29,912,304	)
Net unrealized appreciation of investments	$	1,067,878,311

Cost of investments for tax purposes is $1,980,938,133.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		3,130,419		$	74,696,121			5,171,112		$	116,345,046
Class C		483,757			8,997,042			929,334			16,469,101
Class R		359,962			8,499,291			633,753			14,092,207
Class Y		1,030,539			25,801,165			1,468,507			34,876,808
Class R6		191,165			4,730,382			405,246			9,581,382
Issued as reinvestment of dividends:
Class A		6,591,100			151,078,145			5,348,271			117,028,737
Class C		591,304			10,513,433			476,089			8,227,684
Class R		337,527			7,659,569			266,029			5,767,207
Class Y		687,090			16,583,677			557,248			12,795,225
Class R6		110,378			2,655,524			80,946			1,853,944
Automatic conversion of Class C shares to Class A shares:
Class A		487,138			11,711,402			941,390			20,938,467
Class C		(626,129	)		(11,711,402	)		(1,189,527	)		(20,938,467	)
Reacquired:
Class A		(7,631,985	)		(181,917,343	)		(12,154,813	)		(272,828,608	)
Class C		(647,557	)		(12,028,403	)		(1,320,003	)		(23,440,126	)
Class R		(545,605	)		(12,960,512	)		(713,853	)		(15,942,640	)
Class Y		(1,452,291	)		(36,677,097	)		(2,395,802	)		(56,137,622	)
Class R6		(295,538	)		(7,361,844	)		(331,246	)		(7,842,147	)
Net increase (decrease) in share activity		2,801,274		$	60,269,150			(1,827,319	)	$	(39,153,802	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16 Invesco Rising Dividends Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (11/01/23)			ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized     Expense     Ratio
				Ending     Account Value     (04/30/24)1			Expenses     Paid During     Period2			Ending     Account Value     (04/30/24)			Expenses     Paid During     Period2
Class A		$	1,000.00		$	1,178.20		$	5.36		$	1,019.94		$	4.97		0.99	%
Class C			1,000.00			1,174.20			9.41			1,016.21			8.72		1.74
Class R			1,000.00			1,177.00			6.71			1,018.70			6.22		1.24
Class Y			1,000.00			1,179.80			4.01			1,021.18			3.72		0.74
Class R5			1,000.00			1,180.40			3.52			1,021.63			3.27		0.65
Class R6			1,000.00			1,180.40			3.52			1,021.63			3.27		0.65

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Rising Dividends Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		651,559,928.73		19,521,717.34
	Carol Deckbar		650,894,864.61		20,186,781.46
	Cynthia Hostetler		650,788,202.34		20,293,443.73
	Dr. Eli Jones		648,707,288.42		22,374,357.65
	Elizabeth Krentzman		651,631,266.14		19,450,379.93
	Jeffrey H. Kupor		649,847,545.85		21,234,100.22
	Anthony J. LaCava, Jr.		649,901,414.33		21,180,231.73
	James Liddy		650,425,873.28		20,655,772.79
	Dr. Prema Mathai-Davis		647,909,288.41		23,172,357.65
	Joel W. Motley		649,312,571.82		21,769,074.25
	Teresa M. Ressel		651,453,689.85		19,627,956.22
	Douglas Sharp		650,694,622.77		20,387,023.30
	Robert C. Troccoli		649,373,999.87		21,707,646.20
	Daniel S. Vandivort		650,459,705.29		20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds).

18 Invesco Rising Dividends Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469  Invesco Distributors, Inc.    O-RISD-SAR-1    

Semiannual Report to Shareholders April 30, 2024

Invesco Summit Fund

Nasdaq:

A: ASMMX ∎ C: CSMMX ∎ P: SMMIX ∎ S: SMMSX ∎ Y: ASMYX ∎ R5: SMITX ∎ R6: SMISX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request 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. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, 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	26.14	%
Class C Shares	25.64
Class P Shares	26.22
Class S Shares	26.19
Class Y Shares	26.33
Class R5 Shares	26.32
Class R6 Shares	26.36
S&P 500 Index▼ (Broad Market Index)	20.98
Russell 1000 Growth Index▼ (Style-Specific Index)	23.56
Source(s): ▼RIMES Technologies Corp.
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 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

 

2 Invesco Summit Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	9.46	%
10 Years	12.08
5 Years	10.74
1 Year	24.36
Class C Shares
Inception (10/31/05)	9.44	%
10 Years	12.05
5 Years	11.16
1 Year	29.54
Class P Shares
Inception (11/1/82)	10.02	%
10 Years	12.89
5 Years	12.17
1 Year	31.76
Class S Shares
Inception (9/25/09)	13.19	%
10 Years	12.84
5 Years	12.12
1 Year	31.68
Class Y Shares
Inception (10/3/08)	12.09	%
10 Years	13.00
5 Years	12.28
1 Year	31.87
Class R5 Shares
Inception (10/3/08)	12.16	%
10 Years	13.02
5 Years	12.26
1 Year	31.90
Class R6 Shares
10 Years	12.96	%
5 Years	12.34
1 Year	31.97

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

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

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class P, Class S, Class Y,

Class R5 and Class R6 shares do not have a front-end sales charge or contingent deferred sales charge (CDSC); therefore, returns shown are at net asset value.

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

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

 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.

 

3 Invesco Summit Fund

Liquidity Risk Management Program

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

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Summit Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.71%
Advertising–1.32%
Trade Desk, Inc. (The), Class A(b)(c)		496,157	$	41,106,607
Aerospace & Defense–0.76%
Airbus SE (France)		142,650		23,474,160
Apparel Retail–0.04%
MYT Netherlands Parent B.V., ADR (Germany)(b)		276,429		1,083,602
Application Software–4.35%
Cadence Design Systems, Inc.(b)		149,400		41,179,122
Datadog, Inc., Class A(b)		128,700		16,151,850
HubSpot, Inc.(b)		77,670		46,980,253
Nutanix, Inc., Class A(b)		259,200		15,733,440
Samsara, Inc., Class A(b)		432,000		15,089,760
				135,134,425
Asset Management & Custody Banks–3.34%
Blackstone, Inc., Class A(c)		384,030		44,781,738
KKR & Co., Inc., Class A		633,500		58,959,845
				103,741,583
Automotive Parts & Equipment–0.60%
Autoliv, Inc. (Sweden)		154,350		18,489,587
Biotechnology–1.41%
Natera, Inc.(b)		324,900		30,176,712
Regeneron Pharmaceuticals, Inc.(b)		15,300		13,627,098
				43,803,810
Broadline Retail–7.74%
Amazon.com, Inc.(b)		1,267,650		221,838,750
MercadoLibre, Inc. (Brazil)(b)		12,780		18,642,186
				240,480,936
Communications Equipment–0.77%
Arista Networks, Inc.(b)		92,709		23,785,421
Construction Machinery & Heavy Transportation Equipment– 0.71%
Wabtec Corp.		136,260		21,948,761
Construction Materials–0.91%
Vulcan Materials Co.		110,070		28,357,334
Consumer Staples Merchandise Retail–0.16%
Walmart, Inc.		82,830		4,915,961
Diversified Support Services–0.60%
Cintas Corp.		28,260		18,604,688
Electrical Components & Equipment–3.45%
AMETEK, Inc.		124,200		21,692,772
Eaton Corp. PLC		103,050		32,796,693
Vertiv Holdings Co., Class A		565,380		52,580,340
				107,069,805
Environmental & Facilities Services–0.48%
Clean Harbors, Inc.(b)		78,480		14,868,036

	Shares		Value
Financial Exchanges & Data–1.86%
Intercontinental Exchange, Inc.		192,494	$	24,785,527
Moody’s Corp.		89,460		33,129,722
				57,915,249
Food Distributors–0.97%
US Foods Holding Corp.(b)		597,600		30,029,400
Health Care Equipment–4.44%
Boston Scientific Corp.(b)		396,450		28,492,862
DexCom, Inc.(b)		198,900		25,337,871
Edwards Lifesciences Corp.(b)		239,400		20,269,998
IDEXX Laboratories, Inc.(b)		25,744		12,685,613
Intuitive Surgical, Inc.(b)		137,520		50,967,662
				137,754,006
Home Improvement Retail–0.69%
Home Depot, Inc. (The)		40,140		13,415,591
Lowe’s Cos., Inc.		34,505		7,866,795
				21,282,386
Hotels, Resorts & Cruise Lines–0.92%
Booking Holdings, Inc.		8,271		28,551,740
Industrial Machinery & Supplies & Components–1.32%
Parker-Hannifin Corp.		51,210		27,904,841
Symbotic, Inc.(b)(c)		340,200		13,121,514
				41,026,355
Integrated Oil & Gas–0.74%
Suncor Energy, Inc. (Canada)		604,800		23,077,866
Interactive Home Entertainment–1.11%
Nintendo Co. Ltd. (Japan)		322,200		15,713,362
Take-Two Interactive Software, Inc.(b)		131,400		18,765,234
				34,478,596
Interactive Media & Services–8.99%
Alphabet, Inc., Class A(b)		8,280		1,347,818
Alphabet, Inc., Class C(b)		973,260		160,237,527
Meta Platforms, Inc., Class A		273,510		117,655,797
				279,241,142
Internet Services & Infrastructure–2.26%
MongoDB, Inc.(b)		105,380		38,482,668
Shopify, Inc., Class A (Canada)(b)		179,100		12,572,820
Snowflake, Inc., Class A(b)		123,300		19,136,160
				70,191,648
Leisure Facilities–0.41%
Life Time Group Holdings, Inc.(b)(c)		928,165		12,678,734
Life Sciences Tools & Services–1.78%
Danaher Corp.		84,240		20,775,269
ICON PLC(b)		78,030		23,243,576
Repligen Corp.(b)		68,310		11,216,502
				55,235,347

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

5 Invesco Summit Fund

	Shares		Value
Movies & Entertainment–1.87%
IMAX Corp.(b)(c)		119,700	$	1,916,397
Netflix, Inc.(b)		85,050		46,831,932
Spotify Technology S.A. (Sweden)(b)		33,300		9,338,652
				58,086,981
Oil & Gas Equipment & Services–0.86%
TechnipFMC PLC (United Kingdom)		1,046,000		26,798,520
Other Specialized REITs–0.29%
EPR Properties		224,100		9,096,219
Passenger Ground Transportation–1.24%
Uber Technologies, Inc.(b)		581,400		38,529,378
Personal Care Products–0.36%
e.l.f. Beauty, Inc.(b)(c)		69,300		11,263,329
Pharmaceuticals–2.83%
Eli Lilly and Co.		76,230		59,543,253
Novo Nordisk A/S, ADR (Denmark)		222,060		28,492,519
				88,035,772
Restaurants–0.52%
DoorDash, Inc., Class A(b)		126,000		16,286,760
Semiconductor Materials & Equipment–3.45%
ASML Holding N.V., New York Shares (Netherlands)		58,140		50,725,406
Entegris, Inc.		156,420		20,791,346
Lam Research Corp.		39,690		35,499,133
				107,015,885
Semiconductors–15.01%
Advanced Micro Devices, Inc.(b)		396,172		62,745,721
Astera Labs, Inc.(b)(c)		139,347		11,811,052
Broadcom, Inc.		40,680		52,894,983
Lattice Semiconductor Corp.(b)(c)		194,400		13,335,840
Microchip Technology, Inc.		121,500		11,175,570
Monolithic Power Systems, Inc.		45,090		30,180,090
NVIDIA Corp.		328,705		284,007,694
				466,150,950
Systems Software–11.89%
GitLab, Inc., Class A(b)		476,820		25,018,745
Microsoft Corp.		757,620		294,964,195

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

	Shares		Value
Systems Software–(continued)
ServiceNow, Inc.(b)		71,253	$	49,401,843
				369,384,783
Technology Hardware, Storage & Peripherals–4.17%
Apple, Inc.		759,823		129,420,652
Trading Companies & Distributors–0.72%
Fastenal Co.		143,550		9,752,787
United Rentals, Inc.		18,990		12,685,130
				22,437,917
Transaction & Payment Processing Services–4.37%
Mastercard, Inc., Class A		265,086		119,606,803
StoneCo Ltd., Class A (Brazil)(b)		1,041,300		16,244,280
				135,851,083
Total Common Stocks & Other Equity Interests (Cost $1,591,707,575)				3,096,685,414
Money Market Funds–0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)		890,181		890,181
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)		694,662		694,870
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)		1,017,350		1,017,350
Total Money Market Funds (Cost $2,602,248)				2,602,401
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.79% (Cost $1,594,309,823)				3,099,287,815
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.06%
Invesco Private Government Fund, 5.29%(d)(e)(f)		17,900,366		17,900,366
Invesco Private Prime Fund, 5.46%(d)(e)(f)		46,018,874		46,032,680
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,933,369)				63,933,046
TOTAL INVESTMENTS IN SECURITIES–101.85% (Cost $1,658,243,192)				3,163,220,861
OTHER ASSETS LESS LIABILITIES–(1.85)%				(57,396,152	)
NET ASSETS–100.00%			$	3,105,824,709

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

6 Invesco Summit Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 6,889,486	$	69,535,417	$	(75,534,722	)	$	-	$	-	$	890,181	$	111,996
Invesco Liquid Assets Portfolio, Institutional Class		4,979,875		49,668,156		(53,953,373	)		(179)		391		694,870		83,757
Invesco Treasury Portfolio, Institutional Class		7,873,698		79,469,049		(86,325,397	)		-		-		1,017,350		127,205
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		12,120,822		221,979,153		(216,199,609	)		-		-		17,900,366		513,495*
Invesco Private Prime Fund		31,355,635		423,540,224		(408,876,300	)		(323)		13,444		46,032,680		1,337,706*
Total		$63,219,516	$	844,191,999	$	(840,889,401	)	$	(502)	$	13,835	$	66,535,447	$	2,174,159

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Information Technology	41.89%
Communication Services	13.30
Consumer Discretionary	10.91
Health Care	10.46
Financials	9.58
Industrials	9.27
Other Sectors, Each Less than 2% of Net Assets	4.30
Money Market Funds Plus Other Assets Less Liabilities	0.29

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

7 Invesco Summit Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,591,707,575)*	$	3,096,685,414
Investments in affiliated money market funds, at value (Cost $66,535,617)		66,535,447
Foreign currencies, at value (Cost $672,164)		671,115
Receivable for:
Investments sold		5,968,884
Fund shares sold		285,675
Dividends		1,321,536
Investment for trustee deferred compensation and retirement plans		294,106
Other assets		104,783
Total assets		3,171,866,960
Liabilities:
Payable for:
Fund shares reacquired		1,001,482
Collateral upon return of securities loaned		63,933,369
Accrued fees to affiliates		727,174
Accrued other operating expenses		63,330
Trustee deferred compensation and retirement plans		316,896
Total liabilities		66,042,251
Net assets applicable to shares outstanding	$	3,105,824,709
Net assets consist of:
Shares of beneficial interest	$	1,629,146,612
Distributable earnings		1,476,678,097
	$	3,105,824,709
Net Assets:
Class A	$	415,458,573
Class C	$	24,754,518
Class P	$	2,618,854,051
Class S	$	4,606,859
Class Y	$	26,638,192
Class R5	$	9,426
Class R6	$	15,503,090

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,501,979
Class C		1,322,345
Class P		106,467,754
Class S		190,471
Class Y		1,080,341
Class R5		380
Class R6		621,972
Class A:
Net asset value per share	$	23.74
Maximum offering price per share (Net asset value of $23.74 ÷ 94.50%)	$	25.12
Class C:
Net asset value and offering price per share	$	18.72
Class P:
Net asset value and offering price per share	$	24.60
Class S:
Net asset value and offering price per share	$	24.19
Class Y:
Net asset value and offering price per share	$	24.66
Class R5:
Net asset value and offering price per share	$	24.81
Class R6:
Net asset value and offering price per share	$	24.93

* At April 30, 2024, securities with an aggregate value of $60,301,076 were on loan to brokers.

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

8 Invesco Summit Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $207,963)	$	8,070,881
Dividends from affiliated money market funds (includes net securities lending income of $225,311)		548,269
Total investment income		8,619,150
Expenses:
Advisory fees		9,625,080
Administrative services fees		203,552
Custodian fees		18,183
Distribution fees:
Class A		497,049
Class C		119,055
Class P		1,288,994
Class S		3,298
Transfer agent fees – A, C, P, S and Y		1,090,027
Transfer agent fees – R5		1
Transfer agent fees – R6		2,227
Trustees’ and officers’ fees and benefits		16,914
Registration and filing fees		58,086
Reports to shareholders		73,203
Professional services fees		36,090
Other		22,601
Total expenses		13,054,360
Less: Fees waived and/or expense offset arrangement(s)		(60,474	)
Net expenses		12,993,886
Net investment income (loss)		(4,374,736	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		169,561,691
Affiliated investment securities		13,835
Foreign currencies		(9,323	)
		169,566,203
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		506,890,569
Affiliated investment securities		(502	)
Foreign currencies		(9,645	)
		506,880,422
Net realized and unrealized gain		676,446,625
Net increase in net assets resulting from operations	$	672,071,889

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

9 Invesco Summit Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income (loss)	$	(4,374,736	)	$	(3,221,471	)
Net realized gain (loss)		169,566,203			(126,196,924	)
Change in net unrealized appreciation		506,880,422			445,756,094
Net increase in net assets resulting from operations		672,071,889			316,337,699
Distributions to shareholders from distributable earnings:
Class A		–			(26,019,917	)
Class C		–			(1,757,107	)
Class P		–			(181,531,713	)
Class S		–			(320,005	)
Class Y		–			(1,941,154	)
Class R5		–			(69,840	)
Class R6		–			(1,199,760	)
Total distributions from distributable earnings		–			(212,839,496	)
Share transactions–net:
Class A		810,587			24,787,667
Class C		(11,566	)		2,961,502
Class P		(141,174,397	)		10,226,981
Class S		8,660			(159,219	)
Class Y		(2,377,639	)		(37,481,770	)
Class R5		–			(739,632	)
Class R6		(1,616,967	)		(1,314,920	)
Net increase (decrease) in net assets resulting from share transactions		(144,361,322	)		(1,719,391	)
Net increase in net assets		527,710,567			101,778,812
Net assets:
Beginning of period		2,578,114,142			2,476,335,330
End of period	$	3,105,824,709		$	2,578,114,142

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

10 Invesco Summit Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$18.82			$(0.05	)		$4.97			$4.92			$     –			$23.74			26.14	%		$ 415,459			0.98	%(d)		0.98	%(d)		(0.41	)%(d)		31	%
Year ended 10/31/23		18.33			(0.05	)		2.20			2.15			(1.66	)		18.82			13.19			328,711			1.00			1.00			(0.26	)		62
Year ended 10/31/22		33.40			(0.03	)		(9.58	)		(9.61	)		(5.46	)		18.33			(33.39	)		293,295			0.99			0.99			(0.15	)		78
Year ended 10/31/21		26.25			(0.16	)		9.21			9.05			(1.90	)		33.40			35.85			476,470			0.99			0.99			(0.53	)		47
Year ended 10/31/20		21.77			(0.07	)		6.42			6.35			(1.87	)		26.25			31.23			299,616			0.99			0.99			(0.30	)		38
Year ended 10/31/19		20.75			(0.04	)		3.17			3.13			(2.11	)		21.77			17.36			169,883			1.01			1.01			(0.18	)		29
Class C
Six months ended 04/30/24		14.90			(0.10	)		3.92			3.82			–			18.72			25.64			24,755			1.73	(d)		1.73	(d)		(1.16	)(d)		31
Year ended 10/31/23		14.96			(0.15	)		1.75			1.60			(1.66	)		14.90			12.41			19,676			1.75			1.75			(1.01	)		62
Year ended 10/31/22		28.53			(0.17	)		(7.94	)		(8.11	)		(5.46	)		14.96			(33.93	)		16,613			1.74			1.74			(0.90	)		78
Year ended 10/31/21		22.82			(0.34	)		7.95			7.61			(1.90	)		28.53			34.86			31,198			1.74			1.74			(1.28	)		47
Year ended 10/31/20		19.29			(0.22	)		5.62			5.40			(1.87	)		22.82			30.25			24,427			1.74			1.74			(1.05	)		38
Year ended 10/31/19		18.77			(0.17	)		2.80			2.63			(2.11	)		19.29			16.43			15,470			1.76			1.76			(0.93	)		29
Class P
Six months ended 04/30/24		19.49			(0.03	)		5.14			5.11			–			24.60			26.22			2,618,854			0.83	(d)		0.83	(d)		(0.26	)(d)		31
Year ended 10/31/23		18.89			(0.02	)		2.28			2.26			(1.66	)		19.49			13.40			2,189,443			0.85			0.85			(0.11	)		62
Year ended 10/31/22		34.21			0.00			(9.86	)		(9.86	)		(5.46	)		18.89			(33.32	)		2,086,384			0.84			0.84			0.00			78
Year ended 10/31/21		26.80			(0.12	)		9.43			9.31			(1.90	)		34.21			36.09			3,369,237			0.84			0.84			(0.38	)		47
Year ended 10/31/20		22.16			(0.04	)		6.55			6.51			(1.87	)		26.80			31.42			2,675,601			0.84			0.84			(0.15	)		38
Year ended 10/31/19		21.05			(0.01	)		3.23			3.22			(2.11	)		22.16			17.55			2,204,984			0.86			0.86			(0.03	)		29
Class S
Six months ended 04/30/24		19.17			(0.04	)		5.06			5.02			–			24.19			26.19			4,607			0.88	(d)		0.88	(d)		(0.31	)(d)		31
Year ended 10/31/23		18.62			(0.03	)		2.24			2.21			(1.66	)		19.17			13.32			3,647			0.90			0.90			(0.16	)		62
Year ended 10/31/22		33.81			(0.01	)		(9.72	)		(9.73	)		(5.46	)		18.62			(33.33	)		3,631			0.89			0.89			(0.05	)		78
Year ended 10/31/21		26.52			(0.13	)		9.32			9.19			(1.90	)		33.81			36.02			5,626			0.89			0.89			(0.43	)		47
Year ended 10/31/20		21.95			(0.05	)		6.49			6.44			(1.87	)		26.52			31.40			4,435			0.89			0.89			(0.20	)		38
Year ended 10/31/19		20.89			(0.02	)		3.19			3.17			(2.11	)		21.95			17.44			3,711			0.91			0.91			(0.08	)		29
Class Y
Six months ended 04/30/24		19.52			(0.02	)		5.16			5.14			–			24.66			26.33			26,638			0.73	(d)		0.73	(d)		(0.16	)(d)		31
Year ended 10/31/23		18.90			0.00			2.28			2.28			(1.66	)		19.52			13.50			22,986			0.75			0.75			(0.01	)		62
Year ended 10/31/22		34.20			0.02			(9.86	)		(9.84	)		(5.46	)		18.90			(33.26	)		61,282			0.74			0.74			0.10			78
Year ended 10/31/21		26.77			(0.09	)		9.42			9.33			(1.90	)		34.20			36.22			85,356			0.74			0.74			(0.28	)		47
Year ended 10/31/20		22.12			(0.01	)		6.53			6.52			(1.87	)		26.77			31.53			47,894			0.74			0.74			(0.05	)		38
Year ended 10/31/19		21.00			0.02			3.21			3.23			(2.11	)		22.12			17.65			13,414			0.76			0.76			0.07			29
Class R5
Six months ended 04/30/24		19.64			(0.01	)		5.18			5.17			–			24.81			26.32			9			0.69	(d)		0.69	(d)		(0.12	)(d)		31
Year ended 10/31/23		19.01			(0.00	)		2.29			2.29			(1.66	)		19.64			13.48			7			0.77			0.77			(0.03	)		62
Year ended 10/31/22		34.37			0.02			(9.92	)		(9.90	)		(5.46	)		19.01			(33.27	)		801			0.77			0.77			0.07			78
Year ended 10/31/21		26.91			(0.10	)		9.46			9.36			(1.90	)		34.37			36.14			1,848			0.77			0.77			(0.31	)		47
Year ended 10/31/20		22.22			(0.02	)		6.58			6.56			(1.87	)		26.91			31.57			1,002			0.76			0.76			(0.07	)		38
Year ended 10/31/19		21.09			0.01			3.23			3.24			(2.11	)		22.22			17.63			96			0.77			0.77			0.06			29
Class R6
Six months ended 04/30/24		19.73			(0.01	)		5.21			5.20			–			24.93			26.36			15,503			0.69	(d)		0.69	(d)		(0.12	)(d)		31
Year ended 10/31/23		19.08			0.01			2.30			2.31			(1.66	)		19.73			13.54			13,643			0.70			0.70			0.04			62
Year ended 10/31/22		34.45			0.03			(9.94	)		(9.91	)		(5.46	)		19.08			(33.22	)		14,329			0.70			0.70			0.14			78
Year ended 10/31/21		26.95			(0.07	)		9.47			9.40			(1.90	)		34.45			36.24			23,732			0.70			0.70			(0.24	)		47
Year ended 10/31/20		22.24			(0.00	)		6.58			6.58			(1.87	)		26.95			31.64			16,436			0.70			0.70			(0.01	)		38
Year ended 10/31/19		21.09			0.03			3.23			3.26			(2.11	)		22.24			17.73			12,556			0.71			0.71			0.12			29

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

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

11 Invesco Summit Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

12 Invesco Summit Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the

13 Invesco Summit Fund

borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $15,354 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 10 million		1.000%
Next $140 million		0.750%
Over $150 million		0.625%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.63%.

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

The Adviser has agreed, for an indefinite period, 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 the Fund’s average daily net assets (the “boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

14 Invesco Summit Fund

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2024, the Adviser waived advisory fees of $6,872.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, 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 six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class 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 Plans 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 six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $74,171 in front-end sales commissions from the sale of Class A shares and $47 and $1,097 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $50,204 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,057,497,892	$	39,187,522		$–	$	3,096,685,414
Money Market Funds		2,602,401		63,933,046		–		66,535,447
Total Investments	$	3,060,100,293	$	103,120,568		$–	$	3,163,220,861

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $53,602.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

15 Invesco Summit Fund

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

The Fund had a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	110,229,323	$	66,702,019	$	176,931,342

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $927,463,261 and $1,059,312,595, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,533,710,654
Aggregate unrealized (depreciation) of investments		(42,491,777	)
Net unrealized appreciation of investments	$	1,491,218,877

Cost of investments for tax purposes is $1,672,001,984.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended							Year ended
	April 30, 2024							October 31, 2023
	Shares				Amount			Shares				Amount
Sold:
Class A		1,787,556			$	40,795,457			3,305,931			$	61,596,151
Class C		184,788				3,319,600			443,160				6,604,358
Class P		373,579				8,699,085			959,068				18,227,818
Class S		3,729				89,137			1,052				19,458
Class Y		235,222				5,772,301			341,162				6,751,191
Class R5		-				-			1,285				22,627
Class R6		47,529				1,163,483			64,783				1,235,695
Issued as reinvestment of dividends:
Class A		-				-			1,538,373				24,890,864
Class C		-				-			130,448				1,681,472
Class P		-				-			10,545,687				176,429,315
Class S		-				-			19,052				313,597
Class Y		-				-			102,318				1,713,834
Class R5		-				-			4,107				69,211
Class R6		-				-			68,127				1,152,701
Automatic conversion of Class C shares to Class A shares:
Class A		46,983				1,085,336			64,325				1,186,714
Class C		(59,484	)			(1,085,336	)		(80,915	)			(1,186,714	)

16 Invesco Summit Fund

	Summary of Share Activity
	Six months ended							Year ended
	April 30, 2024							October 31, 2023
	Shares				Amount			Shares				Amount
Reacquired:
Class A		(1,798,998	)		$	(41,070,206	)		(3,445,755	)		$	(62,886,062	)
Class C		(123,757	)			(2,245,830	)		(282,210	)			(4,137,614	)
Class P		(6,262,962	)			(149,873,482	)		(9,596,587	)			(184,430,152	)
Class S		(3,553	)			(80,477	)		(24,838	)			(492,274	)
Class Y		(332,216	)			(8,149,940	)		(2,508,035	)			(45,946,795	)
Class R5		-				-			(47,165	)			(831,470	)
Class R6		(116,961	)			(2,780,450	)		(192,471	)			(3,703,316	)
Net increase (decrease) in share activity		(6,018,545	)		$	(144,361,322	)		1,410,902			$	(1,719,391	)

17 Invesco Summit Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses  Paid During  Period2	Ending  Account Value  (04/30/24)	Expenses  Paid During  Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,261.40	$5.51	$1,019.99	$4.92	0.98%
Class C	1,000.00	1,256.40	9.71	1,016.26	8.67	1.73
Class P	1,000.00	1,262.20	4.67	1,020.74	4.17	0.83
Class S	1,000.00	1,261.90	4.95	1,020.49	4.42	0.88
Class Y	1,000.00	1,263.30	4.11	1,021.23	3.67	0.73
Class R5	1,000.00	1,263.20	3.88	1,021.43	3.47	0.69
Class R6	1,000.00	1,263.60	3.88	1,021.43	3.47	0.69

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Summit Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Equity Funds (Invesco Equity Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		651,559,928.73		19,521,717.34
	Carol Deckbar		650,894,864.61		20,186,781.46
	Cynthia Hostetler		650,788,202.34		20,293,443.73
	Dr. Eli Jones		648,707,288.42		22,374,357.65
	Elizabeth Krentzman		651,631,266.14		19,450,379.93
	Jeffrey H. Kupor		649,847,545.85		21,234,100.22
	Anthony J. LaCava, Jr.		649,901,414.33		21,180,231.73
	James Liddy		650,425,873.28		20,655,772.79
	Dr. Prema Mathai-Davis		647,909,288.41		23,172,357.65
	Joel W. Motley		649,312,571.82		21,769,074.25
	Teresa M. Ressel		651,453,689.85		19,627,956.22
	Douglas Sharp		650,694,622.77		20,387,023.30
	Robert C. Troccoli		649,373,999.87		21,707,646.20
	Daniel S. Vandivort		650,459,705.29		20,621,940.78

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Equity Funds (Invesco Equity Funds).

19 Invesco Summit Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-01424 and 002-25469      Invesco Distributors, Inc. SUM-SAR-1          

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of June 14, 2024, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 14, 2024, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 14. EXHIBITS.

14(a) (1)	Not applicable.
14(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
14(a) (3)	Not applicable.
14(a) (4)	Not applicable.
14(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Equity Funds (Invesco Equity Funds)
By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	June 28, 2024

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	June 28, 2024

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	June 28, 2024

EX-99.CERT

I, Glenn Brightman, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Equity Funds (Invesco Equity Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 28, 2024	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Equity Funds (Invesco Equity Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 28, 2024	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) (the “Company”) on Form N-CSR for the period ended April 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 28, 2024	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) (the “Company”) on Form N-CSR for the period ended April 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 28, 2024	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer