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)

Sheri Morris 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: 04/30/22

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:

(b) Not applicable.

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

17		Fund Expenses

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, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.47	%
Class C Shares	-12.76
Class R Shares	-12.55
Class S Shares	-12.43
Class Y Shares	-12.37
Class R5 Shares	-12.33
Class R6 Shares	-12.32
S&P 500 Index^▼ (Broad Market Index)	-9.65
Russell 1000 Index^▼ (Style-Specific Index)	-11.29

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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/26/68)	10.37	%
10 Years	8.53
5 Years	7.82
1 Year	-9.88
Class C Shares
Inception (8/4/97)	5.87	%
10 Years	8.49
5 Years	8.24
1 Year	-6.15
Class R Shares
Inception (6/3/02)	7.11	%
10 Years	8.88
5 Years	8.78
1 Year	-4.85
Class S Shares
Inception (9/25/09)	9.23	%
10 Years	9.25
5 Years	9.15
1 Year	-4.58
Class Y Shares
Inception (10/3/08)	9.00	%
10 Years	9.42
5 Years	9.32
1 Year	-4.43
Class R5 Shares
Inception (7/30/91)	8.42	%
10 Years	9.50
5 Years	9.38
1 Year	-4.39
Class R6 Shares
10 Years	9.56	%
5 Years	9.46
1 Year	-4.33

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

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares 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 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 21-23, 2022, 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, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund 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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.81%
Aerospace & Defense–2.05%
Raytheon Technologies Corp.		688,785	$	65,372,584



Agricultural & Farm Machinery–1.37%
Deere & Co.		115,793		43,717,647



Air Freight & Logistics–2.87%
United Parcel Service, Inc., Class B		507,424		91,326,171



Application Software–2.03%
Manhattan Associates, Inc.^(b)		74,786		9,763,312


salesforce.com, inc.^(b)		217,871		38,332,224


Workday, Inc., Class A^(b)		79,960		16,527,732


				64,623,268



Automobile Manufacturers–1.82%
General Motors Co.^(b)		825,385		31,290,345


Tesla, Inc.^(b)		30,558		26,608,684


				57,899,029



Automotive Retail–1.23%
CarMax, Inc.^(b)(c)		157,865		13,541,660


O’Reilly Automotive, Inc.^(b)		42,298		25,655,852


				39,197,512



Biotechnology–0.88%
Seagen, Inc.^(b)		215,204		28,193,876



Cable & Satellite–0.98%
Comcast Corp., Class A		787,577		31,314,061



Commodity Chemicals–0.76%
Valvoline, Inc.		805,504		24,350,386



Communications Equipment–1.04%
Motorola Solutions, Inc.		154,682		33,053,997



Construction Materials–1.29%
Vulcan Materials Co.		237,707		40,954,539



Consumer Finance–1.73%
American Express Co.		316,283		55,257,803



Data Processing & Outsourced Services–1.92%
Fiserv, Inc.^(b)		461,879		45,227,192


PayPal Holdings, Inc.^(b)		181,223		15,934,938


				61,162,130



Distillers & Vintners–0.69%
Constellation Brands, Inc., Class A		89,533		22,033,176



Diversified Banks–1.45%
JPMorgan Chase & Co.		386,699		46,156,393



Electric Utilities–1.90%
FirstEnergy Corp.		1,400,510		60,656,088



Electrical Components & Equipment–0.26%
Rockwell Automation, Inc.		32,518		8,216,323


	Shares		Value


Environmental & Facilities Services–0.71%
Waste Connections, Inc.		164,449	$	22,689,029



Financial Exchanges & Data–1.26%
Intercontinental Exchange, Inc.		347,364		40,228,225



Food Distributors–1.06%
Sysco Corp.		395,420		33,800,502



General Merchandise Stores–1.42%
Target Corp.		197,207		45,091,381



Health Care Facilities–2.14%
HCA Healthcare, Inc.		216,289		46,404,805


Tenet Healthcare Corp.^(b)		302,329		21,921,876


				68,326,681



Health Care Services–2.16%
CVS Health Corp.		714,690		68,703,150



Health Care Supplies–1.12%
Cooper Cos., Inc. (The)		98,546		35,579,048



Health Care Technology–0.26%
Doximity, Inc., Class A^(b)(c)		208,431		8,310,144



Home Improvement Retail–0.27%
Floor & Decor Holdings, Inc., Class A^(b)(c)		109,067		8,694,821



Homebuilding–0.74%
D.R. Horton, Inc.		338,072		23,526,430



Hotels, Resorts & Cruise Lines–1.26%
Airbnb, Inc., Class A^(b)		261,756		40,103,637



Household Products–3.16%
Procter & Gamble Co. (The)		628,120		100,844,666



Industrial Conglomerates–0.27%
Honeywell International, Inc.		44,618		8,634,029



Industrial Machinery–1.47%
Otis Worldwide Corp.		641,278		46,710,689



Industrial REITs–3.06%
Prologis, Inc.		609,058		97,625,907



Integrated Oil & Gas–1.96%
Exxon Mobil Corp.		733,728		62,550,312



Integrated Telecommunication Services–1.54%
Verizon Communications, Inc.		1,058,026		48,986,604



Interactive Media & Services–3.33%
Alphabet, Inc., Class A^(b)		46,499		106,119,553



Internet & Direct Marketing Retail–4.74%
Amazon.com, Inc.^(b)		60,762		151,031,850



IT Consulting & Other Services–1.61%
Accenture PLC, Class A		142,369		42,761,953


Amdocs Ltd.		105,642		8,418,611


				51,180,564

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


5		Invesco Charter Fund


	Shares		Value


Life Sciences Tools & Services–0.90%
Avantor, Inc.^(b)		900,723	$	28,715,049



Managed Health Care–2.91%
UnitedHealth Group, Inc.		182,301		92,709,174



Movies & Entertainment–0.22%
Warner Music Group Corp., Class A^(c)		240,296		7,153,612



Oil & Gas Exploration & Production–0.84%
APA Corp.		652,113		26,690,985



Oil & Gas Storage & Transportation–1.30%
Cheniere Energy, Inc.		185,878		25,244,091


Magellan Midstream Partners L.P.		336,774		16,316,700


				41,560,791



Other Diversified Financial Services–1.81%
Equitable Holdings, Inc.		1,995,505		57,530,409



Packaged Foods & Meats–0.93%
Mondelez International, Inc., Class A		458,807		29,583,875



Personal Products–0.10%
Coty, Inc., Class A^(b)		382,237		3,099,942



Pharmaceuticals–6.11%
AstraZeneca PLC, ADR (United Kingdom)^(c)		982,186		65,217,151


Bayer AG (Germany)		341,311		22,496,733


Eli Lilly and Co.		279,750		81,723,368


Johnson & Johnson		139,398		25,155,763


				194,593,015



Property & Casualty Insurance–1.36%
Allstate Corp. (The)		342,409		43,328,435



Railroads–1.08%
Union Pacific Corp.		146,615		34,350,428



Regional Banks–2.76%
First Citizens BancShares, Inc., Class A		54,573		34,892,885


Signature Bank		127,708		30,937,263


SVB Financial Group^(b)		45,113		21,998,903


				87,829,051



Research & Consulting Services–0.41%
TransUnion		150,750		13,193,640



Semiconductor Equipment–1.21%
Applied Materials, Inc.		349,141		38,527,709



Semiconductors–2.59%
Advanced Micro Devices, Inc.^(b)		396,545		33,912,528

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Semiconductors–(continued)
QUALCOMM, Inc.		347,766	$	48,579,433


				82,491,961



Soft Drinks–1.19%
Coca-Cola Co. (The)		588,463		38,020,594



Systems Software–9.81%
Crowdstrike Holdings, Inc., Class A^(b)		38,285		7,609,526


Microsoft Corp.		773,992		214,798,259


ServiceNow, Inc.^(b)		48,857		23,358,532


VMware, Inc., Class A		617,541		66,719,130


				312,485,447



Technology Hardware, Storage & Peripherals–5.02%
Apple, Inc.		1,014,647		159,959,100



Thrifts & Mortgage Finance–0.45%
Rocket Cos., Inc., Class A		1,627,005		14,398,994


Total Common Stocks & Other Equity Interests (Cost $2,543,152,166)				3,148,444,416



Money Market Funds–0.89%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		9,845,090		9,845,090


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		7,052,580		7,051,170


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		11,251,531		11,251,531


Total Money Market Funds (Cost $28,147,652)				28,147,791


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $2,571,299,818)				3,176,592,207



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.09%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		10,439,158		10,439,158


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		24,358,036		24,358,036


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,795,890)				34,797,194


TOTAL INVESTMENTS IN SECURITIES–100.79% (Cost $2,606,095,708)				3,211,389,401


OTHER ASSETS LESS LIABILITIES–(0.79)%				(25,052,074	)


NET ASSETS–100.00%			$	3,186,337,327

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, 2022.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 2,257,044	$	58,550,158	$	(50,962,112	)		$ -		$	-	$	9,845,090		$ 664
Invesco Liquid Assets Portfolio, Institutional Class		1,784,070		41,821,540		(36,552,596	)		(75	)		(1,769)		7,051,170		1,435
Invesco Treasury Portfolio, Institutional Class		2,579,479		66,914,466		(58,242,414	)		-			-		11,251,531		1,587
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		15,128,732		153,541,976		(158,231,550	)		-			-		10,439,158		7,314*
Invesco Private Prime Fund		35,300,375		365,775,310		(376,706,385	)		1,304			(12,568)		24,358,036		21,455*
Total		$57,049,700	$	686,603,450	$	(680,695,057	)		$1,229		$	(14,337)	$	62,944,985		$ 32,455

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, 2022.

^(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, 2022



Information Technology	25.22	%

Health Care	16.48

Consumer Discretionary	11.47

Financials	10.82

Industrials	10.49

Consumer Staples	7.14

Communication Services	6.08

Energy	4.10

Real Estate	3.06

Materials	2.05

Utilities	1.90

Money Market Funds Plus Other Assets Less Liabilities	1.19

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, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $2,543,152,166)*	$	3,148,444,416


Investments in affiliated money market funds, at value (Cost $62,943,542)		62,944,985


Foreign currencies, at value (Cost $1,440)		1,389


Receivable for:
Investments sold		17,991,304


Fund shares sold		634,432


Dividends		3,330,935


Investment for trustee deferred compensation and retirement plans		1,392,040


Other assets		167,195


Total assets		3,234,906,696



Liabilities:
Payable for:
Investments purchased		8,746,038


Fund shares reacquired		1,792,098


Collateral upon return of securities loaned		34,795,890


Accrued fees to affiliates		1,584,316


Accrued other operating expenses		154,621


Trustee deferred compensation and retirement plans		1,496,406


Total liabilities		48,569,369


Net assets applicable to shares outstanding	$	3,186,337,327



Net assets consist of:
Shares of beneficial interest	$	2,438,850,414


Distributable earnings		747,486,913


	$	3,186,337,327


Net Assets:
Class A	$	3,005,949,812


Class C	$	21,915,464


Class R	$	17,585,251


Class S	$	17,069,470


Class Y	$	96,852,065


Class R5	$	7,199,863


Class R6	$	19,765,402



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		183,038,755


Class C		1,490,113


Class R		1,083,538


Class S		1,039,272


Class Y		5,864,621


Class R5		409,044


Class R6		1,123,977


Class A:
Net asset value per share	$	16.42


Maximum offering price per share (Net asset value of $16.42 ÷ 94.50%)	$	17.38


Class C:
Net asset value and offering price per share	$	14.71


Class R:
Net asset value and offering price per share	$	16.23


Class S:
Net asset value and offering price per share	$	16.42


Class Y:
Net asset value and offering price per share	$	16.51


Class R5:
Net asset value and offering price per share	$	17.60


Class R6:
Net asset value and offering price per share	$	17.59

*	At April 30, 2022, securities with an aggregate value of $33,031,126 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, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $11,278)	$	27,344,581


Dividends from affiliated money market funds (includes securities lending income of $399,580)		403,266


Total investment income		27,747,847



Expenses:

Advisory fees		11,202,371


Administrative services fees		259,943


Custodian fees		6,671


Distribution fees:
Class A		4,257,698


Class C		128,940


Class R		49,396


Class S		14,755


Transfer agent fees – A, C, R, S and Y		1,946,910


Transfer agent fees – R5		4,104


Transfer agent fees – R6		3,335


Trustees’ and officers’ fees and benefits		20,440


Registration and filing fees		69,645


Reports to shareholders		77,037


Professional services fees		33,856


Other		19,656


Total expenses		18,094,757


Less: Fees waived and/or expense offset arrangement(s)		(3,056	)


Net expenses		18,091,701


Net investment income		9,656,146



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		142,670,851


Affiliated investment securities		(14,337	)


Foreign currencies		17,794


		142,674,308


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(609,131,146	)


Affiliated investment securities		1,229


Foreign currencies		(32,692	)


		(609,162,609	)


Net realized and unrealized gain (loss)		(466,488,301	)


Net increase (decrease) in net assets resulting from operations	$	(456,832,155	)

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, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:

Net investment income	$	9,656,146		$	13,505,432


Net realized gain		142,674,308			521,973,796


Change in net unrealized appreciation (depreciation)		(609,162,609	)		615,769,308


Net increase (decrease) in net assets resulting from operations		(456,832,155	)		1,151,248,536



Distributions to shareholders from distributable earnings:

Class A		(513,412,830	)		(72,039,347	)


Class C		(4,212,587	)		(646,926	)


Class R		(2,936,983	)		(378,832	)


Class S		(3,006,415	)		(443,411	)


Class Y		(16,819,129	)		(2,368,090	)


Class R5		(1,177,340	)		(203,608	)


Class R6		(3,482,534	)		(461,672	)


Total distributions from distributable earnings		(545,047,818	)		(76,541,886	)



Share transactions-net:

Class A		340,523,920			(221,272,537	)


Class C		1,716,778			(11,600,194	)


Class R		2,650,623			(1,874,578	)


Class S		1,545,212			(1,789,206	)


Class Y		11,275,592			3,757,091


Class R5		288,609			(1,005,584	)


Class R6		5,218,870			(1,481,654	)


Net increase (decrease) in net assets resulting from share transactions		363,219,604			(235,266,662	)


Net increase (decrease) in net assets		(638,660,369	)		839,439,988



Net assets:

Beginning of period		3,824,997,696			2,985,557,708


End of period	$	3,186,337,327		$	3,824,997,696

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 04/30/22		$21.88		$0.05			$(2.36	)		$(2.31	)		$(0.08	)		$(3.07	)		$(3.15	)		$16.42		(12.47	)%		$3,005,950		1.01	%^(d)		1.01	%^(d)		0.53	%^(d)		19	%
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	^(e)		1.99			(0.07	)		(1.65	)		(1.72	)		17.79		12.96	^(e)		3,007,391		1.07			1.07			0.74			82
Year ended 10/31/18		18.75		0.06			(0.04	)		0.02			(0.10	)		(1.15	)		(1.25	)		17.52		(0.04	)		2,951,279		1.07			1.08			0.35			46
Year ended 10/31/17		18.31		0.09			2.29			2.38			(0.17	)		(1.77	)		(1.94	)		18.75		13.83			3,363,073		1.10			1.11			0.50			30
Class C
Six months ended 04/30/22		19.91		(0.02	)		(2.11	)		(2.13	)		–			(3.07	)		(3.07	)		14.71		(12.76	)		21,915		1.76	^(d)		1.76	^(d)		(0.22	)^(d)		19
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	^(e)		1.73			–			(1.65	)		(1.65	)		16.47		12.14	^(e)		40,493		1.82			1.82			(0.01	)		82
Year ended 10/31/18		17.65		(0.07	)		(0.04	)		(0.11	)		–			(1.15	)		(1.15	)		16.39		(0.80	)		133,804		1.82			1.83			(0.40	)		46
Year ended 10/31/17		17.32		(0.04	)		2.16			2.12			(0.02	)		(1.77	)		(1.79	)		17.65		12.98			167,073		1.85			1.86			(0.25	)		30
Class R
Six months ended 04/30/22		21.63		0.03			(2.33	)		(2.30	)		(0.03	)		(3.07	)		(3.10	)		16.23		(12.55	)		17,585		1.26	^(d)		1.26	^(d)		0.28	^(d)		19
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	^(e)		1.93			–			(1.65	)		(1.65	)		17.62		12.68	^(e)		19,772		1.32			1.32			0.49			82
Year ended 10/31/18		18.55		0.02			(0.04	)		(0.02	)		(0.04	)		(1.15	)		(1.19	)		17.34		(0.24	)		23,251		1.32			1.33			0.10			46
Year ended 10/31/17		18.13		0.05			2.26			2.31			(0.12	)		(1.77	)		(1.89	)		18.55		13.53			30,187		1.35			1.36			0.25			30
Class S
Six months ended 04/30/22		21.89		0.06			(2.36	)		(2.30	)		(0.10	)		(3.07	)		(3.17	)		16.42		(12.43	)		17,069		0.91	^(d)		0.91	^(d)		0.63	^(d)		19
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	^(e)		2.01			(0.09	)		(1.65	)		(1.74	)		17.80		13.09	^(e)		16,906		0.97			0.97			0.84			82
Year ended 10/31/18		18.76		0.08			(0.04	)		0.04			(0.12	)		(1.15	)		(1.27	)		17.53		0.07			17,317		0.97			0.98			0.45			46
Year ended 10/31/17		18.32		0.11			2.28			2.39			(0.18	)		(1.77	)		(1.95	)		18.76		13.94			19,028		1.00			1.01			0.60			30
Class Y
Six months ended 04/30/22		22.01		0.07			(2.37	)		(2.30	)		(0.13	)		(3.07	)		(3.20	)		16.51		(12.37	)		96,852		0.76	^(d)		0.76	^(d)		0.78	^(d)		19
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	^(e)		2.04			(0.12	)		(1.65	)		(1.77	)		17.88		13.24	^(e)		93,143		0.82			0.82			0.99			82
Year ended 10/31/18		18.84		0.11			(0.04	)		0.07			(0.15	)		(1.15	)		(1.30	)		17.61		0.23			101,885		0.82			0.83			0.60			46
Year ended 10/31/17		18.39		0.14			2.29			2.43			(0.21	)		(1.77	)		(1.98	)		18.84		14.13			129,285		0.85			0.86			0.75			30
Class R5
Six months ended 04/30/22		23.25		0.08			(2.53	)		(2.45	)		(0.13	)		(3.07	)		(3.20	)		17.60		(12.33	)		7,200		0.75	^(d)		0.75	^(d)		0.79	^(d)		19
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	^(e)		2.15			(0.13	)		(1.65	)		(1.78	)		18.71		13.34	^(e)		9,163		0.75			0.75			1.06			82
Year ended 10/31/18		19.58		0.13			(0.06	)		0.07			(0.16	)		(1.15	)		(1.31	)		18.34		0.25			12,018		0.76			0.77			0.66			46
Year ended 10/31/17		19.05		0.16			2.38			2.54			(0.24	)		(1.77	)		(2.01	)		19.58		14.19			29,835		0.77			0.78			0.83			30
Class R6
Six months ended 04/30/22		23.24		0.09			(2.52	)		(2.43	)		(0.15	)		(3.07	)		(3.22	)		17.59		(12.27	)		19,765		0.68	^(d)		0.68	^(d)		0.86	^(d)		19
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	^(e)		2.15			(0.14	)		(1.65	)		(1.79	)		18.70		13.38	^(e)		19,030		0.69			0.69			1.12			82
Year ended 10/31/18		19.58		0.14			(0.05	)		0.09			(0.18	)		(1.15	)		(1.33	)		18.34		0.34			20,404		0.69			0.70			0.73			46
Year ended 10/31/17		19.05		0.17			2.38			2.55			(0.25	)		(1.77	)		(2.02	)		19.58		14.27			18,290		0.69			0.70			0.91			30

^(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)

Includes litigation proceeds received during the year ended 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, 2022

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

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

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

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

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

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

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

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

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. 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.


12		Invesco Charter Fund

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

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

D.	Distributions – Distributions from 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.

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

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

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

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.

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

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

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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, the Fund paid the Adviser $1,103 in fees for securities lending agent services.

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


13		Invesco Charter Fund

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.

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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $2,157.

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, 2022, 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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A,


14		Invesco Charter Fund

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, 2022, 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, 2022, IDI advised the Fund that IDI retained $68,869 in front-end sales commissions from the sale of Class A shares and $47 and $801 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $8,286 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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		$3,125,947,683		$22,496,733	$–		$3,148,444,416


Money Market Funds		28,147,791		34,797,194	–		62,944,985


Total Investments		$3,154,095,474		$57,293,927	$–		$3,211,389,401

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $899.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.


15		Invesco Charter Fund

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, 2022 was $677,758,228 and $867,482,447, 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	$	768,135,195


Aggregate unrealized (depreciation) of investments		(170,935,468	)


Net unrealized appreciation of investments	$	597,199,727

Cost of investments for tax purposes is $2,614,189,674.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended April 30, 2022^(a)						Year ended October 31, 2021^(a)
	Shares			Amount			Shares			Amount


Sold:
Class A		1,472,616		$	27,691,875			2,445,056		$	47,132,882


Class C		87,708			1,481,736			166,240			2,879,992


Class R		83,384			1,583,435			119,854			2,288,471


Class S		8,087			154,244			25,452			488,365


Class Y		527,582			10,049,464			1,055,267			20,403,478


Class R5		25,274			508,228			49,585			1,057,994


Class R6		266,732			6,121,474			156,825			3,270,707



Issued as reinvestment of dividends:
Class A		25,285,347			478,146,053			3,859,089			67,186,745


Class C		243,059			4,127,134			39,494			629,924


Class R		156,901			2,934,047			21,961			378,832


Class S		157,596			2,978,567			24,720			430,133


Class Y		666,800			12,669,201			116,651			2,037,894


Class R5		57,483			1,164,036			10,946			202,069


Class R6		154,923			3,132,535			23,073			425,471



Automatic conversion of Class C shares to Class A shares:
Class A		84,755			1,555,200			578,653			10,404,444


Class C		(94,392	)		(1,555,200	)		(632,106	)		(10,404,444	)



Reacquired:
Class A		(8,800,448	)		(166,869,208	)		(17,956,672	)		(345,996,608	)


Class C		(138,853	)		(2,336,892	)		(275,782	)		(4,705,666	)


Class R		(101,767	)		(1,866,859	)		(239,881	)		(4,541,881	)


Class S		(86,273	)		(1,587,599	)		(139,024	)		(2,707,704	)


Class Y		(602,743	)		(11,443,073	)		(959,447	)		(18,684,281	)


Class R5		(65,412	)		(1,383,655	)		(111,293	)		(2,265,647	)


Class R6		(198,189	)		(4,035,139	)		(254,906	)		(5,177,832	)


Net increase (decrease) in share activity		19,190,170		$	363,219,604			(11,876,245	)	$	(235,266,662	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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 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, 2021 through April 30, 2022.

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 (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$875.30	$4.70	$1,019.79	$5.06	1.01%
Class C	1,000.00	872.40	8.17	1,016.07	8.80	1.76
Class R	1,000.00	874.50	5.86	1,018.55	6.31	1.26
Class S	1,000.00	875.70	4.23	1,020.28	4.56	0.91
Class Y	1,000.00	876.30	3.54	1,021.03	3.81	0.76
Class R5	1,000.00	876.70	3.49	1,021.08	3.76	0.75
Class R6	1,000.00	876.80	3.16	1,021.42	3.41	0.68

The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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


17		Invesco Charter Fund

(This page intentionally left blank)

LOGO

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.

LOGO


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

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

17		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, 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	0.09	%
Class C Shares	-0.26
Class R Shares	0.02
Class Y Shares	0.23
Investor Class Shares	0.19
Class R5 Shares	0.29
Class R6 Shares	0.28
S&P 500 Index^▼ (Broad Market Index)	-9.65
Russell 1000 Value Index^▼ (Style-Specific Index)	-3.94
Lipper Large-Cap Value Funds Index^∎ (Peer Group Index)	-5.15

Source(s): ^▼RIMES Technologies Corp.;^∎Lipper Inc.
The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	7.50	%
10 Years	9.45
5 Years	6.02
1 Year	-1.98

Class C Shares
Inception (12/31/01)	7.51	%
10 Years	9.41
5 Years	6.42
1 Year	2.09
Class R Shares
Inception (10/25/05)	7.91	%
10 Years	9.81
5 Years	6.97
1 Year	3.51

Class Y Shares
Inception (10/3/08)	9.69	%
10 Years	10.35
5 Years	7.49
1 Year	4.00

Investor Class Shares
Inception (7/15/05)	7.89	%
10 Years	10.13
5 Years	7.31
1 Year	3.87

Class R5 Shares
Inception (10/25/05)	8.51	%
10 Years	10.40
5 Years	7.56
1 Year	4.04

Class R6 Shares
10 Years	10.48	%
5 Years	7.65
1 Year	4.12

Class R6 shares incepted on September 24, 2012. 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.

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.


3		Invesco Diversified Dividend Fund

Liquidity Risk Management Program

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.16%
Aerospace & Defense–3.33%
General Dynamics Corp.		493,523	$	116,732,995


Raytheon Technologies Corp.^(b)		3,227,868		306,356,952


				423,089,947



Agricultural & Farm Machinery–0.69%
Deere & Co.		231,889		87,549,692



Air Freight & Logistics–1.26%
United Parcel Service, Inc., Class B		887,355		159,706,153



Apparel Retail–0.65%
TJX Cos., Inc. (The)		1,344,781		82,408,180



Apparel, Accessories & Luxury Goods–0.51%
Columbia Sportswear Co.		782,657		64,303,099



Asset Management & Custody Banks–1.17%
State Street Corp.		2,214,884		148,330,781



Biotechnology–0.70%
AbbVie, Inc.		606,059		89,017,946



Brewers–0.76%
Heineken N.V. (Netherlands)		990,656		96,621,689



Cable & Satellite–2.15%
Comcast Corp., Class A		6,862,837		272,866,399



Communications Equipment–1.10%
Cisco Systems, Inc.		2,851,739		139,678,176



Construction Machinery & Heavy Trucks–1.16%
Caterpillar, Inc.		700,600		147,504,324



Consumer Finance–1.42%
American Express Co.		1,034,751		180,781,347



Data Processing & Outsourced Services–1.37%
Visa, Inc., Class A^(b)		815,846		173,881,258



Diversified Banks–3.88%
Bank of America Corp.		6,900,004		246,192,143


Wells Fargo & Co.		5,660,372		246,962,030


				493,154,173



Electric Utilities–5.04%
American Electric Power Co., Inc.		1,845,870		182,944,176


Constellation Energy Corp.		1,014,599		60,074,407


Entergy Corp.		1,956,339		232,510,890


Exelon Corp.		3,498,354		163,653,000


				639,182,473



Electrical Components & Equipment–0.87%
ABB Ltd. (Switzerland)		3,669,630		109,924,724



Electronic Manufacturing Services–0.93%
TE Connectivity Ltd. (Switzerland)		942,477		117,602,280



General Merchandise Stores–1.66%
Target Corp.		920,102		210,381,322


	Shares		Value


Gold–0.62%
Newmont Corp.		1,072,425	$	78,126,161



Health Care Equipment–4.46%
Becton, Dickinson and Co.		793,025		196,027,850


Medtronic PLC		2,597,232		271,047,131


Stryker Corp.		413,011		99,643,034


				566,718,015



Health Care Services–2.23%
CVS Health Corp.		2,943,959		283,002,779



Home Improvement Retail–1.04%
Lowe’s Cos., Inc.		666,705		131,827,580



Hypermarkets & Super Centers–2.74%
Walmart, Inc.		2,275,449		348,120,943



Industrial Machinery–2.24%
Parker-Hannifin Corp.		478,415		129,564,350


Pentair PLC		1,365,641		69,306,281


Stanley Black & Decker, Inc.^(b)		714,107		85,799,956


				284,670,587



Integrated Oil & Gas–3.21%
Chevron Corp.^(b)		2,602,085		407,668,657



Integrated Telecommunication Services–3.71%
AT&T, Inc.		7,275,359		137,213,271


Deutsche Telekom AG (Germany)		8,636,002		159,072,113


Verizon Communications, Inc.		3,777,706		174,907,788


				471,193,172



Investment Banking & Brokerage–2.49%
Charles Schwab Corp. (The)		3,227,789		214,099,244


Morgan Stanley		1,257,530		101,344,343


				315,443,587



IT Consulting & Other Services–1.70%
Cognizant Technology Solutions Corp., Class A		2,672,478		216,203,470



Managed Health Care–4.28%
Anthem, Inc.		492,683		247,292,378


UnitedHealth Group, Inc.		581,126		295,531,628


				542,824,006



Movies & Entertainment–1.08%
Walt Disney Co. (The)^(c)		1,225,672		136,821,765



Multi-line Insurance–1.67%
Hartford Financial Services Group, Inc. (The)		3,040,109		212,594,822



Multi-Utilities–1.80%
Dominion Energy, Inc.		2,801,679		228,729,074



Oil & Gas Exploration & Production–3.58%
ConocoPhillips		3,037,578		290,149,451


Pioneer Natural Resources Co.^(b)		708,432		164,689,187


				454,838,638

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


5		Invesco Diversified Dividend Fund


	Shares		Value


Packaged Foods & Meats–3.08%
Kraft Heinz Co. (The)		4,591,601	$	195,739,951


Nestle S.A.		1,513,627		195,417,531


				391,157,482



Paper Packaging–0.47%
Avery Dennison Corp.		332,472		60,044,443



Personal Products–0.94%
L’Oreal S.A. (France)		328,985		119,684,961



Pharmaceuticals–9.53%
Bristol-Myers Squibb Co.		2,652,997		199,691,084


Eli Lilly and Co.		387,403		113,172,039


Johnson & Johnson		2,846,657		513,707,722


Merck & Co., Inc.		4,325,709		383,647,131


				1,210,217,976



Property & Casualty Insurance–1.84%
Travelers Cos., Inc. (The)		1,363,464		233,234,152



Regional Banks–4.63%
Comerica, Inc.		1,519,244		124,426,084


Cullen/Frost Bankers, Inc.^(b)		614,062		81,234,262


Fifth Third Bancorp		2,647,997		99,379,327


M&T Bank Corp.		1,064,517		177,391,113


Zions Bancorporation N.A.		1,859,164		105,061,358


				587,492,144



Restaurants–2.97%
Darden Restaurants, Inc.		500,230		65,895,298


McDonald’s Corp.		919,785		229,173,630


Starbucks Corp.		1,095,231		81,748,042


				376,816,970



Semiconductor Equipment–0.63%
Lam Research Corp.		171,640		79,943,046



Semiconductors–1.93%
Analog Devices, Inc.		641,277		99,000,343


Broadcom, Inc.		262,392		145,467,501


				244,467,844



Soft Drinks–1.60%
Coca-Cola Co. (The)		3,139,983		202,874,302

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value


Specialized REITs–2.24%
Crown Castle International Corp.		698,240	$	129,321,030


Weyerhaeuser Co.		3,757,493		154,883,862


				284,204,892



Specialty Chemicals–1.04%
DuPont de Nemours, Inc.		2,003,699		132,103,875



Systems Software–1.76%
Microsoft Corp.		806,608		223,849,852


Total Common Stocks & Other Equity Interests (Cost $9,372,303,264)				12,460,859,158



Money Market Funds–2.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		100,649,960		100,649,960


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		47,830,669		47,821,103


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		105,659,582		105,659,582


Total Money Market Funds (Cost $254,125,475)				254,130,645


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.16% (Cost $9,626,428,739)				12,714,989,803



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.91%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		34,676,788		34,676,788


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		80,912,505		80,912,505


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,589,293)				115,589,293


TOTAL INVESTMENTS IN SECURITIES–101.07% (Cost $9,742,018,032)				12,830,579,096


OTHER ASSETS LESS LIABILITIES–(1.07)%				(136,369,973	)


NET ASSETS–100.00%			$	12,694,209,123

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, 2022.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	67,248,868	$	692,726,189	$	(659,325,097	)	$	-	$	-	$	100,649,960	$	30,330
Invesco Liquid Assets Portfolio, Institutional Class		23,991,336		494,804,421		(470,946,497	)		(3,409)		(24,748)		47,821,103		23,565
Invesco Treasury Portfolio, Institutional Class		67,486,904		791,687,074		(753,514,396	)		-		-		105,659,582		34,432
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		35,715,293		433,803,631		(434,842,136	)		-		-		34,676,788		14,416*
Invesco Private Prime Fund		83,335,683		902,980,977		(905,378,023	)		-		(26,132)		80,912,505		62,182*
Total	$	277,778,084	$	3,316,002,292	$	(3,224,006,149	)	$	(3,409)	$	(50,880)	$	369,719,938	$	164,925

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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, 2022



Health Care	21.20	%

Financials	17.10

Industrials	9.55

Information Technology	9.42

Consumer Staples	9.13

Communication Services	6.94

Utilities	6.84

Consumer Discretionary	6.82

Energy	6.79

Real Estate	2.24

Materials	2.13

Money Market Funds Plus Other Assets Less Liabilities	1.84

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, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $9,372,303,264)*	$	12,460,859,158



Investments in affiliated money market funds, at value (Cost $369,714,768)		369,719,938


Cash		12,430,634


Foreign currencies, at value (Cost $1,416,869)		1,416,820


Receivable for:
Investments sold		23,925,527


Fund shares sold		8,768,461


Dividends		21,169,986


Investment for trustee deferred compensation and retirement plans		754,605


Other assets		278,043


Total assets		12,899,323,172



Liabilities:

Payable for:
Investments purchased		12,430,634


Fund shares reacquired		70,127,141


Collateral upon return of securities loaned		115,589,293


Accrued fees to affiliates		5,569,892


Accrued other operating expenses		443,265


Trustee deferred compensation and retirement plans		953,824


Total liabilities		205,114,049


Net assets applicable to shares outstanding	$	12,694,209,123



Net assets consist of:

Shares of beneficial interest	$	8,380,186,906


Distributable earnings		4,314,022,217


	$	12,694,209,123


Net Assets:

Class A	$	4,103,857,878


Class C	$	245,764,676


Class R	$	145,836,531


Class Y	$	1,255,891,892


Investor Class	$	1,638,192,564


Class R5	$	2,293,708,010


Class R6	$	3,010,957,572



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		210,760,329


Class C		12,824,295


Class R		7,457,621


Class Y		64,422,602


Investor Class		84,141,866


Class R5		117,806,591


Class R6		154,631,992


Class A:
Net asset value per share	$	19.47


Maximum offering price per share (Net asset value of $19.47 ÷ 94.50%)	$	20.60


Class C:
Net asset value and offering price per share	$	19.16


Class R:
Net asset value and offering price per share	$	19.56


Class Y:
Net asset value and offering price per share	$	19.49


Investor Class:
Net asset value and offering price per share	$	19.47


Class R5:
Net asset value and offering price per share	$	19.47


Class R6:
Net asset value and offering price per share	$	19.47

*	At April 30, 2022, securities with an aggregate value of $109,727,572 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, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $2,010,392)	$	163,398,481


Dividends from affiliates (includes securities lending income of $64,835)		153,162


Total investment income		163,551,643



Expenses:
Advisory fees		27,688,276


Administrative services fees		979,531


Custodian fees		125,802


Distribution fees:
Class A		5,302,038


Class C		1,319,129


Class R		428,114


Investor Class		1,176,873


Transfer agent fees – A, C, R, Y and Investor		5,744,337


Transfer agent fees – R5		1,354,822


Transfer agent fees – R6		567,713


Trustees’ and officers’ fees and benefits		59,098


Registration and filing fees		122,069


Reports to shareholders		302,121


Professional services fees		54,732


Other		76,379


Total expenses		45,301,034


Less: Fees waived and/or expense offset arrangement(s)		(67,424	)


Net expenses		45,233,610


Net investment income		118,318,033



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		1,224,597,635


Affiliated investment securities		(50,880	)


Foreign currencies		(168,090	)


		1,224,378,665


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,282,214,783	)


Affiliated investment securities		(3,409	)


Foreign currencies		(602,804	)


		(1,282,820,996	)


Net realized and unrealized gain (loss)		(58,442,331	)


Net increase in net assets resulting from operations	$	59,875,702

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, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income	$	118,318,033		$	306,747,625


Net realized gain		1,224,378,665			2,291,332,894


Change in net unrealized appreciation (depreciation)		(1,282,820,996	)		1,904,930,924


Net increase in net assets resulting from operations		59,875,702			4,503,011,443



Distributions to shareholders from distributable earnings:

Class A		(636,508,082	)		(143,386,628	)


Class C		(40,022,147	)		(8,792,565	)


Class R		(27,807,835	)		(6,373,665	)


Class Y		(216,378,758	)		(65,371,081	)


Investor Class		(259,239,012	)		(60,646,062	)


Class R5		(429,865,000	)		(131,045,816	)


Class R6		(523,497,086	)		(171,639,332	)


Total distributions from distributable earnings		(2,133,317,920	)		(587,255,149	)



Share transactions–net:

Class A		445,102,107			(315,037,593	)


Class C		9,925,340			(101,105,693	)


Class R		(21,230,897	)		(34,376,403	)


Class Y		(154,971,702	)		(402,130,053	)


Investor Class		150,187,286			(161,222,606	)


Class R5		(356,047,089	)		(897,517,733	)


Class R6		(93,563,105	)		(1,507,189,072	)


Net increase (decrease) in net assets resulting from share transactions		(20,598,060	)		(3,418,579,153	)


Net increase (decrease) in net assets		(2,094,040,278	)		497,177,141



Net assets:

Beginning of period		14,788,249,401			14,291,072,260


End of period	$	12,694,209,123		$	14,788,249,401

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 04/30/22		$22.89		$0.16		$(0.16	)		$0.00			$(0.19	)		$(3.23	)		$(3.42	)		$19.47		0.09	%		$4,103,858		0.83	%^(d)		0.83	%^(d)		1.53	%^(d)		20	%
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
Year ended 10/31/18		20.18		0.44		(0.49	)		(0.05	)		(0.43	)		(0.15	)		(0.58	)		19.55		(0.28	)		4,979,893		0.79			0.80			2.17			10
Year ended 10/31/17		18.83		0.37		1.79			2.16			(0.34	)		(0.47	)		(0.81	)		20.18		11.65			6,029,664		0.80			0.82			1.85			8
Class C
Six months ended 04/30/22		22.57		0.08		(0.16	)		(0.08	)		(0.10	)		(3.23	)		(3.33	)		19.16		(0.26	)		245,765		1.58	^(d)		1.58	^(d)		0.78	^(d)		20
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
Year ended 10/31/18		19.92		0.28		(0.47	)		(0.19	)		(0.28	)		(0.15	)		(0.43	)		19.30		(1.01	)		634,394		1.54			1.55			1.42			10
Year ended 10/31/17		18.59		0.21		1.77			1.98			(0.18	)		(0.47	)		(0.65	)		19.92		10.84			840,125		1.55			1.57			1.10			8
Class R
Six months ended 04/30/22		22.97		0.13		(0.15	)		(0.02	)		(0.16	)		(3.23	)		(3.39	)		19.56		0.02			145,837		1.08	^(d)		1.08	^(d)		1.28	^(d)		20
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
Year ended 10/31/18		20.24		0.39		(0.49	)		(0.10	)		(0.38	)		(0.15	)		(0.53	)		19.61		(0.52	)		306,070		1.04			1.05			1.92			10
Year ended 10/31/17		18.88		0.32		1.80			2.12			(0.29	)		(0.47	)		(0.76	)		20.24		11.40			358,418		1.05			1.07			1.60			8
Class Y
Six months ended 04/30/22		22.91		0.19		(0.17	)		0.02			(0.21	)		(3.23	)		(3.44	)		19.49		0.23			1,255,892		0.58	^(d)		0.58	^(d)		1.78	^(d)		20
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
Year ended 10/31/18		20.20		0.49		(0.49	)		0.00			(0.48	)		(0.15	)		(0.63	)		19.57		(0.03	)		2,844,688		0.54			0.55			2.42			10
Year ended 10/31/17		18.85		0.42		1.79			2.21			(0.39	)		(0.47	)		(0.86	)		20.20		11.93			4,278,325		0.55			0.57			2.10			8
Investor Class
Six months ended 04/30/22		22.88		0.17		(0.16	)		0.01			(0.19	)		(3.23	)		(3.42	)		19.47		0.19	^(e)		1,638,193		0.72	^(d)(e)		0.72	^(d)(e)		1.64	^(d)(e)		20
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
Year ended 10/31/18		20.16		0.45		(0.48	)		(0.03	)		(0.44	)		(0.15	)		(0.59	)		19.54		(0.19	)^(e)		1,815,421		0.74	^(e)		0.75	^(e)		2.22	^(e)		10
Year ended 10/31/17		18.81		0.37		1.79			2.16			(0.34	)		(0.47	)		(0.81	)		20.16		11.69	^(e)		2,113,750		0.75	^(e)		0.77	^(e)		1.90	^(e)		8
Class R5
Six months ended 04/30/22		22.89		0.19		(0.16	)		0.03			(0.22	)		(3.23	)		(3.45	)		19.47		0.25			2,293,708		0.53	^(d)		0.53	^(d)		1.83	^(d)		20
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
Year ended 10/31/18		20.18		0.50		(0.49	)		0.01			(0.49	)		(0.15	)		(0.64	)		19.55		0.02			3,715,586		0.50			0.51			2.46			10
Year ended 10/31/17		18.83		0.43		1.79			2.22			(0.40	)		(0.47	)		(0.87	)		20.18		11.99			3,845,848		0.49			0.51			2.16			8
Class R6
Six months ended 04/30/22		22.89		0.20		(0.17	)		0.03			(0.22	)		(3.23	)		(3.45	)		19.47		0.28			3,010,958		0.46	^(d)		0.46	^(d)		1.90	^(d)		20
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
Year ended 10/31/18		20.19		0.51		(0.49	)		0.02			(0.51	)		(0.15	)		(0.66	)		19.55		0.07			5,905,494		0.40			0.41			2.56			10
Year ended 10/31/17		18.83		0.45		1.79			2.24			(0.41	)		(0.47	)		(0.88	)		20.19		12.15			6,344,022		0.39			0.41			2.26			8

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	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 0.14%, 0.14%, 0.19%, 0.18%, 0.20% and 0.20% for the six months ended April 30, 2022 and for the years ended October 31, 2021, 2020, 2019, 2018 and 2017, 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, 2022

(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 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.

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


12		Invesco Diversified Dividend Fund

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

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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, the Fund paid the Adviser $2,866 in fees for securities lending agent services.


13		Invesco Diversified Dividend Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2022, the effective advisory fee rate incurred by the Fund was 0.40%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $66,712.

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, 2022, 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 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,


14		Invesco Diversified Dividend Fund

Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, 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, 2022, IDI advised the Fund that IDI retained $247,792 in front-end sales commissions from the sale of Class A shares and $9,868 and $1,726 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $6,735 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	11,780,138,140	$	680,721,018		$–	$	12,460,859,158


Money Market Funds		254,130,645		115,589,293		–		369,719,938


Total Investments	$	12,034,268,785	$	796,310,311		$–	$	12,830,579,096

NOTE 4–Expense Offset Arrangement(s)

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

NOTE 7–Tax Information


15		Invesco Diversified Dividend Fund

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $2,742,270,789 and $4,708,527,848, 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	$3,537,166,117


Aggregate unrealized (depreciation) of investments	(459,654,141	)


Net unrealized appreciation of investments	$3,077,511,976

Cost of investments for tax purposes is $9,753,067,120.

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		10,064,653		$	206,019,498			15,025,998		$	322,187,664


Class C		653,789			13,214,345			912,591			19,256,308


Class R		942,091			19,434,300			1,226,867			26,267,145


Class Y		6,101,928			126,344,727			16,923,688			360,367,904


Investor Class		1,031,226			21,289,790			1,911,873			40,279,459


Class R5		6,887,858			141,075,115			17,766,016			375,436,561


Class R6		10,947,349			225,300,334			27,399,714			581,799,439



Issued as reinvestment of dividends:
Class A		30,085,476			584,007,885			6,335,038			130,696,930


Class C		1,895,800			36,224,540			390,145			7,830,053


Class R		1,426,227			27,800,774			308,785			6,372,167


Class Y		9,276,992			180,156,845			2,600,190			53,549,154


Investor Class		11,991,130			232,669,438			2,660,335			54,868,705


Class R5		22,140,039			429,590,550			6,346,288			130,949,359


Class R6		26,539,522			514,995,764			8,198,014			169,253,130



Automatic conversion of Class C shares to Class A shares:
Class A		881,853			17,986,368			2,823,623			58,964,482


Class C		(895,773	)		(17,986,368	)		(2,861,608	)		(58,964,482	)



Reacquired:
Class A		(17,638,008	)		(362,911,644	)		(38,780,275	)		(826,886,669	)


Class C		(1,057,657	)		(21,527,177	)		(3,323,603	)		(69,227,572	)


Class R		(3,329,099	)		(68,465,971	)		(3,140,532	)		(67,015,715	)


Class Y		(21,679,067	)		(461,473,274	)		(37,881,837	)		(816,047,111	)


Investor Class		(5,039,145	)		(103,771,942	)		(11,986,826	)		(256,370,770	)


Class R5		(45,027,123	)		(926,712,754	)		(64,662,581	)		(1,403,903,653	)


Class R6		(40,403,108	)		(833,859,203	)		(103,846,708	)		(2,258,241,641	)


Net increase (decrease) in share activity		5,796,953		$	(20,598,060	)		(155,654,805	)	$	(3,418,579,153	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		Invesco Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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 (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,000.90	$4.12	$1,020.68	$4.16	0.83%
Class C	1,000.00	997.40	7.82	1,016.96	7.90	1.58
Class R	1,000.00	1,000.20	5.36	1,019.44	5.41	1.08
Class Y	1,000.00	1,002.30	2.88	1,021.92	2.91	0.58
Investor Class	1,000.00	1,001.90	3.57	1,021.22	3.61	0.72
Class R5	1,000.00	1,002.90	2.63	1,022.17	2.66	0.53
Class R6	1,000.00	1,002.80	2.28	1,022.51	2.31	0.46

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


17		Invesco Diversified Dividend Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.38	%
Class C Shares	-12.69
Class R Shares	-12.48
Class Y Shares	-12.27
Class R5 Shares	-12.24
Class R6 Shares	-12.25
S&P 500 Index^▼	-9.65

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 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (2/3/88)	11.01	%
10 Years	11.06
5 Years	9.26
1 Year	-9.70

Class C Shares
Inception (12/1/93)	8.42	%
10 Years	11.02
5 Years	9.66
1 Year	-5.96

Class R Shares
Inception (3/1/01)	6.73	%
10 Years	11.40
5 Years	10.20
1 Year	-4.73

Class Y Shares
Inception (11/1/96)	8.29	%
10 Years	11.97
5 Years	10.76
1 Year	-4.22

Class R5 Shares
10 Years	11.80	%
5 Years	10.72
1 Year	-4.17

Class R6 Shares
Inception (12/29/11)	13.07	%
10 Years	12.13
5 Years	10.90
1 Year	-4.16

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.

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

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


3		Invesco Main Street Fund®

Liquidity Risk Management Program

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.84%
Aerospace & Defense–2.05%
Raytheon Technologies Corp.		2,089,908	$	198,353,168



Agricultural & Farm Machinery–1.37%
Deere & Co.		351,617		132,752,998



Air Freight & Logistics–2.87%
United Parcel Service, Inc., Class B		1,538,910		276,973,022



Application Software–2.03%
Manhattan Associates, Inc.^(b)(c)		226,649		29,589,027


salesforce.com, inc.^(b)		660,006		116,121,456


Workday, Inc., Class A^(b)		242,439		50,112,141


				195,822,624



Automobile Manufacturers–1.82%
General Motors Co.^(b)		2,502,417		94,866,628


Tesla, Inc.^(b)		92,597		80,629,764


				175,496,392



Automotive Retail–1.23%
CarMax, Inc.^(b)(c)		478,441		41,040,669


O’Reilly Automotive, Inc.^(b)		128,121		77,711,793


				118,752,462



Biotechnology–0.88%
Seagen, Inc.^(b)		651,924		85,408,563



Cable & Satellite–0.98%
Comcast Corp., Class A		2,387,897		94,942,785



Commodity Chemicals–0.76%
Valvoline, Inc.^(c)		2,441,978		73,820,995



Communications Equipment–1.04%
Motorola Solutions, Inc.		468,333		100,078,079



Construction Materials–1.28%
Vulcan Materials Co.		720,329		124,105,483



Consumer Finance–1.73%
American Express Co.		958,969		167,541,474



Data Processing & Outsourced Services–1.92%
Fiserv, Inc.^(b)		1,398,142		136,906,065


PayPal Holdings, Inc.^(b)		547,763		48,164,800


				185,070,865



Distillers & Vintners–0.69%
Constellation Brands, Inc., Class A		271,832		66,895,137



Diversified Banks–1.49%
JPMorgan Chase & Co.		1,210,121		144,440,043



Electric Utilities–1.91%
FirstEnergy Corp.		4,255,479		184,304,795



Electrical Components & Equipment–0.26%
Rockwell Automation, Inc.		98,622		24,918,821


	Shares		Value


Environmental & Facilities Services–0.71%
Waste Connections, Inc.		498,740	$	68,811,157



Financial Exchanges & Data–1.26%
Intercontinental Exchange, Inc.		1,053,209		121,972,134



Food Distributors–1.06%
Sysco Corp.		1,199,226		102,509,838



General Merchandise Stores–1.41%
Target Corp.		595,792		136,227,841



Health Care Facilities–2.14%
HCA Healthcare, Inc.		655,507		140,639,027


Tenet Healthcare Corp.^(b)		914,112		66,282,261


				206,921,288



Health Care Services–2.16%
CVS Health Corp.		2,173,068		208,897,027



Health Care Supplies–1.12%
Cooper Cos., Inc. (The)		298,526		107,779,827



Health Care Technology–0.26%
Doximity, Inc., Class A^(b)(c)		632,509		25,218,134



Home Improvement Retail–0.27%
Floor & Decor Holdings, Inc., Class A^(b)		330,777		26,369,542



Homebuilding–0.74%
D.R. Horton, Inc.		1,024,972		71,327,801



Hotels, Resorts & Cruise Lines–1.26%
Airbnb, Inc., Class A^(b)		792,638		121,440,068



Household Products–3.16%
Procter & Gamble Co. (The)		1,902,042		305,372,843



Industrial Conglomerates–0.27%
Honeywell International, Inc.		135,282		26,178,420



Industrial Machinery–1.47%
Otis Worldwide Corp.		1,945,763		141,729,377



Industrial REITs–3.06%
Prologis, Inc.		1,844,539		295,661,156



Integrated Oil & Gas–1.96%
Exxon Mobil Corp.		2,224,662		189,652,435



Integrated Telecommunication Services–1.54%
Verizon Communications, Inc.		3,206,005		148,438,032



Interactive Media & Services–3.33%
Alphabet, Inc., Class A^(b)		140,863		321,476,130



Internet & Direct Marketing Retail–4.74%
Amazon.com, Inc.^(b)		184,119		457,651,710



IT Consulting & Other Services–1.60%
Accenture PLC, Class A		431,279		129,538,961


Amdocs Ltd.		320,160		25,513,550


				155,052,511

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


5		Invesco Main Street Fund®


	Shares		Value


Life Sciences Tools & Services–0.90%
Avantor, Inc.^(b)		2,729,764	$	87,024,876



Managed Health Care–2.91%
UnitedHealth Group, Inc.		552,616		281,032,867



Movies & Entertainment–0.22%
Warner Music Group Corp., Class A		727,762		21,665,475



Oil & Gas Exploration & Production–0.84%
APA Corp.		1,977,205		80,927,001



Oil & Gas Storage & Transportation–1.31%
Cheniere Energy, Inc.		563,582		76,540,072


Magellan Midstream Partners L.P.		1,022,836		49,556,404


				126,096,476



Other Diversified Financial Services–1.81%
Equitable Holdings, Inc.		6,051,948		174,477,661



Packaged Foods & Meats–0.93%
Mondelez International, Inc., Class A		1,391,114		89,699,031



Personal Products–0.10%
Coty, Inc., Class A^(b)		1,157,480		9,387,163



Pharmaceuticals–6.11%
AstraZeneca PLC, ADR (United Kingdom)^(c)		2,983,123		198,079,367


Bayer AG (Germany)		1,034,409		68,180,702


Eli Lilly and Co.		847,692		247,636,264


Johnson & Johnson		422,474		76,239,658


				590,135,991



Property & Casualty Insurance–1.36%
Allstate Corp. (The)		1,041,573		131,800,647



Railroads–1.08%
Union Pacific Corp.		445,219		104,310,360



Regional Banks–2.76%
First Citizens BancShares, Inc., Class A^(c)		165,509		105,823,144


Signature Bank		386,940		93,736,215


SVB Financial Group^(b)		136,803		66,710,615


				266,269,974



Research & Consulting Services–0.41%
TransUnion		457,194		40,013,619



Semiconductor Equipment–1.21%
Applied Materials, Inc.		1,058,827		116,841,559



Semiconductors–2.59%
Advanced Micro Devices, Inc.^(b)		1,202,587		102,845,240

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Semiconductors–(continued)
QUALCOMM, Inc.		1,053,721	$	147,194,287


				250,039,527



Soft Drinks–1.19%
Coca-Cola Co. (The)		1,784,236		115,279,488



Systems Software–9.81%
Crowdstrike Holdings, Inc., Class A^(b)		115,979		23,051,986


Microsoft Corp.		2,345,404		650,896,519


ServiceNow, Inc.^(b)		148,134		70,822,865


VMware, Inc., Class A		1,875,261		202,603,199


				947,374,569



Technology Hardware, Storage & Peripherals–5.02%
Apple, Inc.		3,073,719		484,571,800



Thrifts & Mortgage Finance–0.45%
Rocket Cos., Inc., Class A		4,925,187		43,587,905


Total Common Stocks & Other Equity Interests (Cost $7,540,563,197)				9,548,900,966



Money Market Funds–0.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		27,544,194		27,544,194


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		20,024,580		20,020,576


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		31,479,079		31,479,079


Total Money Market Funds (Cost $79,043,133)				79,043,849


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $7,619,606,330)				9,627,944,815



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.94%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		27,307,010		27,307,010


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		63,716,356		63,716,356


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,022,997)				91,023,366


TOTAL INVESTMENTS IN SECURITIES-100.60% (Cost $7,710,629,327)				9,718,968,181


OTHER ASSETS LESS LIABILITIES-(0.60)%				(58,122,555	)


NET ASSETS–100.00%			$	9,660,845,626

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


6		Invesco Main Street 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, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,916,163	$	191,407,532	$	(166,779,501	)	$	-	$	-	$	27,544,194		$ 2,980
Invesco Liquid Assets Portfolio, Institutional Class		2,916,554		136,719,666		(119,609,552	)		716		(6,808)		20,020,576		4,532
Invesco Treasury Portfolio, Institutional Class		3,332,758		218,751,464		(190,605,143	)		-		-		31,479,079		4,825
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		54,353,000		553,648,924		(580,694,914	)		-		-		27,307,010		23,285*
Invesco Private Prime Fund		126,823,666		999,902,506		(1,062,984,755	)		368		(25,429)		63,716,356		72,619*
Total	$	190,342,141	$	2,100,430,092	$	(2,120,673,865	)	$	1,084	$	(32,237)	$	170,067,215		$108,241

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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, 2022



Information Technology	25.20	%

Health Care	16.48

Consumer Discretionary	11.46

Financials	10.87

Industrials	10.50

Consumer Staples	7.13

Communication Services	6.07

Energy	4.11

Real Estate	3.06

Materials	2.05

Utilities	1.91

Money Market Funds Plus Other Assets Less Liabilities	1.16

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, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $7,540,563,197)*	$	9,548,900,966


Investments in affiliated money market funds, at value (Cost $170,066,130)		170,067,215


Cash		3,000,000


Foreign currencies, at value (Cost $297)		281


Receivable for:
Investments sold		54,607,612


Fund shares sold		3,346,199


Dividends		8,940,458


Investment for trustee deferred compensation and retirement plans		869,393


Other assets		326,783


Total assets		9,790,058,907



Liabilities:

Payable for:
Investments purchased		26,518,032


Fund shares reacquired		6,550,435


Collateral upon return of securities loaned		91,022,997


Accrued fees to affiliates		3,907,573


Accrued other operating expenses		344,851


Trustee deferred compensation and retirement plans		869,393


Total liabilities		129,213,281


Net assets applicable to shares outstanding	$	9,660,845,626



Net assets consist of:

Shares of beneficial interest	$	7,283,346,736


Distributable earnings		2,377,498,890


	$	9,660,845,626


Net Assets:
Class A	$	8,244,554,556


Class C	$	243,393,580


Class R	$	254,720,635


Class Y	$	493,701,402


Class R5	$	10,636


Class R6	$	424,464,817



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		169,990,956


Class C		5,567,325


Class R		5,436,160


Class Y		10,273,169


Class R5		218


Class R6		8,835,361


Class A:
Net asset value per share	$	48.50


Maximum offering price per share (Net asset value of $48.50 ÷ 94.50%)	$	51.32


Class C:
Net asset value and offering price per share	$	43.72


Class R:
Net asset value and offering price per share	$	46.86


Class Y:
Net asset value and offering price per share	$	48.06


Class R5:
Net asset value and offering price per share	$	48.79


Class R6:
Net asset value and offering price per share	$	48.04

*	At April 30, 2022, securities with an aggregate value of $85,413,509 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, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $34,124)	$	73,163,874


Dividends from affiliated money market funds (includes securities lending income of $431,837)		444,174


Total investment income		73,608,048



Expenses:

Advisory fees		24,127,883


Administrative services fees		770,639


Custodian fees		28,468


Distribution fees:
Class A		10,619,417


Class C		1,426,378


Class R		709,520


Transfer agent fees – A, C, R and Y		5,117,785


Transfer agent fees – R5		2


Transfer agent fees – R6		85,598


Trustees’ and officers’ fees and benefits		44,729


Registration and filing fees		126,689


Professional services fees		56,189


Other		(380,951	)


Total expenses		42,732,346


Less: Fees waived and/or expense offset arrangement(s)		(9,334	)


Net expenses		42,723,012


Net investment income		30,885,036



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		407,030,779


Affiliated investment securities		(32,237	)


Foreign currencies		54,385


		407,052,927


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,812,457,546	)


Affiliated investment securities		1,084


Foreign currencies		(14	)


		(1,812,456,476	)


Net realized and unrealized gain (loss)		(1,405,403,549	)


Net increase (decrease) in net assets resulting from operations	$	(1,374,518,513	)

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, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:

Net investment income	$	30,885,036		$	62,599,186


Net realized gain		407,052,927			1,852,926,404


Change in net unrealized appreciation (depreciation)		(1,812,456,476	)		1,554,573,817


Net increase (decrease) in net assets resulting from operations		(1,374,518,513	)		3,470,099,407



Distributions to shareholders from distributable earnings:

Class A		(1,603,979,647	)		(257,779,861	)


Class C		(52,532,692	)		(10,580,645	)


Class R		(49,150,971	)		(7,703,892	)


Class Y		(100,034,120	)		(15,724,229	)


Class R5		(2,431	)		(376	)


Class R6		(90,806,951	)		(15,515,693	)


Total distributions from distributable earnings		(1,896,506,812	)		(307,304,696	)



Share transactions–net:

Class A		1,210,323,208			(373,051,867	)


Class C		25,154,208			(82,556,465	)


Class R		49,084,419			(6,867,416	)


Class Y		66,834,829			(6,957,858	)


Class R6		36,429,449			(53,575,406	)


Net increase (decrease) in net assets resulting from share transactions		1,387,826,113			(523,009,012	)


Net increase (decrease) in net assets		(1,883,199,212	)		2,639,785,699



Net assets:

Beginning of period		11,544,044,838			8,904,259,139


End of period	$	9,660,845,626		$	11,544,044,838

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 04/30/22		$66.18		$0.16			$(6.92	)		$(6.76	)		$(0.38	)		$(10.54	)		$(10.92	)		$48.50		(12.38	)%^(e)		$8,244,555		0.78	%^(e)(f)		0.78	%^(e)(f)		0.57	%^(e)(f)		19	%
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
Year ended 08/31/18		52.61		0.45			5.08			5.53			(0.55	)		(3.28	)		(3.83	)		54.31		10.99			7,579,158		0.90			0.90			0.87			56
Year ended 08/31/17		46.57		0.53			6.90			7.43			(0.51	)		(0.88	)		(1.39	)		52.61		16.27			7,436,792		0.93			0.93			1.08			40
Class C
Six months ended 04/30/22		60.54		(0.05	)		(6.23	)		(6.28	)		–			(10.54	)		(10.54	)		43.72		(12.69	)		243,394		1.55	^(f)		1.55	^(f)		(0.20	)^(f)		19
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
Year ended 08/31/18		49.85		0.05			4.81			4.86			(0.17	)		(3.28	)		(3.45	)		51.26		10.16			810,071		1.67			1.67			0.11			56
Year ended 08/31/17		44.24		0.15			6.54			6.69			(0.20	)		(0.88	)		(1.08	)		49.85		15.39			826,928		1.68			1.68			0.32			40
Class R
Six months ended 04/30/22		64.21		0.08			(6.67	)		(6.59	)		(0.22	)		(10.54	)		(10.76	)		46.86		(12.47	)		254,721		1.05	^(f)		1.05	^(f)		0.30	^(f)		19
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
Year ended 08/31/18		51.70		0.31			4.98			5.29			(0.45	)		(3.28	)		(3.73	)		53.26		10.70			223,733		1.17			1.17			0.61			56
Year ended 08/31/17		45.82		0.40			6.77			7.17			(0.41	)		(0.88	)		(1.29	)		51.70		15.99			189,337		1.18			1.18			0.82			40
Class Y
Six months ended 04/30/22		65.75		0.22			(6.85	)		(6.63	)		(0.52	)		(10.54	)		(11.06	)		48.06		(12.27	)		493,701		0.55	^(f)		0.55	^(f)		0.80	^(f)		19
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
Year ended 08/31/18		52.25		0.57			5.03			5.60			(0.67	)		(3.28	)		(3.95	)		53.90		11.25			820,422		0.67			0.67			1.10			56
Year ended 08/31/17		46.26		0.64			6.85			7.49			(0.62	)		(0.88	)		(1.50	)		52.25		16.55			778,910		0.69			0.69			1.32			40
Class R5
Six months ended 04/30/22		66.63		0.24			(6.95	)		(6.71	)		(0.59	)		(10.54	)		(11.13	)		48.79		(12.24	)		11		0.48	^(f)		0.48	^(f)		0.87	^(f)		19
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 04/30/22		65.78		0.24			(6.85	)		(6.61	)		(0.59	)		(10.54	)		(11.13	)		48.04		(12.25	)		424,465		0.48	^(f)		0.48	^(f)		0.87	^(f)		19
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
Year ended 08/31/18		52.22		0.66			5.03			5.69			(0.76	)		(3.28	)		(4.04	)		53.87		11.45			720,854		0.50			0.50			1.27			56
Year ended 08/31/17		46.25		0.73			6.83			7.56			(0.71	)		(0.88	)		(1.59	)		52.22		16.76			756,378		0.50			0.50			1.49			40

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018 and 2017, 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, 2022 and the years ended October 31, 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, 2022

(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 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.

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


12		Invesco Main Street Fund®

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

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

D.	Distributions - Distributions from 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.

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.

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.

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

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

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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, the Fund paid the Adviser $3,804 in fees for securities lending agent services.

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


13		Invesco Main Street Fund®

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.

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.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $200 million		0.650%


Next $150 million		0.600%


Next $150 million		0.550%


Next $9.5 billion		0.450%


Next $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, 2022, 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 contractually agreed, through at least June 30, 2023, 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 “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $6,655.


14		Invesco Main Street Fund®

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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, 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, 2022, IDI advised the Fund that IDI retained $386,991 in front-end sales commissions from the sale of Class A shares and $3,441 and $4,678 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $25,744 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	9,480,720,264	$	68,180,702		$–	$	9,548,900,966


Money Market Funds		79,043,849		91,023,366		–		170,067,215


Total Investments	$	9,559,764,113	$	159,204,068		$–	$	9,718,968,181

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information


15		Invesco Main Street Fund®

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $2,054,412,346 and $2,576,911,190, 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	$2,509,116,599


Aggregate unrealized (depreciation) of investments	(505,317,014	)


Net unrealized appreciation of investments	$2,003,799,585

Cost of investments for tax purposes is $7,715,168,596.

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		3,186,081		$	178,900,137			6,004,663		$	349,912,527


Class C		355,305			18,003,721			707,922			37,816,164


Class R		543,953			29,273,832			663,675			37,681,412


Class Y		981,679			55,560,550			1,837,051			106,455,791


Class R6		764,005			43,003,357			1,564,589			91,434,562



Issued as reinvestment of dividends:
Class A		27,281,275			1,522,295,227			4,665,147			245,246,811


Class C		1,018,369			51,366,549			213,677			10,346,263


Class R		906,909			48,936,808			149,808			7,659,671


Class Y		1,610,238			88,949,527			275,171			14,344,649


Class R6		1,610,402			88,910,299			294,840			15,361,145



Automatic conversion of Class C shares to Class A shares:
Class A		306,183			16,677,728			1,305,710			72,256,444


Class C		(338,606	)		(16,677,728	)		(1,419,448	)		(72,256,444	)



Reacquired:
Class A		(9,003,551	)		(507,549,884	)		(17,812,991	)		(1,040,467,649	)


Class C		(544,184	)		(27,538,334	)		(1,100,520	)		(58,462,448	)


Class R		(553,462	)		(29,126,221	)		(914,632	)		(52,208,499	)


Class Y		(1,392,283	)		(77,675,248	)		(2,209,441	)		(127,758,298	)


Class R6		(1,748,691	)		(95,484,207	)		(2,732,621	)		(160,371,113	)


Net increase (decrease) in share activity		24,983,622		$	1,387,826,113			(8,507,400	)	$	(523,009,012	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% 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 Fund®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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 (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$876.20	$3.63	$1,020.93	$3.91	0.78%
Class C	1,000.00	873.10	7.20	1,017.11	7.75	1.55
Class R	1,000.00	875.20	4.88	1,019.59	5.26	1.05
Class Y	1,000.00	877.30	2.56	1,022.07	2.76	0.55
Class R5	1,000.00	877.60	2.23	1,022.41	2.41	0.48
Class R6	1,000.00	877.50	2.23	1,022.41	2.41	0.48

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


17		Invesco Main Street Fund®

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.11	%
Class C Shares	-11.44
Class R Shares	-11.20
Class Y Shares	-10.99
Class R5 Shares	-10.96
Class R6 Shares	-10.95
Russell 3000 Index^▼	-11.75

Source(s): ^▼RIMES Technologies Corp.

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 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

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 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (9/25/00)	7.71	%
10 Years	10.13
5 Years	10.04
1 Year	-9.59

Class C Shares
Inception (9/25/00)	7.70	%
10 Years	10.09
5 Years	10.47
1 Year	-5.87

Class R Shares
Inception (3/1/01)	7.93	%
10 Years	10.47
5 Years	11.01
1 Year	-4.61

Class Y Shares
Inception (9/25/00)	8.33	%
10 Years	11.03
5 Years	11.55
1 Year	-4.14

Class R5 Shares
10 Years	10.86	%
5 Years	11.50
1 Year	-4.08

Class R6 Shares
10 Years	10.87	%
5 Years	11.52
1 Year	-4.04

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.

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

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


3		Invesco Main Street All Cap Fund^®

Liquidity Risk Management Program

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.84%
Aerospace & Defense–1.63%
Raytheon Technologies Corp.		207,316	$	19,676,362



Agricultural & Farm Machinery–1.04%
Deere & Co.		33,233		12,547,119



Air Freight & Logistics–1.44%
United Parcel Service, Inc., Class B		96,958		17,450,501



Airlines–0.46%
Spirit Airlines, Inc.^(b)		234,996		5,548,256



Apparel Retail–0.86%
Ross Stores, Inc.		104,275		10,403,517



Application Software–1.84%
Consensus Cloud Solutions, Inc.^(b)		16,641		877,313


Q2 Holdings, Inc.^(b)		70,778		3,661,346


salesforce.com, inc.^(b)		67,984		11,961,105


Workday, Inc., Class A^(b)		28,010		5,789,667


				22,289,431



Automobile Manufacturers–1.87%
General Motors Co.^(b)		298,357		11,310,714


Tesla, Inc.^(b)		12,971		11,294,628


				22,605,342



Automotive Retail–0.59%
CarMax, Inc.^(b)		83,104		7,128,661



Biotechnology–0.50%
Seagen, Inc.^(b)		46,533		6,096,288



Construction Materials–0.88%
Vulcan Materials Co.		61,784		10,644,765



Consumer Finance–0.95%
Capital One Financial Corp.		92,611		11,541,183



Data Processing & Outsourced Services–3.09%
Mastercard, Inc., Class A		102,848		37,372,906



Diversified Banks–2.00%
JPMorgan Chase & Co.		202,852		24,212,415



Electric Utilities–1.48%
Avangrid, Inc.^(c)		121,219		5,376,062


PPL Corp.		440,864		12,480,860


				17,856,922



Electrical Components & Equipment–0.89%
Hubbell, Inc.		55,273		10,798,133



Financial Exchanges & Data–1.54%
Intercontinental Exchange, Inc.		160,628		18,602,329



Gas Utilities–1.43%
ONE Gas, Inc.		123,657		10,432,941


Suburban Propane Partners L.P.		406,908		6,836,054


				17,268,995


	Shares		Value


Health Care Equipment–1.42%
Boston Scientific Corp.^(b)		252,675	$	10,640,144


DexCom, Inc.^(b)		15,988		6,532,377


				17,172,521



Health Care Facilities–2.29%
HCA Healthcare, Inc.		55,302		11,865,044


Tenet Healthcare Corp.^(b)		219,071		15,884,838


				27,749,882



Homebuilding–0.78%
D.R. Horton, Inc.		135,064		9,399,104



Hotels, Resorts & Cruise Lines–0.56%
Airbnb, Inc., Class A^(b)		44,562		6,827,344



Household Products–1.74%
Procter & Gamble Co. (The)		131,440		21,102,692



Human Resource & Employment Services–1.13%
Korn Ferry		222,992		13,700,628



Hypermarkets & Super Centers–1.53%
Walmart, Inc.		120,851		18,488,995



Industrial Conglomerates–0.80%
Honeywell International, Inc.		50,202		9,714,589



Industrial Machinery–0.79%
Otis Worldwide Corp.		131,345		9,567,170



Industrial REITs–2.53%
Duke Realty Corp.		162,083		8,874,044


Prologis, Inc.		135,357		21,696,374


				30,570,418



Insurance Brokers–1.37%
Arthur J. Gallagher & Co.		98,356		16,572,002



Integrated Oil & Gas–3.68%
Exxon Mobil Corp.		522,786		44,567,507



Integrated Telecommunication Services–1.80%
Verizon Communications, Inc.		469,599		21,742,434



Interactive Home Entertainment–0.95%
Zynga, Inc., Class A^(b)(c)		1,396,331		11,547,657



Interactive Media & Services–6.17%
Alphabet, Inc., Class A^(b)		27,910		63,695,923


Bumble, Inc., Class A^(b)		52,849		1,267,847


Snap, Inc., Class A^(b)(c)		186,158		5,298,057


Ziff Davis, Inc.^(b)(c)		49,925		4,411,373


				74,673,200



Internet & Direct Marketing Retail–4.66%
Amazon.com, Inc.^(b)		22,682		56,379,060



Internet Services & Infrastructure–0.10%
Snowflake, Inc., Class A^(b)		6,754		1,157,906

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


5		Invesco Main Street All Cap Fund^®


	Shares		Value


Investment Banking & Brokerage–1.27%
Raymond James Financial, Inc.		157,905	$	15,389,421



Life Sciences Tools & Services–0.47%
Avantor, Inc.^(b)		179,612		5,726,031



Managed Health Care–3.65%
Molina Healthcare, Inc.^(b)		33,873		10,617,492


UnitedHealth Group, Inc.		66,042		33,585,659


				44,203,151



Office REITs–0.53%
Alexandria Real Estate Equities, Inc.		35,153		6,403,470



Oil & Gas Exploration & Production–1.68%
APA Corp.		158,387		6,482,780


Chesapeake Energy Corp.^(c)		111,504		9,145,558


CNX Resources Corp.^(b)		228,400		4,693,620


				20,321,958



Pharmaceuticals–6.07%
AstraZeneca PLC, ADR (United Kingdom)		189,167		12,560,689


Catalent, Inc.^(b)		65,086		5,894,188


Eli Lilly and Co.		71,123		20,777,162


Johnson & Johnson		189,468		34,191,395


				73,423,434



Property & Casualty Insurance–1.48%
Allstate Corp. (The)		141,214		17,869,220



Railroads–0.98%
Union Pacific Corp.		50,850		11,913,647



Regional Banks–3.38%
East West Bancorp, Inc.		157,114		11,202,228


First Citizens BancShares, Inc., Class A^(c)		14,079		9,001,831


Signature Bank		85,443		20,698,567


				40,902,626



Semiconductor Equipment–1.29%
Applied Materials, Inc.		140,892		15,547,432



Semiconductors–3.84%
Advanced Micro Devices, Inc.^(b)		143,308		12,255,700


NVIDIA Corp.		102,361		18,984,895


QUALCOMM, Inc.		108,757		15,192,265


				46,432,860

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Soft Drinks–1.69%
Coca-Cola Co. (The)		316,080	$	20,421,929



Specialty Chemicals–0.92%
Eastman Chemical Co.		108,081		11,096,676



Specialty Stores–0.80%
Tractor Supply Co.		48,110		9,691,760



Systems Software–9.91%
Microsoft Corp.		293,215		81,373,027


VMware, Inc., Class A		356,400		38,505,456


				119,878,483



Technology Hardware, Storage & Peripherals–5.09%
Apple, Inc.		390,339		61,536,943


Total Common Stocks & Other Equity Interests (Cost $878,226,213)				1,183,735,275



Money Market Funds–2.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)		10,354,948		10,354,948


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(d)(e)		7,517,257		7,515,753


Invesco Treasury Portfolio, Institutional Class, 0.23%^(d)(e)		11,834,226		11,834,226


Total Money Market Funds (Cost $29,705,040)				29,704,927


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.30% (Cost $907,931,253)				1,213,440,202



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.02%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		7,335,356		7,335,356


Invesco Private Prime Fund, 0.35%^(d)(e)(f)		17,116,442		17,116,442


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,451,081)				24,451,798


TOTAL INVESTMENTS IN SECURITIES–102.32% (Cost $932,382,334)				1,237,892,000


OTHER ASSETS LESS LIABILITIES–(2.32)%				(28,062,831	)


NET ASSETS–100.00%			$	1,209,829,169

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, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class	$	3,478,287	$	33,804,458	$	(26,927,797)	$	-	$	-	$	10,354,948	$	695
Invesco Liquid Assets Portfolio, Institutional Class		2,605,609		24,146,042		(19,234,141)		(113)		(1,644)		7,515,753		1,405
Invesco Treasury Portfolio, Institutional Class		3,975,185		38,633,666		(30,774,625)		-		-		11,834,226		1,536
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		11,226,180		97,963,368		(101,854,192)		-		-		7,335,356		5,028*
Invesco Private Prime Fund		26,195,898		201,119,218		(210,197,565)		717		(1,826)		17,116,442		15,467*
Total	$	47,481,159	$	395,666,752	$	(388,988,320)	$	604	$	(3,470)	$	54,156,725	$	24,131

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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, 2022


Information Technology	25.15	%
Health Care	14.41
Financials	11.99
Consumer Discretionary	10.12
Industrials	9.17
Communication Services	8.92
Energy	5.36
Consumer Staples	4.96
Real Estate	3.06
Utilities	2.90
Materials	1.80
Money Market Funds Plus Other Assets Less Liabilities	2.16

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, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $878,226,213)*	$	1,183,735,275


Investments in affiliated money market funds, at value (Cost $54,156,121)		54,156,725


Cash		500,000


Receivable for:
Investments sold		1,513,113


Fund shares sold		267,724


Dividends		832,765


Investment for trustee deferred compensation and retirement plans		164,777


Other assets		83,069


Total assets		1,241,253,448



Liabilities:
Payable for:
Investments purchased		5,533,801


Fund shares reacquired		601,510


Collateral upon return of securities loaned		24,451,081


Accrued fees to affiliates		573,713


Accrued other operating expenses		99,397


Trustee deferred compensation and retirement plans		164,777


Total liabilities		31,424,279


Net assets applicable to shares outstanding	$	1,209,829,169



Net assets consist of:
Shares of beneficial interest	$	852,776,840


Distributable earnings		357,052,329


	$	1,209,829,169


Net Assets:
Class A	$	1,041,729,505


Class C	$	49,861,114


Class R	$	51,481,099


Class Y	$	63,486,997


Class R5	$	9,671


Class R6	$	3,260,783



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		48,300,115


Class C		2,660,644


Class R		2,491,810


Class Y		2,845,521


Class R5		446


Class R6		150,283


Class A:
Net asset value per share	$	21.57


Maximum offering price per share (Net asset value of $21.57 ÷ 94.50%)	$	22.83


Class C:
Net asset value and offering price per share	$	18.74


Class R:
Net asset value and offering price per share	$	20.66


Class Y:
Net asset value and offering price per share	$	22.31


Class R5:
Net asset value and offering price per share	$	21.68


Class R6:
Net asset value and offering price per share	$	21.70

*	At April 30, 2022, securities with an aggregate value of $23,297,265 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, 2022

(Unaudited)


Investment income:
Dividends	$	10,544,955


Dividends from affiliated money market funds (includes securities lending income of $137,130)		140,766


Total investment income		10,685,721



Expenses:
Advisory fees		4,383,989


Administrative services fees		95,392


Custodian fees		2,703


Distribution fees:
Class A		1,417,936


Class C		282,987


Class R		141,984


Transfer agent fees – A, C, R and Y		807,248


Transfer agent fees – R5		2


Transfer agent fees – R6		543


Trustees’ and officers’ fees and benefits		12,911


Registration and filing fees		57,292


Reports to shareholders		3,230


Professional services fees		22,386


Other		6,886


Total expenses		7,235,489


Less: Fees waived and/or expense offset arrangement(s)		(2,605	)


Net expenses		7,232,884


Net investment income		3,452,837



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		53,857,152


Affiliated investment securities		(3,470	)


		53,853,682


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(209,577,415	)


Affiliated investment securities		604


		(209,576,811	)


Net realized and unrealized gain (loss)		(155,723,129	)


Net increase (decrease) in net assets resulting from operations	$	(152,270,292	)

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, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30, 2022			October 31, 2021

Operations:
Net investment income	$	3,452,837		$	1,891,534


Net realized gain		53,853,682			217,597,804


Change in net unrealized appreciation (depreciation)		(209,576,811	)		214,209,499


Net increase (decrease) in net assets resulting from operations		(152,270,292	)		433,698,837



Distributions to shareholders from distributable earnings:
Class A		(183,271,747	)		(9,443,275	)


Class C		(9,801,181	)		(652,957	)


Class R		(9,041,575	)		(482,249	)


Class Y		(10,690,443	)		(520,083	)


Class R5		(1,964	)		(128	)


Class R6		(527,649	)		(1,102	)


Total distributions from distributable earnings		(213,334,559	)		(11,099,794	)



Share transactions–net:
Class A		126,351,682			(72,911,190	)


Class C		5,951,438			(21,090,380	)


Class R		7,420,995			(8,639,431	)


Class Y		10,368,686			2,327,246


Class R5		–			(3,699	)


Class R6		872,848			2,794,306


Net increase (decrease) in net assets resulting from share transactions		150,965,649			(97,523,148	)


Net increase (decrease) in net assets		(214,639,202	)		325,075,895



Net assets:
Beginning of period		1,424,468,371			1,099,392,476


End of period	$	1,209,829,169		$	1,424,468,371

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 04/30/22		$28.54		$0.07			$(2.73	)		$(2.66	)		$(0.16	)		$(4.15	)		$(4.31	)		$21.57		(11.08	)%^(e)		$1,041,730		1.04	%^(e)(f)		1.04	%^(e)(f)		0.54	%^(e)(f)		19	%
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
Year ended 07/31/18		19.40		0.09			1.84			1.93			(0.18	)		(2.38	)		(2.56	)		18.77		10.55			923,741		1.13			1.14			0.50			48
Year ended 07/31/17		18.35		0.17			2.21			2.38			(0.20	)		(1.13	)		(1.33	)		19.40		13.67			919,892		1.14			1.15			0.92			89
Class C
Six months ended 04/30/22		25.35		(0.02	)		(2.38	)		(2.40	)		(0.06	)		(4.15	)		(4.21	)		18.74		(11.44	)		49,861		1.80	^(f)		1.80	^(f)		(0.22	)^(f)		19
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
Year ended 07/31/18		17.88		(0.04	)		1.68			1.64			(0.04	)		(2.38	)		(2.42	)		17.10		9.67			201,771		1.88			1.89			(0.25	)		48
Year ended 07/31/17		17.01		0.03			2.04			2.07			(0.07	)		(1.13	)		(1.20	)		17.88		12.84			219,426		1.89			1.90			0.17			89
Class R
Six months ended 04/30/22		27.48		0.03			(2.61	)		(2.58	)		(0.09	)		(4.15	)		(4.24	)		20.66		(11.20	)		51,481		1.30	^(f)		1.30	^(f)		0.28	^(f)		19
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
Year ended 07/31/18		18.88		0.05			1.78			1.83			(0.13	)		(2.38	)		(2.51	)		18.20		10.27			58,150		1.38			1.39			0.25			48
Year ended 07/31/17		17.89		0.12			2.16			2.28			(0.16	)		(1.13	)		(1.29	)		18.88		13.40			62,250		1.39			1.40			0.67			89
Class Y
Six months ended 04/30/22		29.41		0.10			(2.83	)		(2.73	)		(0.22	)		(4.15	)		(4.37	)		22.31		(10.99	)		63,487		0.80	^(f)		0.80	^(f)		0.78	^(f)		19
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
Year ended 07/31/18		19.81		0.14			1.88			2.02			(0.23	)		(2.38	)		(2.61	)		19.22		10.84			42,354		0.88			0.89			0.74			48
Year ended 07/31/17		18.70		0.22			2.26			2.48			(0.24	)		(1.13	)		(1.37	)		19.81		13.96			43,905		0.90			0.91			1.15			89
Class R5
Six months ended 04/30/22		28.72		0.11			(2.75	)		(2.64	)		(0.25	)		(4.15	)		(4.40	)		21.68		(10.96	)		10		0.71	^(f)		0.71	^(f)		0.87	^(f)		19
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 04/30/22		28.74		0.11			(2.75	)		(2.64	)		(0.25	)		(4.15	)		(4.40	)		21.70		(10.95	)		3,261		0.71	^(f)		0.71	^(f)		0.87	^(f)		19
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)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the three months ended October 31, 2019 and the years ended July 31, 2019, 2018 and 2017, 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, 2022 and the years ended ended October 31, 2021 and 2020.

^(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, 2022

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

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


12		Invesco Main Street All Cap Fund^®

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

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


13		Invesco Main Street All Cap Fund^®

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2022, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $2,091.

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, 2022, 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 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, 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, 2022, IDI advised the Fund that IDI retained $52,747 in front-end sales commissions from the sale of Class A shares and $3,668 and $818 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $6,248 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		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.


14		Invesco Main Street All Cap Fund^®


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,183,735,275	$	–		$–	$	1,183,735,275


Money Market Funds		29,704,927		24,451,798		–		54,156,725


Total Investments	$	1,213,440,202	$	24,451,798		$–	$	1,237,892,000

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $254,320,167 and $320,510,711, 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	$348,321,004


Aggregate unrealized (depreciation) of investments	(39,856,695	)


Net unrealized appreciation of investments	$308,464,309

Cost of investments for tax purposes is $929,427,691.


15		Invesco Main Street All Cap Fund^®

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,109,839		$	27,374,318			2,209,063		$	56,112,371


Class C		229,487			4,894,053			397,500			8,971,053


Class R		213,291			5,029,173			348,939			8,555,602


Class Y		447,648			11,635,859			683,537			17,701,473


Class R6		21,235			530,529			127,495			3,251,414



Issued as reinvestment of dividends:
Class A		7,218,472			176,202,865			398,023			9,082,874


Class C		456,878			9,717,789			31,529			643,194


Class R		383,102			8,968,420			21,805			480,149


Class Y		357,732			9,025,576			20,149			472,705


Class R6		20,844			511,312			28			642



Automatic conversion of Class C shares to Class A shares:
Class A		135,929			3,236,317			838,163			19,978,187


Class C		(155,800	)		(3,236,317	)		(938,626	)		(19,978,187	)



Reacquired:
Class A		(3,240,375	)		(80,461,818	)		(6,251,242	)		(158,084,622	)


Class C		(248,155	)		(5,424,087	)		(476,595	)		(10,726,440	)


Class R		(273,177	)		(6,576,598	)		(727,971	)		(17,675,182	)


Class Y		(396,201	)		(10,292,749	)		(612,485	)		(15,846,932	)


Class R5		-			-			(138	)		(3,699	)


Class R6		(6,946	)		(168,993	)		(17,353	)		(457,750	)


Net increase (decrease) in share activity		6,273,803		$	150,965,649			(3,948,179	)	$	(97,523,148	)

^(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

Actual expenses

Hypothetical example for comparison purposes

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 (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$888.90	$4.87	$1,019.64	$5.21	1.04%
Class C	1,000.00	885.60	8.42	1,015.87	9.00	1.80
Class R	1,000.00	888.00	6.09	1,018.35	6.51	1.30
Class Y	1,000.00	890.10	3.75	1,020.83	4.01	0.80
Class R5	1,000.00	890.40	3.33	1,021.27	3.56	0.71
Class R6	1,000.00	890.50	3.33	1,021.27	3.56	0.71

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


17		Invesco Main Street All Cap Fund^®

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.99	%
Class C Shares	-6.33
Class R Shares	-6.09
Class Y Shares	-5.87
Class R5 Shares	-5.84
Class R6 Shares	-5.82
S&P 500 Index^▼	-9.65
Russell 1000 Index^▼	-11.29

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

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 4/30/22, including maximum applicable sales charges

Class A Shares
Inception (4/30/80)	11.94	%
10 Years	9.82
5 Years	10.11
1 Year	-2.19

Class C Shares
Inception (9/1/93)	8.65	%
10 Years	9.78
5 Years	10.54
1 Year	1.84

Class R Shares
Inception (3/1/01)	6.88	%
10 Years	10.15
5 Years	11.09
1 Year	3.24

Class Y Shares
Inception (12/16/96)	8.08	%
10 Years	10.70
5 Years	11.64
1 Year	3.74

Class R5 Shares
10 Years	10.56	%
5 Years	11.60
1 Year	3.84

Class R6 Shares
Inception (2/28/12)	10.88	%
10 Years	10.89
5 Years	11.80
1 Year	3.84

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.

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

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


3		Invesco Rising Dividends Fund

Liquidity Risk Management Program

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.55%
Aerospace & Defense–1.80%
Raytheon Technologies Corp.		543,079	$	51,543,628



Agricultural & Farm Machinery–1.63%
Deere & Co.		123,749		46,721,435



Air Freight & Logistics–1.34%
United Parcel Service, Inc., Class B		213,963		38,509,061



Apparel Retail–1.18%
Ross Stores, Inc.		339,372		33,859,144



Apparel, Accessories & Luxury Goods–0.51%
LVMH Moet Hennessy Louis Vuitton SE (France)		22,708		14,530,752



Automotive Retail–0.75%
Advance Auto Parts, Inc.^(b)		107,699		21,499,951



Building Products–0.80%
Carrier Global Corp.		597,810		22,878,189



Cable & Satellite–1.38%
Comcast Corp., Class A		990,582		39,385,540



Consumer Finance–1.10%
American Express Co.		180,663		31,563,633



Data Processing & Outsourced Services–2.25%
Visa, Inc., Class A^(b)		302,752		64,525,534



Diversified Banks–2.23%
JPMorgan Chase & Co.		535,084		63,867,626



Electric Utilities–2.17%
American Electric Power Co., Inc.		323,015		32,014,017


NextEra Energy, Inc.		425,979		30,253,028


				62,267,045



Electrical Components & Equipment–0.51%
Regal Rexnord Corp.		115,046		14,638,453



Electronic Manufacturing Services–1.02%
TE Connectivity Ltd. (Switzerland)		233,801		29,173,689



Environmental & Facilities Services–1.27%
Republic Services, Inc.		271,544		36,460,213



Fertilizers & Agricultural Chemicals–1.39%
Mosaic Co. (The)		638,842		39,876,518



Financial Exchanges & Data–3.74%
CME Group, Inc., Class A		110,958		24,337,528


Intercontinental Exchange, Inc.		313,682		36,327,512


S&P Global, Inc.		123,190		46,381,035


				107,046,075



Footwear–1.15%
NIKE, Inc., Class B		263,597		32,870,546


	Shares		Value


Gas Utilities–0.68%
Atmos Energy Corp.^(b)		171,795	$	19,481,553



General Merchandise Stores–1.49%
Dollar General Corp.		180,050		42,767,276



Health Care Equipment–1.25%
Stryker Corp.		147,969		35,699,001



Health Care Facilities–0.59%
HCA Healthcare, Inc.		79,210		16,994,506



Health Care Supplies–0.76%
Cooper Cos., Inc. (The)		60,476		21,834,255



Home Improvement Retail–1.86%
Home Depot, Inc. (The)		177,762		53,399,705



Homebuilding–0.91%
D.R. Horton, Inc.		374,099		26,033,549



Hotels, Resorts & Cruise Lines–1.10%
Wyndham Hotels & Resorts, Inc.		357,553		31,450,362



Household Products–2.12%
Procter & Gamble Co. (The)		377,642		60,630,423



Industrial Conglomerates–1.01%
Honeywell International, Inc.		149,312		28,893,365



Industrial Machinery–0.88%
Otis Worldwide Corp.		345,553		25,170,081



Industrial REITs–1.64%
Prologis, Inc.		293,321		47,016,423



Insurance Brokers–1.74%
Marsh & McLennan Cos., Inc.		309,014		49,967,564



Integrated Oil & Gas–2.27%
Chevron Corp.		414,164		64,887,074



Integrated Telecommunication Services–1.05%
Verizon Communications, Inc.		647,083		29,959,943



Interactive Home Entertainment–1.34%
Electronic Arts, Inc.		326,287		38,518,180



Investment Banking & Brokerage–1.13%
Charles Schwab Corp. (The)		489,049		32,438,620



IT Consulting & Other Services–1.58%
Accenture PLC, Class A		151,075		45,376,887



Life Sciences Tools & Services–1.80%
Danaher Corp.		205,532		51,615,251



Managed Health Care–3.40%
Anthem, Inc.		47,013		23,597,235


UnitedHealth Group, Inc.		145,001		73,740,259


				97,337,494

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


5		Invesco Rising Dividends Fund


	Shares		Value


Marine–0.35%
ZIM Integrated Shipping Services Ltd. (Israel)		180,845	$	10,060,407



Metal & Glass Containers–0.78%
Crown Holdings, Inc.		201,931		22,220,487



Office REITs–1.20%
Alexandria Real Estate Equities, Inc.		188,426		34,323,680



Oil & Gas Equipment & Services–0.90%
Baker Hughes Co., Class A		829,230		25,722,715



Oil & Gas Exploration & Production–0.88%
Chesapeake Energy Corp.^(b)		305,886		25,088,770



Packaged Foods & Meats–1.14%
Mondelez International, Inc., Class A		504,246		32,513,782



Pharmaceuticals–6.44%
AstraZeneca PLC, ADR (United Kingdom)		465,413		30,903,423


Eli Lilly and Co.		196,025		57,264,784


Johnson & Johnson		327,683		59,133,674


Zoetis, Inc.		210,317		37,278,688


				184,580,569



Property & Casualty Insurance–1.23%
Allstate Corp. (The)		277,312		35,091,060



Railroads–1.54%
Union Pacific Corp.		188,466		44,155,699



Regional Banks–1.11%
PNC Financial Services Group, Inc. (The)		191,096		31,741,046



Research & Consulting Services–1.13%
TransUnion		371,354		32,500,902



Restaurants–1.56%
McDonald’s Corp.		178,950		44,587,182



Semiconductor Equipment–2.24%
Applied Materials, Inc.		296,315		32,698,360


ASML Holding N.V., New York Shares (Netherlands)		55,980		31,559,845


				64,258,205



Semiconductors–4.13%
NVIDIA Corp.		298,092		55,287,123


QUALCOMM, Inc.		264,993		37,016,872


Texas Instruments, Inc.		151,932		25,866,423


				118,170,418

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Soft Drinks–3.16%
Coca-Cola Co. (The)		627,988	$	40,574,305


PepsiCo, Inc.		291,153		49,993,881


				90,568,186



Specialized REITs–1.72%
American Tower Corp.		204,539		49,297,990



Specialty Chemicals–0.76%
PPG Industries, Inc.		169,289		21,667,299



Systems Software–6.82%
Microsoft Corp.		703,601		195,263,350



Technology Hardware, Storage & Peripherals–7.64%
Apple, Inc.		1,387,183		218,689,400


Total Common Stocks & Other Equity Interests (Cost $1,876,860,874)				2,851,189,691



Money Market Funds–0.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d)		3,750,798		3,750,798


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(c)(d)		2,972,735		2,972,140


Invesco Treasury Portfolio, Institutional Class, 0.23%^(c)(d)		4,286,626		4,286,626


Total Money Market Funds (Cost $11,009,171)				11,009,564


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,887,870,045)				2,862,199,255



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.94%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		25,267,751		25,267,751


Invesco Private Prime Fund, 0.35%^(c)(d)(e)		58,958,085		58,958,085


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $84,221,641)				84,225,836


TOTAL INVESTMENTS IN SECURITIES–102.88% (Cost $1,972,091,686)				2,946,425,091


OTHER ASSETS LESS LIABILITIES–(2.88)%				(82,349,523	)


NET ASSETS–100.00%			$	2,864,075,568

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, 2022.

^(c)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	5,150,599	$	64,055,792	$	(65,455,593	)	$	-	$	-	$	3,750,798	$	816
Invesco Liquid Assets Portfolio, Institutional Class		3,973,053		45,754,137		(46,753,996	)		393		(1,447)		2,972,140		1,320
Invesco Treasury Portfolio, Institutional Class		5,886,399		73,206,619		(74,806,392	)		-		-		4,286,626		1,347
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		325,814,719		(300,546,968	)		-		-		25,267,751		21,398*
Invesco Private Prime Fund		-		753,055,242		(694,069,477	)		4,195		(31,875)		58,958,085		59,394*
Total	$	15,010,051	$	1,261,886,509	$	(1,181,632,426	)	$	4,588	$	(33,322)	$	95,235,400	$	84,275

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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, 2022

Information Technology	25.68	%
Health Care	14.25
Financials	12.28
Industrials	12.27
Consumer Discretionary	10.51
Consumer Staples	6.41
Real Estate	4.56
Energy	4.04
Communication Services	3.77
Materials	2.93
Utilities	2.85
Money Market Funds Plus Other Assets Less Liabilities	0.45

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, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,876,860,874)*	$	2,851,189,691


Investments in affiliated money market funds, at value (Cost $95,230,812)		95,235,400


Cash		3,000,000


Foreign currencies, at value (Cost $143,050)		142,905


Receivable for:
Investments sold		4,615,365


Fund shares sold		685,543


Dividends		2,339,717


Investment for trustee deferred compensation and retirement plans		186,565


Other assets		93,965


Total assets		2,957,489,151



Liabilities:
Payable for:
Investments purchased		4,633,951


Fund shares reacquired		2,780,056


Collateral upon return of securities loaned		84,221,641


Accrued fees to affiliates		1,373,357


Accrued trustees’ and officers’ fees and benefits		2,031


Accrued other operating expenses		99,358


Trustee deferred compensation and retirement plans		303,189


Total liabilities		93,413,583


Net assets applicable to shares outstanding	$	2,864,075,568



Net assets consist of:
Shares of beneficial interest	$	1,736,439,015


Distributable earnings		1,127,636,553


	$	2,864,075,568


Net Assets:
Class A	$	2,260,071,161


Class C	$	165,982,584


Class R	$	105,300,687


Class Y	$	294,689,486


Class R5	$	12,257


Class R6	$	38,019,393



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		98,762,746


Class C		9,081,122


Class R		4,641,853


Class Y		12,298,972


Class R5		536


Class R6		1,591,517


Class A:
Net asset value per share	$	22.88


Maximum offering price per share (Net asset value of $22.88 ÷ 94.50%)	$	24.21


Class C:
Net asset value and offering price per share	$	18.28


Class R:
Net asset value and offering price per share	$	22.69


Class Y:
Net asset value and offering price per share	$	23.96


Class R5:
Net asset value and offering price per share	$	22.87


Class R6:
Net asset value and offering price per share	$	23.89

*	At April 30, 2022, securities with an aggregate value of $79,830,200 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, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $804,579)	$	26,901,721


Dividends from affiliated money market funds (includes securities lending income of $591,334)		594,817


Total investment income		27,496,538



Expenses:
Advisory fees		9,009,866


Administrative services fees		217,830


Custodian fees		9,366


Distribution fees:
Class A		3,037,879


Class C		932,591


Class R		281,093


Transfer agent fees – A, C, R and Y		1,596,778


Transfer agent fees – R5		2


Transfer agent fees – R6		6,064


Trustees’ and officers’ fees and benefits		35,828


Registration and filing fees		64,917


Professional services fees		29,578


Other		(293,761	)


Total expenses		14,928,031


Less: Fees waived and/or expense offset arrangement(s)		(3,101	)


Net expenses		14,924,930


Net investment income		12,571,608



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		148,203,892


Affiliated investment securities		(33,322	)


Foreign currencies		(31,119	)


		148,139,451


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(343,015,011	)


Affiliated investment securities		4,588


Foreign currencies		(6,551	)


		(343,016,974	)


Net realized and unrealized gain (loss)		(194,877,523	)


Net increase (decrease) in net assets resulting from operations	$	(182,305,915	)

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, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30,			October 31,
	2022			2021


Operations:
Net investment income	$	12,571,608		$	17,346,586


Net realized gain		148,139,451			379,515,076


Change in net unrealized appreciation (depreciation)		(343,016,974	)		507,439,650


Net increase (decrease) in net assets resulting from operations		(182,305,915	)		904,301,312



Distributions to shareholders from distributable earnings:
Class A		(284,626,572	)		(49,334,750	)


Class C		(26,390,273	)		(5,112,354	)


Class R		(13,037,421	)		(2,124,341	)


Class Y		(35,804,778	)		(7,061,100	)


Class R5		(1,712	)		(328	)


Class R6		(4,630,104	)		(818,653	)


Total distributions from distributable earnings		(364,490,860	)		(64,451,526	)



Share transactions–net:
Class A		190,792,632			(99,301,611	)


Class C		8,045,321			(104,312,412	)


Class R		9,806,782			(9,906,918	)


Class Y		24,176,138			(16,255,806	)


Class R6		4,096,021			2,526,702


Net increase (decrease) in net assets resulting from share transactions		236,916,894			(227,250,045	)


Net increase (decrease) in net assets		(309,879,881	)		612,599,741



Net assets:
Beginning of period		3,173,955,449			2,561,355,708


End of period	$	2,864,075,568		$	3,173,955,449

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 04/30/22		$27.44		$0.10			$(1.51	)		$(1.41	)		$(0.06	)		$(3.09	)		$(3.15	)		$22.88		(5.99	)%		$2,260,071		0.94	%^(e)		0.94	%^(e)		0.84	%^(e)		18	%
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
Year ended 10/31/18		20.45		0.22			0.63			0.85			(0.23	)		(1.59	)		(1.82	)		19.48		4.39			1,980,262		1.06			1.06			1.11			58
Year ended 10/31/17		18.26		0.27			3.11			3.38			(0.29	)		(0.90	)		(1.19	)		20.45		19.42			2,131,479		1.07			1.07			1.43			78
Class C
Six months ended 04/30/22		22.56		0.01			(1.20	)		(1.19	)		—			(3.09	)		(3.09	)		18.28		(6.33	)		165,983		1.69	^(e)		1.69	^(e)		0.09	^(e)		18
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
Year ended 10/31/18		17.54		0.06			0.54			0.60			(0.11	)		(1.59	)		(1.70	)		16.44		3.65			470,544		1.81			1.81			0.36			58
Year ended 10/31/17		15.83		0.11			2.68			2.79			(0.18	)		(0.90	)		(1.08	)		17.54		18.54			534,216		1.83			1.83			0.68			78
Class R
Six months ended 04/30/22		27.23		0.07			(1.49	)		(1.42	)		(0.03	)		(3.09	)		(3.12	)		22.69		(6.09	)		105,301		1.19	^(e)		1.19	^(e)		0.59	^(e)		18
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
Year ended 10/31/18		20.32		0.17			0.63			0.80			(0.18	)		(1.59	)		(1.77	)		19.35		4.16			104,523		1.31			1.31			0.86			58
Year ended 10/31/17		18.15		0.23			3.08			3.31			(0.24	)		(0.90	)		(1.14	)		20.32		19.12			111,030		1.33			1.33			1.20			78
Class Y
Six months ended 04/30/22		28.59		0.14			(1.58	)		(1.44	)		(0.10	)		(3.09	)		(3.19	)		23.96		(5.87	)		294,689		0.69	^(e)		0.69	^(e)		1.09	^(e)		18
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
Year ended 10/31/18		21.14		0.28			0.66			0.94			(0.28	)		(1.59	)		(1.87	)		20.21		4.68			345,108		0.81			0.81			1.36			58
Year ended 10/31/17		18.84		0.34			3.20			3.54			(0.34	)		(0.90	)		(1.24	)		21.14		19.69			462,807		0.83			0.83			1.69			78
Class R5
Six months ended 04/30/22		27.43		0.15			(1.52	)		(1.37	)		(0.10	)		(3.09	)		(3.19	)		22.87		(5.84	)		12		0.62	^(e)		0.62	^(e)		1.16	^(e)		18
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 04/30/22		28.51		0.15			(1.57	)		(1.42	)		(0.11	)		(3.09	)		(3.20	)		23.89		(5.82	)		38,019		0.62	^(e)		0.62	^(e)		1.16	^(e)		18
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
Year ended 10/31/18		21.10		0.31			0.65			0.96			(0.31	)		(1.59	)		(1.90	)		20.16		4.82			24,128		0.65			0.65			1.52			58
Year ended 10/31/17		18.81		0.35			3.21			3.56			(0.37	)		(0.90	)		(1.27	)		21.10		19.89			21,409		0.64			0.64			1.78			78

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018 and 2017, respectively.

^(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, 2022

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

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


12		Invesco Rising Dividends Fund

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

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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, the Fund paid the Adviser $5,799 in fees for securities lending agent services.


13		Invesco Rising Dividends Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
Up to $800 million		0.650%
Next $700 million		0.600%
Next $1.0 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, 2022, the effective advisory fee rate incurred by the Fund was 0.58%.

The Adviser has contractually agreed, through at least June 30, 2023, 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. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $2,228.


14		Invesco Rising Dividends Fund

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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent 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, 2022, IDI advised the Fund that IDI retained $131,731 in front-end sales commissions from the sale of Class A shares and $1,335 and $2,355 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $13,604 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,836,658,939	$	14,530,752		$–	$	2,851,189,691
Money Market Funds		11,009,564		84,225,836		–		95,235,400
Total Investments	$	2,847,668,503	$	98,756,588		$–	$	2,946,425,091

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


15		Invesco Rising Dividends Fund

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $558,715,748 and $663,781,563, 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	$	1,054,039,130


Aggregate unrealized (depreciation) of investments		(80,085,081	)


Net unrealized appreciation of investments	$	973,954,049

Cost of investments for tax purposes is $1,972,471,042.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,950,068		$	73,595,521			5,082,789		$	123,256,369


Class C		561,828			11,252,640			1,199,672			24,173,694


Class R		276,131			6,875,342			560,693			13,563,423


Class Y		848,764			21,991,785			1,300,759			32,672,915


Class R6		137,520			3,640,917			399,042			10,164,359



Issued as reinvestment of dividends:
Class A		10,721,185			265,348,288			2,030,625			46,150,409


Class C		1,295,270			25,646,350			268,032			4,913,077


Class R		529,490			12,998,914			94,695			2,116,215


Class Y		1,157,870			30,000,067			243,423			5,790,776


Class R6		170,383			4,400,980			31,446			749,190



Automatic conversion of Class C shares to Class A shares:
Class A		657,590			16,061,980			3,855,584			90,335,153


Class C		(819,910	)		(16,061,980	)		(4,682,828	)		(90,335,153	)



Reacquired:
Class A		(6,577,774	)		(164,213,157	)		(14,716,870	)		(359,043,542	)


Class C		(637,760	)		(12,791,689	)		(2,172,892	)		(43,064,030	)


Class R		(399,574	)		(10,067,474	)		(1,065,821	)		(25,586,556	)


Class Y		(1,057,300	)		(27,815,714	)		(2,149,762	)		(54,719,497	)


Class R6		(151,894	)		(3,945,876	)		(334,301	)		(8,386,847	)


Net increase (decrease) in share activity		9,661,887		$	236,916,894			(10,055,714	)	$	(227,250,045	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% 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

Actual expenses

Hypothetical example for comparison purposes

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 (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period²	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$940.10	$4.52	$1,020.13	$4.71	0.94%
Class C	1,000.00	936.70	8.12	1,016.41	8.45	1.69
Class R	1,000.00	939.10	5.72	1,018.89	5.96	1.19
Class Y	1,000.00	941.30	3.32	1,021.37	3.46	0.69
Class R5	1,000.00	941.60	2.98	1,021.72	3.11	0.62
Class R6	1,000.00	941.80	2.99	1,021.72	3.11	0.62

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


17		Invesco Rising Dividends Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		April 30, 2022

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

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

18		Fund Expenses

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, 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	-24.27	%
Class C Shares	-24.57
Class P Shares	-24.25
Class S Shares	-24.24
Class Y Shares	-24.19
Class R5 Shares	-24.18
Class R6 Shares	-24.15
S&P 500 Index^▼ (Broad Market Index)	-9.65
Russell 1000 Growth Index^▼ (Style-Specific Index)	-17.84
Lipper Multi-Cap Growth Funds Index^∎ (Peer Group Index)	-26.55

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc. The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Russell 1000^® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	9.15	%
10 Years	12.92
5 Years	12.54
1 Year	-24.00
Class C Shares
Inception (10/31/05)	9.12	%
10 Years	12.90
5 Years	12.95
1 Year	-20.81
Class P Shares
Inception (11/1/82)	9.91	%
10 Years	13.73
5 Years	13.97
1 Year	-19.47
Class S Shares
Inception (9/25/09)	13.35	%
10 Years	13.68
5 Years	13.93
1 Year	-19.47
Class Y Shares
Inception (10/3/08)	12.05	%
10 Years	13.84
5 Years	14.10
1 Year	-19.35
Class R5 Shares
Inception (10/3/08)	12.14	%
10 Years	13.90
5 Years	14.10
1 Year	-19.37
Class R6 Shares
10 Years	13.74	%
5 Years	14.15
1 Year	-19.33

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 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.


3		Invesco Summit Fund

Liquidity Risk Management Program

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, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests-98.80%
Aerospace & Defense-2.79%
Airbus SE (France)		276,300	$	30,046,956


General Dynamics Corp.		123,750		29,270,587


Northrop Grumman Corp.		48,600		21,354,840


				80,672,383



Agricultural & Farm Machinery-0.99%
Deere & Co.		75,870		28,644,718



Agricultural Products-0.23%
Bunge Ltd.		57,600		6,515,712



Apparel Retail-0.12%
MYT Netherlands Parent B.V., ADR (Germany)^(b)(c)		294,429		3,515,482



Application Software-3.12%
Adobe, Inc.^(b)		18,270		7,234,006


Paylocity Holding Corp.^(b)		96,030		18,210,169


salesforce.com, inc.^(b)		84,690		14,900,359


Synopsys, Inc.^(b)		106,380		30,508,720


Trade Desk, Inc. (The), Class A^(b)		193,500		11,401,020


Unity Software, Inc.^(b)(c)		117,000		7,769,970


				90,024,244



Asset Management & Custody Banks-0.64%
Apollo Global Management, Inc.		136,250		6,779,800


KKR & Co., Inc., Class A		231,200		11,784,264


				18,564,064



Automobile Manufacturers-0.78%
General Motors Co.^(b)		189,000		7,164,990


Rivian Automotive, Inc., Class A^(b)(c)		33,128		1,001,791


Tesla, Inc.^(b)		16,470		14,341,417


				22,508,198



Automotive Retail-0.32%
AutoZone, Inc.^(b)		4,720		9,229,818



Biotechnology-0.26%
AbbVie, Inc.		46,800		6,873,984


uniQure N.V. (Netherlands)^(b)		39,600		591,624


				7,465,608



Construction Machinery & Heavy Trucks-0.35%
Caterpillar, Inc.		48,600		10,232,244



Consumer Electronics-0.72%
Sony Group Corp. (Japan)		242,300		20,826,041



Copper-1.16%
Freeport-McMoRan, Inc.		823,500		33,392,925



Data Processing & Outsourced Services-5.26%
Adyen N.V. (Netherlands)^(b)(d)		3,501		5,855,275


Block, Inc., Class A^(b)(c)		101,610		10,114,259


Mastercard, Inc., Class A		357,570		129,933,787


PayPal Holdings, Inc.^(b)		36,900		3,244,617


	Shares		Value


Data Processing & Outsourced Services-(continued)
StoneCo Ltd., Class A (Brazil)^(b)(c)		289,800	$	2,729,916


				151,877,854



Diversified Banks-0.23%
BDO Unibank, Inc. (Philippines)		2,700,000		6,664,684



Diversified Metals & Mining-0.81%
Glencore PLC (Australia)		3,807,000		23,466,929



Diversified Support Services-0.40%
Cintas Corp.		29,250		11,619,855



Electrical Components & Equipment-0.75%
AMETEK, Inc.		171,000		21,590,460



Electronic Equipment & Instruments-1.59%
Teledyne Technologies, Inc.^(b)		106,470		45,947,128



Environmental & Facilities Services-1.32%
Clean Harbors, Inc.^(b)		147,960		15,525,443


Waste Connections, Inc.		164,700		22,723,659


				38,249,102



Financial Exchanges & Data-0.92%
CME Group, Inc., Class A		28,800		6,316,992


Intercontinental Exchange, Inc.		174,044		20,156,036


				26,473,028



Food Distributors-0.83%
Performance Food Group Co.^(b)		259,200		12,765,601


Sysco Corp.		132,300		11,309,004


				24,074,605



Food Retail-0.82%
HelloFresh SE (Germany)^(b)		552,600		23,632,562



Gold-0.47%
Newmont Corp.		186,300		13,571,955



Health Care Equipment-2.35%
DexCom, Inc.^(b)		79,740		32,580,169


Edwards Lifesciences Corp.^(b)		52,200		5,521,716


Intuitive Surgical, Inc.^(b)		67,950		16,260,435


Shockwave Medical, Inc.^(b)		88,614		13,392,234


				67,754,554



Health Care Facilities-0.76%
HCA Healthcare, Inc.		102,690		22,032,140



Health Care Supplies-1.02%
Cooper Cos., Inc. (The)		81,450		29,406,708



Home Improvement Retail-1.99%
Lowe’s Cos., Inc.		290,070		57,355,541



Hotels, Resorts & Cruise Lines-2.81%
Booking Holdings, Inc.^(b)		11,000		24,313,410


Marriott Vacations Worldwide Corp.^(c)		140,310		20,952,492


Travel + Leisure Co.		646,200		35,851,176


				81,117,078

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


5		Invesco Summit Fund


	Shares		Value


Industrial Machinery-0.44%
Chart Industries, Inc.^(b)(c)		74,880	$	12,641,242



Insurance Brokers-0.79%
Arthur J. Gallagher & Co.		66,600		11,221,434


Brown & Brown, Inc.		188,100		11,658,438


				22,879,872



Integrated Oil & Gas-0.99%
Occidental Petroleum Corp.		227,700		12,543,993


Suncor Energy, Inc. (Canada)		447,564		16,088,822


				28,632,815



Interactive Home Entertainment-3.14%
Electronic Arts, Inc.		190,980		22,545,189


Nintendo Co. Ltd. (Japan)		112,500		51,846,739


Sea Ltd., ADR (Taiwan)^(b)(c)		35,550		2,942,118


Take-Two Interactive Software, Inc.^(b)		112,171		13,405,556


				90,739,602



Interactive Media & Services-8.37%
Alphabet, Inc., Class A^(b)		414		944,827


Alphabet, Inc., Class C^(b)		67,860		156,032,534


Bumble, Inc., Class A^(b)(c)		436,100		10,462,039


Kuaishou Technology (China)^(b)(d)		977,400		8,030,576


Meta Platforms, Inc., Class A^(b)		225,900		45,286,173


ZoomInfo Technologies, Inc., Class A^(b)		441,600		20,931,840


				241,687,989



Internet & Direct Marketing Retail-6.91%
Amazon.com, Inc.^(b)		59,346		147,512,198


Farfetch Ltd., Class A (United Kingdom)^(b)		976,500		10,936,800


JD.com, Inc., ADR (China)^(b)(c)		377,100		23,251,986


MercadoLibre, Inc. (Brazil)^(b)		7,605		7,404,456


Overstock.com, Inc.^(b)(c)		307,980		10,335,809


				199,441,249



Internet Services & Infrastructure-1.01%
Cloudflare, Inc., Class A^(b)(c)		97,200		8,372,808


MongoDB, Inc.^(b)		58,760		20,855,687


				29,228,495



Leisure Facilities-0.64%
Life Time Group Holdings, Inc.^(b)(c)		1,286,365		18,395,020



Life Sciences Tools & Services-1.45%
Avantor, Inc.^(b)		509,400		16,239,672


Charles River Laboratories International, Inc.^(b)(c)		59,400		14,345,694


Danaher Corp.		45,000		11,300,850


				41,886,216



Managed Health Care-3.85%
Anthem, Inc.		41,024		20,591,176


UnitedHealth Group, Inc.		178,120		90,582,926


				111,174,102



Movies & Entertainment-0.16%
IMAX Corp.^(b)		287,100		4,541,922



Oil & Gas Equipment & Services-0.81%
Schlumberger N.V.		600,300		23,417,703


	Shares		Value


Oil & Gas Exploration & Production-1.26%
APA Corp.		433,800	$	17,755,434


Denbury, Inc.^(b)		144,000		9,213,120


Oasis Petroleum, Inc.^(c)		70,650		9,372,429


				36,340,983



Oil & Gas Refining & Marketing-1.01%
Valero Energy Corp.		261,630		29,166,512



Packaged Foods & Meats-0.98%
Oatly Group AB, ADR^(b)(c)		974,700		3,469,932


Tyson Foods, Inc., Class A		266,400		24,817,824


				28,287,756



Pharmaceuticals-3.64%
AstraZeneca PLC (United Kingdom)		45,000		5,977,884


Bayer AG (Germany)		651,600		42,948,723


Novo Nordisk A/S, ADR (Denmark)^(c)		446,400		50,889,600


Novo Nordisk A/S, Class B (Denmark)		45,900		5,249,673


				105,065,880



Property & Casualty Insurance-0.72%
Chubb Ltd.		100,440		20,735,839



Regional Banks-0.41%
Silvergate Capital Corp., Class A^(b)(c)		36,810		4,305,298


SVB Financial Group^(b)		15,396		7,507,705


				11,813,003



Residential REITs-0.53%
Camden Property Trust		98,280		15,419,149



Semiconductor Equipment-1.27%
Applied Materials, Inc.		173,700		19,167,795


ASML Holding N.V., New York Shares (Netherlands)		31,130		17,550,160


				36,717,955



Semiconductors-4.76%
NVIDIA Corp.		418,230		77,569,118


QUALCOMM, Inc.		269,280		37,615,723


Semtech Corp.^(b)		374,838		22,340,345


				137,525,186



Specialized REITs-2.43%
EPR Properties		1,143,900		60,077,628


SBA Communications Corp., Class A		28,800		9,996,768


				70,074,396



Specialty Chemicals-0.10%
Danimer Scientific, Inc.^(b)(c)		729,000		2,857,680



Systems Software-13.06%
Darktrace PLC (United Kingdom)^(b)		1,745,000		9,395,636


Gitlab, Inc., Class A^(b)(c)		42,267		2,025,857


KnowBe4, Inc., Class A^(b)		1,864,800		44,382,240


Microsoft Corp.		746,820		207,257,486


Palo Alto Networks, Inc.^(b)		95,660		53,692,045


ServiceNow, Inc.^(b)		99,720		47,676,132


Zscaler, Inc.^(b)		62,650		12,701,661


				377,131,057



Technology Hardware, Storage & Peripherals-5.03%
Apple, Inc.		921,302		145,243,260

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


6		Invesco Summit Fund


	Shares		Value


Trading Companies & Distributors-0.69%
Fastenal Co.		161,100	$	8,910,441


United Rentals, Inc.^(b)		34,830		11,024,392


				19,934,833



Trucking-0.54%
Lyft, Inc., Class A^(b)		370,800		12,088,080


TuSimple Holdings, Inc., Class A^(b)(c)		327,600		3,397,212


				15,485,292


Total Common Stocks & Other Equity Interests (Cost $1,969,688,920)				2,852,890,628



Money Market Funds-1.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)		13,746,338		13,746,338


Invesco Liquid Assets Portfolio, Institutional Class, 0.29%^(e)(f)		9,878,679		9,876,703


Invesco Treasury Portfolio, Institutional Class, 0.23%^(e)(f)		15,710,100		15,710,100


Total Money Market Funds (Cost $39,332,493)				39,333,141


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $2,009,021,413)				2,892,223,769


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.29%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		28,489,580	$	28,489,580


Invesco Private Prime Fund, 0.35%^(e)(f)(g)		66,475,688		66,475,688


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,965,268)				94,965,268


TOTAL INVESTMENTS IN SECURITIES-103.45% (Cost $2,103,986,681)				2,987,189,037


OTHER ASSETS LESS LIABILITIES-(3.45)%				(99,744,046	)


NET ASSETS-100.00%			$	2,887,444,991

Investment Abbreviations:

ADR – American Depositary Receipt

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, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $13,885,851, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	245,551	$	109,578,883	$	(96,078,096)	$	-	$	-	$	13,746,338	$	2,626
Invesco Liquid Assets Portfolio, Institutional Class		-		78,270,631		(68,389,570)		648		(5,006)		9,876,703		3,658
Invesco Treasury Portfolio, Institutional Class		504,700		125,233,009		(110,027,609)		-		-		15,710,100		4,003
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		71,898,426		305,997,473		(349,406,319)		-		-		28,489,580		25,955*
Invesco Private Prime Fund		167,762,995		587,788,036		(689,026,902)		(2)		(48,439)		66,475,688		91,667*
Total	$	240,411,672	$	1,206,868,032	$	(1,312,928,496)	$	646	$	(53,445)	$	134,298,409	$	127,909

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


7		Invesco Summit Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022



Information Technology	35.11	%

Consumer Discretionary	14.28

Health Care	13.32

Communication Services	11.67

Industrials	8.28

Energy	4.07

Financials	3.71

Real Estate	2.96

Consumer Staples	2.86

Materials	2.54

Money Market Funds Plus Other Assets Less Liabilities	1.20

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


8		Invesco Summit Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,969,688,920)*	$	2,852,890,628


Investments in affiliated money market funds, at value (Cost $134,297,761)		134,298,409


Foreign currencies, at value (Cost $114,977)		113,305


Receivable for:
Investments sold		22,477,608


Fund shares sold		468,150


Dividends		3,402,986


Investment for trustee deferred compensation and retirement plans		339,731


Other assets		341,893


Total assets		3,014,332,710



Liabilities:
Payable for:
Investments purchased		28,598,992


Fund shares reacquired		1,160,794


Amount due custodian		979,198


Collateral upon return of securities loaned		94,965,268


Accrued fees to affiliates		758,603


Accrued other operating expenses		45,940


Trustee deferred compensation and retirement plans		378,924


Total liabilities		126,887,719


Net assets applicable to shares outstanding	$	2,887,444,991



Net assets consist of:
Shares of beneficial interest	$	1,831,520,411


Distributable earnings		1,055,924,580


	$	2,887,444,991


Net Assets:
Class A	$	347,773,335


Class C	$	21,027,049


Class P	$	2,448,003,078


Class S	$	4,186,846


Class Y	$	48,494,742


Class R5	$	901,609


Class R6	$	17,058,332



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,688,287


Class C		1,231,051


Class P		114,053,687


Class S		197,890


Class Y		2,258,908


Class R5		41,749


Class R6		787,376


Class A:
Net asset value per share	$	20.84


Maximum offering price per share (Net asset value of $20.84 ÷ 94.50%)	$	22.05


Class C:
Net asset value and offering price per share	$	17.08


Class P:
Net asset value and offering price per share	$	21.46


Class S:
Net asset value and offering price per share	$	21.16


Class Y:
Net asset value and offering price per share	$	21.47


Class R5:
Net asset value and offering price per share	$	21.60


Class R6:
Net asset value and offering price per share	$	21.66

*	At April 30, 2022, securities with an aggregate value of $91,039,949 were on loan to brokers.

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


9		Invesco Summit Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $314,806)	$	11,341,479


Dividends from affiliated money market funds (includes securities lending income of $201,204)		211,491


Total investment income		11,552,970



Expenses:

Advisory fees		10,921,777


Administrative services fees		265,218


Custodian fees		11,677


Distribution fees:
Class A		521,566


Class C		133,344


Class P		1,465,714


Class S		3,731


Transfer agent fees – A, C, P, S and Y		1,090,864


Transfer agent fees – R5		693


Transfer agent fees – R6		3,205


Trustees’ and officers’ fees and benefits		21,105


Registration and filing fees		111,560


Reports to shareholders		209


Professional services fees		18,042


Other		9,107


Total expenses		14,577,812


Less: Fees waived and/or expense offset arrangement(s)		(7,976	)


Net expenses		14,569,836


Net investment income (loss)		(3,016,866	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		186,028,445


Affiliated investment securities		(53,445	)


Foreign currencies		(6,970	)


		185,968,030


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,127,407,339	)


Affiliated investment securities		646


Foreign currencies		(61,423	)


		(1,127,468,116	)


Net realized and unrealized gain (loss)		(941,500,086	)


Net increase (decrease) in net assets resulting from operations	$	(944,516,952	)

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


10		Invesco Summit Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	April 30, 2022			October 31, 2021


Operations:
Net investment income (loss)	$	(3,016,866	)	$	(14,684,582	)


Net realized gain		185,968,030			682,759,961


Change in net unrealized appreciation (depreciation)		(1,127,468,116	)		419,938,569


Net increase (decrease) in net assets resulting from operations		(944,516,952	)		1,088,013,948



Distributions to shareholders from distributable earnings:
Class A		(78,272,197	)		(21,485,204	)


Class C		(5,901,014	)		(2,085,345	)


Class P		(532,643,509	)		(188,404,827	)


Class S		(908,447	)		(318,745	)


Class Y		(13,495,999	)		(4,370,535	)


Class R5		(286,940	)		(69,406	)


Class R6		(3,733,745	)		(1,159,595	)


Total distributions from distributable earnings		(635,241,851	)		(217,893,657	)



Share transactions–net:
Class A		63,835,549			86,123,809


Class C		3,061,219			525,710


Class P		408,962,083			(59,048,995	)


Class S		824,825			(76,652	)


Class Y		(5,308,571	)		23,494,634


Class R5		(308,908	)		504,909


Class R6		2,669,830			2,413,489


Net increase in net assets resulting from share transactions		473,736,027			53,936,904


Net increase (decrease) in net assets		(1,106,022,776	)		924,057,195



Net assets:
Beginning of period		3,993,467,767			3,069,410,572


End of period	$	2,887,444,991		$	3,993,467,767

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


11		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			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 04/30/22		$33.40		$(0.04	)		$(7.06	)		$(7.10	)		$ –			$(5.46	)		$(5.46	)		$20.84		(24.27	)%		$ 347,773		0.97	%^(d)		0.97	%^(d)		(0.30	)%^(d)		38	%
Year ended 10/31/21		26.25		(0.16	)		9.21			9.05			–			(1.90	)		(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	)		(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	)		(2.11	)		21.77		17.36			169,883		1.01			1.01			(0.18	)		29
Year ended 10/31/18		20.14		(0.05	)		1.41			1.36			–			(0.75	)		(0.75	)		20.75		6.95			114,570		1.02			1.02			(0.24	)		35
Year ended 10/31/17		16.56		(0.02	)		4.60			4.58			–			(1.00	)		(1.00	)		20.14		29.20			77,519		1.04			1.04			(0.13	)		31
Class C
Six months ended 04/30/22		28.53		(0.11	)		(5.88	)		(5.99	)		–			(5.46	)		(5.46	)		17.08		(24.57	)		21,027		1.72	^(d)		1.72	^(d)		(1.05	)^(d)		38
Year ended 10/31/21		22.82		(0.34	)		7.95			7.61			–			(1.90	)		(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	)		(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	)		(2.11	)		19.29		16.43			15,470		1.76			1.76			(0.93	)		29
Year ended 10/31/18		18.41		(0.19	)		1.30			1.11			–			(0.75	)		(0.75	)		18.77		6.22			16,792		1.77			1.77			(0.99	)		35
Year ended 10/31/17		15.34		(0.15	)		4.22			4.07			–			(1.00	)		(1.00	)		18.41		28.15			9,325		1.79			1.79			(0.88	)		31
Class P
Six months ended 04/30/22		34.21		(0.02	)		(7.27	)		(7.29	)		–			(5.46	)		(5.46	)		21.46		(24.25	)		2,448,003		0.82	^(d)		0.82	^(d)		(0.15	)^(d)		38
Year ended 10/31/21		26.80		(0.12	)		9.43			9.31			–			(1.90	)		(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	)		(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	)		(2.11	)		22.16		17.55			2,204,984		0.86			0.86			(0.03	)		29
Year ended 10/31/18		20.39		(0.02	)		1.43			1.41			(0.00	)		(0.75	)		(0.75	)		21.05		7.13			2,024,211		0.87			0.87			(0.09	)		35
Year ended 10/31/17		16.75		0.00			4.65			4.65			(0.01	)		(1.00	)		(1.01	)		20.39		29.32			2,044,421		0.89			0.89			0.02			31
Class S
Six months ended 04/30/22		33.81		(0.03	)		(7.16	)		(7.19	)		–			(5.46	)		(5.46	)		21.16		(24.24	)		4,187		0.87	^(d)		0.87	^(d)		(0.20	)^(d)		38
Year ended 10/31/21		26.52		(0.13	)		9.32			9.19			–			(1.90	)		(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	)		(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	)		(2.11	)		21.95		17.44			3,711		0.91			0.91			(0.08	)		29
Year ended 10/31/18		20.24		(0.03	)		1.43			1.40			–			(0.75	)		(0.75	)		20.89		7.12			3,405		0.92			0.92			(0.14	)		35
Year ended 10/31/17		16.63		(0.01	)		4.62			4.61			(0.00	)		(1.00	)		(1.00	)		20.24		29.29			3,521		0.94			0.94			(0.03	)		31
Class Y
Six months ended 04/30/22		34.20		(0.01	)		(7.26	)		(7.27	)		–			(5.46	)		(5.46	)		21.47		(24.19	)		48,495		0.72	^(d)		0.72	^(d)		(0.05	)^(d)		38
Year ended 10/31/21		26.77		(0.09	)		9.42			9.33			–			(1.90	)		(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	)		(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	)		(2.11	)		22.12		17.65			13,414		0.76			0.76			0.07			29
Year ended 10/31/18		20.34		0.00			1.43			1.43			(0.02	)		(0.75	)		(0.77	)		21.00		7.25			14,818		0.77			0.77			0.01			35
Year ended 10/31/17		16.71		0.02			4.64			4.66			(0.03	)		(1.00	)		(1.03	)		20.34		29.46			13,881		0.79			0.79			0.12			31
Class R5
Six months ended 04/30/22		34.37		(0.01	)		(7.30	)		(7.31	)		–			(5.46	)		(5.46	)		21.60		(24.18	)		902		0.76	^(d)		0.76	^(d)		(0.09	)^(d)		38
Year ended 10/31/21		26.91		(0.10	)		9.46			9.36			–			(1.90	)		(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	)		(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	)		(2.11	)		22.22		17.63			96		0.77			0.77			0.06			29
Year ended 10/31/18		20.42		0.01			1.43			1.44			(0.02	)		(0.75	)		(0.77	)		21.09		7.30			73		0.72			0.72			0.06			35
Year ended 10/31/17		16.77		0.03			4.66			4.69			(0.04	)		(1.00	)		(1.04	)		20.42		29.56			20		0.76			0.76			0.15			31
Class R6
Six months ended 04/30/22		34.45		(0.00	)		(7.33	)		(7.33	)		–			(5.46	)		(5.46	)		21.66		(24.19	)		17,058		0.69	^(d)		0.69	^(d)		(0.02	)^(d)		38
Year ended 10/31/21		26.95		(0.07	)		9.47			9.40			–			(1.90	)		(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	)		(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	)		(2.11	)		22.24		17.73			12,556		0.71			0.71			0.12			29
Year ended 10/31/18		20.42		0.01			1.43			1.44			(0.02	)		(0.75	)		(0.77	)		21.09		7.29			11,057		0.72			0.72			0.06			35
Year ended 10/31/17^(e)		17.61		0.01			2.80			2.81			–			–			–			20.42		15.96			12		0.77	^(d)		0.77	^(d)		0.14	^(d)		31

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)	Commencement date of April 04, 2017.

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


12		Invesco Summit Fund

Notes to Financial Statements

April 30, 2022

(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. The Fund is classified as non-diversified. 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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


13		Invesco Summit Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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.

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.

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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, the Fund paid the Adviser $5,465 in fees for securities lending agent services.


14		Invesco Summit Fund

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.

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

L.	Other Risks - The Fund 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


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, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $7,311.


15		Invesco Summit Fund

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, 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 Fund pursuant to the Class C Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A and Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, 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, 2022, IDI advised the Fund that IDI retained $101,815 in front-end sales commissions from the sale of Class A shares and $4,280 and $2,274 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $104,596 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	2,618,948,950	$	233,941,678		$–	$	2,852,890,628


Money Market Funds		39,333,141		94,965,268		–		134,298,409


Total Investments	$	2,658,282,091	$	328,906,946		$–	$	2,987,189,037

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


16		Invesco Summit Fund

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $1,331,668,031 and $1,530,668,829, 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	$1,065,662,028


Aggregate unrealized (depreciation) of investments	(192,004,719	)


Net unrealized appreciation of investments	$ 873,657,309

Cost of investments for tax purposes is $2,113,531,728.

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,784,254		$	46,165,566			4,717,122		$	144,763,524


Class C		148,483			3,125,800			331,484			8,717,421


Class P		519,679			13,813,007			848,407			26,475,123


Class S		2,096			50,989			7,275			225,971


Class Y		1,120,917			28,408,539			4,206,882			135,569,317


Class R5		1,713			44,817			23,018			714,053


Class R6		63,048			1,642,594			176,408			5,572,144



Issued as reinvestment of dividends:
Class A		2,912,907			74,395,655			729,758			20,527,681


Class C		262,298			5,505,631			79,694			1,927,797


Class P		19,723,009			518,517,916			6,401,306			184,165,559


Class S		34,274			888,373			10,972			312,050


Class Y		475,616			12,499,184			146,242			4,203,003


Class R5		10,774			284,868			2,336			67,515


Class R6		134,215			3,559,383			39,106			1,131,717



Automatic conversion of Class C shares to Class A shares:
Class A		41,369			1,044,915			163,457			4,930,408


Class C		(50,016	)		(1,044,915	)		(190,458	)		(4,930,408	)



Reacquired:
Class A		(2,313,774	)		(57,770,587	)		(2,760,766	)		(84,097,804	)


Class C		(223,172	)		(4,525,297	)		(197,490	)		(5,189,100	)


Class P		(4,683,503	)		(123,368,840	)		(8,580,070	)		(269,689,677	)


Class S		(4,891	)		(114,537	)		(19,097	)		(614,673	)


Class Y		(1,833,624	)		(46,216,294	)		(3,645,895	)		(116,277,686	)


Class R5		(24,504	)		(638,593	)		(8,821	)		(276,659	)


Class R6		(98,701	)		(2,532,147	)		(136,618	)		(4,290,372	)


Net increase in share activity		18,002,467		$	473,736,027			2,344,252		$	53,936,904


17		Invesco Summit Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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 (11/01/21)	Ending Account Value (04/30/22)¹	Expenses Paid During Period	Ending Account Value (04/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$757.30	$4.23	$1,019.98	$4.86	0.97%
Class C	1,000.00	754.30	7.48	1,016.27	8.60	1.72
Class P	1,000.00	757.50	3.57	1,020.73	4.11	0.82
Class S	1,000.00	757.60	3.79	1,020.48	4.36	0.87
Class Y	1,000.00	758.10	3.14	1,021.22	3.61	0.72
Class R5	1,000.00	758.20	3.31	1,021.03	3.81	0.76
Class R6	1,000.00	758.50	3.01	1,021.37	3.46	0.69

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


18		Invesco Summit Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO


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

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 16, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 16, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as 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.

EXHIBITS.


13(a) (1)		Not applicable.

13(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.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(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/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		July 6, 2022

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/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		July 6, 2022


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		July 6, 2022

EX-99.CERT

I, Sheri Morris, 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: July 6, 2022						/s/ Sheri Morris
						Sheri Morris, 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);

(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: July 6, 2022						/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, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, 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: July 6, 2022		/s/ Sheri Morris
		Sheri Morris, 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, 2022, 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: July 6, 2022		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer