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N-CSRS 1 d107364dncsrs.htm N-CSRS 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: 04/30/21

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



		Semiannual Report to Shareholders		April 30, 2021

		Invesco Charter Fund
		Nasdaq:
		A: CHTRX ◾ C: CHTCX ◾ R: CHRRX ◾ S: CHRSX ◾ Y: CHTYX ◾ R5: CHTVX ◾ R6: CHFTX

LOGO



		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 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, 10/31/20 to 4/30/21, 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	28.57	%
Class C Shares	28.11
Class R Shares	28.37
Class S Shares	28.67
Class Y Shares	28.69
Class R5 Shares	28.72
Class R6 Shares	28.76
S&P 500 Index^▼ (Broad Market Index)	28.85
Russell 1000 Index^▼ (Style-Specific Index)	30.03
Lipper Large-Cap Core Funds Index^∎ (Peer Group Index)	28.87

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

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 in-sights about market and economic news and trends.

2 Invesco Charter Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges

Class A Shares
Inception (11/26/68)	10.68	%
10 Years	9.08
5 Years	11.47
1 Year	35.70

Class C Shares
Inception (8/4/97)	6.33	%
10 Years	9.04
5 Years	11.90
1 Year	41.55

Class R Shares
Inception (6/3/02)	7.79	%
10 Years	9.42
5 Years	12.44
1 Year	43.21

Class S Shares
Inception (9/25/09)	10.52	%
10 Years	9.81
5 Years	12.85
1 Year	43.77

Class Y Shares
Inception (10/3/08)	10.14	%
10 Years	9.98
5 Years	13.02
1 Year	43.90

Class R5 Shares
Inception (7/30/91)	8.88	%
10 Years	10.08
5 Years	13.11
1 Year	43.99

Class R6 Shares
10 Years	10.08	%
5 Years	13.17
1 Year	44.04

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 22-24, 2021, 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, 2020 through December 31, 2020 (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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–99.63%
Aerospace & Defense–1.90%
Lockheed Martin Corp.		46,743	$ 17,788,516
Raytheon Technologies Corp.		618,704	51,500,921
			69,289,437

Air Freight & Logistics–2.70%
United Parcel Service, Inc., Class B		482,971	98,458,468

Application Software–1.40%
Citrix Systems, Inc.		55,117	6,826,240
Workday, Inc., Class A^(b)		178,945	44,199,415
			51,025,655

Automobile Manufacturers–1.19%
General Motors Co.^(b)		759,573	43,462,767

Automotive Retail–1.84%
CarMax, Inc.^(b)		256,767	34,211,635
O’Reilly Automotive, Inc.^(b)		59,475	32,882,538
			67,094,173

Biotechnology–0.27%
Neurocrine Biosciences, Inc.^(b)		105,446	9,963,593

Cable & Satellite–1.70%
Comcast Corp., Class A		1,104,212	62,001,504

Commodity Chemicals–0.54%
Valvoline, Inc.		621,461	19,513,875

Communications Equipment–1.29%
Motorola Solutions, Inc.		250,506	47,170,280

Construction Machinery & Heavy Trucks–0.89%
Caterpillar, Inc.		143,035	32,627,714

Construction Materials–0.88%
Vulcan Materials Co.		179,483	31,991,050

Consumer Finance–2.22%
Capital One Financial Corp.		542,256	80,839,525

Data Processing & Outsourced Services–3.24%
Fiserv, Inc.^(b)		466,506	56,036,701
Mastercard, Inc., Class A		162,178	61,961,726
			117,998,427

Distillers & Vintners–1.55%
Constellation Brands, Inc., Class A		235,601	56,619,632

Diversified Banks–3.20%
JPMorgan Chase & Co.		759,760	116,858,686

Electric Utilities–1.49%
FirstEnergy Corp.		1,434,080	54,380,314

Electrical Components & Equipment–0.95%
Hubbell, Inc.		70,756	13,585,860
Rockwell Automation, Inc.		79,742	21,072,621
			34,658,481


	Shares		Value
Environmental & Facilities Services–0.72%
Waste Connections, Inc.		221,516	$ 26,384,771

Financial Exchanges & Data–1.58%
Intercontinental Exchange, Inc.		490,198	57,701,207

Food Distributors–1.05%
Sysco Corp.		452,230	38,317,448

General Merchandise Stores–1.25%
Target Corp.		219,617	45,517,819

Health Care Facilities–2.59%
HCA Healthcare, Inc.		470,272	94,552,888

Health Care Services–1.41%
CVS Health Corp.		675,101	51,577,716

Health Care Supplies–0.43%
Alcon, Inc. (Switzerland)		208,927	15,759,364

Home Improvement Retail–2.05%
Home Depot, Inc. (The)		230,445	74,588,133

Homebuilding–0.97%
D.R. Horton, Inc.		359,290	35,314,614

Hotels, Resorts & Cruise Lines–1.24%
Airbnb, Inc., Class A^(b)(c)		56,252	9,715,283
Booking Holdings, Inc.^(b)		14,393	35,494,289
			45,209,572

Household Products–2.29%
Procter & Gamble Co. (The)		535,389	71,431,600
Reckitt Benckiser Group PLC (United Kingdom)		137,388	12,246,444
			83,678,044

Industrial Conglomerates–0.28%
Honeywell International, Inc.		45,054	10,048,844

Industrial Machinery–1.71%
Otis Worldwide Corp.		802,744	62,509,675

Industrial REITs–2.49%
Prologis, Inc.		777,601	90,613,845

Integrated Telecommunication Services–1.83%
Verizon Communications, Inc.		1,155,574	66,780,621

Interactive Home Entertainment–0.97%
Zynga, Inc., Class A^(b)		3,279,053	35,479,353

Interactive Media & Services–4.09%
Facebook, Inc., Class A^(b)		411,588	133,799,027
Snap, Inc., Class A^(b)		247,279	15,286,788
			149,085,815

Internet & Direct Marketing Retail–6.05%
Amazon.com, Inc.^(b)		63,576	220,444,694

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

5 Invesco Charter Fund


	Shares		Value

Internet Services & Infrastructure–0.12%
Snowflake, Inc., Class A^(b)		18,423	$	4,266,583


IT Consulting & Other Services–2.12%
Accenture PLC, Class A		190,590		55,265,382

Amdocs Ltd.		287,528		22,064,899

				77,330,281


Life Sciences Tools & Services–2.12%
Avantor, Inc.^(b)		592,695		18,989,948

Thermo Fisher Scientific, Inc.		124,061		58,337,204

				77,327,152


Managed Health Care–3.35%
UnitedHealth Group, Inc.		306,146		122,091,025


Movies & Entertainment–1.47%
Netflix, Inc.^(b)		92,068		47,274,156

Warner Music Group Corp., Class A		169,246		6,424,578

				53,698,734


Oil & Gas Exploration & Production–0.59%
Cabot Oil & Gas Corp.		1,280,553		21,346,819


Oil & Gas Refining & Marketing–0.63%
Valero Energy Corp.		312,745		23,130,620


Oil & Gas Storage & Transportation–0.64%
Magellan Midstream Partners L.P.		498,900		23,333,553


Other Diversified Financial Services–2.20%
Equitable Holdings, Inc.		2,342,377		80,179,565


Packaged Foods & Meats–1.27%
a2 Milk Co. Ltd. (The) (New Zealand)^(b)		875,330		4,867,490

Mondelez International, Inc., Class A		680,580		41,386,070

				46,253,560


Pharmaceuticals–3.77%
AstraZeneca PLC, ADR (United Kingdom)		1,340,617		71,146,544

Eli Lilly and Co.		363,495		66,435,981

				137,582,525


Property & Casualty Insurance–1.78%
Allstate Corp. (The)		152,729		19,366,037

Progressive Corp. (The)		450,584		45,391,832

				64,757,869


Railroads–1.20%
Union Pacific Corp.		196,768		43,700,205


Regional Banks–0.51%
CIT Group, Inc.		347,602		18,523,711


	Shares		Value

Semiconductor Equipment–2.39%
Applied Materials, Inc.		655,401	$	86,978,267


Semiconductors–4.37%
QUALCOMM, Inc.		671,211		93,164,087

Texas Instruments, Inc.		366,616		66,177,854

				159,341,941


Systems Software–8.14%
Microsoft Corp.		1,101,830		277,859,489

VMware, Inc., Class A^(b)		118,949		19,130,568

				296,990,057


Technology Hardware, Storage & Peripherals–1.66%
Apple, Inc.		460,761		60,571,641


Thrifts & Mortgage Finance–0.60%
Rocket Cos., Inc., Class A		980,224		22,006,029


Water Utilities–0.45%
American Water Works Co., Inc.		104,664		16,326,537

Total Common Stocks & Other Equity Interests (Cost $2,378,670,863)				3,633,254,678


Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		6,673,402		6,673,402

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		5,025,219		5,027,229

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		7,626,746		7,626,746

Total Money Market Funds (Cost $19,327,065)				19,327,377

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $2,397,997,928)				3,652,582,055


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.28%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		4,037,452		4,037,452

Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,053,757		6,056,179

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,093,631)				10,093,631

TOTAL INVESTMENTS IN SECURITIES–100.44% (Cost $2,408,091,559)				3,662,675,686

OTHER ASSETS LESS LIABILITIES–(0.44)%				(16,018,638	)

NET ASSETS–100.00%			$	3,646,657,048

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

6 Invesco 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, 2021.

^(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, 2021.


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value
	October 31, 2020			at Cost			from Sales				(Depreciation)				Gain			April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,008,474		$	87,852,016		$	(83,187,088	)		$	-			$	-		$	6,673,402		$	599
Invesco Liquid Assets Portfolio, Institutional Class			2,203,693			62,751,441			(59,927,953	)			(437	)			485			5,027,229			749
Invesco Treasury Portfolio, Institutional Class			2,295,398			100,402,305			(95,070,957	)			-				-			7,626,746			290
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			13,216,103			46,737,936			(55,916,587	)			-				-			4,037,452			584	*
Invesco Private Prime Fund			19,824,154			62,954,324			(76,722,300	)			(224	)			225			6,056,179			4,059	*
Total		$	39,547,822		$	360,698,022		$	(370,824,885	)		$	(661	)		$	710		$	29,421,008		$	6,281

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, 2021.

^(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, 2021


Information Technology	24.73	%
Consumer Discretionary	14.58
Health Care	13.95
Financials	12.09
Industrials	10.36
Communication Services	10.06
Consumer Staples	6.17
Real Estate	2.48
Other Sectors, Each Less than 2% of Net Assets	5.21
Money Market Funds Plus Other Assets Less Liabilities	0.37

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, 2021

(Unaudited)


Assets:

Investments in securities, at value (Cost $2,378,670,863)*	$	3,633,254,678

Investments in affiliated money market funds, at value (Cost $29,420,696)		29,421,008

Foreign currencies, at value (Cost $1,442)		1,545

Receivable for:
Investments sold		931,310

Fund shares sold		431,756

Dividends		2,736,947

Investment for trustee deferred compensation and retirement plans		1,743,320

Other assets		83,423

Total assets		3,668,603,987


Liabilities:
Payable for:
Investments purchased		4,078,723

Fund shares reacquired		1,882,552

Amount due custodian		1,821,740

Collateral upon return of securities loaned		10,093,631

Accrued fees to affiliates		1,812,912

Accrued trustees’ and officers’ fees and benefits		282

Accrued other operating expenses		387,416

Trustee deferred compensation and retirement plans		1,869,683

Total liabilities		21,946,939

Net assets applicable to shares outstanding	$	3,646,657,048


Net assets consist of:
Shares of beneficial interest	$	2,218,339,947

Distributable earnings		1,428,317,101

	$	3,646,657,048


Net Assets:

Class A	$	3,444,664,810


Class C	$	27,090,035



Class R	$	19,817,410



Class S	$	20,741,113



Class Y	$	106,478,934



Class R5	$	8,431,309



Class R6	$	19,433,437


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

Class A		171,520,622


Class C		1,476,670


Class R		996,730


Class S		1,032,643


Class Y		5,276,896


Class R5		395,500


Class R6		912,338


Class A:
Net asset value per share	$	20.08

Maximum offering price per share (Net asset value of $20.08 ÷ 94.50%)	$	21.25


Class C:
Net asset value and offering price per share	$	18.35


Class R:
Net asset value and offering price per share	$	19.88


Class S:
Net asset value and offering price per share	$	20.09


Class Y:
Net asset value and offering price per share	$	20.18


Class R5:
Net asset value and offering price per share	$	21.32


Class R6:
Net asset value and offering price per share	$	21.30

*	At April 30, 2021, a security with a value of $9,618,047 was 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, 2021

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $19,376)	$	27,121,931

Dividends from affiliated money market funds (includes securities lending income of $60,881)		62,519

Total investment income		27,184,450


Expenses:

Advisory fees		10,371,700

Administrative services fees		227,924

Custodian fees		18,945

Distribution fees:

Class A		3,943,136

Class C		139,892

Class R		45,456

Class S		14,083

Transfer agent fees – A, C, R, S and Y		2,342,546

Transfer agent fees – R5		3,983

Transfer agent fees – R6		3,010

Trustees’ and officers’ fees and benefits		47,705

Registration and filing fees		61,615

Reports to shareholders		124,993

Professional services fees		35,527

Other		42,039

Total expenses		17,422,554

Less: Fees waived and/or expense offset arrangement(s)		(11,427	)

Net expenses		17,411,127

Net investment income		9,773,323


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		167,238,707

Affiliated investment securities		710

Foreign currencies		1,516

		167,240,933

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		655,933,373

Affiliated investment securities		(661	)

Foreign currencies		12,001

		655,944,713

Net realized and unrealized gain		823,185,646

Net increase in net assets resulting from operations	$	832,958,969

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	9,773,323		$	21,571,362

Net realized gain		167,240,933			57,681,020

Change in net unrealized appreciation		655,944,713			118,558,169

Net increase in net assets resulting from operations		832,958,969			197,810,551


Distributions to shareholders from distributable earnings:
Class A		(72,039,344	)		(488,454,497	)

Class C		(646,926	)		(6,728,167	)

Class R		(378,832	)		(3,099,805	)

Class S		(443,411	)		(2,802,798	)

Class Y		(2,368,090	)		(15,304,355	)

Class R5		(203,608	)		(1,394,325	)

Class R6		(461,672	)		(3,107,812	)

Total distributions from distributable earnings		(76,541,883	)		(520,891,759	)


Share transactions–net:
Class A		(85,872,717	)		110,614,848

Class C		(10,003,124	)		(5,090,743	)

Class R		(826,284	)		(1,324,095	)

Class S		(295,413	)		1,508,504

Class Y		3,840,912			(1,746,025	)

Class R5		(916,441	)		(861,996	)

Class R6		(1,244,679	)		(359,119	)

Net increase (decrease) in net assets resulting from share transactions		(95,317,746	)		102,741,374

Net increase (decrease) in net assets		661,099,340			(220,339,834	)


Net assets:
Beginning of period		2,985,557,708			3,205,897,542

End of period	$	3,646,657,048		$	2,985,557,708

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 04/30/21		$	15.99		$	0.05			$	4.46			$	4.51			$	(0.10	)		$	(0.32	)		$	(0.42	)		$	20.08		28.57	%		$	3,444,665		1.04	%^(d)		1.04	%^(d)		0.59	%^(d)		23	%
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
Year ended 10/31/16			20.30			0.16				0.34				0.50				(0.21	)			(2.28	)			(2.49	)			18.31		3.54				3,467,887		1.11			1.12			0.88			28
Class C
Six months ended 04/30/21			14.61			(0.01	)			4.07				4.06				—				(0.32	)			(0.32	)			18.35		28.11				27,090		1.79	^(d)		1.79	^(d)		(0.16	)^(d)		23
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
Year ended 10/31/16			19.30			0.02				0.32				0.34				(0.04	)			(2.28	)			(2.32	)			17.32		2.73				200,499		1.86			1.87			0.13			28
Class R
Six months ended 04/30/21			15.82			0.03				4.40				4.43				(0.05	)			(0.32	)			(0.37	)			19.88		28.37				19,817		1.29	^(d)		1.29	^(d)		0.34	^(d)		23
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
Year ended 10/31/16			20.12			0.11				0.34				0.45				(0.16	)			(2.28	)			(2.44	)			18.13		3.24				35,654		1.36			1.37			0.63			28
Class S
Six months ended 04/30/21			16.00			0.06				4.46				4.52				(0.11	)			(0.32	)			(0.43	)			20.09		28.67				20,741		0.94	^(d)		0.94	^(d)		0.69	^(d)		23
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
Year ended 10/31/16			20.32			0.18				0.34				0.52				(0.24	)			(2.28	)			(2.52	)			18.32		3.63				18,364		1.01			1.02			0.98			28
Class Y
Six months ended 04/30/21			16.09			0.08				4.47				4.55				(0.14	)			(0.32	)			(0.46	)			20.18		28.69				106,479		0.79	^(d)		0.79	^(d)		0.84	^(d)		23
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
Year ended 10/31/16			20.40			0.20				0.34				0.54				(0.27	)			(2.28	)			(2.55	)			18.39		3.76				102,182		0.86			0.87			1.13			28
Class R5
Six months ended 04/30/21			16.98			0.08				4.73				4.81				(0.15	)			(0.32	)			(0.47	)			21.32		28.72				8,431		0.75	^(d)		0.75	^(d)		0.88	^(d)		23
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
Year ended 10/31/16			21.03			0.23				0.36				0.59				(0.29	)			(2.28	)			(2.57	)			19.05		3.92				38,682		0.75			0.76			1.24			28
Class R6
Six months ended 04/30/21			16.97			0.09				4.72				4.81				(0.16	)			(0.32	)			(0.48	)			21.30		28.76				19,433		0.68	^(d)		0.68	^(d)		0.95	^(d)		23
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
Year ended 10/31/16			21.04			0.24				0.36				0.60				(0.31	)			(2.28	)			(2.59	)			19.05		3.99				2,948		0.68			0.69			1.31			28

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $3,180,651, $28,210, $18,333, $18,933, $95,628, $8,196 and $18,390 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(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, 2021

(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 ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

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

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

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 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.

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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 Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


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, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $5,455.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

14 Invesco Charter Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $65,325 in front-end sales commissions from the sale of Class A shares and $49 and $590 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $3,648 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, 2021. 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		$3,616,140,744		$17,113,934		$-		$3,633,254,678
Money Market Funds		19,327,377		10,093,631		-		29,421,008
Total Investments		$3,635,468,121		$27,207,565		$-		$3,662,675,686

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended April 30, 2021, the Fund engaged in securities purchases of $6,454,680.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,972.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

15 Invesco Charter Fund

NOTE 8–Tax Information

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

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

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9–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, 2021 was $765,386,648 and $934,472,643, 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	$	1,268,526,023

Aggregate unrealized (depreciation) of investments		(15,107,439	)

Net unrealized appreciation of investments	$	1,253,418,584

Cost of investments for tax purposes is $2,409,257,102.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		1,432,214		$	26,113,754			3,107,192		$	47,322,592

Class C		108,374			1,787,411			304,664			4,281,049

Class R		72,267			1,319,950			192,788			2,930,606

Class S		16,121			292,666			22,585			345,715

Class Y		612,028			11,183,267			1,084,206			16,900,822

Class R5		12,475			238,587			36,159			590,973

Class R6		74,129			1,430,205			181,726			3,080,832


Issued as reinvestment of dividends:
Class A		3,859,089			67,186,741			28,971,318			454,270,256

Class C		39,494			629,924			446,613			6,440,158

Class R		21,961			378,832			199,471			3,099,775

Class S		24,720			430,133			177,279			2,779,734

Class Y		116,651			2,037,894			810,898			12,763,540

Class R5		10,946			202,069			83,399			1,384,421

Class R6		23,073			425,471			160,751			2,665,259


Automatic conversion of Class C shares to Class A shares:
Class A		516,043			9,097,072			397,132			6,122,635

Class C		(563,418	)		(9,097,072	)		(433,189	)		(6,122,635	)


Reacquired:
Class A		(10,357,083	)		(188,270,284	)		(25,466,699	)		(397,100,635	)

Class C		(202,525	)		(3,323,387	)		(681,362	)		(9,689,315	)

Class R		(140,584	)		(2,525,066	)		(471,566	)		(7,354,476	)

Class S		(56,912	)		(1,018,212	)		(101,016	)		(1,616,945	)

Class Y		(512,294	)		(9,380,249	)		(2,044,528	)		(31,410,387	)

Class R5		(70,382	)		(1,357,097	)		(166,775	)		(2,837,390	)

Class R6		(160,383	)		(3,100,355	)		(384,400	)		(6,105,210	)

Net increase (decrease) in share activity		(5,123,996	)	$	(95,317,746	)		6,426,646		$	102,741,374

^(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 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, 2020 through April 30, 2021.

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 (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,285.70	$5.89	$1,019.64	$5.21	1.04%
Class C	1,000.00	1,281.10	10.12	1,015.92	8.95	1.79
Class R	1,000.00	1,283.70	7.30	1,018.40	6.46	1.29
Class S	1,000.00	1,286.70	5.33	1,020.13	4.71	0.94
Class Y	1,000.00	1,286.90	4.48	1,020.88	3.96	0.79
Class R5	1,000.00	1,287.20	4.25	1,021.08	3.76	0.75
Class R6	1,000.00	1,287.60	3.86	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, 2020 through April 30, 2021, 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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal 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.

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



		Semiannual Report to Shareholders		April 30, 2021

		Invesco Diversified Dividend Fund
		Nasdaq:
		A: LCEAX ∎ C: LCEVX ∎ R: DDFRX ∎ Y: LCEYX ∎ Investor: LCEIX ∎ R5: DDFIX ∎ R6: LCEFX

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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	28.39	%

Class C Shares	27.89

Class R Shares	28.18

Class Y Shares	28.51

Investor Class Shares	28.38

Class R5 Shares	28.58

Class R6 Shares	28.56

S&P 500 Index^▼ (Broad Market Index)	28.85

Russell 1000 Value Index^▼ (Style-Specific Index)	36.30

Lipper Large-Cap Value Funds Index^∎ (Peer Group Index)	37.01

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

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 in-sights about market and economic news and trends.


2		Invesco Diversified Dividend Fund


Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares

Inception (12/31/01)	7.69	%

10 Years	9.26

5 Years	7.30

1 Year	29.05

Class C Shares

Inception (12/31/01)	7.71	%

10 Years	9.22

5 Years	7.71

1 Year	34.56

Class R Shares

Inception (10/25/05)	8.20	%

10 Years	9.60

5 Years	8.25

1 Year	36.24

Class Y Shares

Inception (10/3/08)	10.16	%

10 Years	10.14

5 Years	8.79

1 Year	36.96

Investor Class Shares

Inception (7/15/05)	8.15	%

10 Years	9.92

5 Years	8.58

1 Year	36.72

Class R5 Shares

Inception (10/25/05)	8.81	%

10 Years	10.22

5 Years	8.86

1 Year	37.00

Class R6 Shares

10 Years	10.25	%

5 Years	8.95

1 Year	37.12

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.

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

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

Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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


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, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.33%
Aerospace & Defense–1.47%
General Dynamics Corp.		572,601	$ 108,925,888
Raytheon Technologies Corp.		1,637,655	136,318,402
			245,244,290

Agricultural & Farm Machinery–0.99%
Deere & Co.		442,542	164,116,701

Air Freight & Logistics–1.02%
United Parcel Service, Inc., Class B		828,638	168,926,144

Apparel Retail–1.55%
TJX Cos., Inc. (The)		3,638,076	258,303,396

Apparel, Accessories & Luxury Goods–0.62%
Columbia Sportswear Co.		944,414	102,950,570

Brewers–3.77%
Anheuser-Busch InBev S.A./N.V. (Belgium)		3,574,231	253,452,863
Heineken N.V. (Netherlands)		3,222,007	373,527,269
			626,980,132

Cable & Satellite–2.32%
Comcast Corp., Class A		6,862,837	385,348,297

Construction Machinery & Heavy Trucks–0.92%
Cummins, Inc.		608,075	153,259,223

Consumer Finance–1.48%
American Express Co.		1,605,393	246,187,017

Data Processing & Outsourced Services–2.69%
Automatic Data Processing, Inc.		1,263,058	236,179,215
Fidelity National Information Services, Inc.		1,381,390	211,214,531
			447,393,746

Diversified Banks–2.36%
Bank of America Corp.		9,677,321	392,221,820
Diversified Chemicals–1.04%
BASF SE (Germany)		2,150,160	173,408,607

Electric Utilities–6.32%
American Electric Power Co., Inc.		1,845,870	163,747,128
Duke Energy Corp.		1,993,424	200,717,863
Entergy Corp.		4,329,577	473,179,470
Exelon Corp.		4,747,276	213,342,583
			1,050,987,044

Electrical Components & Equipment–2.30%
ABB Ltd. (Switzerland)		7,910,394	256,792,740
Emerson Electric Co.		1,388,292	125,626,543
			382,419,283

Fertilizers & Agricultural Chemicals–0.53%
Nutrien Ltd. (Canada)		1,590,348	87,788,400


	Shares		Value
Food Distributors–0.73%
Sysco Corp.		1,437,428	$ 121,793,274

General Merchandise Stores–1.99%
Target Corp.		1,593,673	330,304,666

Health Care Equipment–1.74%
Medtronic PLC		2,208,891	289,188,010

Household Products–2.28%
Procter & Gamble Co. (The)		2,846,226	379,743,473
Industrial Conglomerates–2.25% 3M Co.		1,262,766	248,941,689
Siemens AG (Germany)		746,854	124,648,538
			373,590,227

Industrial Machinery–3.05%
Flowserve Corp.		6,520,915	258,489,071
Pentair PLC		2,813,744	181,514,625
Stanley Black & Decker, Inc.		329,725	68,177,238
			508,180,934

Integrated Oil & Gas–2.63%
Suncor Energy, Inc. (Canada)		5,178,071	110,752,542
TOTAL SE (France)^(b)		7,388,270	327,100,040
			437,852,582

Integrated Telecommunication Services–2.81%
AT&T, Inc.		8,766,369	275,351,650
Deutsche Telekom AG (Germany)		10,000,459	192,617,506
			467,969,156

Investment Banking & Brokerage–0.89%
Charles Schwab Corp. (The)		2,097,202	147,643,021

IT Consulting & Other Services–1.49%
International Business Machines Corp.		1,742,088	247,167,445

Motorcycle Manufacturers–1.52%
Harley-Davidson, Inc.		5,236,099	253,270,109

Movies & Entertainment–1.08%
Walt Disney Co. (The)^(c)		964,748	179,462,423

Multi-line Insurance–2.79%
Hartford Financial Services Group, Inc. (The)		7,026,285	463,453,759

Multi-Utilities–4.82%
Consolidated Edison, Inc.		1,655,171	128,126,787
Dominion Energy, Inc.		5,298,582	423,356,702
Sempra Energy		1,815,244	249,723,117
			801,206,606

Oil & Gas Equipment & Services–0.41%
Baker Hughes Co., Class A		3,421,008	68,693,841

Oil & Gas Exploration & Production–1.63%
ConocoPhillips		5,287,455	270,400,449

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–8.60%
Campbell Soup Co.		6,385,817	$ 304,922,762
General Mills, Inc.		6,239,219	379,718,868
Kraft Heinz Co. (The)		5,532,724	228,446,174
Mondelez International, Inc., Class A		4,186,415	254,575,896
Nestle S.A. (Switzerland)		2,199,771	262,251,308
			1,429,915,008

Paper Packaging–2.96%
Avery Dennison Corp.		632,582	135,480,087
International Paper Co.		3,617,250	209,800,500
Sonoco Products Co.		2,244,186	146,904,415
			492,185,002

Personal Products–1.27%
L’Oreal S.A. (France)		514,092	211,132,580

Pharmaceuticals–6.56%
Bayer AG (Germany)		2,100,036	135,848,746
Bristol-Myers Squibb Co.		2,855,459	178,237,751
Eli Lilly and Co.		1,355,546	247,753,142
Johnson & Johnson		1,790,662	291,394,427
Merck & Co., Inc.		3,189,825	237,641,963
			1,090,876,029

Property & Casualty Insurance–1.97%
Travelers Cos., Inc. (The)		2,120,063	327,888,944
Regional Banks–8.90%
Comerica, Inc.		3,666,679	275,587,594
Cullen/Frost Bankers, Inc.		1,540,020	184,894,801
Fifth Third Bancorp		4,733,914	191,912,873
M&T Bank Corp.		2,238,958	353,061,287
PNC Financial Services Group, Inc. (The)		967,585	180,890,015
Zions Bancorporation N.A.		5,281,577	294,711,997
			1,481,058,567

Restaurants–0.34%
Darden Restaurants, Inc.		382,596	56,134,485

Semiconductors–0.99%
Broadcom, Inc.		359,636	164,065,943

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value
Soft Drinks–1.96%
Coca-Cola Co. (The)		6,029,211	$ 325,456,810

Specialized REITs–1.20%
Weyerhaeuser Co.		5,147,312	199,561,286

Specialty Chemicals–1.09%
DuPont de Nemours, Inc.		2,362,434	182,167,286
Total Common Stocks & Other Equity Interests (Cost $10,569,557,477)			16,185,896,585

Money Market Funds–2.68%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		160,617,274	160,617,274
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		110,350,551	110,394,692
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		174,193,655	174,193,655
Total Money Market Funds (Cost $445,195,214)			445,205,621
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $11,014,752,691)			16,631,102,206

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.72%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		48,133,800	48,133,800
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		72,171,832	72,200,701
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $120,334,501)			120,334,501
TOTAL INVESTMENTS IN SECURITIES–100.73% (Cost $11,135,087,192)			16,751,436,707
OTHER ASSETS LESS LIABILITIES–(0.73)%			(120,699,137)
NET ASSETS–100.00%			$16,630,737,570

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, 2021.

^(c)	Non-income producing security.

^(d)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$135,656,121	$	401,038,530	$	(376,077,377	)	$	-		$	-		$	160,617,274	$ 19,158
Invesco Liquid Assets Portfolio, Institutional Class		92,565,398		286,456,093		(268,626,696	)		(23,644	)		23,541			110,394,692	23,175
Invesco Treasury Portfolio, Institutional Class		145,666,623		458,329,749		(429,802,717	)		-			-			174,193,655	8,419
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		6,232		389,854,409		(341,726,841	)		-			-			48,133,800	3,633*
Invesco Private Prime Fund		9,410		581,107,779		(508,937,790	)		-			21,302			72,200,701	37,491*
Investments in Other Affiliates:
Flowserve Corp.**		201,897,667		1,494,017		(16,013,917	)		75,670,601			(4,559,297	)		258,489,071	2,643,057
Total		$575,801,451	$	2,118,280,577	$	(1,941,185,338	)	$	75,646,957		$	(4,514,454	)	$	824,029,193	$2,734,933

*	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.

**	As of April 30, 2021, this security was not considered as an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(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, 2021


Consumer Staples	18.61	%
Financials	18.39
Industrials	12.00
Utilities	11.14
Health Care	8.30
Communication Services	6.21
Consumer Discretionary	6.02
Materials	5.63
Information Technology	5.16
Energy	4.67
Real Estate	1.20
Money Market Funds Plus Other Assets Less Liabilities	2.67

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, 2021

(Unaudited)


Assets:

Investments in securities, at value (Cost $10,569,557,477)*		$16,185,896,585
Investments in affiliated money market funds, at value (Cost $565,529,715)		565,540,122
Foreign currencies, at value (Cost $15,477,944)		15,414,523
Receivable for:
Fund shares sold		26,048,582
Dividends		35,256,701
Investment for trustee deferred compensation and retirement plans		866,506
Other assets		147,683
Total assets		16,829,170,702

Liabilities:
Payable for:
Fund shares reacquired		63,964,195
Amount due custodian		5,302,865
Collateral upon return of securities loaned		120,334,501
Accrued fees to affiliates		5,863,230
Accrued trustees’ and officers’ fees and benefits		1,342
Accrued other operating expenses		1,864,541
Trustee deferred compensation and retirement plans		1,102,458
Total liabilities		198,433,132
Net assets applicable to shares outstanding		$16,630,737,570

Net assets consist of:
Shares of beneficial interest		$10,398,167,778
Distributable earnings		6,232,569,792
		$16,630,737,570


Net Assets:

Class A	$	4,338,360,194
Class C	$	302,070,316
Class R	$	205,358,385
Class Y	$	1,798,557,190
Investor Class	$	1,772,762,472
Class R5	$	3,607,970,368
Class R6	$	4,605,658,645

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		194,554,937
Class C		13,734,544
Class R		9,176,306
Class Y		80,566,946
Investor Class		79,522,435
Class R5		161,799,013
Class R6		206,521,997
Class A:
Net asset value per share	$	22.30
Maximum offering price per share (Net asset value of $22.30 ÷ 94.50%)	$	23.60
Class C:
Net asset value and offering price per share	$	21.99
Class R:
Net asset value and offering price per share	$	22.38
Class Y:
Net asset value and offering price per share	$	22.32
Investor Class:
Net asset value and offering price per share	$	22.29
Class R5:
Net asset value and offering price per share	$	22.30
Class R6:
Net asset value and offering price per share	$	22.30

*	At April 30, 2021, a security with a value of $112,895,862 was 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, 2021

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $7,653,637)	$	218,540,921

Dividends from affiliates (includes securities lending income of $1,290,663)		3,984,472

Total investment income		222,525,393


Expenses:
Advisory fees		31,279,670

Administrative services fees		1,089,607

Custodian fees		230,923

Distribution fees:
Class A		5,043,790

Class C		1,531,502

Class R		485,439

Investor Class		1,175,567

Transfer agent fees — A, C, R, Y and Investor		5,854,407

Transfer agent fees — R5		1,740,612

Transfer agent fees — R6		133,359

Trustees’ and officers’ fees and benefits		165,173

Registration and filing fees		117,198

Reports to shareholders		540,649

Professional services fees		81,385

Other		345,544

Total expenses		49,814,825

Less: Fees waived and/or expense offset arrangement(s)		(162,520	)

Net expenses		49,652,305

Net investment income		172,873,088


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		615,786,547

Affiliated investment securities		(4,514,454	)

Foreign currencies		7,867,814

Forward foreign currency contracts		(17,324,781	)

		601,815,126

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,084,132,797

Affiliated investment securities		75,646,957

Foreign currencies		(527,465	)

Forward foreign currency contracts		(8,662,765	)

		3,150,589,524

Net realized and unrealized gain		3,752,404,650

Net increase in net assets resulting from operations	$	3,925,277,738

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020

Operations:
Net investment income	$	172,873,088		$	411,664,161

Net realized gain		601,815,126			227,844,209

Change in net unrealized appreciation (depreciation)		3,150,589,524			(2,156,827,682	)

Net increase (decrease) in net assets resulting from operations		3,925,277,738			(1,517,319,312	)


Distributions to shareholders from distributable earnings:
Class A		(102,522,974	)		(238,457,075	)

Class C		(7,149,652	)		(19,083,903	)

Class R		(4,746,662	)		(11,330,789	)

Class Y		(47,193,848	)		(126,994,138	)

Investor Class		(43,259,677	)		(90,897,565	)

Class R5		(94,417,671	)		(201,408,557	)

Class R6		(122,697,603	)		(278,868,056	)

Total distributions from distributable earnings		(421,988,087	)		(967,040,083	)


Share transactions–net:
Class A		(153,018,765	)		(823,664,196	)

Class C		(67,549,573	)		(89,454,072	)

Class R		(17,181,716	)		(45,872,466	)

Class Y		(179,099,402	)		(626,788,947	)

Investor Class		(85,262,589	)		(90,696,857	)

Class R5		(266,265,599	)		(311,167,173	)

Class R6		(395,246,697	)		(415,240,194	)

Net increase (decrease) in net assets resulting from share transactions		(1,163,624,341	)		(2,402,883,905	)

Net increase (decrease) in net assets		2,339,665,310			(4,887,243,300	)


Net assets:
Beginning of period		14,291,072,260			19,178,315,560

End of period	$	16,630,737,570		$	14,291,072,260

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.


																																				Ratio of			Ratio of
																																				expenses			expenses
							Net gains																													to average			to average net
							(losses)																													net assets			assets without			Ratio of net
	Net asset						on securities								Dividends				Distributions																	with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income^(a)			unrealized)				operations				income				gains				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover ^(c)
Class A
Six months ended 04/30/21		$	17.82		$	0.20		$	4.79			$	4.99			$	(0.21	)		$	(0.30	)		$	(0.51	)		$	22.30		28.39	%		$	4,338,360		0.83	%^(d)		0.83	%^(d)		1.97	%^(d)		10	%
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
Year ended 10/31/16			18.78			0.33			0.76				1.09				(0.31	)			(0.73	)			(1.04	)			18.83		6.27				5,985,548		0.80			0.82			1.79			11
Class C
Six months ended 04/30/21			17.58			0.12			4.73				4.85				(0.14	)			(0.30	)			(0.44	)			21.99		27.89				302,070		1.58	^(d)		1.58	^(d)		1.22	^(d)		10
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
Year ended 10/31/16			18.56			0.19			0.74				0.93				(0.17	)			(0.73	)			(0.90	)			18.59		5.41				778,829		1.55			1.57			1.04			11
Class R
Six months ended 04/30/21			17.89			0.18			4.80				4.98				(0.19	)			(0.30	)			(0.49	)			22.38		28.18				205,358		1.08	^(d)		1.08	^(d)		1.72	^(d)		10
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
Year ended 10/31/16			18.84			0.28			0.75				1.03				(0.26	)			(0.73	)			(0.99	)			18.88		5.93				237,638		1.05			1.07			1.54			11
Class Y
Six months ended 04/30/21			17.84			0.23			4.79				5.02				(0.24	)			(0.30	)			(0.54	)			22.32		28.51				1,798,557		0.58	^(d)		0.58	^(d)		2.22	^(d)		10
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
Year ended 10/31/16			18.80			0.38			0.75				1.13				(0.35	)			(0.73	)			(1.08	)			18.85		6.53				3,670,662		0.55			0.57			2.04			11
Investor Class
Six months ended 04/30/21			17.82			0.21			4.78				4.99				(0.22	)			(0.30	)			(0.52	)			22.29		28.38				1,772,762		0.72	^(d)(e)		0.72	^(d)(e)		2.08	^(d)(e)		10
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
Year ended 10/31/16			18.77			0.33			0.76				1.09				(0.32	)			(0.73	)			(1.05	)			18.81		6.29	^(e)			2,114,404		0.76	^(e)		0.78	^(e)		1.83	^(e)		11
Class R5
Six months ended 04/30/21			17.82			0.23			4.80				5.03				(0.25	)			(0.30	)			(0.55	)			22.30		28.58				3,607,970		0.53	^(d)		0.53	^(d)		2.27	^(d)		10
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
Year ended 10/31/16			18.78			0.39			0.76				1.15				(0.37	)			(0.73	)			(1.10	)			18.83		6.59				3,410,571		0.50			0.52			2.09			11
Class R6
Six months ended 04/30/21			17.83			0.24			4.78				5.02				(0.25	)			(0.30	)			(0.55	)			22.30		28.56				4,605,659		0.44	^(d)		0.44	^(d)		2.36	^(d)		10
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
Year ended 10/31/16			18.79			0.41			0.74				1.15				(0.38	)			(0.73	)			(1.11	)			18.83		6.63				2,620,298		0.40			0.42			2.19			11

^(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)	Ratios are annualized and based on average daily net assets (000’s omitted) of $4,068,472, $308,839, $195,785, $1,768,527, $1,683,280, $3,509,983 and $4,480,197 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(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%, 0.19%, 0.18%, 0.20%, 0.20% and 0.21% for the six months ended April 30, 2021 and for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, 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, 2021

(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 ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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


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.

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.

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.

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.

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 Diversified Dividend 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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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

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, 2021, the effective advisory fee rate incurred by the Fund was 0.39%.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2022. 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, 2021, the Adviser waived advisory fees of $157,833.

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


14		Invesco Diversified Dividend Fund

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 monthsended April 30, 2021, 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, 2021, IDI advised the Fund that IDI retained $234,457 in front-end sales commissions from the sale of Class A shares and $7,766 and $4,968 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $6,319 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		$13,875,116,388		$2,310,780,197		$—		$16,185,896,585

Money Market Funds		445,205,621		120,334,501		—		565,540,122

Total Investments		$14,320,322,009		$2,431,114,698		$—		$16,751,436,707

NOTE 4—Derivative Investments

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

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

Effect of Derivative Investments for the six months ended April 30, 2021

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


		Location of Gain (Loss) on Statement of Operations
		Currency
		Risk
Realized Gain (Loss): Forward foreign currency contracts		$(17,324,781)

Change in Net Unrealized Appreciation (Depreciation): Forward foreign currency contracts		(8,662,765)

Total		$(25,987,546)

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


		Forward
		Foreign Currency
		Contracts
Average notional value		$604,773,149


15		Invesco Diversified Dividend Fund

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

NOTE 8—Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9—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, 2021 was $1,600,689,434 and $3,029,444,783, 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	$	5,758,864,771

Aggregate unrealized (depreciation) of investments		(167,438,552	)

Net unrealized appreciation of investments	$	5,591,426,219

Cost of investments for tax purposes is $11,160,010,488.

NOTE 10—Share Information


	Summary of Share Activity
	Six months ended April 30, 2021^(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		8,454,418	$	173,738,676		25,607,546	$	465,244,711
Class C		519,533		10,511,922		2,496,922		45,256,042
Class R		736,395		15,171,356		1,822,137		33,168,559
Class Y		10,099,094		206,113,707		28,615,278		521,499,195
Investor Class		1,307,589		26,654,364		2,489,485		45,952,758
Class R5		11,680,165		237,687,687		21,645,258		392,436,359
Class R6		17,811,571		365,434,161		70,483,352		1,342,738,444

Issued as reinvestment of dividend’s:
Class A		4,691,299		93,983,089		11,551,741		221,324,807
Class C		325,057		6,395,086		892,455		17,063,251
Class R		236,232		4,745,424		589,163		11,328,629
Class Y		1,976,741		39,610,287		5,440,842		103,836,227
Investor Class		1,970,351		39,464,352		4,436,977		84,618,975
Class R5		4,707,516		94,359,283		10,599,545		201,296,518
Class R6		6,049,591		121,282,322		14,614,461		275,773,873


16		Invesco Diversified Dividend Fund


	Summary of Share Activity
	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		2,008,566		$	40,566,371			1,370,205		$	24,950,034
Class C		(2,035,260	)		(40,566,371	)		(1,388,871	)		(24,950,034	)

Reacquired:
Class A		(22,561,317	)		(461,306,901	)		(80,239,126	)		(1,535,183,748	)
Class C		(2,185,397	)		(43,890,210	)		(7,133,744	)		(126,823,331	)
Class R		(1,819,603	)		(37,098,496	)		(4,808,776	)		(90,369,654	)
Class Y		(20,589,597	)		(424,823,396	)		(69,068,270	)		(1,252,124,369	)
Investor Class		(7,328,778	)		(151,381,305	)		(12,024,735	)		(221,268,590	)
Class R5		(28,944,762	)		(598,312,569	)		(48,828,134	)		(904,900,050	)
Class R6		(43,136,374	)		(881,963,180	)		(112,750,641	)		(2,033,752,511	)
Net increase (decrease) in share activity		(56,026,970	)	$	(1,163,624,341	)		(133,586,930	)	$	(2,402,883,905	)

^(a)

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


17		Invesco Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

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 (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,283.90	$4.70	$1,020.68	$4.16	0.83%
Class C	1,000.00	1,278.90	8.93	1,016.96	7.90	1.58
Class R	1,000.00	1,281.80	6.11	1,019.44	5.41	1.08
Class Y	1,000.00	1,285.10	3.29	1,021.92	2.91	0.58
Investor Class	1,000.00	1,283.80	4.08	1,021.22	3.61	0.72
Class R5	1,000.00	1,285.80	3.00	1,022.17	2.66	0.53
Class R6	1,000.00	1,285.60	2.49	1,022.61	2.21	0.44

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


18		Invesco Diversified Dividend Fund

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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

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


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


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



		Semiannual Report to Shareholders		April 30, 2021


		Invesco Main Street All Cap Fund^®

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

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	30.86	%
Class C Shares	30.41
Class R Shares	30.76
Class Y Shares	31.07
Class R5 Shares	31.11
Class R6 Shares	31.16
Russell 3000 Index^▼	31.08
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 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (9/25/00)	8.34	%
10 Years	11.44
5 Years	14.26
1 Year	42.33

Class C Shares
Inception (9/25/00)	8.32	%
10 Years	11.41
5 Years	14.71
1 Year	48.52

Class R Shares
Inception (3/1/01)	8.59	%
10 Years	11.78
5 Years	15.27
1 Year	50.24

Class Y Shares
Inception (9/25/00)	8.98	%
10 Years	12.37
5 Years	15.85
1 Year	50.95

Class R5 Shares
10 Years	12.15	%
5 Years	15.72
1 Year	51.13

Class R6 Shares
10 Years	12.16	%
5 Years	15.74
1 Year	51.10

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.

flect 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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.76%
Aerospace & Defense–2.44%
Boeing Co. (The)^(b)		50,578	$	11,850,931


Lockheed Martin Corp.		25,906		9,858,787


Raytheon Technologies Corp.		141,510		11,779,293


				33,489,011



Air Freight & Logistics–1.45%
United Parcel Service, Inc., Class B		97,714		19,919,976



Apparel Retail–1.35%
Ross Stores, Inc.		141,357		18,509,286



Application Software–2.44%
Olo, Inc., Class A^(b)		35,395		1,021,500


Q2 Holdings, Inc.^(b)		71,330		7,419,746


Workday, Inc., Class A^(b)		101,241		25,006,527


				33,447,773



Automobile Manufacturers–1.25%
General Motors Co.^(b)		300,683		17,205,081



Automotive Retail–1.19%
CarMax, Inc.^(b)		122,525		16,325,231



Biotechnology–0.49%
Seagen, Inc.^(b)		46,896		6,741,769



Communications Equipment–0.41%
Motorola Solutions, Inc.		30,125		5,672,537



Construction Machinery & Heavy Trucks–0.86%
Caterpillar, Inc.		51,545		11,757,930



Construction Materials–0.55%
Vulcan Materials Co.		42,378		7,553,455



Consumer Finance–1.27%
Capital One Financial Corp.		117,240		17,478,139



Data Processing & Outsourced Services–3.33%
Fiserv, Inc.^(b)		125,755		15,105,690


Mastercard, Inc., Class A		79,977		30,556,013


				45,661,703



Distillers & Vintners–1.31%
Constellation Brands, Inc., Class A		74,534		17,912,011



Diversified Banks–4.25%
JPMorgan Chase & Co.		378,813		58,265,228



Diversified Chemicals–0.92%
Eastman Chemical Co.		108,924		12,568,740



Electric Utilities–2.07%
Duke Energy Corp.		168,601		16,976,434


FirstEnergy Corp.		302,241		11,460,979


				28,437,413



Financial Exchanges & Data–1.39%
Intercontinental Exchange, Inc.		161,880		19,054,895


	Shares		Value


Food Distributors–1.15%
Sysco Corp.		186,976	$	15,842,476



Footwear–0.56%
NIKE, Inc., Class B		58,111		7,706,681



Gas Utilities–0.29%
Suburban Propane Partners L.P.		262,259		3,986,337



Health Care Equipment–2.21%
Boston Scientific Corp.^(b)		270,800		11,806,880


DexCom, Inc.^(b)		17,417		6,724,704


Zimmer Biomet Holdings, Inc.		66,822		11,838,185


				30,369,769



Health Care Facilities–0.82%
HCA Healthcare, Inc.		55,733		11,205,677



Health Care Services–1.37%
Guardant Health, Inc.^(b)		39,574		6,291,474


LHC Group, Inc.^(b)		60,180		12,533,689


				18,825,163



Home Improvement Retail–1.60%
Home Depot, Inc. (The)		67,700		21,912,459



Homebuilding–0.98%
D.R. Horton, Inc.		136,117		13,378,940



Hotels, Resorts & Cruise Lines–0.57%
Airbnb, Inc., Class A^(b)		44,909		7,756,234



Household Products–0.95%
Procter & Gamble Co. (The)		98,178		13,098,909



Human Resource & Employment Services–1.02%
Korn Ferry		205,521		13,952,821



Industrial Machinery–1.31%
Stanley Black & Decker, Inc.		86,911		17,970,587



Industrial REITs–1.71%
Prologis, Inc.		201,835		23,519,833



Insurance Brokers–1.22%
Arthur J. Gallagher & Co.		115,245		16,704,763



Integrated Oil & Gas–1.83%
Chevron Corp.		244,290		25,178,970



Integrated Telecommunication Services–1.78%
Verizon Communications, Inc.		423,356		24,465,743



Interactive Home Entertainment–1.79%
Zynga, Inc., Class A^(b)		2,270,575		24,567,621



Interactive Media & Services–11.77%
Alphabet, Inc., Class A^(b)		35,300		83,078,550


Bumble, Inc., Class A^(b)		53,261		3,208,443


Facebook, Inc., Class A^(b)		146,891		47,751,326


Snap, Inc., Class A^(b)		444,568		27,483,194


				161,521,513

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


5		Invesco Main Street All Cap Fund^®


	Shares		Value


Internet & Direct Marketing Retail– 4.36%
Amazon.com, Inc.^(b)		17,266	$	59,868,474



Internet Services & Infrastructure–0.11%
Snowflake, Inc., Class A^(b)		6,807		1,576,433



Life Sciences Tools & Services–0.64%
Avantor, Inc.^(b)		273,625		8,766,945



Managed Health Care–2.11%
UnitedHealth Group, Inc.		72,698		28,991,962



Office REITs–0.47%
Alexandria Real Estate Equities, Inc.		35,427		6,415,830



Oil & Gas Refining & Marketing–0.75%
Valero Energy Corp.		138,540		10,246,418



Pharmaceuticals–3.60%
AstraZeneca PLC, ADR (United Kingdom)		309,658		16,433,550


Catalent, Inc.^(b)		139,830		15,726,680


Eli Lilly and Co.		94,636		17,296,622


				49,456,852



Property & Casualty Insurance–1.32%
Allstate Corp. (The)		142,315		18,045,542



Railroads–1.46%
Union Pacific Corp.		89,972		19,981,881



Regional Banks–2.70%
East West Bancorp, Inc.		120,181		9,151,783


First Citizens BancShares, Inc., Class A		14,188		12,307,523


Signature Bank		61,894		15,566,960


				37,026,266



Restaurants–1.45%
Starbucks Corp.		173,544		19,869,053



Semiconductor Equipment–2.33%
Applied Materials, Inc.		241,163		32,004,742



Semiconductors–4.80%
NVIDIA Corp.		45,891		27,552,039


	Shares		Value


Semiconductors–(continued)
QUALCOMM, Inc.		187,775	$	26,063,170


Texas Instruments, Inc.		67,850		12,247,603


				65,862,812



Soft Drinks–1.51%
Coca-Cola Co. (The)		383,821		20,718,658



Specialized REITs–0.19%
Lamar Advertising Co., Class A		26,866		2,660,809



Specialty Chemicals–0.30%
Diversey Holdings Ltd.^(b)		227,266		4,090,788



Specialty Stores–0.88%
Tractor Supply Co.		64,096		12,088,506



Systems Software–6.48%
Microsoft Corp.		323,958		81,695,727


VMware, Inc., Class A^(b)		44,797		7,204,702


				88,900,429



Technology Hardware, Storage & Peripherals–3.87%
Apple, Inc.		403,640		53,062,514



Trading Companies & Distributors–0.53%
Fastenal Co.		139,235		7,279,206


Total Common Stocks & Other Equity Interests (Cost $817,071,002)				1,368,878,794



Money Market Funds–0.28%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		1,360,182		1,360,182


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		967,253		967,641


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		1,560,493		1,560,493


Total Money Market Funds (Cost $3,888,316)				3,888,316


TOTAL INVESTMENTS IN SECURITIES–100.04%
(Cost $820,959,318)				1,372,767,110


OTHER ASSETS LESS LIABILITIES–(0.04)%				(614,429	)


NET ASSETS–100.00%			$	1,372,152,681

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)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	274,252		$	22,418,214		$	(21,332,284	)		$	-		$	-			$	1,360,182		$	175
Invesco Liquid Assets Portfolio, Institutional Class			104,078			16,013,010			(15,149,396	)			10			(61	)			967,641			149
Invesco Treasury Portfolio, Institutional Class			319,431			25,620,816			(24,379,754	)			-			-				1,560,493			78

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


6		Invesco Main Street All Cap Fund^®


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	29,934,809		$	(29,934,809	)		$	-		$	-			$	-		$	46	*
Invesco Private Prime Fund			-			46,350,159			(46,350,159	)			-			-				-			497	*
Total		$	697,761		$	140,337,008		$	(137,146,402	)		$	10		$	(61	)		$	3,888,316		$	945

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	23.77	%
Communication Services	15.35
Consumer Discretionary	14.18
Financials	12.14
Health Care	11.25
Industrials	9.06
Consumer Staples	4.92
Energy	2.58
Real Estate	2.38
Utilities	2.36
Materials	1.77
Money Market Funds Plus Other Assets Less Liabilities	0.24

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, 2021

(Unaudited)



Assets:
Investments in securities, at value (Cost $817,071,002)	$	1,368,878,794


Investments in affiliated money market funds, at value (Cost $3,888,316)		3,888,316


Receivable for:
Investments sold		2,300,258


Fund shares sold		236,706


Dividends		621,924


Investment for trustee deferred compensation and retirement plans		180,745


Other assets		86,771


Total assets		1,376,193,514



Liabilities:
Payable for:
Investments purchased		1,997,043


Fund shares reacquired		777,349


Amount due custodian		230,821


Accrued fees to affiliates		707,302


Accrued trustees’ and officers’ fees and benefits		966


Accrued other operating expenses		146,607


Trustee deferred compensation and retirement plans		180,745


Total liabilities		4,040,833


Net assets applicable to shares outstanding	$	1,372,152,681



Net assets consist of:
Shares of beneficial interest	$	741,004,947


Distributable earnings		631,147,734


	$1,372,152,681


Net Assets:
Class A	$	1,184,588,055


Class C	$	60,176,910


Class R	$	59,983,278


Class Y	$	64,814,299


Class R5	$	15,567


Class R6	$	2,574,572



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		44,644,610


Class C		2,544,222


Class R		2,344,791


Class Y		2,373,354


Class R5		584


Class R6		96,535


Class A:
Net asset value per share	$	26.53


Maximum offering price per share
(Net asset value of $26.53 ÷ 94.50%)	$	28.07


Class C:
Net asset value and offering price per share	$	23.65


Class R:
Net asset value and offering price per share	$	25.58


Class Y:
Net asset value and offering price per share	$	27.31


Class R5:
Net asset value and offering price per share	$	26.66


Class R6:
Net asset value and offering price per share	$	26.67

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, 2021

(Unaudited)



Investment income:
Dividends	$	8,843,191


Dividends from affiliated money market funds (includes securities lending income of $1,863)		2,265


Total investment income		8,845,456



Expenses:
Advisory fees		4,076,099


Administrative services fees		89,987


Custodian fees		2,796


Distribution fees:
Class A		1,303,455


Class C		301,582


Class R		137,355


Transfer agent fees – A, C, R and Y		1,065,341


Transfer agent fees – R5		7


Transfer agent fees – R6		314


Trustees’ and officers’ fees and benefits		18,925


Registration and filing fees		57,385


Reports to shareholders		54,052


Professional services fees		35,956


Other		35,293


Total expenses		7,178,547


Less: Fees waived and/or expense offset arrangement(s)		(4,962	)


Net expenses		7,173,585


Net investment income		1,671,871



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		79,672,521


Affiliated investment securities		(61	)


		79,672,460


Change in net unrealized appreciation of:
Unaffiliated investment securities		250,930,804


Affiliated investment securities		10


		250,930,814


Net realized and unrealized gain		330,603,274


Net increase in net assets resulting from operations	$	332,275,145

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income	$	1,671,871		$	7,507,953


Net realized gain		79,672,460			3,373,975


Change in net unrealized appreciation		250,930,814			104,864,187


Net increase in net assets resulting from operations		332,275,145			115,746,115



Distributions to shareholders from distributable earnings:
Class A		(9,443,275	)		(7,795,197	)


Class C		(652,957	)		(396,656	)


Class R		(482,249	)		(389,152	)


Class Y		(520,083	)		(420,149	)


Class R5		(128	)		(104	)


Class R6		(1,102	)		(689	)


Total distributions from distributable earnings		(11,099,794	)		(9,001,947	)



Share transactions–net:
Class A		(30,200,952	)		(110,551,170	)


Class C		(17,024,832	)		(14,110,428	)


Class R		(4,020,606	)		(7,983,410	)


Class Y		514,702			(1,449,042	)


Class R6		2,316,542			82,990


Net increase (decrease) in net assets resulting from share transactions		(48,415,146	)		(134,011,060	)


Net increase (decrease) in net assets		272,760,205			(27,266,892	)



Net assets:
Beginning of period		1,099,392,476			1,126,659,368


End of period	$	1,372,152,681		$	1,099,392,476

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 04/30/21		$	20.45		$	0.04			$	6.25			$	6.29			$	(0.11	)		$	(0.10	)		$	(0.21	)		$	26.53		30.92	%^(e)		$	1,184,588		1.11	%^(e)(f)		1.11	%^(e)(f)		0.31	%^(e)(f)		16	%
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	^(g)		1.14	^(g)		0.73	^(g)		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
Year ended 07/31/16			20.29			0.14				0.00				0.14				(0.10	)			(1.98	)			(2.08	)			18.35		1.26				927,091		1.14			1.14			0.80			67
Class C
Six months ended 04/30/21			18.31			(0.05	)			5.59				5.54				(0.10	)			(0.10	)			(0.20	)			23.65		30.41				60,177		1.87	^(f)		1.87	^(f)		(0.45	)^(f)		16
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	^(g)		(0.03	)^(g)		28
Three months ended 10/31/19			16.49			–				0.17				0.17				–				–				–				16.66		1.03				69,736		1.90	^(g)		1.90	^(g)		(0.03	)^(g)		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
Year ended 07/31/16			19.00			0.01				(0.02	)			(0.01	)			–				(1.98	)			(1.98	)			17.01		0.48				228,811		1.89			1.89			0.05			67
Class R
Six months ended 04/30/21			19.74			0.01				6.03				6.04				(0.10	)			(0.10	)			(0.20	)			25.58		30.76				59,983		1.37	^(f)		1.37	^(f)		0.05	^(f)		16
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	^(g)		1.40	^(g)		0.47	^(g)		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
Year ended 07/31/16			19.83			0.10				(0.02	)			0.08				(0.04	)			(1.98	)			(2.02	)			17.89		0.96				61,124		1.39			1.39			0.55			67
Class Y
Six months ended 04/30/21			21.03			0.07				6.43				6.50				(0.12	)			(0.10	)			(0.22	)			27.31		31.07				64,814		0.87	^(f)		0.87	^(f)		0.55	^(f)		16
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	^(g)		0.91	^(g)		0.97	^(g)		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
Year ended 07/31/16			20.65			0.19				(0.02	)			0.17				(0.14	)			(1.98	)			(2.12	)			18.70		1.43				32,254		0.89			0.89			1.05			67
Class R5
Six months ended 04/30/21			20.53			0.07				6.28				6.35				(0.12	)			(0.10	)			(0.22	)			26.66		31.11				16		0.80	^(f)		0.80	^(f)		0.62	^(f)		16
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	^(g)		0.84	^(g)		1.04	^(g)		7
Period ended 07/31/19^(h)			17.13			0.04				1.14				1.18				–				–				–				18.31		6.89				11		0.79	^(g)		0.79	^(g)		1.07	^(g)		48
Class R6
Six months ended 04/30/21			20.53			0.07				6.29				6.36				(0.12	)			(0.10	)			(0.22	)			26.67		31.16				2,575		0.80	^(f)		0.80	^(f)		0.62	^(f)		16
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	^(g)		0.73	^(g)		1.15	^(g)		7
Period ended 07/31/19^(h)			17.13			0.04				1.14				1.18				–				–				–				18.31		6.89				11		0.74	^(g)		0.74	^(g)		1.12	^(g)		48

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the three months ended October 31, 2019 and the years ended July 31, 2019, 2018, 2017 and 2016, 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, 2021 and the year ended ended October 31, 2020.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,084,426, $60,816, $55,398, $58,918, $14 and $632 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	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, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

The ongoing effects of COVID-19 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		0.750%


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, 2021, the effective advisory fee rate incurred by the Fund was 0.65% .


13		Invesco Main Street All Cap Fund^®

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 May 31, 2021, 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 1.16%, 1.90%, 1.41%, 0.91%, 0.86%, and 0.81% , respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed 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, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2021, the Adviser waived advisory fees of $1,445.

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, 2021, 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 Plan, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $41,605 in front-end sales commissions from the sale of Class A shares and $1 and $831 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $10,333 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.

As of April 30, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.

NOTE 4–Expense Offset Arrangement(s)


14		Invesco Main Street All Cap Fund^®

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, 2020.

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, 2021 was $199,887,001 and $257,602,715, 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	$	558,933,576


Aggregate unrealized (depreciation) of investments		(4,911,875	)


Net unrealized appreciation of investments	$	554,021,701

Cost of investments for tax purposes is $818,745,409.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,273,010		$	30,571,263			2,611,884		$	49,051,813


Class C		246,062			5,312,856			467,737			7,839,859


Class R		190,308			4,401,152			342,395			6,294,544


Class Y		398,462			9,699,307			630,773			12,241,173


Class R6		96,444			2,436,684			5,309			101,624



Issued as reinvestment of dividends:
Class A		398,023			9,082,874			391,425			7,515,353


Class C		31,529			643,194			22,579			390,389


Class R		21,805			480,149			20,839			386,971


Class Y		20,149			472,705			19,283			379,690


Class R6		28			642			24			454



Automatic conversion of Class C shares to Class A shares:
Class A		727,681			16,937,594			381,717			7,245,522


Class C		(814,434	)		(16,937,594	)		(425,067	)		(7,245,522	)


15		Invesco Main Street All Cap Fund^®


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(3,636,347	)	$	(86,792,683	)		(9,191,364	)	$	(174,363,858	)


Class C		(283,361	)		(6,043,288	)		(885,984	)		(15,095,154	)


Class R		(393,143	)		(8,901,907	)		(799,605	)		(14,664,925	)


Class Y		(390,398	)		(9,657,310	)		(740,530	)		(14,069,905	)


Class R6		(4,917	)		(120,784	)		(937	)		(19,088	)


Net increase (decrease) in share activity		(2,119,099	)	$	(48,415,146	)		(7,149,522	)	$	(134,011,060	)

^(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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,309.20	$ 6.36	$1,019.29	$5.56	1.11%
Class C	1,000.00	1,304.10	10.68	1,015.52	9.35	1.87
Class R	1,000.00	1,307.60	7.84	1,018.00	6.85	1.37
Class Y	1,000.00	1,310.70	4.98	1,020.48	4.36	0.87
Class R5	1,000.00	1,311.10	4.58	1,020.83	4.01	0.80
Class R6	1,000.00	1,311.60	4.59	1,020.83	4.01	0.80

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^®

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



		Semiannual Report to Shareholders		April 30, 2021


		Invesco Main Street Fund^®
		Nasdaq:
		A: MSIGX ∎ C: MIGCX ∎ R: OMGNX ∎ Y: MIGYX ∎ R5: MSJFX ∎ R6: OMSIX

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	28.63	%
Class C Shares	28.15
Class R Shares	28.49
Class Y Shares	28.77
Class R5 Shares	28.88
Class R6 Shares	28.87
S&P 500 Index^▼	28.85
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

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 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (2/3/88)	11.51	%
10 Years	12.36
5 Years	13.81
1 Year	35.94

Class C Shares
Inception (12/1/93)	8.92	%
10 Years	12.32
5 Years	14.23
1 Year	41.72

Class R Shares
Inception (3/1/01)	7.34	%
10 Years	12.70
5 Years	14.81
1 Year	43.47

Class Y Shares
Inception (11/1/96)	8.84	%
10 Years	13.30
5 Years	15.37
1 Year	44.17

Class R5 Shares
10 Years	13.07	%
5 Years	15.26
1 Year	44.39

Class R6 Shares
Inception (12/29/11)	15.09	%
5 Years	15.55
1 Year	44.32

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.

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.60%
Aerospace & Defense–1.90%
Lockheed Martin Corp.		140,657	$	53,528,428


Raytheon Technologies Corp.		1,861,878		154,982,725


				208,511,153



Air Freight & Logistics–2.70%
United Parcel Service, Inc., Class B		1,453,237		296,256,895



Application Software–1.40%
Citrix Systems, Inc.		165,673		20,518,601


Workday, Inc., Class A^(b)		538,209		132,937,623


				153,456,224



Automobile Manufacturers–1.19%
General Motors Co.^(b)		2,284,252		130,704,899



Automotive Retail–1.84%
CarMax, Inc.^(b)		772,381		102,912,045


O’Reilly Automotive, Inc.^(b)		178,889		98,904,150


				201,816,195



Biotechnology–0.27%
Neurocrine Biosciences, Inc.^(b)		317,706		30,020,040



Cable & Satellite–1.70%
Comcast Corp., Class A		3,324,607		186,676,683



Commodity Chemicals–0.54%
Valvoline, Inc.		1,869,264		58,694,890



Communications Equipment–1.29%
Motorola Solutions, Inc.		751,306		141,470,920



Construction Machinery & Heavy Trucks–0.89%
Caterpillar, Inc.		430,216		98,136,572



Construction Materials–0.88%
Vulcan Materials Co.		538,927		96,058,348



Consumer Finance–2.22%
Capital One Financial Corp.		1,632,391		243,356,850



Data Processing & Outsourced Services–3.24%
Fiserv, Inc.^(b)		1,404,524		168,711,423


Mastercard, Inc., Class A		489,156		186,886,941


				355,598,364



Distillers & Vintners–1.55%
Constellation Brands, Inc., Class A		709,291		170,456,813



Diversified Banks–3.20%
JPMorgan Chase & Co.		2,285,012		351,457,696



Electric Utilities–1.49%
FirstEnergy Corp.		4,317,551		163,721,534



Electrical Components & Equipment–0.95%
Hubbell, Inc.		213,015		40,901,010


Rockwell Automation, Inc.		239,504		63,291,327


				104,192,337


	Shares		Value


Environmental & Facilities Services–0.72%
Waste Connections, Inc.		666,629	$	79,402,180



Financial Exchanges & Data–1.58%
Intercontinental Exchange, Inc.		1,475,857		173,723,127



Food Distributors–1.05%
Sysco Corp.		1,356,670		114,950,649



General Merchandise Stores–1.25%
Target Corp.		660,575		136,910,774



Health Care Facilities–2.59%
HCA Healthcare, Inc.		1,415,421		284,584,546



Health Care Services–1.41%
CVS Health Corp.		2,032,313		155,268,713



Health Care Supplies–0.43%
Alcon, Inc. (Switzerland)		628,426		47,402,173



Home Improvement Retail–2.05%
Home Depot, Inc. (The)		693,380		224,426,305



Homebuilding–0.97%
D.R. Horton, Inc.		1,080,096		106,162,636



Hotels, Resorts & Cruise Lines–1.24%
Airbnb, Inc., Class A^(b)(c)		168,819		29,156,730


Booking Holdings, Inc.^(b)		43,306		106,796,060


				135,952,790



Household Products–2.29%
Procter & Gamble Co. (The)		1,611,524		215,009,532


Reckitt Benckiser Group PLC (United Kingdom)		413,447		36,853,695


				251,863,227



Industrial Conglomerates–0.28%
Honeywell International, Inc.		135,584		30,240,655



Industrial Machinery–1.71%
Otis Worldwide Corp.		2,415,861		188,123,096



Industrial REITs–2.48%
Prologis, Inc.		2,339,702		272,645,474



Integrated Telecommunication Services–1.83%
Verizon Communications, Inc.		3,479,248		201,065,742



Interactive Home Entertainment–0.97%
Zynga, Inc., Class A^(b)		9,862,614		106,713,483



Interactive Media & Services–4.09%
Facebook, Inc., Class A^(b)		1,239,504		402,937,961


Snap, Inc., Class A^(b)		743,782		45,980,603


				448,918,564



Internet & Direct Marketing Retail–6.04%
Amazon.com, Inc.^(b)		191,183		662,911,758

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


5		Invesco Main Street Fund^®


	Shares		Value


Internet Services & Infrastructure–0.12%
Snowflake, Inc., Class A^(b)		55,467	$	12,845,603



IT Consulting & Other Services–2.12%
Accenture PLC, Class A		574,243		166,513,243


Amdocs Ltd.		865,681		66,432,360


				232,945,603



Life Sciences Tools & Services–2.12%
Avantor, Inc.^(b)		1,782,982		57,126,743


Thermo Fisher Scientific, Inc.		373,947		175,841,098


				232,967,841



Managed Health Care–3.35%
UnitedHealth Group, Inc.		921,147		367,353,424



Movies & Entertainment–1.47%
Netflix, Inc.^(b)		277,038		142,250,702


Warner Music Group Corp., Class A		507,961		19,282,199


				161,532,901



Oil & Gas Exploration & Production–0.59%
Cabot Oil & Gas Corp.		3,853,644		64,240,245



Oil & Gas Refining & Marketing–0.63%
Valero Energy Corp.		941,603		69,640,958



Oil & Gas Storage & Transportation–0.64%
Magellan Midstream Partners L.P.		1,501,338		70,217,578



Other Diversified Financial Services–2.20%
Equitable Holdings, Inc.		7,048,607		241,273,818



Packaged Foods & Meats–1.27%
a2 Milk Co. Ltd. (The) (New Zealand)^(b)		2,634,404		14,649,259


Mondelez International, Inc., Class A		2,047,093		124,483,725


				139,132,984



Pharmaceuticals–3.77%
AstraZeneca PLC, ADR (United Kingdom)		4,032,386		213,998,725


Eli Lilly and Co.		1,094,030		199,955,863


				413,954,588



Property & Casualty Insurance–1.77%
Allstate Corp. (The)		459,286		58,237,465


Progressive Corp. (The)		1,354,928		136,495,447


				194,732,912



Railroads–1.20%
Union Pacific Corp.		592,038		131,485,719



Regional Banks–0.51%
CIT Group, Inc.		1,045,479		55,713,576


	Shares		Value


Semiconductor Equipment–2.38%
Applied Materials, Inc.		1,972,037	$	261,709,030



Semiconductors–4.37%
QUALCOMM, Inc.		2,020,455		280,439,154


Texas Instruments, Inc.		1,100,547		198,659,739


				479,098,893



Systems Software–8.15%
Microsoft Corp.		3,316,913		836,459,121


VMware, Inc., Class A^(b)(c)		357,940		57,567,490


				894,026,611



Technology Hardware, Storage & Peripherals–1.66%
Apple, Inc.		1,387,441		182,392,994



Thrifts & Mortgage Finance–0.60%
Rocket Cos., Inc., Class A		2,951,813		66,268,202



Water Utilities–0.45%
American Water Works Co., Inc.		314,942		49,127,803


Total Common Stocks & Other Equity Interests (Cost $6,864,879,987)				10,932,513,588



Money Market Funds–0.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		20,012,347		20,012,347


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		14,034,900		14,040,513


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		22,871,253		22,871,253


Total Money Market Funds (Cost $56,924,113)				56,924,113


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.12% (Cost $6,921,804,100)				10,989,437,701



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.29%
Invesco Private Government Fund, 0.01%^(d)(e)(f)		12,579,733		12,579,733


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		18,862,055		18,869,600


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,449,333)				31,449,333


TOTAL INVESTMENTS IN SECURITIES–100.41% (Cost $6,953,253,433)				11,020,887,034


OTHER ASSETS LESS LIABILITIES–(0.41)%				(44,692,244	)


NET ASSETS–100.00%			$	10,976,194,790

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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


6		Invesco Main Street 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, 2021.

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	16,179,194		$	242,131,286		$	(238,298,133	)		$	-		$	-			$	20,012,347		$	1,868
Invesco Liquid Assets Portfolio, Institutional Class			6,348,183			172,950,919			(165,259,069	)			633			(153	)			14,040,513			1,705
Invesco Treasury Portfolio, Institutional Class			18,490,508			276,721,469			(272,340,724	)			-			-				22,871,253			950
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			39,425,342			134,593,907			(161,439,516	)			-			-				12,579,733			1,439	*
Invesco Private Prime Fund			59,138,012			193,853,213			(234,121,627	)			2			-				18,869,600			9,508	*
Total		$	139,581,239		$	1,020,250,794		$	(1,071,459,069	)		$	635		$	(153	)		$	88,373,446		$	15,470

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(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, 2021



Information Technology	24.72	%
Consumer Discretionary	14.57
Health Care	13.95
Financials	12.09
Industrials	10.35
Communication Services	10.07
Consumer Staples	6.16
Real Estate	2.48
Other Sectors, Each Less than 2% of Net Assets	5.21
Money Market Funds Plus Other Assets Less Liabilities	0.40

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $6,864,879,987)*	$	10,932,513,588


Investments in affiliated money market funds, at value (Cost $88,373,446)		88,373,446


Foreign currencies, at value and cost		143


Receivable for:
Investments sold		2,799,512


Fund shares sold		2,465,042


Dividends		6,902,646


Investment for trustee deferred compensation and retirement plans		981,007


Other assets		143,153


Total assets		11,034,178,537



Liabilities:
Payable for:
Investments purchased		12,274,965


Fund shares reacquired		6,872,566


Amount due custodian		1,028,126


Collateral upon return of securities loaned		31,449,333


Accrued fees to affiliates		4,615,418


Accrued trustees’ and officers’ fees and benefits		4,188


Accrued other operating expenses		758,144


Trustee deferred compensation and retirement plans		981,007


Total liabilities		57,983,747


Net assets applicable to shares outstanding	$	10,976,194,790



Net assets consist of:
Shares of beneficial interest	$	6,222,850,993


Distributable earnings		4,753,343,797


	$10,976,194,790


Net Assets:
Class A	$	9,308,115,287


Class C	$	304,079,579


Class R	$	276,498,650


Class Y	$	551,233,582


Class R5	$	13,325


Class R6	$	536,254,367



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		153,360,220


Class C		5,454,920


Class R		4,688,379


Class Y		9,151,598


Class R5		218.37


Class R6		8,903,034


Class A:
Net asset value per share	$	60.69


Maximum offering price per share
(Net asset value of $60.69 ÷ 94.50%)	$	64.22


Class C:
Net asset value and offering price per share	$	55.74


Class R:
Net asset value and offering price per share	$	58.98


Class Y:
Net asset value and offering price per share	$	60.23


Class R5:
Net asset value and offering price per share	$	61.02


Class R6:
Net asset value and offering price per share	$	60.23

*	At April 30, 2021, securities with an aggregate value of $29,986,007 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, 2021

(Unaudited)



Investment income:
Dividends (net of foreign withholding taxes of $58,028)	$	81,253,801


Dividends from affiliated money market funds (includes securities lending income of $146,749)		151,272


Total investment income		81,405,073



Expenses:
Advisory fees		22,186,802


Administrative services fees		720,687


Custodian fees		23,890


Distribution fees:
Class A		9,665,964


Class C		1,499,337


Class R		624,379


Transfer agent fees – A, C, R and Y		6,397,068


Transfer agent fees – R6		13,061


Trustees’ and officers’ fees and benefits		57,475


Registration and filing fees		100,390


Reports to shareholders		255,384


Professional services fees		54,915


Other		129,923


Total expenses		41,729,275


Less: Fees waived and/or expense offset arrangement(s)		(35,639	)


Net expenses		41,693,636


Net investment income		39,711,437



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		660,156,205


Affiliated investment securities		(153	)


Foreign currencies		3,945


		660,159,997


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,801,411,470


Affiliated investment securities		635


Foreign currencies		(1	)


		1,801,412,104


Net realized and unrealized gain		2,461,572,101


Net increase in net assets resulting from operations	$	2,501,283,538

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income	$	39,711,437		$	83,685,259


Net realized gain		660,159,997			234,091,873


Change in net unrealized appreciation		1,801,412,104			305,589,753


Net increase in net assets resulting from operations		2,501,283,538			623,366,885



Distributions to shareholders from distributable earnings:
Class A		(257,778,336	)		(629,335,556	)


Class C		(10,580,723	)		(29,117,121	)


Class R		(7,703,892	)		(18,474,893	)


Class Y		(15,724,229	)		(51,123,360	)


Class R5		(376	)		(903	)


Class R6		(15,515,693	)		(39,950,554	)


Total distributions from distributable earnings		(307,303,249	)		(768,002,387	)



Share transactions–net:
Class A		(51,385,855	)		(81,425,725	)


Class C		(60,665,868	)		(35,320,624	)


Class R		2,282,447			1,681,926


Class Y		(1,882,617	)		(134,433,972	)


Class R6		(10,392,745	)		(176,423,631	)


Net increase (decrease) in net assets resulting from share transactions		(122,044,638	)		(425,922,026	)


Net increase (decrease) in net assets		2,071,935,651			(570,557,528	)



Net assets:
Beginning of period		8,904,259,139			9,474,816,667


End of period	$	10,976,194,790		$	8,904,259,139

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^(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 to average net assets			Portfolio turnover^(d)
Class A
Six months ended 04/30/21	$	48.70	$	0.22	$	13.46	$	13.68	$	(0.44	)	$	(1.25	)	$	(1.69	)	$	60.69		28.63	%^(e)	$	9,308,115		0.83	%^(e)(f)		0.83	^%(e)(f)		0.80	%^(e)(f)		23	%
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	^(g)		0.85	^(g)		0.81	^(g)		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
Year ended 08/31/16		47.64		0.50		4.41		4.91		(0.43	)		(5.55	)		(5.98	)		46.57		11.22			5,488,385		0.93			0.93			1.12			39
Class C
Six months ended 04/30/21		44.96		0.01		12.40		12.41		(0.38	)		(1.25	)		(1.63	)		55.74		28.15			304,080		1.60	^(f)		1.60	^(f)		0.03	^(f)		23
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	^(g)		1.62	^(g)		0.04	^(g)		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
Year ended 08/31/16		45.51		0.16		4.21		4.37		(0.09	)		(5.55	)		(5.64	)		44.24		10.39			705,167		1.69			1.69			0.36			39
Class R
Six months ended 04/30/21		47.40		0.14		13.11		13.25		(0.42	)		(1.25	)		(1.67	)		58.98		28.49			276,499		1.10	^(f)		1.10	^(f)		0.53	^(f)		23
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	^(g)		1.12	^(g)		0.54	^(g)		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
Year ended 08/31/16		46.95		0.38		4.36		4.74		(0.32	)		(5.55	)		(5.87	)		45.82		10.94			132,365		1.19			1.19			0.86			39
Class Y
Six months ended 04/30/21		48.31		0.28		13.35		13.63		(0.46	)		(1.25	)		(1.71	)		60.23		28.77			551,234		0.60	^(f)		0.60	^(f)		1.03	^(f)		23
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	^(g)		0.62	^(g)		1.04	^(g)		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
Year ended 08/31/16		47.37		0.62		4.37		4.99		(0.55	)		(5.55	)		(6.10	)		46.26		11.49			632,805		0.69			0.69			1.39			39
Class R5
Six months ended 04/30/21		48.89		0.32		13.53		13.85		(0.47	)		(1.25	)		(1.72	)		61.02		28.88			13		0.47	^(f)		0.47	^(f)		1.16	^(f)		23
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	^(g)		0.52	^(g)		1.14	^(g)		7
Period ended 08/31/19^(h)		45.79		0.18		2.23		2.41		—			—			—			48.20		5.26			11		0.54	^(g)		0.54	^(g)		1.37	^(g)		49
Class R6
Six months ended 04/30/21		48.28		0.31		13.36		13.67		(0.47	)		(1.25	)		(1.72	)		60.23		28.87			536,254		0.48	^(f)		0.48	^(f)		1.15	^(f)		23
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	^(g)		0.48	^(g)		1.18	^(g)		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
Year ended 08/31/16		47.36		0.67		4.42		5.09		(0.65	)		(5.55	)		(6.20	)		46.25		11.72			589,459		0.50			0.50			1.50			39

^(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, 2017 and 2016, 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, 2021 and the year ended October 31, 2020.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $8,540,684, $302,352, $251,821, $505,764, $12 and $496,962 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	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, 2021

(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 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 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 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.

The ongoing effects of COVID-19 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, 2021, the effective advisory fee rate incurred by the Fund was 0.44%.

The Adviser has contractually agreed, through May 31, 2021, 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 0.92%, 1.68%, 1.18%, 0.67%, 0.55% and 0.50% , respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed 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, 2022. 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, 2021, the Adviser waived advisory fees of $18,118.


14		Invesco Main Street Fund^®

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 Plan, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $394,534 in front-end sales commissions from the sale of Class A shares and $7,471 and $5,976 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $10,616 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	$	10,881,010,634	$	51,502,954	$	–	$	10,932,513,588


Money Market Funds		56,924,113		31,449,333		–		88,373,446


Total Investments	$	10,937,934,747	$	82,952,287	$	–	$	11,020,887,034

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances


15		Invesco Main Street Fund^®

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9–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, 2021 was $2,303,392,009 and $2,690,487,079, 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	$	4,147,136,603


Aggregate unrealized (depreciation) of investments		(43,292,895	)


Net unrealized appreciation of investments	$	4,103,843,708

Cost of investments for tax purposes is $6,917,043,326.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended April 30, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		3,488,939		$	192,369,249			8,569,917		$	394,397,361


Class C		421,893			21,411,943			1,241,750			52,458,227


Class R		364,771			19,578,058			876,934			39,615,149


Class Y		1,027,826			56,268,865			2,682,636			123,582,993


Class R6		812,113			44,851,967			1,815,544			81,714,395


Issued as reinvestment of dividends:
Class A		4,665,118			245,245,286			12,672,000			600,019,235


Class C		213,679			10,346,340			643,978			28,341,466


Class R		149,808			7,659,671			397,082			18,345,202


Class Y		275,171			14,344,649			1,013,709			47,512,553


Class R6		294,840			15,361,145			844,968			39,544,528


Automatic conversion of Class C shares to Class A shares:
Class A		1,075,900			57,700,376			590,822			27,863,074


Class C		(1,168,672	)		(57,700,375	)		(637,684	)		(27,863,074	)


Reacquired:
Class A		(9,928,176	)		(546,700,766	)		(23,727,968	)		(1,103,705,395	)


Class C		(686,790	)		(34,723,776	)		(2,051,300	)		(88,257,243	)


Class R		(466,109	)		(24,955,282	)		(1,232,556	)		(56,278,425	)


Class Y		(1,322,153	)		(72,496,131	)		(7,046,871	)		(305,529,518	)


Class R6		(1,286,756	)		(70,605,857	)		(6,218,156	)		(297,682,554	)


Net increase (decrease) in share activity		(2,068,598	)	$	(122,044,638	)		(9,565,195	)	$	(425,922,026	)

^(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 (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,286.30	$4.71	$1,020.68	$4.16	0.83%
Class C	1,000.00	1,281.50	9.05	1,016.86	8.00	1.60
Class R	1,000.00	1,284.90	6.23	1,019.34	5.51	1.10
Class Y	1,000.00	1,287.70	3.40	1,021.82	3.01	0.60
Class R5	1,000.00	1,288.80	2.67	1,022.46	2.36	0.47
Class R6	1,000.00	1,288.70	2.72	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^®

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∎

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∎

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∎

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∎

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

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Fund holdings and proxy voting information


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



		Semiannual Report to Shareholders		April 30, 2021


		Invesco Rising Dividends Fund

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

LOGO


		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 provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	24.30	%
Class C Shares	23.85
Class R Shares	24.19
Class Y Shares	24.50
Class R5 Shares	24.53
Class R6 Shares	24.53
S&P 500 Index^▼	28.85
Russell 1000 Index^▼	30.03
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 in-sights about market and economic news and trends.


2		Invesco Rising Dividends Fund



Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (4/30/80)	12.16	%
10 Years	9.90
5 Years	12.01
1 Year	32.60

Class C Shares
Inception (9/1/93)	8.84	%
10 Years	9.85
5 Years	12.44
1 Year	38.27

Class R Shares
Inception (3/1/01)	7.06	%
10 Years	10.21
5 Years	13.00
1 Year	39.97

Class Y Shares
Inception (12/16/96)	8.26	%
10 Years	10.77
5 Years	13.56
1 Year	40.61

Class R5 Shares
10 Years	10.60	%
5 Years	13.45
1 Year	40.82

Class R6 Shares
Inception (2/28/12)	11.68	%
5 Years	13.74
1 Year	40.79

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.

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.35%
Aerospace & Defense–2.14%
Lockheed Martin Corp.		104,506	$	39,770,804


Raytheon Technologies Corp.		298,989		24,887,844


				64,658,648



Air Freight & Logistics–1.91%
United Parcel Service, Inc., Class B		283,308		57,755,169



Apparel Retail–1.47%
Ross Stores, Inc.		339,372		44,437,370



Application Software–0.85%
Citrix Systems, Inc.		207,786		25,734,296



Asset Management & Custody Banks–0.83%
BlackRock, Inc.		30,710		25,160,703



Biotechnology–0.85%
Amgen, Inc.		107,002		25,641,959



Cable & Satellite–2.29%
Comcast Corp., Class A		1,229,440		69,033,056



Construction Materials–0.58%
Vulcan Materials Co.		97,860		17,442,566



Consumer Finance–1.53%
American Express Co.		301,729		46,270,142



Data Processing & Outsourced Services–4.22%
Fidelity National Information Services, Inc.		262,406		40,121,877


Visa, Inc., Class A		373,114		87,144,506


				127,266,383



Distillers & Vintners–0.87%
Constellation Brands, Inc., Class A		108,770		26,139,606



Diversified Banks–2.78%
JPMorgan Chase & Co.		545,735		83,939,500



Electric Utilities–1.72%
American Electric Power Co., Inc.		212,082		18,813,794


NextEra Energy, Inc.		425,979		33,017,632


				51,831,426



Electrical Components & Equipment–0.78%
Rockwell Automation, Inc.		89,086		23,541,866



Electronic Manufacturing Services–0.84%
TE Connectivity Ltd.		187,433		25,204,116



Environmental & Facilities Services–0.96%
Republic Services, Inc.		271,544		28,865,127



Financial Exchanges & Data–3.79%
CME Group, Inc., Class A		110,958		22,412,407


Intercontinental Exchange, Inc.		313,682		36,923,508


S&P Global, Inc.		140,662		54,913,038


				114,248,953


	Shares		Value


Food Distributors–0.86%
Sysco Corp.		307,101	$	26,020,668



Footwear–1.36%
NIKE, Inc., Class B		309,345		41,025,334



Gas Utilities–0.94%
Atmos Energy Corp.		273,884		28,371,644



General Merchandise Stores–1.78%
Dollar General Corp.		111,776		24,003,896


Target Corp.		142,563		29,547,607


				53,551,503



Health Care Equipment–4.17%
Abbott Laboratories		290,593		34,894,407


Danaher Corp.		187,040		47,496,938


Stryker Corp.		165,080		43,354,960


				125,746,305



Home Improvement Retail–2.60%
Home Depot, Inc. (The)		242,515		78,494,830



Household Products–1.04%
Reckitt Benckiser Group PLC (United Kingdom)		351,975		31,374,226



Hypermarkets & Super Centers–1.21%
Costco Wholesale Corp.		97,843		36,406,402



Industrial Conglomerates–1.70%
Honeywell International, Inc.		229,393		51,163,815



Industrial Gases–1.29%
Air Products and Chemicals, Inc.		134,754		38,873,834



Industrial Machinery–1.52%
Otis Worldwide Corp.		367,102		28,586,233


Stanley Black & Decker, Inc.		84,013		17,371,368


				45,957,601



Industrial REITs–1.71%
Prologis, Inc.		443,986		51,737,689



Insurance Brokers–1.51%
Marsh & McLennan Cos., Inc.		336,765		45,699,010



Integrated Oil & Gas–1.26%
Chevron Corp.		369,192		38,052,619



Integrated Telecommunication Services–1.56%
Verizon Communications, Inc.		813,290		47,000,029



Interactive Home Entertainment–1.06%
Electronic Arts, Inc.		224,733		31,930,065



Internet & Direct Marketing Retail–0.45%
eBay, Inc.		244,590		13,645,676



IT Consulting & Other Services–2.12%
Accenture PLC, Class A		220,704		63,997,539

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


5		Invesco Rising Dividends Fund


	Shares		Value


Life Sciences Tools & Services–3.15%
Lonza Group AG (Switzerland)		56,426	$	35,905,687


Thermo Fisher Scientific, Inc.		126,041		59,268,259


				95,173,946



Managed Health Care–2.92%
UnitedHealth Group, Inc.		220,720		88,023,136



Movies & Entertainment–1.58%
Vivendi SE (France)		241,116		8,404,802


Walt Disney Co. (The)^(b)		211,336		39,312,723


				47,717,525



Office REITs–0.90%
Alexandria Real Estate Equities, Inc.		150,067		27,177,134



Oil & Gas Refining & Marketing–0.78%
Valero Energy Corp.		320,160		23,679,034



Pharmaceuticals–3.82%
AstraZeneca PLC, ADR (United Kingdom)		551,722		29,279,887


Eli Lilly and Co.		271,204		49,567,955


Zoetis, Inc.		210,317		36,391,150


				115,238,992



Property & Casualty Insurance–0.84%
Allstate Corp. (The)		199,821		25,337,303



Railroads–1.50%
Union Pacific Corp.		203,201		45,128,910



Regional Banks–1.72%
PNC Financial Services Group, Inc. (The)		277,014		51,787,767



Restaurants–1.50%
McDonald’s Corp.		191,738		45,265,507



Semiconductor Equipment–2.36%
Applied Materials, Inc.		330,538		43,865,698


ASML Holding N.V., New York Shares (Netherlands)		42,209		27,355,653


				71,221,351


	Shares		Value


Semiconductors–3.19%
QUALCOMM, Inc.		320,199	$	44,443,621


Texas Instruments, Inc.		286,200		51,661,962


				96,105,583



Soft Drinks–2.51%
Coca-Cola Co. (The)		652,237		35,207,753


PepsiCo, Inc.		281,412		40,568,354


				75,776,107



Specialized REITs–1.73%
American Tower Corp.		204,539		52,110,401



Systems Software–6.53%
Microsoft Corp.		781,619		197,108,679



Technology Hardware, Storage & Peripherals–6.91%
Apple, Inc.		1,586,418		208,550,510



Trading Companies & Distributors–0.86%
Fastenal Co.		494,924		25,874,627


Total Common Stocks & Other Equity Interests (Cost $1,806,986,796)				2,997,496,187



Money Market Funds–0.59%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		6,222,956		6,222,956


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		4,441,187		4,442,964


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		7,111,950		7,111,950


Total Money Market Funds (Cost $17,777,840)				17,777,870


TOTAL INVESTMENTS IN SECURITIES–99.94% (Cost $1,824,764,636)				3,015,274,057


OTHER ASSETS LESS LIABILITIES–0.06%				1,695,239


NET ASSETS–100.00%			$	3,016,969,296

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)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,904,471		$	86,946,320		$	(85,627,835	)		$	-		$	-			$	6,222,956		$	806
Invesco Liquid Assets Portfolio, Institutional Class			3,501,382			62,104,514			(61,162,739	)			118			(311	)			4,442,964			871
Invesco Treasury Portfolio, Institutional Class			5,605,110			99,367,222			(97,860,382	)			-			-				7,111,950			362
Total		$	14,010,963		$	248,418,056		$	(244,650,956	)		$	118		$	(311	)		$	17,777,870		$	2,039

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

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


6		Invesco Rising Dividends Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	27.02	%
Health Care	14.91
Financials	13.01
Industrials	11.37
Consumer Discretionary	9.16
Consumer Staples	6.49
Communication Services	6.48
Real Estate	4.34
Utilities	2.66
Energy	2.04
Materials	1.87
Money Market Funds Plus Other Assets Less Liabilities	0.65

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $1,806,986,796)	$	2,997,496,187


Investments in affiliated money market funds, at value (Cost $17,777,840)		17,777,870


Cash		1,535,677


Foreign currencies, at value (Cost $302)		313


Receivable for:


Fund shares sold		1,009,945


Dividends		2,299,265


Investment for trustee deferred compensation and retirement plans		203,074


Other assets		102,048


Total assets		3,020,424,379



Liabilities:
Payable for:
Fund shares reacquired		1,253,291


Accrued fees to affiliates		1,424,491


Accrued trustees’ and officers’ fees and benefits		4,322


Accrued other operating expenses		450,640


Trustee deferred compensation and retirement plans		322,339


Total liabilities		3,455,083


Net assets applicable to shares outstanding	$	3,016,969,296



Net assets consist of:
Shares of beneficial interest	$	1,608,609,339


Distributable earnings		1,408,359,957


	$	3,016,969,296


Net Assets:
Class A	$	2,364,508,553


Class C	$	201,125,844


Class R	$	108,776,009


Class Y	$	307,763,971


Class R5	$	13,394


Class R6	$	34,781,525



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		94,605,185


Class C		9,776,933


Class R		4,386,334


Class Y		11,819,254


Class R5		536.2


Class R6		1,339,306


Class A:
Net asset value per share	$	24.99


Maximum offering price per share (Net asset value of $24.99 ÷ 94.50%)	$	26.44


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


Class R:
Net asset value and offering price per share	$	24.80


Class Y:
Net asset value and offering price per share	$	26.04


Class R5:
Net asset value and offering price per share	$	24.98


Class R6:
Net asset value and offering price per share	$	25.97

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, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $14,451)	$	24,741,566


Dividends from affiliated money market funds		2,039


Total investment income		24,743,605



Expenses:
Advisory fees		8,293,662


Administrative services fees		202,989


Custodian fees		11,174


Distribution fees:
Class A		2,732,691


Class C		1,083,308


Class R		258,142


Transfer agent fees – A, C, R and Y		1,829,961


Transfer agent fees – R5		2


Transfer agent fees – R6		4,291


Trustees’ and officers’ fees and benefits		17,059


Registration and filing fees		66,397


Reports to shareholders		105,624


Professional services fees		31,096


Other		43,230


Total expenses		14,679,626


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(14,464	)


Net expenses		14,665,162


Net investment income		10,078,443



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		218,028,740


Affiliated investment securities		(311	)


Foreign currencies		871


		218,029,300


Change in net unrealized appreciation of:
Unaffiliated investment securities		380,604,682


Affiliated investment securities		118


Foreign currencies		4,534


		380,609,334


Net realized and unrealized gain		598,638,634


Net increase in net assets resulting from operations	$	608,717,077

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, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income	$	10,078,443		$	25,071,899


Net realized gain		218,029,300			46,943,177


Change in net unrealized appreciation		380,609,334			76,117,422


Net increase in net assets resulting from operations		608,717,077			148,132,498



Distributions to shareholders from distributable earnings:
Class A		(43,317,399	)		(87,813,829	)


Class C		(5,112,378	)		(12,618,892	)


Class R		(1,987,229	)		(4,200,159	)


Class Y		(5,883,334	)		(13,324,671	)


Class R5		(269	)		(510	)


Class R6		(656,047	)		(1,342,644	)


Total distributions from distributable earnings		(56,956,656	)		(119,300,705	)



Share transactions–net:
Class A		(6,050,524	)		(134,587,407	)


Class C		(80,595,814	)		(79,785,517	)


Class R		(6,071,210	)		(10,811,085	)


Class Y		(3,414,065	)		(59,570,795	)


Class R6		(15,220	)		(1,510,672	)


Net increase (decrease) in net assets resulting from share transactions		(96,146,833	)		(286,265,476	)


Net increase (decrease) in net assets		455,613,588			(257,433,683	)



Net assets:
Beginning of period		2,561,355,708			2,818,789,391


End of period	$	3,016,969,296		$	2,561,355,708

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^(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 to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 04/30/21	$	20.52	$	0.09		$	4.85		$	4.94		$	(0.09	)	$	(0.38	)	$	(0.47	)	$	24.99		24.30	%	$	2,364,509		1.00	%^(e)		1.00	%^(e)		0.75	%^(e)		19	%
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
Year ended 10/31/16		19.88		0.24			(0.48	)		(0.24	)		(0.25	)		(1.13	)		(1.38	)		18.26		(1.37	)		2,201,657		1.07			1.07			1.29			96
Class C
Six months ended 04/30/21		16.95		0.00	^(f)		4.00			4.00			(0.00	)^(f)		(0.38	)		(0.38	)		20.57		23.85			201,126		1.75	^(e)		1.75	^(e)		0.00	^(e)		19
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
Year ended 10/31/16		17.43		0.09			(0.42	)		(0.33	)		(0.14	)		(1.13	)		(1.27	)		15.83		(2.13	)		586,282		1.82			1.82			0.54			96
Class R
Six months ended 04/30/21		20.36		0.06			4.82			4.88			(0.06	)		(0.38	)		(0.44	)		24.80		24.19			108,776		1.25	^(e)		1.25	^(e)		0.50	^(e)		19
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
Year ended 10/31/16		19.77		0.19			(0.48	)		(0.29	)		(0.20	)		(1.13	)		(1.33	)		18.15		(1.63	)		118,374		1.32			1.32			1.04			96
Class Y
Six months ended 04/30/21		21.36		0.12			5.06			5.18			(0.12	)		(0.38	)		(0.50	)		26.04		24.50			307,764		0.75	^(e)		0.75	^(e)		1.00	^(e)		19
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
Year ended 10/31/16		20.45		0.32			(0.52	)		(0.20	)		(0.28	)		(1.13	)		(1.41	)		18.84		(1.11	)		485,497		0.82			0.82			1.67			96
Class R5
Six months ended 04/30/21		20.51		0.13			4.85			4.98			(0.13	)		(0.38	)		(0.51	)		24.98		24.53			13		0.65	^(e)		0.65	^(e)		1.10	^(e)		19
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^(g)		18.65		0.13			1.55			1.68			(0.12	)		—			(0.12	)		20.21		9.05			11		0.70	^(h)		0.70	^(h)		1.49	^(h)		29
Class R6
Six months ended 04/30/21		21.31		0.13			5.04			5.17			(0.13	)		(0.38	)		(0.51	)		25.97		24.53			34,782		0.64	^(e)		0.65	^(e)		1.11	^(e)		19
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
Year ended 10/31/16		20.43		0.37			(0.53	)		(0.16	)		(0.33	)		(1.13	)		(1.46	)		18.81		(0.92	)		8,978		0.63			0.63			1.95			96

^(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, 2017, and 2016, respectively.

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

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,204,270, $218,457, $104,113, $286,722, $12 and $31,807 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Amount represents less than $(0.005) per share.

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

^(h)	Annualized.

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, 2021

(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.

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.

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.

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

J.	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.


13		Invesco Rising Dividends Fund

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 and supply chains, layoffs, lower consumer demand, and defaults, 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.

The ongoing effects of COVID-19 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 $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, 2021, the effective advisory fee rate incurred by the Fund was 0.59% .

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

The Adviser has contractually agreed, through May 31, 2021, 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 1.08%, 1.83%, 1.33%, 0.83%, 0.69%, and 0.64%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed 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, 2022. 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, 2021, the Adviser waived advisory fees of $7,225 and reimbursed class level expenses of $1,387 of Class R6 shares.

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, 2021, IDI advised the Fund that IDI retained $128,581 in front-end sales commissions from the sale of Class A shares and $1,050 and $4,283 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $10,332 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.


14		Invesco Rising Dividends 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	$	2,921,811,472	$	75,684,715		$–	$	2,997,496,187


Money Market Funds		17,777,870		–		–		17,777,870


Total Investments	$	2,939,589,342	$	75,684,715		$–	$	3,015,274,057

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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.

The Fund did not have a capital loss carryforward as of October 31, 2020.

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, 2021 was $516,761,361 and $649,649,889, 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	$	1,208,619,608


Aggregate unrealized (depreciation) of investments		(18,764,549	)


Net unrealized appreciation of investments	$	1,189,855,059


15		Invesco Rising Dividends Fund

Cost of investments for tax purposes is $1,825,418,998.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		3,034,839		$	69,996,892			5,894,863		$	116,781,610


Class C		653,976			12,483,671			1,602,278			26,084,159


Class R		312,066			7,162,411			584,878			11,437,944


Class Y		824,080			19,743,925			1,352,676			27,716,914


Class R6		182,785			4,366,557			263,852			5,408,064



Issued as reinvestment of dividends:
Class A		1,818,140			40,636,672			4,151,651			82,608,000


Class C		268,034			4,913,101			714,637			11,902,684


Class R		89,393			1,979,905			210,925			4,180,587


Class Y		211,138			4,917,657			555,854			11,497,026


Class R6		26,493			615,641			62,079			1,273,531



Automatic conversion of Class C shares to Class A shares:
Class A		3,138,995			71,429,206			2,434,973			48,850,413


Class C		(3,811,580	)		(71,429,206	)		(2,947,463	)		(48,850,413	)



Reacquired:
Class A		(8,146,338	)		(188,113,294	)		(19,426,928	)		(382,827,430	)


Class C		(1,403,207	)		(26,563,380	)		(4,234,971	)		(68,921,947	)


Class R		(661,364	)		(15,213,526	)		(1,348,664	)		(26,429,616	)


Class Y		(1,171,182	)		(28,075,647	)		(4,782,616	)		(98,784,735	)


Class R6		(209,293	)		(4,997,418	)		(399,193	)		(8,192,267	)


Net increase (decrease) in share activity		(4,843,025	)	$	(96,146,833	)		(15,311,169	)	$	(286,265,476	)

^(a)


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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,243.00	$5.56	$1,019.84	$5.01	1.00%
Class C	1,000.00	1,238.50	9.71	1,016.12	8.75	1.75
Class R	1,000.00	1,241.90	6.95	1,018.60	6.26	1.25
Class Y	1,000.00	1,245.00	4.17	1,021.08	3.76	0.75
Class R5	1,000.00	1,245.30	3.62	1,021.57	3.26	0.65
Class R6	1,000.00	1,245.30	3.56	1,021.62	3.21	0.64

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

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LOGO

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∎

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∎

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∎

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∎

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.

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



		Semiannual Report to Shareholders		April 30, 2021


		Invesco Summit Fund

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

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, 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	27.92	%
Class C Shares	27.44
Class P Shares	28.02
Class S Shares	27.97
Class Y Shares	28.05
Class R5 Shares	28.02
Class R6 Shares	28.09
S&P 500 Index^▼ (Broad Market Index)	28.85
Russell 1000 Growth Index^▼ (Style-Specific Index)	24.31
Lipper Multi-Cap Growth Funds Index^∎ (Peer Group Index)	26.41
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 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	11.32	%
10 Years	15.55
5 Years	22.54
1 Year	50.17

Class C Shares
Inception (10/31/05)	11.29	%
10 Years	15.50
5 Years	22.99
1 Year	56.63

Class P Shares
Inception (11/1/82)	10.80	%
10 Years	16.37
5 Years	24.12
1 Year	59.14

Class S Shares
Inception (9/25/09)	16.74	%
10 Years	16.32
5 Years	24.06
1 Year	59.04

Class Y Shares
Inception (10/3/08)	15.02	%
10 Years	16.49
5 Years	24.23
1 Year	59.22

Class R5 Shares
Inception (10/3/08)	15.12	%
10 Years	16.56
5 Years	24.25
1 Year	59.19

Class R6 Shares
10 Years	16.34	%
5 Years	24.23
1 Year	59.37

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.

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, 2021

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.95%
Aerospace & Defense–0.79%
Teledyne Technologies, Inc.^(b)		67,500	$	30,223,125



Apparel Retail–0.20%
MYT Netherlands Parent B.V., ADR (Germany)^(b)		253,929		7,610,252



Application Software–4.89%
DocuSign, Inc.^(b)		166,500		37,119,510


Paylocity Holding Corp.^(b)		126,900		24,522,156


RingCentral, Inc., Class A^(b)		209,250		66,740,288


Trade Desk, Inc. (The), Class A^(b)		72,540		52,904,147


Unity Software, Inc.^(b)(c)		67,500		6,856,650


				188,142,751



Asset Management & Custody Banks–2.22%
Apollo Global Management, Inc.		328,500		18,189,045


Focus Financial Partners, Inc., Class A^(b)		167,400		7,877,844


KKR & Co., Inc., Class A		1,048,500		59,324,130


				85,391,019



Auto Parts & Equipment–0.18%
Aptiv PLC^(b)		48,600		6,993,054



Automotive Retail–0.40%
Vroom, Inc.^(b)(c)		330,300		15,282,981



Biotechnology–2.21%
Alnylam Pharmaceuticals, Inc.^(b)		110,610		15,556,190


Argenx SE, ADR (Netherlands)^(b)		45,900		13,159,989


BeiGene Ltd., ADR (China)^(b)		62,550		21,488,427


C4 Therapeutics, Inc.^(b)		104,400		3,455,640


Innovent Biologics, Inc. (China)^(b)(d)		1,314,000		14,215,179


Kura Oncology, Inc.^(b)		311,400		8,386,002


uniQure N.V. (Netherlands)^(b)		270,900		8,741,943


				85,003,370



Broadcasting–0.21%
Discovery, Inc., Class A^(b)(c)		216,000		8,134,560



Consumer Electronics–1.49%
Sony Group Corp. (Japan)		570,600		57,108,170



Copper–1.44%
Freeport-McMoRan, Inc.		1,464,300		55,218,753



Data Processing & Outsourced Services–7.69%
Mastercard, Inc., Class A		352,800		134,790,768


PayPal Holdings, Inc.^(b)		404,100		105,991,389


StoneCo Ltd., Class A (Brazil)^(b)		691,200		44,679,168


WEX, Inc.^(b)		50,220		10,305,646


				295,766,971



Diversified Banks–0.19%
BDO Unibank, Inc. (Philippines)		3,420,000		7,322,273



Diversified Support Services–0.29%
Cintas Corp.		31,860		10,996,160


	Shares		Value


Education Services–0.09%
Coursera, Inc.^(b)		76,500	$	3,419,550



Environmental & Facilities Services–0.59%
Clean Harbors, Inc.^(b)		126,900		11,289,024


GFL Environmental, Inc. (Canada)		343,800		11,321,334


				22,610,358



Financial Exchanges & Data–0.13%
MarketAxess Holdings, Inc.		10,530		5,143,484



Food Distributors–1.15%
Performance Food Group Co.^(b)		753,300		44,218,710



Health Care Equipment–2.86%
Danaher Corp.		15,930		4,045,264


DexCom, Inc.^(b)		40,950		15,810,795


Intuitive Surgical, Inc.^(b)		30,150		26,079,750


Teleflex, Inc.		70,740		29,886,235


Zimmer Biomet Holdings, Inc.		193,500		34,280,460


				110,102,504



Health Care Services–0.28%
LHC Group, Inc.^(b)		50,940		10,609,274



Health Care Supplies–1.62%
Align Technology, Inc.^(b)		43,020		25,619,701


Cooper Cos., Inc. (The)		61,650		25,331,368


West Pharmaceutical Services, Inc.		34,650		11,383,218


				62,334,287



Health Care Technology–0.21%
GoodRx Holdings, Inc., Class A^(b)(c)		204,210		8,170,442



Home Improvement Retail–1.90%
Lowe’s Cos., Inc.		372,240		73,052,100



Hotels, Resorts & Cruise Lines–3.13%
Booking Holdings, Inc.^(b)		17,640		43,501,651


Marriott Vacations Worldwide Corp.		211,500		37,568,745


Travel + Leisure Co.		605,700		39,085,821


				120,156,217



Industrial Conglomerates–0.28%
Roper Technologies, Inc.		24,300		10,848,492



Industrial Machinery–0.50%
Chart Industries, Inc.^(b)(c)		118,800		19,082,844



Interactive Home Entertainment–7.51%
Activision Blizzard, Inc.		683,100		62,291,889


Electronic Arts, Inc.		253,530		36,021,542


Nintendo Co. Ltd. (Japan)		110,700		63,422,086


Sea Ltd., ADR (Taiwan)^(b)		369,900		93,414,546


Take-Two Interactive Software, Inc.^(b)		192,060		33,683,483


				288,833,546



Interactive Media & Services–9.77%
Alphabet, Inc., Class A^(b)		414		974,349


Alphabet, Inc., Class C^(b)		54,891		132,293,897

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


5		Invesco Summit Fund


	Shares		Value


Interactive Media & Services–(continued)
Bumble, Inc., Class A^(b)(c)		139,820	$	8,422,757


Facebook, Inc., Class A^(b)		557,280		181,160,582


Kuaishou Technology (China)^(b)(d)		536,400		17,253,328


Pinterest, Inc., Class A^(b)		241,200		16,008,444


ZoomInfo Technologies, Inc., Class A^(b)		373,500		19,369,710


				375,483,067



Internet & Direct Marketing Retail–14.08%
Alibaba Group Holding Ltd., ADR (China)^(b)		260,361		60,130,373


Amazon.com, Inc.^(b)		101,880		353,260,750


Farfetch Ltd., Class A (United Kingdom)^(b)		324,900		15,916,851


HelloFresh SE (Germany)^(b)		674,100		55,918,664


JD.com, Inc., ADR (China)^(b)		384,300		29,729,448


MercadoLibre, Inc. (Argentina)^(b)		9,630		15,128,537


Overstock.com, Inc.^(b)		138,600		11,295,900


				541,380,523



Internet Services & Infrastructure–1.03%
MongoDB, Inc.^(b)		12,600		3,747,996


Twilio, Inc., Class A^(b)		97,740		35,948,772


				39,696,768



Life Sciences Tools & Services–2.36%
10X Genomics, Inc., Class A^(b)		201,600		39,876,480


Avantor, Inc.^(b)		1,581,300		50,664,852


				90,541,332



Managed Health Care–0.34%
UnitedHealth Group, Inc.		33,210		13,244,148



Movies & Entertainment–0.98%
IMAX Corp.^(b)		436,500		9,000,630


Netflix, Inc.^(b)		48,690		25,000,855


Walt Disney Co. (The)^(b)		20,160		3,750,163


				37,751,648



Oil & Gas Exploration & Production–2.19%
APA Corp.		2,574,900		51,498,000


Denbury, Inc.^(b)		598,500		32,564,385


				84,062,385



Oil & Gas Refining & Marketing–0.18%
Renewable Energy Group, Inc.^(b)		126,000		6,995,520



Packaged Foods & Meats–0.97%
Nomad Foods Ltd. (United Kingdom)^(b)		180,900		5,275,044


Tyson Foods, Inc., Class A		414,900		32,134,005


				37,409,049



Pharmaceuticals–0.82%
Reata Pharmaceuticals, Inc., Class A^(b)		312,300		31,667,220



Railroads–0.45%
Kansas City Southern		59,130		17,278,377



Regional Banks–0.22%
SVB Financial Group^(b)		15,030		8,594,605



Research & Consulting Services–0.79%
CoStar Group, Inc.^(b)		35,370		30,221,189



Semiconductor Equipment–3.21%
Applied Materials, Inc.		730,800		96,984,468


	Shares		Value


Semiconductor Equipment–(continued)
ASML Holding N.V., New York Shares


(Netherlands)^(c)		40,860	$	26,481,366


				123,465,834



Semiconductors–4.58%
NVIDIA Corp.		118,530		71,163,042


QUALCOMM, Inc.		496,980		68,980,824


Semtech Corp.^(b)		531,900		36,030,906


				176,174,772



Specialized REITs–1.40%
EPR Properties		1,124,100		53,630,811



Specialty Chemicals–0.39%
Danimer Scientific, Inc.^(b)(c)		589,500		15,061,725



Systems Software–7.72%
KnowBe4, Inc., Class A^(b)		606,664		13,941,139


Microsoft Corp.		638,280		160,961,451


Palo Alto Networks, Inc.^(b)		195,300		69,017,067


ServiceNow, Inc.^(b)		104,490		52,910,601


				296,830,258



Technology Hardware, Storage & Peripherals–2.45%
Apple, Inc.		716,450		94,184,517



Trading Companies & Distributors–1.15%
Fastenal Co.		297,000		15,527,160


United Rentals, Inc.^(b)		89,460		28,622,727


				44,149,887



Trucking–2.42%
Lyft, Inc., Class A^(b)		507,600		28,253,016


Ryder System, Inc.		405,000		32,335,200


TuSimple Holdings, Inc., Class A^(b)(c)		495,000		19,022,850


Uber Technologies, Inc.^(b)		248,400		13,604,868


				93,215,934


Total Common Stocks & Other Equity Interests (Cost $1,788,935,361)				3,842,814,816



Money Market Funds–0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		551,574		551,574


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)		393,753		393,910


Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		630,370		630,370


Total Money Market Funds (Cost $1,575,854)				1,575,854


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.99% (Cost $1,790,511,215)				3,844,390,670



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.36%
Invesco Private Government Fund, 0.01%^(e)(f)(g)		36,363,174		36,363,174

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


6		Invesco Summit Fund


	Shares		Value



Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		54,522,951	$	54,544,761


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $90,907,935)				90,907,935


TOTAL INVESTMENTS IN SECURITIES–102.35%
(Cost $1,881,419,150)				3,935,298,605


OTHER ASSETS LESS LIABILITIES–(2.35)%				(90,495,098	)


NET ASSETS–100.00%			$	3,844,803,507

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, 2021.

^(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, 2021 was $31,468,507, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,125,293		$	62,265,522		$	(63,839,241	)		$	-		$	-			$	551,574		$	156
Invesco Liquid Assets Portfolio, Institutional Class			1,514,993			44,475,373			(45,596,413	)			151			(194	)			393,910			166
Invesco Treasury Portfolio, Institutional Class			2,428,906			71,160,597			(72,959,133	)			-			-				630,370			75
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,102,257			189,979,822			(161,718,905	)			-			-				36,363,174			1,543	*
Invesco Private Prime Fund			12,153,385			251,679,444			(209,290,807	)			-			2,739				54,544,761			14,609	*
Total		$	26,324,834		$	619,560,758		$	(553,404,499	)		$	151		$	2,545			$	92,483,789		$	16,549

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021


Information Technology	31.58	%
Consumer Discretionary	21.46
Communication Services	18.47
Health Care	10.71
Industrials	7.25
Financials	2.77
Energy	2.37
Consumer Staples	2.12
Other Sectors, Each Less than 2% of Net Assets	3.22
Money Market Funds Plus Other Assets Less Liabilities	0.05

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


7		Invesco Summit Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)



Assets:
Investments in securities, at value (Cost $1,788,935,361)*	$	3,842,814,816


Investments in affiliated money market funds, at value (Cost $92,483,789)		92,483,789


Foreign currencies, at value (Cost $675)		720


Receivable for:
Investments sold		1,184,421


Fund shares sold		987,426


Dividends		2,089,677


Investment for trustee deferred compensation and retirement plans		416,559


Other assets		107,674


Total assets		3,940,085,082



Liabilities:
Payable for:
Fund shares reacquired		843,446


Amount due custodian		1,944,746


Collateral upon return of securities loaned		90,907,935


Accrued fees to affiliates		834,402


Accrued trustees’ and officers’ fees and benefits		131


Accrued other operating expenses		286,903


Trustee deferred compensation and retirement plans		464,012


Total liabilities		95,281,575


Net assets applicable to shares outstanding	$	3,844,803,507



Net assets consist of:
Shares of beneficial interest	$	1,409,130,490


Distributable earnings		2,435,673,017


	$3,844,803,507


Net Assets:
Class A	$	419,140,172


Class C	$	29,721,263


Class P	$	3,285,249,103


Class S	$	5,567,987


Class Y	$	81,547,188


Class R5	$	1,720,940


Class R6	$	21,856,854



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,328,607


Class C		1,102,360


Class P		102,095,529


Class S		175,044


Class Y		2,536,156


Class R5		53,240


Class R6		674,857


Class A:
Net asset value per share	$	31.45


Maximum offering price per share
(Net asset value of $31.45 ÷ 94.50%)	$	33.28


Class C:
Net asset value and offering price per share	$	26.96


Class P:
Net asset value and offering price per share	$	32.18


Class S:
Net asset value and offering price per share	$	31.81


Class Y:
Net asset value and offering price per share	$	32.15


Class R5:
Net asset value and offering price per share	$	32.32


Class R6:
Net asset value and offering price per share	$	32.39

*	At April 30, 2021, securities with an aggregate value of $87,187,454 were on loan to brokers.

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


8		Invesco Summit Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)



Investment income:
Dividends (net of foreign withholding taxes of $186,886)	$	8,408,112


Dividends from affiliated money market funds (includes securities lending income of $548,765)		549,162


Total investment income		8,957,274



Expenses:
Advisory fees		11,248,161


Administrative services fees		229,743


Custodian fees		34,522


Distribution fees:
Class A		453,940


Class C		139,362


Class P		1,540,414


Class S		3,905


Transfer agent fees – A, C, P, S and Y		1,173,927


Transfer agent fees – R5		663


Transfer agent fees – R6		1,955


Trustees’ and officers’ fees and benefits		49,457


Registration and filing fees		63,380


Reports to shareholders		93,403


Professional services fees		38,528


Other		37,141


Total expenses		15,108,501


Less: Fees waived and/or expense offset arrangement(s)		(5,752	)


Net expenses		15,102,749


Net investment income (loss)		(6,145,475	)



Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		394,904,723


Affiliated investment securities		2,545


Foreign currencies		22,863


		394,930,131


Change in net unrealized appreciation of:
Unaffiliated investment securities		463,221,946


Affiliated investment securities		151


Foreign currencies		6,788


		463,228,885


Net realized and unrealized gain		858,159,016


Net increase in net assets resulting from operations	$	852,013,541

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


9		Invesco Summit Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)


	April 30, 2021			October 31, 2020


Operations:
Net investment income (loss)	$	(6,145,475	)	$	(4,668,587	)


Net realized gain		394,930,131			219,177,591


Change in net unrealized appreciation		463,228,885			532,265,804


Net increase in net assets resulting from operations		852,013,541			746,774,808



Distributions to shareholders from distributable earnings:
Class A		(21,485,446	)		(14,994,428	)


Class C		(2,085,344	)		(1,516,859	)


Class P		(188,404,545	)		(184,239,073	)


Class S		(318,745	)		(302,981	)


Class Y		(4,370,534	)		(1,186,928	)


Class R5		(69,406	)		(20,136	)


Class R6		(1,159,595	)		(1,054,022	)


Total distributions from distributable earnings		(217,893,615	)		(203,314,427	)



Share transactions–net:
Class A		56,237,460			84,342,766


Class C		774,808			5,301,251


Class P		58,956,976			(13,556,735	)


Class S		212,364			(74,683	)


Class Y		22,658,519			28,074,701


Class R5		483,038			772,733


Class R6		1,949,844			976,932


Net increase in net assets resulting from share transactions		141,273,009			105,836,965


Net increase in net assets		775,392,935			649,297,346



Net assets:
Beginning of period		3,069,410,572			2,420,113,226


End of period	$	3,844,803,507		$	3,069,410,572

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


10		Invesco Summit Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations			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 04/30/21	$	26.25	$	(0.07	)	$	7.17	$	7.10		$	–		$	(1.90	)	$	(1.90	)	$	31.45		27.92	%	$	419,140		0.98	%^(d)		0.98	%^(d)		(0.48	)%^(d)		24	%
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
Year ended 10/31/16		17.59		(0.01	)		0.11		0.10			–			(1.13	)		(1.13	)		16.56		0.81			50,217		1.05			1.05			(0.05	)		47
Class C
Six months ended 04/30/21		22.82		(0.15	)		6.19		6.04			–			(1.90	)		(1.90	)		26.96		27.44			29,721		1.73	^(d)		1.73	^(d)		(1.23	)^(d)		24
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
Year ended 10/31/16		16.49		(0.12	)		0.10		(0.02	)		–			(1.13	)		(1.13	)		15.34		0.09			5,008		1.80			1.80			(0.80	)		47
Class P
Six months ended 04/30/21		26.80		(0.05	)		7.33		7.28			–			(1.90	)		(1.90	)		32.18		28.02			3,285,249		0.83	^(d)		0.83	^(d)		(0.33	)^(d)		24
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
Year ended 10/31/16		17.75		0.02			0.11		0.13			–			(1.13	)		(1.13	)		16.75		0.98			1,708,869		0.90			0.90			0.10			47
Class S
Six months ended 04/30/21		26.52		(0.06	)		7.25		7.19			–			(1.90	)		(1.90	)		31.81		27.97			5,568		0.88	^(d)		0.88	^(d)		(0.38	)^(d)		24
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
Year ended 10/31/16		17.64		0.01			0.11		0.12			–			(1.13	)		(1.13	)		16.63		0.92			3,164		0.95			0.95			0.05			47
Class Y
Six months ended 04/30/21		26.77		(0.03	)		7.31		7.28			–			(1.90	)		(1.90	)		32.15		28.05			81,547		0.73	^(d)		0.73	^(d)		(0.23	)^(d)		24
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
Year ended 10/31/16		17.69		0.03			0.12		0.15			–			(1.13	)		(1.13	)		16.71		1.10			3,576		0.80			0.80			0.20			47
Class R5
Six months ended 04/30/21		26.91		(0.04	)		7.35		7.31			–			(1.90	)		(1.90	)		32.32		28.02			1,721		0.76	^(d)		0.76	^(d)		(0.26	)^(d)		24
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

Year ended 10/31/16		17.75		0.04			0.11		0.15			–			(1.13	)		(1.13	)		16.77		1.10			17		0.74			0.74			0.26			47
Class R6
Six months ended 04/30/21		26.95		(0.03	)		7.37		7.34			–			(1.90	)		(1.90	)		32.39		28.09			21,857		0.68	^(d)		0.68	^(d)		(0.18	)^(d)		24
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	^(f)		0.77	^(f)		0.14	^(f)		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)	Ratios are annualized and based on average daily net assets (000’s omitted) of $366,161, $28,103, $3,106,359, $5,250, $68,316, $1,337 and $19,714 for Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Commencement date of April 04, 2017.

^(f)	Annualized.

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


11		Invesco Summit Fund

Notes to Financial Statements

April 30, 2021

(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. The Fund’s classification changed from diversified to non-diversified during the period. 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 ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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.


13		Invesco Summit 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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M.	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, 2021, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2022. 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, 2021, the Adviser waived advisory fees of $1,613.

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


14		Invesco Summit Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $123,139 in front-end sales commissions from the sale of Class A shares and $724 and $964 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $24,002 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	$	3,627,575,116	$	215,239,700	$	–	$	3,842,814,816
Money Market Funds		1,575,854		90,907,935		–		92,483,789
Total Investments	$	3,629,150,970	$	306,147,635	$	–	$	3,935,298,605

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

The Fund did not have a capital loss carryforward as of October 31, 2020.


15		Invesco Summit 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, 2021 was $847,224,085 and $927,364,766, 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	$	2,094,701,158
Aggregate unrealized (depreciation) of investments		(47,349,070	)
Net unrealized appreciation of investments	$	2,047,352,088

Cost of investments for tax purposes is $1,887,946,517.

NOTE 9–Share Information


	Summary of Share Activity
	Six months ended April 30, 2021						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,612,375		$	77,464,492			5,448,472		$	127,230,261
Class C		199,869			5,113,927			541,886			10,937,631
Class P		471,329			14,174,784			1,114,297			25,529,263
Class S		716			22,184			3,107			74,702
Class Y		1,847,864			57,400,111			1,812,498			41,601,017
Class R5		17,489			529,086			34,057			806,449
Class R6		109,134			3,348,461			146,558			3,433,901

Issued as reinvestment of dividends:
Class A		729,917			20,532,561			676,587			14,282,743
Class C		79,694			1,927,797			75,056			1,386,283
Class P		6,401,296			184,165,275			8,379,716			180,331,486
Class S		10,972			312,050			13,931			296,735
Class Y		146,242			4,203,003			45,921			986,374
Class R5		2,336			67,515			847			18,283
Class R6		39,106			1,131,717			47,475			1,025,940

Automatic conversion of Class C shares to Class A shares:
Class A		123,406			3,630,120			31,617			735,370
Class C		(143,641	)		(3,630,120	)		(36,182	)		(735,370	)

Reacquired:
Class A		(1,551,051	)		(45,389,713	)		(2,547,255	)		(57,905,608	)
Class C		(103,790	)		(2,636,796	)		(312,517	)		(6,287,293	)
Class P		(4,601,955	)		(139,383,083	)		(9,184,148	)		(219,417,484	)
Class S		(3,905	)		(121,870	)		(18,811	)		(446,120	)
Class Y		(1,246,720	)		(38,944,595	)		(676,154	)		(14,512,690	)
Class R5		(3,818	)		(113,563	)		(1,977	)		(51,999	)
Class R6		(83,301	)		(2,530,334	)		(148,742	)		(3,482,909	)
Net increase in share activity		5,053,564		$	141,273,009			5,446,239		$	105,836,965


16		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 (11/01/20)	Ending Account Value (04/30/21)¹	Expenses Paid During Period²	Ending Account Value (04/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,279.20	$5.54	$1,019.93	$4.91	0.98%
Class C	1,000.00	1,274.40	9.76	1,016.22	8.65	1.73
Class P	1,000.00	1,280.20	4.69	1,020.68	4.16	0.83
Class S	1,000.00	1,279.70	4.97	1,020.43	4.41	0.88
Class Y	1,000.00	1,280.50	4.13	1,021.17	3.66	0.73
Class R5	1,000.00	1,280.20	4.30	1,021.03	3.81	0.76
Class R6	1,000.00	1,280.90	3.85	1,021.42	3.41	0.68

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 Summit Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco Summit Fund (the “Fund”) was held on January 22, 2021 and was adjourned until February 19, 2021. The Meeting on February 19, 2021 was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The February 19, 2021 results of the voting on the above matter were as follows:


	Matters	Votes For		Votes Against		Votes Abstain
(1)	Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction		47,424,335.28		10,100,840.26		3,822,645.03


18		Invesco Summit Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.

SEC file numbers: 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 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 18, 2021, 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 18, 2021, 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 8, 2021

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 8, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		July 8, 2021