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N-CSRS 1 d838809dncsrs.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)

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

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 4/30/2024

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

LOGO



Semiannual Report to Shareholders		April 30, 2024

Invesco Charter Fund

Nasdaq:

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



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

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

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	20.11	%
Class C Shares	19.68
Class R Shares	19.95
Class S Shares	20.15
Class Y Shares	20.28
Class R5 Shares	20.25
Class R6 Shares	20.29
S&P 500 Index^▼(Broad Market Index)	20.98
Russell 1000 Index^▼(Style-Specific Index)	21.17

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

For more information about your Fund

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

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


2		Invesco Charter Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (11/26/68)	10.37	%
10 Years	7.24
5 Years	8.99
1 Year	13.05

Class C Shares
Inception (8/4/97)	6.21	%
10 Years	7.21
5 Years	9.41
1 Year	17.76

Class R Shares
Inception (6/3/02)	7.39	%
10 Years	7.58
5 Years	9.96
1 Year	19.35

Class S Shares
Inception (9/25/09)	9.42	%
10 Years	7.96
5 Years	10.34
1 Year	19.85

Class Y Shares
Inception (10/3/08)	9.22	%
10 Years	8.12
5 Years	10.51
1 Year	19.98

Class R5 Shares
Inception (7/30/91)	8.57	%
10 Years	8.19
5 Years	10.54
1 Year	19.97

Class R6 Shares
Inception (9/24/12)	9.85	%
10 Years	8.27
5 Years	10.63
1 Year	20.08

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

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

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

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


3		Invesco Charter Fund

Liquidity Risk Management Program

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

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

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

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

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

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

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

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

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


4		Invesco Charter Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.92%
Aerospace & Defense–2.01%
Howmet Aerospace, Inc.		458,548	$	30,608,079


Huntington Ingalls Industries, Inc.		119,883		33,199,199


				63,807,278



Air Freight & Logistics–1.41%
United Parcel Service, Inc., Class B		304,062		44,843,064



Application Software–1.63%
Autodesk, Inc.^(b)		114,459		24,362,598


Tyler Technologies, Inc.^(b)		59,696		27,552,689


				51,915,287



Asset Management & Custody Banks–1.40%
BlackRock, Inc.		59,072		44,578,094



Automobile Manufacturers–0.45%
Tesla, Inc.^(b)		78,383		14,366,036



Automotive Parts & Equipment–0.98%
Aptiv PLC^(b)		440,108		31,247,668



Biotechnology–0.64%
Gilead Sciences, Inc.		311,637		20,318,732



Broadline Retail–5.18%
Amazon.com, Inc.^(b)		942,612		164,957,100



Building Products–0.86%
Johnson Controls International PLC		421,255		27,411,063



Communications Equipment–0.62%
Motorola Solutions, Inc.		58,595		19,872,494



Construction Materials–0.89%
CRH PLC		365,994		28,335,255



Consumer Finance–1.65%
American Express Co.		224,408		52,518,204



Consumer Staples Merchandise Retail–1.44%
Walmart, Inc.		771,345		45,779,326



Distillers & Vintners–1.17%
Constellation Brands, Inc., Class A		146,286		37,077,650



Distributors–0.83%
LKQ Corp.		608,835		26,259,054



Diversified Banks–2.85%
JPMorgan Chase & Co.		473,067		90,705,867



Diversified Financial Services–0.67%
Equitable Holdings, Inc.		577,053		21,299,026



Electrical Components & Equipment–2.58%
Emerson Electric Co.		427,368		46,061,723


Hubbell, Inc.		97,297		36,050,484


				82,112,207


	Shares		Value


Fertilizers & Agricultural Chemicals–0.84%
Mosaic Co. (The)		851,876	$	26,740,388



Health Care Equipment–2.64%
Boston Scientific Corp.^(b)		544,935		39,164,479


Zimmer Biomet Holdings, Inc.		373,055		44,871,055


				84,035,534



Health Care Facilities–1.25%
HCA Healthcare, Inc.		128,701		39,874,144



Home Improvement Retail–1.51%
Lowe’s Cos., Inc.		210,723		48,042,737



Hotels, Resorts & Cruise Lines–1.55%
Royal Caribbean Cruises Ltd.^(b)(c)		184,576		25,772,347


Wyndham Hotels & Resorts, Inc.^(c)		318,775		23,433,150


				49,205,497



Household Products–2.16%
Procter & Gamble Co. (The)		420,389		68,607,485



Human Resource & Employment Services–0.81%
Paylocity Holding Corp.^(b)(c)		165,715		25,712,339



Industrial REITs–1.28%
Prologis, Inc.		398,794		40,696,928



Insurance Brokers–1.19%
Arthur J. Gallagher & Co.		161,903		37,997,015



Integrated Oil & Gas–2.07%
Chevron Corp.		408,560		65,888,471



Integrated Telecommunication Services–1.61%
Verizon Communications, Inc.		1,297,772		51,249,016



Interactive Media & Services–6.45%
Alphabet, Inc., Class A^(b)		708,620		115,349,164


Meta Platforms, Inc., Class A		208,937		89,878,429


				205,227,593



Internet Services & Infrastructure–0.58%
MongoDB, Inc.^(b)		50,307		18,371,110



Investment Banking & Brokerage–2.73%
Charles Schwab Corp. (The)		472,322		34,928,212


Morgan Stanley		339,559		30,845,539


Raymond James Financial, Inc.		172,561		21,052,442


				86,826,193



Life Sciences Tools & Services–1.73%
Danaher Corp.		111,488		27,495,171


Lonza Group AG (Switzerland)		49,893		27,540,598


				55,035,769



Managed Health Care–1.64%
UnitedHealth Group, Inc.		107,885		52,183,975



Movies & Entertainment–1.20%
Walt Disney Co. (The)		343,952		38,213,067

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


5		Invesco Charter Fund


	Shares		Value


Multi-Family Residential REITs–0.87%
Mid-America Apartment Communities, Inc.		212,257	$	27,593,410



Multi-line Insurance–1.41%
American International Group, Inc.		594,774		44,792,430



Multi-Utilities–1.61%
Ameren Corp.		394,474		29,139,794


WEC Energy Group, Inc.		265,929		21,976,373


				51,116,167



Oil & Gas Exploration & Production–2.02%
APA Corp.		793,940		24,961,474


Marathon Oil Corp.		1,467,657		39,406,590


				64,368,064



Personal Care Products–0.48%
BellRing Brands, Inc.^(b)		277,189		15,292,517



Pharmaceuticals–2.80%
Eli Lilly and Co.		86,221		67,347,223


Pfizer, Inc.		849,119		21,754,429


				89,101,652



Property & Casualty Insurance–0.87%
Hartford Financial Services Group, Inc. (The)		284,429		27,558,326



Regional Banks–0.88%
M&T Bank Corp.		194,248		28,047,469



Restaurants–1.25%
McDonald’s Corp.		146,203		39,919,267



Semiconductor Materials & Equipment–1.37%
Applied Materials, Inc.		218,634		43,431,644



Semiconductors–8.62%
Broadcom, Inc.		29,522		38,386,571


NVIDIA Corp.		230,211		198,906,908


Texas Instruments, Inc.		210,003		37,048,729


				274,342,208



Specialty Chemicals–0.82%
PPG Industries, Inc.		201,448		25,986,792



Systems Software–8.48%
GitLab, Inc., Class A^(b)		288,427		15,133,765


Microsoft Corp.		653,993		254,619,094


				269,752,859

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value


Technology Hardware, Storage & Peripherals–5.42%
Apple, Inc.		817,455	$	139,237,110


Dell Technologies, Inc., Class C		267,140		33,296,330


				172,533,440



Timber REITs–0.49%
Weyerhaeuser Co.		516,652		15,587,391



Tobacco–1.28%
Philip Morris International, Inc.		428,968		40,726,222



Trading Companies & Distributors–0.68%
Air Lease Corp., Class A^(c)		433,451		21,776,578



Transaction & Payment Processing Services–1.07%
Fiserv, Inc.^(b)		223,722		34,155,638


Total Common Stocks & Other Equity Interests (Cost $2,277,942,582)				3,147,392,740



Money Market Funds–0.70%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		7,768,835		7,768,835


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		5,568,182		5,569,852


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		8,878,668		8,878,668


Total Money Market Funds (Cost $22,216,654)				22,217,355


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $2,300,159,236)				3,169,610,095



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.87%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		4,998,113		4,998,113


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		22,698,760		22,705,570


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,705,241)				27,703,683


TOTAL INVESTMENTS IN SECURITIES–100.49% (Cost $2,327,864,477)				3,197,313,778


OTHER ASSETS LESS LIABILITIES–(0.49)%				(15,725,620	)


NET ASSETS–100.00%			$	3,181,588,158

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


6		Invesco Charter Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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


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

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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Information Technology	26.72	%

Financials	14.72

Consumer Discretionary	11.76

Health Care	10.70

Communication Services	9.26

Industrials	8.35

Consumer Staples	6.52

Energy	4.09

Real Estate	2.64

Materials	2.55

Utilities	1.61

Money Market Funds Plus Other Assets Less Liabilities	1.08

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


7		Invesco Charter Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $2,277,942,582)*			$3,147,392,740


Investments in affiliated money market funds, at value (Cost $49,921,895)			49,921,038


Foreign currencies, at value (Cost $1,805)			1,657


Receivable for:
Investments sold			11,954,830


Fund shares sold			224,178


Dividends			2,644,977


Investment for trustee deferred compensation and retirement plans			1,194,660


Other assets			681,554


Total assets			3,214,015,634



Liabilities:
Payable for:
Fund shares reacquired			1,955,668


Collateral upon return of securities loaned			27,705,241


Accrued fees to affiliates			1,405,159


Accrued other operating expenses			105,592


Trustee deferred compensation and retirement plans			1,255,816


Total liabilities			32,427,476


Net assets applicable to shares outstanding			$3,181,588,158



Net assets consist of:
Shares of beneficial interest			$2,141,330,772


Distributable earnings			1,040,257,386


			$3,181,588,158



Net Assets:
Class A			$3,013,994,641


Class C			$ 17,233,484


Class R			$ 17,182,830


Class S			$ 17,304,658


Class Y			$ 93,297,319


Class R5			$ 6,203,547


Class R6			$ 16,371,679


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			166,635,643


Class C			1,079,934


Class R			962,076


Class S			956,748


Class Y			5,128,740


Class R5			317,676


Class R6			839,249


Class A:
Net asset value per share			$ 18.09


Maximum offering price per share (Net asset value of $18.09 ÷ 94.50%)			$ 19.14


Class C:
Net asset value and offering price per share			$ 15.96


Class R:
Net asset value and offering price per share			$ 17.86


Class S:
Net asset value and offering price per share			$ 18.09


Class Y:
Net asset value and offering price per share			$ 18.19


Class R5:
Net asset value and offering price per share			$ 19.53


Class R6:
Net asset value and offering price per share			$ 19.51

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

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


8		Invesco Charter Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $19,338)	$	24,751,520


Dividends from affiliated money market funds (includes net securities lending income of $91,726)		879,757


Total investment income		25,631,277



Expenses:
Advisory fees		9,701,029


Administrative services fees		215,217


Custodian fees		9,336


Distribution fees:
Class A		3,698,988


Class C		89,039


Class R		42,426


Class S		12,661


Transfer agent fees – A, C, R, S and Y		1,906,527


Transfer agent fees – R5		3,097


Transfer agent fees – R6		2,403


Trustees’ and officers’ fees and benefits		17,833


Registration and filing fees		55,332


Reports to shareholders		265,146


Professional services fees		49,733


Other		22,586


Total expenses		16,091,353


Less: Fees waived and/or expense offset arrangement(s)		(84,108	)


Net expenses		16,007,245


Net investment income		9,624,032



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		171,641,044


Affiliated investment securities		714


Foreign currencies		23,736


		171,665,494


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		373,179,562


Affiliated investment securities		(1,564	)


Foreign currencies		9,354


		373,187,352


Net realized and unrealized gain		544,852,846


Net increase in net assets resulting from operations	$	554,476,878

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


9		Invesco Charter Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:
Net investment income	$	9,624,032		$	11,738,607


Net realized gain		171,665,494			182,058,650


Change in net unrealized appreciation		373,187,352			70,156,891


Net increase in net assets resulting from operations		554,476,878			263,954,148



Distributions to shareholders from distributable earnings:
Class A		(173,054,349	)		(107,764,460	)


Class C		(1,131,587	)		(661,290	)


Class R		(965,583	)		(602,186	)


Class S		(995,958	)		(620,548	)


Class Y		(5,382,506	)		(3,762,877	)


Class R5		(358,832	)		(270,422	)


Class R6		(928,591	)		(579,930	)


Total distributions from distributable earnings		(182,817,406	)		(114,261,713	)



Share transactions–net:
Class A		8,475,472			(160,254,977	)


Class C		(1,119,382	)		(2,846,746	)


Class R		22,842			(1,287,839	)


Class S		418,448			(766,005	)


Class Y		2,699,253			(11,835,675	)


Class R5		(156,835	)		(1,342,684	)


Class R6		(190,081	)		(638,048	)


Net increase (decrease) in net assets resulting from share transactions		10,149,717			(178,971,974	)


Net increase (decrease) in net assets		381,809,189			(29,279,539	)



Net assets:
Beginning of period		2,799,778,969			2,829,058,508


End of period	$	3,181,588,158		$	2,799,778,969

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


10		Invesco Charter Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)	Annualized.

^(e)

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

^(f)

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

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


11		Invesco Charter Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


12		Invesco Charter Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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


13		Invesco Charter Fund

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

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

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

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $ 250 million		0.695%


Next $4.05 billion		0.615%


Next $3.9 billion		0.570%


Next $1.8 billion		0.545%


Over $10 billion		0.520%

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.


14		Invesco Charter Fund

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

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

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

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

NOTE 3–Additional Valuation Information

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


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

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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	3,119,852,142	$	27,540,598		$–	$	3,147,392,740


Money Market Funds		22,217,355		27,703,683		–		49,921,038


Total Investments	$	3,142,069,497	$	55,244,281		$–	$	3,197,313,778

NOTE 4–Expense Offset Arrangement(s)

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

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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


15		Invesco Charter Fund

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

NOTE 8–Investment Transactions

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


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	950,622,280


Aggregate unrealized (depreciation) of investments		(90,389,193	)


Net unrealized appreciation of investments	$	860,233,087

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

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,264,912		$	22,300,991			2,271,675		$	36,577,611


Class C		72,885			1,142,934			131,138			1,867,355


Class R		73,230			1,275,819			108,140			1,719,707


Class S		5,163			90,606			15,068			240,188


Class Y		531,348			9,539,591			893,640			14,347,344


Class R5		4,618			87,467			31,626			534,244


Class R6		62,266			1,171,784			222,317			3,791,403



Issued as reinvestment of dividends:
Class A		9,562,009			160,928,569			6,826,746			100,352,865


Class C		75,112			1,118,415			49,820			655,128


Class R		58,028			965,582			41,416			602,186


Class S		59,152			995,521			42,097			618,823


Class Y		233,809			3,953,716			194,031			2,865,844


Class R5		19,282			350,159			16,780			264,794


Class R6		46,548			843,908			34,066			536,873



Automatic conversion of Class C shares to Class A shares:
Class A		96,113			1,716,322			136,433			2,163,013


Class C		(108,750	)		(1,716,322	)		(152,940	)		(2,163,013	)


16		Invesco Charter Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(10,009,948	)	$	(176,470,410	)		(18,734,188	)	$	(299,348,466	)


Class C		(107,178	)		(1,664,409	)		(225,995	)		(3,206,216	)


Class R		(126,375	)		(2,218,559	)		(232,490	)		(3,609,732	)


Class S		(38,032	)		(667,679	)		(101,850	)		(1,625,016	)


Class Y		(608,733	)		(10,794,054	)		(1,834,966	)		(29,048,863	)


Class R5		(31,854	)		(594,461	)		(123,341	)		(2,141,722	)


Class R6		(116,931	)		(2,205,773	)		(284,985	)		(4,966,324	)


Net increase (decrease) in share activity		1,016,674		$	10,149,717			(10,675,762	)	$	(178,971,974	)

^(a)

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


17		Invesco Charter Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


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

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

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


18		Invesco Charter Fund

Proxy Results

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

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

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


Matter	Votes For		Votes Against/Withheld


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

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


19		Invesco Charter Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco Diversified Dividend Fund

Nasdaq:

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



2		Fund Performance

4		Liquidity Risk Management Program

5		Schedule of Investments

8		Financial Statements

11		Financial Highlights

12		Notes to Financial Statements

18		Fund Expenses

19		Proxy Results

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	17.52	%
Class C Shares	17.13
Class R Shares	17.42
Class Y Shares	17.71
Investor Class Shares	17.58
Class R5 Shares	17.69
Class R6 Shares	17.73
S&P 500 Index^▼(Broad Market Index)	20.98
Russell 1000 Value Index^▼(Style-Specific Index)	18.42

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

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


2		Invesco Diversified Dividend Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	7.42	%
10 Years	6.91
5 Years	6.64
1 Year	5.16

Class C Shares
Inception (12/31/01)	7.43	%
10 Years	6.88
5 Years	7.06
1 Year	9.48

Class R Shares
Inception (10/25/05)	7.75	%
10 Years	7.26
5 Years	7.59
1 Year	10.99

Class Y Shares
Inception (10/3/08)	9.34	%
10 Years	7.79
5 Years	8.13
1 Year	11.58

Investor Class Shares
Inception (7/15/05)	7.77	%
10 Years	7.60
5 Years	7.96
1 Year	11.36

Class R5 Shares
Inception (10/25/05)	8.35	%
10 Years	7.84
5 Years	8.17
1 Year	11.57

Class R6 Shares
Inception (9/24/12)	9.75	%
10 Years	7.94
5 Years	8.26
1 Year	11.65

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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.53%
Aerospace & Defense–3.05%
General Electric Co.		942,647	$	152,539,138


Huntington Ingalls Industries, Inc.		204,626		56,667,078


Northrop Grumman Corp.		267,035		129,519,986


				338,726,202



Air Freight & Logistics–1.18%
United Parcel Service, Inc., Class B		893,079		131,711,291



Apparel Retail–0.75%
TJX Cos., Inc. (The)		886,101		83,373,243



Apparel, Accessories & Luxury Goods–0.71%
Cie Financiere Richemont S.A. (Switzerland)		571,864		79,047,061



Application Software–1.00%
Intuit, Inc.^(b)		177,010		110,740,996



Asset Management & Custody Banks–1.76%
Ares Management Corp., Class A		422,821		56,273,247


BlackRock, Inc.		184,220		139,019,781


				195,293,028



Building Products–2.12%
Carlisle Cos., Inc.		146,952		57,054,114


Fortune Brands Innovations, Inc.		697,447		50,983,376


Johnson Controls International PLC		1,963,943		127,793,771


				235,831,261



Construction Machinery & Heavy Transportation Equipment– 0.84%
Caterpillar, Inc.		278,066		93,032,542



Construction Materials–1.58%
CRH PLC		2,273,252		175,995,170



Consumer Finance–1.26%
American Express Co.		599,997		140,417,298



Consumer Staples Merchandise Retail–2.78%
Walmart, Inc.		5,204,588		308,892,298



Distributors–0.49%
LKQ Corp.		1,272,058		54,863,861



Diversified Banks–8.09%
Fifth Third Bancorp^(b)		1,973,742		71,962,633


JPMorgan Chase & Co.		1,846,706		354,087,409


PNC Financial Services Group, Inc. (The)		1,301,626		199,487,201


Wells Fargo & Co.		4,607,970		273,344,780


				898,882,023



Electric Utilities–3.75%
American Electric Power Co., Inc.		1,311,273		112,808,816


Entergy Corp.		1,618,172		172,610,407


PPL Corp.		4,777,349		131,186,004


				416,605,227


	Shares		Value


Electrical Components & Equipment–3.15%
ABB Ltd. (Switzerland)		2,185,290	$	106,179,826


Emerson Electric Co.^(b)		1,362,685		146,870,189


Hubbell, Inc.^(b)		263,341		97,573,108


				350,623,123



Electronic Manufacturing Services–1.44%
TE Connectivity Ltd.		1,128,511		159,661,736



Financial Exchanges & Data–1.09%
CME Group, Inc., Class A		577,828		121,135,862



Food Distributors–0.95%
Sysco Corp.		1,425,295		105,927,924



Health Care Equipment–4.34%
Becton, Dickinson and Co.		920,145		215,866,017


Stryker Corp.		310,115		104,353,698


Zimmer Biomet Holdings, Inc.		1,347,219		162,043,501


				482,263,216



Home Improvement Retail–1.45%
Lowe’s Cos., Inc.^(b)		708,905		161,623,251



Household Products–1.75%
Colgate-Palmolive Co.		2,115,939		194,497,113



Human Resource & Employment Services–0.92%
Automatic Data Processing, Inc.		422,877		102,289,717



Industrial Machinery & Supplies & Components–1.42%
Parker-Hannifin Corp.		290,609		158,355,750



Industrial REITs–1.39%
Prologis, Inc.^(b)		1,515,584		154,665,347



Integrated Oil & Gas–3.55%
Chevron Corp.		2,096,503		338,103,039


Suncor Energy, Inc. (Canada)		1,487,626		56,812,437


				394,915,476



Integrated Telecommunication Services–1.04%
Deutsche Telekom AG (Germany)		5,044,511		115,547,367



Interactive Home Entertainment–0.73%
Electronic Arts, Inc.		640,496		81,227,703



Investment Banking & Brokerage–3.35%
Charles Schwab Corp. (The)		2,002,543		148,088,055


Morgan Stanley		2,463,694		223,801,963


				371,890,018



IT Consulting & Other Services–0.82%
Accenture PLC, Class A		301,333		90,674,113



Life Sciences Tools & Services–0.53%
Lonza Group AG (Switzerland)		107,645		59,419,311



Managed Health Care–1.71%
UnitedHealth Group, Inc.^(b)		392,753		189,974,626

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


5		Invesco Diversified Dividend Fund


	Shares		Value


Movies & Entertainment–1.80%
Walt Disney Co. (The)		1,803,179	$	200,333,187



Multi-Family Residential REITs–0.63%
Mid-America Apartment Communities, Inc.^(b)		534,975		69,546,750



Multi-line Insurance–1.98%
American International Group, Inc.		2,925,500		220,319,405



Multi-Utilities–1.32%
Ameren Corp.		825,981		61,015,216


Public Service Enterprise Group, Inc.^(b)		1,247,956		86,208,801


				147,224,017



Oil & Gas Exploration & Production–3.40%
ConocoPhillips^(b)		1,820,307		228,666,965


Marathon Oil Corp.		5,561,434		149,324,503


				377,991,468



Oil & Gas Storage & Transportation–0.60%
Cheniere Energy, Inc.		424,681		67,023,155



Packaged Foods & Meats–1.17%
Nestle S.A. (Switzerland)		1,291,162		129,632,868



Personal Care Products–1.08%
Estee Lauder Cos., Inc. (The), Class A		398,126		58,409,066


L’Oreal S.A. (France)		132,424		62,087,409


				120,496,475



Pharmaceuticals–6.12%
AstraZeneca PLC (United Kingdom)		1,006,381		152,213,985


Johnson & Johnson		1,666,853		241,010,275


Merck & Co., Inc.		2,221,719		287,090,529


				680,314,789



Property & Casualty Insurance–0.88%
Hartford Financial Services Group, Inc. (The)		1,011,608		98,014,699



Rail Transportation–1.72%
Union Pacific Corp.		808,370		191,713,029



Regional Banks–0.49%
Huntington Bancshares, Inc.		4,079,125		54,945,814



Restaurants–2.96%
Darden Restaurants, Inc.		370,783		56,881,820


McDonald’s Corp.		692,561		189,096,856


Starbucks Corp.		934,137		82,661,783


				328,640,459



Semiconductor Materials & Equipment–0.75%
Lam Research Corp.		93,667		83,776,701



Semiconductors–2.86%
Analog Devices, Inc.		1,170,317		234,777,293


Broadcom, Inc.		63,730		82,866,207


				317,643,500

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value


Soft Drinks & Non-alcoholic Beverages–1.41%
PepsiCo, Inc.^(b)		893,228	$	157,127,737



Specialty Chemicals–2.24%
DuPont de Nemours, Inc.		1,853,608		134,386,580


PPG Industries, Inc.		889,288		114,718,152


				249,104,732



Systems Software–2.22%
Microsoft Corp.		634,026		246,845,343



Technology Hardware, Storage & Peripherals–1.07%
Dell Technologies, Inc., Class C		951,237		118,562,180



Timber REITs–0.84%
Weyerhaeuser Co.		3,085,529		93,090,410



Tobacco–2.26%
Philip Morris International, Inc.^(b)		2,644,351		251,054,684



Transaction & Payment Processing Services–1.74%
Visa, Inc., Class A^(b)		719,329		193,218,963


Total Common Stocks & Other Equity Interests (Cost $8,456,323,746)				10,954,723,519



Money Market Funds–1.47%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(c)(d)		57,140,346		57,140,346


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(c)(d)		40,799,962		40,812,202


Invesco Treasury Portfolio, Institutional Class, 5.22%^(c)(d)		65,303,253		65,303,253


Total Money Market Funds (Cost $163,251,440)				163,255,801


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $8,619,575,186)				11,117,979,320



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.76%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		54,635,416		54,635,416


Invesco Private Prime Fund, 5.46%^(c)(d)(e)		140,477,547		140,519,690


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $195,181,387)				195,155,106


TOTAL INVESTMENTS IN SECURITIES–101.76% (Cost $8,814,756,573)				11,313,134,426


OTHER ASSETS LESS LIABILITIES–(1.76)%				(195,130,255	)


NET ASSETS–100.00%			$	11,118,004,171

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


6		Invesco Diversified Dividend Fund

Notes to Schedule of Investments:

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

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

^(c)


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


Financials			20.63%


Industrials			14.41


Health Care			12.70


Consumer Staples			11.40


Information Technology			10.15


Energy			7.56


Consumer Discretionary			6.37


Utilities			5.07


Materials			3.82


Communication Services			3.57


Real Estate			2.85


Money Market Funds Plus Other Assets Less Liabilities			1.47

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


7		Invesco Diversified Dividend Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $8,456,323,746)*	$	10,954,723,519


Investments in affiliated money market funds, at value (Cost $358,432,827)		358,410,907


Foreign currencies, at value (Cost $937,930)		933,601


Receivable for:
Fund shares sold		3,278,220


Dividends		20,071,572


Investment for trustee deferred compensation and retirement plans		606,248


Other assets		161,233


Total assets		11,338,185,300



Liabilities:

Payable for:
Investments purchased		9,464,540


Dividends		2,259


Fund shares reacquired		10,440,220


Collateral upon return of securities loaned		195,181,387


Accrued fees to affiliates		3,955,485


Accrued other operating expenses		401,123


Trustee deferred compensation and retirement plans		736,115


Total liabilities		220,181,129


Net assets applicable to shares outstanding	$	11,118,004,171



Net assets consist of:
Shares of beneficial interest	$	7,884,970,327


Distributable earnings		3,233,033,844


	$	11,118,004,171


Net Assets:

Class A	$	3,810,924,958


Class C	$	152,989,220


Class R	$	130,230,853


Class Y	$	1,243,429,117


Investor Class	$	1,533,421,873


Class R5	$	1,871,733,536


Class R6	$	2,375,274,614



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

Class A		208,420,704


Class C		8,519,672


Class R		7,085,661


Class Y		67,917,384



Investor Class		83,891,050


Class R5		102,389,299


Class R6		129,932,185


Class A:
Net asset value per share	$	18.28


Maximum offering price per share (Net asset value of $18.28 ÷ 94.50%)	$	19.34


Class C:
Net asset value and offering price per share	$	17.96


Class R:
Net asset value and offering price per share	$	18.38


Class Y:
Net asset value and offering price per share	$	18.31


Investor Class:
Net asset value and offering price per share	$	18.28


Class R5:
Net asset value and offering price per share	$	18.28


Class R6:
Net asset value and offering price per share	$	18.28

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

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


8		Invesco Diversified Dividend Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:

Interest	$	227,021



Dividends (net of foreign withholding taxes of $1,115,359)		129,621,111



Dividends from affiliates (includes net securities lending income of $145,383)		6,104,219


Foreign withholding tax claims		3,471,696


Total investment income		139,424,047



Expenses:

Advisory fees		22,749,125


Administrative services fees		772,790


Custodian fees		50,381


Distribution fees:
Class A		4,698,242


Class C		819,084


Class R		318,091


Investor Class		1,170,788


Transfer agent fees – A, C, R, Y and Investor		4,675,836


Transfer agent fees – R5		921,070


Transfer agent fees – R6		354,697


Trustees’ and officers’ fees and benefits		52,028


Registration and filing fees		95,486


Reports to shareholders		1,226,913


Professional services fees		93,142


Other		65,128


Total expenses		38,062,801


Less: Fees waived and/or expense offset arrangement(s)		(197,658	)


Net expenses		37,865,143


Net investment income		101,558,904



Realized and unrealized gain (loss) from:

Net realized gain from:
Unaffiliated investment securities		738,898,143


Affiliated investment securities		90,893


Foreign currencies		148,113


		739,137,149


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		917,839,320


Affiliated investment securities		(43,373	)


Foreign currencies		(49,647	)


		917,746,300


Net realized and unrealized gain		1,656,883,449


Net increase in net assets resulting from operations	$	1,758,442,353

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


9		Invesco Diversified Dividend Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income	$	101,558,904		$	210,035,580


Net realized gain		739,137,149			750,153,758


Change in net unrealized appreciation (depreciation)		917,746,300			(1,134,329,616	)


Net increase (decrease) in net assets resulting from operations		1,758,442,353			(174,140,278	)



Distributions to shareholders from distributable earnings:

Class A		(247,970,832	)		(434,098,421	)


Class C		(10,679,096	)		(22,532,260	)


Class R		(8,137,652	)		(14,778,850	)


Class Y		(82,000,505	)		(140,687,861	)


Investor Class		(100,189,551	)		(174,646,711	)


Class R5		(123,450,245	)		(232,341,754	)


Class R6		(160,978,860	)		(305,604,623	)


Total distributions from distributable earnings		(733,406,741	)		(1,324,690,480	)



Share transactions–net:

Class A		(16,812,154	)		57,114,562


Class C		(24,024,075	)		(32,641,012	)


Class R		2,156,637			(3,783,739	)


Class Y		(25,316,046	)		40,743,880


Investor Class		8,635,860			19,534,017


Class R5		12,055,383			(82,929,035	)


Class R6		(61,094,438	)		(153,167,171	)


Net increase (decrease) in net assets resulting from share transactions		(104,398,833	)		(155,128,498	)


Net increase (decrease) in net assets		920,636,779			(1,653,959,256	)



Net assets:

Beginning of period		10,197,367,392			11,851,326,648


End of period	$	11,118,004,171		$	10,197,367,392

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


10		Invesco Diversified Dividend Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

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

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


11		Invesco Diversified Dividend Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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


12		Invesco Diversified Dividend Fund

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

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

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

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


13		Invesco Diversified Dividend Fund

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

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

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

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, 2024, the effective advisory fee rate incurred by the Fund was 0.41%.


14		Invesco Diversified Dividend Fund

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

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

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

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	10,250,595,692	$	704,127,827		$–	$	10,954,723,519


Money Market Funds		163,255,801		195,155,106		–		358,410,907


Total Investments	$	10,413,851,493	$	899,282,933		$–	$	11,313,134,426


15		Invesco Diversified Dividend Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

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

NOTE 8–Investment Transactions

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


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,572,366,732


Aggregate unrealized (depreciation) of investments	(76,971,457	)


Net unrealized appreciation of investments	$2,495,395,275

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

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended				Year ended
	April 30, 2024^(a)				October 31, 2023
	Shares		Amount		Shares		Amount


Sold:
Class A		7,303,151	$	130,341,343		14,929,944	$	265,794,823


Class C		271,160		4,784,341		952,075		16,694,399


Class R		526,550		9,495,980		1,302,574		23,318,161


Class Y		10,120,029		180,724,049		18,068,726		321,751,621


Investor Class		440,131		7,855,026		1,013,797		18,123,405


Class R5		4,512,661		80,944,550		10,052,175		181,403,834


Class R6		8,760,869		156,190,210		16,346,232		291,487,234



Issued as reinvestment of dividends:
Class A		13,821,461		240,247,218		22,485,427		397,527,110


Class C		602,233		10,267,777		1,188,932		20,725,565


Class R		464,965		8,126,591		830,438		14,763,837


Class Y		3,542,567		61,650,216		6,245,048		110,524,432


Investor Class		5,196,449		90,375,843		8,853,431		156,405,158


Class R5		7,089,908		123,323,251		13,139,583		232,072,886


Class R6		9,207,156		160,137,986		16,907,485		298,572,735


16		Invesco Diversified Dividend Fund


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		1,081,795		$	19,507,388			1,564,344		$	27,630,606


Class C		(1,101,553	)		(19,507,388	)		(1,591,299	)		(27,630,606	)



Reacquired:
Class A		(22,812,223	)		(406,908,103	)		(35,608,699	)		(633,837,977	)


Class C		(1,115,147	)		(19,568,805	)		(2,421,822	)		(42,430,370	)


Class R		(860,284	)		(15,465,934	)		(2,343,265	)		(41,865,737	)


Class Y		(14,979,552	)		(267,690,311	)		(21,860,033	)		(391,532,173	)


Investor Class		(5,006,067	)		(89,595,009	)		(8,699,156	)		(154,994,546	)


Class R5		(10,688,266	)		(192,212,418	)		(28,003,716	)		(496,405,755	)


Class R6		(21,113,838	)		(377,422,634	)		(41,850,316	)		(743,227,140	)


Net increase (decrease) in share activity		(4,735,845	)	$	(104,398,833	)		(8,498,095	)	$	(155,128,498	)

^(a)

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


17		Invesco Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

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

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


18		Invesco Diversified Dividend Fund

Proxy Results

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

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


			Votes
	Matter	Votes For	Against/Withheld


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

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


19		Invesco Diversified Dividend Fund

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Fund holdings and proxy voting information

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco Main Street Fund^®

Nasdaq:

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



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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	22.79	%
Class C Shares	22.33
Class R Shares	22.62
Class Y Shares	22.93
Class R5 Shares	22.98
Class R6 Shares	22.97
S&P 500 Index^▼	20.98

Source(s): ^▼RIMES Technologies Corp.
The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Main Street Fund^®



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (2/3/88)	11.04	%
10 Years	10.02
5 Years	9.83
1 Year	14.66

Class C Shares
Inception (12/1/93)	8.62	%
10 Years	9.97
5 Years	10.22
1 Year	19.40

Class R Shares
Inception (3/1/01)	7.11	%
10 Years	10.35
5 Years	10.77
1 Year	21.00

Class Y Shares
Inception (11/1/96)	8.54	%
10 Years	10.90
5 Years	11.33
1 Year	21.62

Class R5 Shares
10 Years	10.82	%
5 Years	11.43
1 Year	21.72

Class R6 Shares
Inception (12/29/11)	12.87	%
10 Years	11.05
5 Years	11.44
1 Year	21.72

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

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

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

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

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


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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.73%
Aerospace & Defense–0.56%
Huntington Ingalls Industries, Inc.		202,252	$	56,009,646



Air Freight & Logistics–1.82%
United Parcel Service, Inc., Class B		1,230,023		181,403,792



Application Software–1.83%
Autodesk, Inc.^(b)		332,526		70,778,159


Tyler Technologies, Inc.^(b)(c)		243,227		112,261,422


				183,039,581



Asset Management & Custody Banks–0.27%
Ares Management Corp., Class A^(c)		205,245		27,316,057



Automobile Manufacturers–0.39%
Tesla, Inc.^(b)		213,311		39,095,640



Automotive Parts & Equipment–1.00%
Aptiv PLC^(b)		690,438		49,021,098


Mobileye Global, Inc., Class A (Israel)^(b)(c)		1,828,120		50,364,706


				99,385,804



Automotive Retail–1.03%
Valvoline, Inc.^(b)(c)		2,423,432		103,044,329



Biotechnology–1.00%
Gilead Sciences, Inc.		1,532,620		99,926,824



Broadline Retail–4.17%
Amazon.com, Inc.^(b)		2,375,421		415,698,675



Construction Materials–0.44%
CRH PLC		568,501		44,013,347



Consumer Finance–2.18%
American Express Co.		928,179		217,221,731



Consumer Staples Merchandise Retail–1.46%
Walmart, Inc.		2,447,724		145,272,419



Distillers & Vintners–2.09%
Constellation Brands, Inc., Class A		823,438		208,708,595



Diversified Banks–3.75%
JPMorgan Chase & Co.		1,345,869		258,056,922


Wells Fargo & Co.		1,960,474		116,295,318


				374,352,240



Diversified Financial Services–1.36%
Equitable Holdings, Inc.		3,687,302		136,098,317



Electric Utilities–0.51%
FirstEnergy Corp.		1,325,816		50,831,785



Electrical Components & Equipment–3.07%
Emerson Electric Co.		1,395,957		150,456,246


Hubbell, Inc.		328,595		121,751,018


Rockwell Automation, Inc.		125,229		33,932,050


				306,139,314


	Shares		Value
Gas Utilities–0.76%
Atmos Energy Corp.^(c)		646,793	$	76,256,895



Health Care Equipment–4.24%
Becton, Dickinson and Co.		543,802		127,575,949


Boston Scientific Corp.^(b)		1,546,993		111,182,387


Zimmer Biomet Holdings, Inc.		1,533,040		184,394,051


				423,152,387



Health Care Facilities–2.32%
HCA Healthcare, Inc.		378,427		117,244,253


Tenet Healthcare Corp.^(b)		1,017,880		114,297,745


				231,541,998



Human Resource & Employment Services–0.74%
Paylocity Holding Corp.^(b)(c)		473,047		73,397,972



Industrial Machinery & Supplies & Components–0.74%
Otis Worldwide Corp.		806,610		73,562,832



Industrial REITs–1.45%
Prologis, Inc.^(c)		1,418,113		144,718,432



Insurance Brokers–0.63%
Arthur J. Gallagher & Co.^(c)		269,653		63,284,863



Integrated Oil & Gas–3.77%
Chevron Corp.		507,786		81,890,648


Exxon Mobil Corp.^(c)		2,490,046		294,497,741


				376,388,389



Integrated Telecommunication Services–1.88%
Verizon Communications, Inc.^(c)		4,750,951		187,615,055



Interactive Media & Services–7.27%
Alphabet, Inc., Class A^(b)		2,834,156		461,343,914


Meta Platforms, Inc., Class A		614,371		264,283,973


				725,627,887



Internet Services & Infrastructure–0.51%
MongoDB, Inc.^(b)		138,255		50,487,961



Investment Banking & Brokerage–1.79%
Charles Schwab Corp. (The)		2,416,511		178,700,988



IT Consulting & Other Services–0.88%
Amdocs Ltd.^(c)		1,048,471		88,061,079



Life Sciences Tools & Services–1.10%
Lonza Group AG (Switzerland)		198,609		109,630,823



Managed Health Care–2.41%
UnitedHealth Group, Inc.		496,431		240,123,675



Movies & Entertainment–1.64%
Walt Disney Co. (The)		1,468,907		163,195,568



Multi-line Insurance–1.76%
American International Group, Inc.		2,335,197		175,863,686



Multi-Utilities–0.53%
Ameren Corp.		713,708		52,721,610

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


5		Invesco Main Street Fund^®


	Shares		Value


Oil & Gas Exploration & Production–0.59%
Marathon Oil Corp.		2,207,548	$	59,272,664



Passenger Ground Transportation–0.81%
Uber Technologies, Inc.^(b)		1,211,325		80,274,508



Personal Care Products–0.86%
Coty, Inc., Class A^(b)(c)		5,295,298		60,578,209


Estee Lauder Cos., Inc. (The), Class A		173,763		25,492,770


				86,070,979



Pharmaceuticals–3.72%
Eli Lilly and Co.		238,347		186,172,842


Merck & Co., Inc.		1,428,612		184,605,242


				370,778,084



Research & Consulting Services–1.19%
Equifax, Inc.		539,666		118,829,057



Restaurants–0.90%
Starbucks Corp.		1,018,116		90,093,085



Semiconductor Materials & Equipment–1.93%
Applied Materials, Inc.		969,215		192,534,560



Semiconductors–6.56%
NVIDIA Corp.		647,745		559,664,635


Texas Instruments, Inc.		536,766		94,696,258


				654,360,893



Specialty Chemicals–1.05%
DuPont de Nemours, Inc.		1,447,027		104,909,457



Systems Software–9.24%
Microsoft Corp.		2,002,858		779,772,705


ServiceNow, Inc.^(b)		205,603		142,550,728


				922,323,433



Technology Hardware, Storage & Peripherals–5.47%
Apple, Inc.		2,796,655		476,354,246


Dell Technologies, Inc., Class C		554,191		69,074,366


				545,428,612


	Shares		Value


Tobacco–2.47%
Philip Morris International, Inc.^(c)		2,600,549	$	246,896,122



Transaction & Payment Processing Services–2.95%
Fiserv, Inc.^(b)		1,054,664		161,015,553


Mastercard, Inc., Class A		295,144		133,168,973


				294,184,526



Wireless Telecommunication Services–0.64%
T-Mobile US, Inc.^(c)		390,315		64,078,014


Total Common Stocks & Other Equity Interests (Cost $7,070,269,735)				9,951,924,190



Money Market Funds–0.29%
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e) (Cost $28,992,395)		28,980,802		28,989,497


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $7,099,262,130)				9,980,913,687



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.62%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		45,172,884		45,172,884


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		116,187,387		116,222,243


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $161,400,733)				161,395,127


TOTAL INVESTMENTS IN SECURITIES–101.64% (Cost $7,260,662,863)				10,142,308,814


OTHER ASSETS LESS LIABILITIES–(1.64)%				(163,646,508	)


NET ASSETS–100.00%			$	9,978,662,306

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

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


6		Invesco Main Street Fund^®


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


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

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


7		Invesco Main Street Fund^®

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $7,070,269,735)*	$	9,951,924,190


Investments in affiliated money market funds, at value (Cost $190,393,128)		190,384,624


Cash		3,000,000


Receivable for:
Fund shares sold		1,616,119


Dividends		4,961,712


Investment for trustee deferred compensation and retirement plans		659,403


Other assets		115,386


Total assets		10,152,661,434



Liabilities:

Payable for:
Dividends		4,582


Fund shares reacquired		8,095,098


Collateral upon return of securities loaned		161,400,733


Accrued fees to affiliates		3,673,496


Accrued other operating expenses		165,816


Trustee deferred compensation and retirement plans		659,403


Total liabilities		173,999,128


Net assets applicable to shares outstanding	$	9,978,662,306



Net assets consist of:

Shares of beneficial interest	$	6,696,028,601


Distributable earnings		3,282,633,705


	$	9,978,662,306


Net Assets:

Class A	$	8,672,562,754


Class C	$	209,556,452


Class R	$	290,693,149


Class Y	$	499,337,430


Class R5	$	11,782


Class R6	$	306,500,739



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

Class A		161,911,276


Class C		4,421,930


Class R		5,653,934


Class Y		9,404,333


Class R5		218


Class R6		5,772,315


Class A:
Net asset value per share	$	53.56


Maximum offering price per share (Net asset value of $53.56 ÷ 94.50%)	$	56.68


Class C:
Net asset value and offering price per share	$	47.39


Class R:
Net asset value and offering price per share	$	51.41


Class Y:
Net asset value and offering price per share	$	53.10


Class R5:
Net asset value and offering price per share	$	54.05


Class R6:
Net asset value and offering price per share	$	53.10

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

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


8		Invesco Main Street Fund^®

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $94,558)	$	64,855,744


Dividends from affiliated money market funds (includes net securities lending income of $271,237)		2,580,734


Total investment income		67,436,478



Expenses:

Advisory fees		21,699,661


Administrative services fees		710,219


Custodian fees		24,696


Distribution fees:
Class A		9,621,987


Class C		1,059,485


Class R		700,145


Transfer agent fees – A, C, R and Y		4,922,376


Transfer agent fees – R5		2


Transfer agent fees – R6		61,697


Trustees’ and officers’ fees and benefits		41,580


Registration and filing fees		72,002


Reports to shareholders		460,746


Professional services fees		81,118


Other		57,867


Total expenses		39,513,581


Less: Fees waived and/or expense offset arrangement(s)		(255,189	)


Net expenses		39,258,392


Net investment income		28,178,086



Realized and unrealized gain (loss) from:

Net realized gain from:
Unaffiliated investment securities		436,704,950


Affiliated investment securities		13,272


Foreign currencies		18,518


		436,736,740


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,481,077,074


Affiliated investment securities		(30,041	)


Foreign currencies		3,218


		1,481,050,251


Net realized and unrealized gain		1,917,786,991


Net increase in net assets resulting from operations	$	1,945,965,077

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


9		Invesco Main Street Fund^®

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:

Net investment income	$	28,178,086		$	61,101,491


Net realized gain		436,736,740			697,236,396


Change in net unrealized appreciation		1,481,050,251			5,417,097


Net increase in net assets resulting from operations		1,945,965,077			763,754,984



Distributions to shareholders from distributable earnings:

Class A		(572,137,988	)		(327,399,325	)


Class C		(16,122,108	)		(8,337,967	)


Class R		(19,578,206	)		(10,092,630	)


Class Y		(33,359,710	)		(20,377,148	)


Class R5		(809	)		(479	)


Class R6		(30,332,485	)		(18,336,707	)


Total distributions from distributable earnings		(671,531,306	)		(384,544,256	)



Share transactions-net:

Class A		207,345,416			(292,102,340	)


Class C		(5,273,073	)		(25,636,459	)


Class R		10,122,096			3,493,657


Class Y		13,787,984			(28,027,443	)


Class R6		(148,151,753	)		(3,951,083	)


Net increase (decrease) in net assets resulting from share transactions		77,830,670			(346,223,668	)


Net increase in net assets		1,352,264,441			32,987,060



Net assets:

Beginning of period		8,626,397,865			8,593,410,805


End of period	$	9,978,662,306		$	8,626,397,865

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


10		Invesco Main Street Fund^®

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Annualized.

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

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


11		Invesco Main Street Fund^®

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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


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.

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

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

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


13		Invesco Main Street Fund^®

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*


First $200 million		0.650%


Next $150 million		0.600%


Next $150 million		0.550%


Next $9.5 billion		0.450%


Over $10 billion		0.430%

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

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

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense


14		Invesco Main Street Fund^®

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

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

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

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

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

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	9,842,293,367	$	109,630,823		$–	$	9,951,924,190


Money Market Funds		28,989,497		161,395,127		–		190,384,624


Total Investments	$	9,871,282,864	$	271,025,950		$–	$	10,142,308,814

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Main Street Fund^®

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

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

NOTE 8–Investment Transactions

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


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,931,658,905


Aggregate unrealized (depreciation) of investments	(97,910,160	)


Net unrealized appreciation of investments	$2,833,748,745

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

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		3,010,463		$	155,646,788			5,281,896		$	250,594,781


Class C		294,046			13,599,681			524,431			22,285,230


Class R		366,525			18,328,643			735,243			33,473,101


Class Y		803,725			41,463,937			1,234,389			58,520,923


Class R6		538,153			27,700,396			1,241,561			58,952,227



Issued as reinvestment of dividends:
Class A		11,022,792			542,652,227			7,177,272			310,560,468


Class C		364,717			15,930,822			210,622			8,210,062


Class R		412,272			19,500,196			240,424			10,047,332


Class Y		602,571			29,381,362			421,799			18,052,986


Class R6		607,106			29,596,423			417,507			17,856,791



Automatic conversion of Class C shares to Class A shares:
Class A		320,030			16,822,262			505,166			23,733,472


Class C		(360,883	)		(16,822,262	)		(562,639	)		(23,733,472	)



Reacquired:
Class A		(9,764,517	)		(507,775,861	)		(18,560,384	)		(876,991,061	)


Class C		(387,030	)		(17,981,314	)		(762,942	)		(32,398,279	)


Class R		(553,527	)		(27,706,743	)		(876,873	)		(40,026,776	)


Class Y		(1,109,362	)		(57,057,315	)		(2,262,815	)		(104,601,352	)


Class R6		(3,829,818	)		(205,448,572	)		(1,723,938	)		(80,760,101	)


Net increase (decrease) in share activity		2,337,263		$	77,830,670			(6,759,281	)	$	(346,223,668	)

^(a)

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


16		Invesco Main Street Fund^®

Calculating your ongoing Fund expenses

Example

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

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


17		Invesco Main Street Fund^®

Proxy Results

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

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


	Matter	Votes For		Votes Against/Withheld


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

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


18		Invesco Main Street Fund^®

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco Main Street All Cap Fund^®

Nasdaq:

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



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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	23.37	%
Class C Shares	22.94
Class R Shares	23.20
Class Y Shares	23.53
Class R5 Shares	23.60
Class R6 Shares	23.58
Russell 3000 Index^▼*	21.09
S&P 500 Index^▼*	20.98
Source(s): ^▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell 3000 Index to the S&P 500 Index to reflect that the S&P 500 Index can be considered more broadly representative of the overall applicable securities market.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Main Street All Cap Fund^®



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (9/25/00)	8.12	%
10 Years	9.66
5 Years	11.45
1 Year	17.98

Class C Shares
Inception (9/25/00)	8.12	%
10 Years	9.63
5 Years	11.89
1 Year	22.91

Class R Shares
Inception (3/1/01)	8.31	%
10 Years	10.01
5 Years	12.43
1 Year	24.57

Class Y Shares
Inception (9/25/00)	8.72	%
10 Years	10.56
5 Years	13.00
1 Year	25.20

Class R5 Shares
10 Years	10.46	%
5 Years	13.10
1 Year	25.33

Class R6 Shares
10 Years	10.47	%
5 Years	13.12
1 Year	25.30

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

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

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

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

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

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


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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.52%
Aerospace & Defense–1.77%
Howmet Aerospace, Inc.		220,645	$	14,728,054


Huntington Ingalls Industries, Inc.		31,054		8,599,784


				23,327,838



Air Freight & Logistics–0.89%
United Parcel Service, Inc., Class B		79,175		11,676,729



Application Software–1.35%
Autodesk, Inc.^(b)		46,014		9,794,080


Tyler Technologies, Inc.^(b)		17,442		8,050,355


				17,844,435



Asset Management & Custody Banks–0.52%
Blue Owl Capital, Inc.		366,116		6,915,931



Automobile Manufacturers–0.43%
Tesla, Inc.^(b)		30,587		5,605,985



Automotive Parts & Equipment–0.46%
Aptiv PLC^(b)		85,436		6,065,956



Biotechnology–0.95%
Gilead Sciences, Inc.		192,032		12,520,486



Broadline Retail–5.08%
Amazon.com, Inc.^(b)		383,197		67,059,475



Construction Materials–1.16%
CRH PLC		197,720		15,307,482



Consumer Finance–1.39%
American Express Co.		78,556		18,384,461



Consumer Staples Merchandise Retail–1.35%
Walmart, Inc.		299,829		17,794,851



Distillers & Vintners–1.02%
Constellation Brands, Inc., Class A		53,119		13,463,542



Distributors–0.56%
LKQ Corp.		170,186		7,340,122



Diversified Banks–3.26%
JPMorgan Chase & Co.		224,276		43,002,680



Diversified Financial Services–0.78%
Equitable Holdings, Inc.		280,292		10,345,578



Electric Utilities–0.97%
American Electric Power Co., Inc.		149,364		12,849,785



Electrical Components & Equipment–2.87%
Emerson Electric Co.		141,513		15,252,271


Hubbell, Inc.		36,459		13,508,789


Regal Rexnord Corp.		56,746		9,157,102


				37,918,162



Electronic Equipment & Instruments–0.62%
Keysight Technologies, Inc.^(b)		55,036		8,142,026


	Shares		Value


Fertilizers & Agricultural Chemicals–0.42%
Mosaic Co. (The)		178,010	$	5,587,734



Health Care Equipment–2.78%
Becton, Dickinson and Co.		37,124		8,709,291


Boston Scientific Corp.^(b)		204,282		14,681,747


Zimmer Biomet Holdings, Inc.		110,593		13,302,126


				36,693,164



Health Care Facilities–1.16%
Tenet Healthcare Corp.^(b)		136,678		15,347,573



Home Improvement Retail–1.06%
Lowe’s Cos., Inc.		61,415		14,002,006



Homebuilding–0.54%
D.R. Horton, Inc.		50,347		7,173,944



Hotels, Resorts & Cruise Lines–1.34%
Royal Caribbean Cruises Ltd.^(b)		62,008		8,658,177


Wyndham Hotels & Resorts, Inc.		123,401		9,071,208


				17,729,385



Household Products–1.72%
Procter & Gamble Co. (The)		139,204		22,718,093



Human Resource & Employment Services–0.71%
Paylocity Holding Corp.^(b)(c)		60,292		9,354,907



Industrial Machinery & Supplies & Components–0.61%
Lincoln Electric Holdings, Inc.		36,816		8,082,216



Industrial REITs–1.20%
First Industrial Realty Trust, Inc.		347,553		15,785,857



Insurance Brokers–1.09%
Arthur J. Gallagher & Co.		61,170		14,355,987



Integrated Oil & Gas–2.31%
Exxon Mobil Corp.		258,147		30,531,046



Integrated Telecommunication Services–1.74%
Verizon Communications, Inc.		579,618		22,889,115



Interactive Media & Services–8.77%
Alphabet, Inc., Class A^(b)		435,313		70,860,250


Meta Platforms, Inc., Class A		104,279		44,857,698


				115,717,948



Internet Services & Infrastructure–0.68%
MongoDB, Inc.^(b)		24,397		8,909,296



Investment Banking & Brokerage–3.42%
Charles Schwab Corp. (The)		189,748		14,031,865


Morgan Stanley		172,550		15,674,442


Raymond James Financial, Inc.		126,231		15,400,182


				45,106,489



IT Consulting & Other Services–0.49%
Amdocs Ltd.		77,025		6,469,330

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


5		Invesco Main Street All Cap Fund^®


	Shares		Value


Life Sciences Tools & Services–0.94%
Lonza Group AG (Switzerland)		22,365	$	12,345,329



Managed Health Care–1.90%
UnitedHealth Group, Inc.		51,695		25,004,871



Movies & Entertainment–1.67%
Walt Disney Co. (The)		198,218		22,022,020



Multi-Family Residential REITs–0.63%
Mid-America Apartment Communities, Inc.		63,417		8,244,210



Multi-line Insurance–1.50%
American International Group, Inc.		261,949		19,727,379



Multi-Utilities–1.14%
Ameren Corp.		103,236		7,626,043


CMS Energy Corp.		121,413		7,358,842


				14,984,885



Oil & Gas Exploration & Production–2.20%
APA Corp.		199,800		6,281,712


Chesapeake Energy Corp.		90,517		8,135,668


Marathon Oil Corp.		545,941		14,658,516


				29,075,896



Personal Care Products–0.70%
BellRing Brands, Inc.^(b)		166,510		9,186,357



Pharmaceuticals–4.60%
AstraZeneca PLC, ADR (United Kingdom)^(c)		135,959		10,316,569


Eli Lilly and Co.		34,209		26,720,650


Merck & Co., Inc.		182,861		23,629,298


				60,666,517



Property & Casualty Insurance–0.55%
Hartford Financial Services Group, Inc. (The)		74,969		7,263,746



Rail Transportation–1.02%
Union Pacific Corp.		57,012		13,520,966



Regional Banks–1.02%
M&T Bank Corp.		92,787		13,397,515



Semiconductor Materials & Equipment–1.44%
Applied Materials, Inc.		95,385		18,948,230



Semiconductors–7.93%
Astera Labs, Inc.^(b)(c)		47,870		4,057,461


NVIDIA Corp.		94,161		81,356,987


Texas Instruments, Inc.		108,559		19,151,979


				104,566,427


	Shares		Value


Specialty Chemicals–0.89%
PPG Industries, Inc.		91,337	$	11,782,473



Systems Software–8.53%
GitLab, Inc., Class A^(b)		119,958		6,294,196


Microsoft Corp.		273,008		106,290,205


				112,584,401



Technology Hardware, Storage & Peripherals–5.23%
Apple, Inc.		360,880		61,468,690


Dell Technologies, Inc., Class C		60,687		7,564,028


				69,032,718



Timber REITs–0.44%
Weyerhaeuser Co.		193,171		5,827,969



Tobacco–1.19%
Philip Morris International, Inc.		165,959		15,756,147



Trading Companies & Distributors–0.53%
Air Lease Corp., Class A		139,873		7,027,220


Total Common Stocks & Other Equity Interests (Cost $865,988,733)				1,312,984,890



Money Market Funds–0.44%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		2,031,835		2,031,835


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		1,451,154		1,451,589


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		2,322,097		2,322,097


Total Money Market Funds (Cost $5,805,508)				5,805,521


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $871,794,241)				1,318,790,411


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.03%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		3,799,460		3,799,460


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		9,769,941		9,772,872


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,573,027)				13,572,332


TOTAL INVESTMENTS IN SECURITIES–100.99% (Cost $885,367,268)				1,332,362,743


OTHER ASSETS LESS LIABILITIES–(0.99)%				(13,075,563	)


NET ASSETS–100.00%			$	1,319,287,180

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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


6		Invesco Main Street All Cap Fund^®

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024



Information Technology	26.26	%

Financials	13.53

Health Care	12.32

Communication Services	12.18

Consumer Discretionary	9.47

Industrials	8.41

Consumer Staples	5.98

Energy	4.52

Materials	2.48

Real Estate	2.26

Utilities	2.11

Money Market Funds Plus Other Assets Less Liabilities	0.48

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


7		Invesco Main Street All Cap Fund^®

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $865,988,733)*	$	1,312,984,890


Investments in affiliated money market funds, at value (Cost $19,378,535)		19,377,853


Cash		500,000


Foreign currencies, at value (Cost $346)		342


Receivable for:
Fund shares sold		254,397


Dividends		911,845


Investment for trustee deferred compensation and retirement plans		129,992


Other assets		208,507


Total assets		1,334,367,826



Liabilities:
Payable for:
Fund shares reacquired		782,800


Collateral upon return of securities loaned		13,573,027


Accrued fees to affiliates		553,327


Accrued other operating expenses		41,500


Trustee deferred compensation and retirement plans		129,992


Total liabilities		15,080,646


Net assets applicable to shares outstanding	$	1,319,287,180



Net assets consist of:
Shares of beneficial interest	$	790,104,458


Distributable earnings		529,182,722


	$	1,319,287,180


Net Assets:
Class A	$	1,131,268,293


Class C	$	47,159,193


Class R	$	64,072,179


Class Y	$	72,329,435


Class R5	$	11,160


Class R6	$	4,446,920



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,460,228


Class C		2,241,049


Class R		2,707,755


Class Y		2,800,387


Class R5		446


Class R6		177,606


Class A:
Net asset value per share	$	24.88


Maximum offering price per share
(Net asset value of $24.88 ÷ 94.50%)	$	26.33


Class C:
Net asset value and offering price per share	$	21.04


Class R:
Net asset value and offering price per share	$	23.66


Class Y:
Net asset value and offering price per share	$	25.83


Class R5:
Net asset value and offering price per share	$	25.02


Class R6:
Net asset value and offering price per share	$	25.04

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

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


8		Invesco Main Street All Cap Fund^®

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:
Dividends	$	9,278,194


Dividends from affiliated money market funds (includes net securities lending income of $54,474)		290,697


Total investment income		9,568,891



Expenses:
Advisory fees		4,127,070


Administrative services fees		91,960


Custodian fees		4,207


Distribution fees:
Class A		1,319,666


Class C		233,909


Class R		150,709


Transfer agent fees – A, C, R and Y		753,466


Transfer agent fees – R5		2


Transfer agent fees – R6		629


Trustees’ and officers’ fees and benefits		13,204


Registration and filing fees		45,171


Reports to shareholders		61,165


Professional services fees		36,016


Other		10,970


Total expenses		6,848,144


Less: Fees waived and/or expense offset arrangement(s)		(44,505	)


Net expenses		6,803,639


Net investment income		2,765,252



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		82,657,618


Affiliated investment securities		7,573


Foreign currencies		75,815


		82,741,006


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		171,107,365


Affiliated investment securities		(721	)


Foreign currencies		8


		171,106,652


Net realized and unrealized gain		253,847,658


Net increase in net assets resulting from operations	$	256,612,910

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


9		Invesco Main Street All Cap Fund^®

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:
Net investment income	$	2,765,252		$	4,323,349


Net realized gain		82,741,006			45,281,856


Change in net unrealized appreciation		171,106,652			67,585,941


Net increase in net assets resulting from operations		256,612,910			117,191,146



Distributions to shareholders from distributable earnings:
Class A		(40,996,998	)		(50,576,639	)


Class C		(2,015,077	)		(2,550,094	)


Class R		(2,302,683	)		(2,602,128	)


Class Y		(2,656,466	)		(3,159,556	)


Class R5		(439	)		(525	)


Class R6		(169,810	)		(176,587	)


Total distributions from distributable earnings		(48,141,473	)		(59,065,529	)



Share transactions–net:
Class A		(664,713	)		(28,008,129	)


Class C		(1,498,211	)		(2,148,934	)


Class R		3,743,811			1,621,406


Class Y		2,356,261			(1,849,565	)


Class R6		(67,973	)		768,777


Net increase (decrease) in net assets resulting from share transactions		3,869,175			(29,616,445	)


Net increase in net assets		212,340,612			28,509,172



Net assets:
Beginning of period		1,106,946,568			1,078,437,396


End of period	$	1,319,287,180		$	1,106,946,568

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


10		Invesco Main Street All Cap Fund^®

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Annualized.

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

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


11		Invesco Main Street All Cap Fund^®

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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


12		Invesco Main Street All Cap Fund^®

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

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


13		Invesco Main Street All Cap Fund^®

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*


First $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $4.2 billion		0.600%


Over $5 billion		0.580%

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

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


14		Invesco Main Street All Cap Fund^®

sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

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

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

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,300,639,561	$	12,345,329		$–	$	1,312,984,890


Money Market Funds		5,805,521		13,572,332		–		19,377,853


Total Investments	$	1,306,445,082	$	25,917,661		$–	$	1,332,362,743

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Main Street All Cap Fund^®

NOTE 6–Cash Balances

NOTE 7–Tax Information

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

NOTE 8–Investment Transactions

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


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$472,355,412


Aggregate unrealized (depreciation) of investments	(27,315,101	)


Net unrealized appreciation of investments	$445,040,311

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

NOTE 9–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,354,896		$	32,319,138			1,977,880		$	41,388,137


Class C		207,471			4,211,960			367,018			6,632,127


Class R		341,258			7,727,467			364,337			7,304,579


Class Y		388,950			9,687,318			404,985			8,858,258


Class R6		32,574			784,990			84,117			1,760,882



Issued as reinvestment of dividends:
Class A		1,744,289			39,455,814			2,574,836			48,715,893


Class C		103,853			1,991,895			155,648			2,529,277


Class R		106,624			2,295,616			143,592			2,594,701


Class Y		93,903			2,202,017			134,714			2,639,050


Class R6		6,932			157,572			8,846			168,167



Automatic conversion of Class C shares to Class A shares:
Class A		130,628			3,189,862			215,950			4,446,667


Class C		(154,216	)		(3,189,862	)		(252,011	)		(4,446,667	)



Reacquired:
Class A		(3,171,172	)		(75,629,527	)		(5,881,703	)		(122,558,826	)


Class C		(221,504	)		(4,512,204	)		(384,102	)		(6,863,671	)


Class R		(272,102	)		(6,279,272	)		(417,729	)		(8,277,874	)


Class Y		(376,572	)		(9,533,074	)		(616,487	)		(13,346,873	)


Class R6		(42,561	)		(1,010,535	)		(55,058	)		(1,160,272	)


Net increase (decrease) in share activity		273,251		$	3,869,175			(1,175,167	)	$	(29,616,445	)

^(a)

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


16		Invesco Main Street All Cap Fund^®

Calculating your ongoing Fund expenses

Example

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

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


17		Invesco Main Street All Cap Fund^®

Proxy Results

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

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


	Matter	Votes For		Votes Against/Withheld


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

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


18		Invesco Main Street All Cap Fund^®

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco Rising Dividends Fund

Nasdaq:

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




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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	17.82	%
Class C Shares	17.42
Class R Shares	17.70
Class Y Shares	17.98
Class R5 Shares	18.04
Class R6 Shares	18.04
S&P 500 Index^▼	20.98
Russell 1000 Index^▼	21.17

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

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


2		Invesco Rising Dividends Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (4/30/80)	11.86	%
10 Years	9.09
5 Years	10.22
1 Year	9.57

Class C Shares
Inception (9/1/93)	8.74	%
10 Years	9.05
5 Years	10.64
1 Year	14.08

Class R Shares
Inception (3/1/01)	7.13	%
10 Years	9.44
5 Years	11.20
1 Year	15.65

Class Y Shares
Inception (12/16/96)	8.24	%
10 Years	9.98
5 Years	11.74
1 Year	16.20

Class R5 Shares
10 Years	9.89	%
5 Years	11.86
1 Year	16.33

Class R6 Shares
Inception (2/28/12)	10.80	%
10 Years	10.14
5 Years	11.87
1 Year	16.30

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

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

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

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

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


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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.86%
Aerospace & Defense–2.29%
Howmet Aerospace, Inc.		613,989	$	40,983,766


Northrop Grumman Corp.		55,781		27,055,458


				68,039,224



Air Freight & Logistics–1.33%
United Parcel Service, Inc., Class B		267,474		39,447,066



Application Software–1.11%
Intuit, Inc.		52,925		33,110,938



Asset Management & Custody Banks–1.48%
BlackRock, Inc.		58,186		43,909,483



Building Products–0.82%
Johnson Controls International PLC		375,529		24,435,672



Communications Equipment–1.27%
Motorola Solutions, Inc.		111,083		37,673,799



Construction Materials–0.83%
CRH PLC		318,729		24,675,999



Consumer Finance–0.86%
American Express Co.		109,214		25,559,352



Consumer Staples Merchandise Retail–2.17%
Walmart, Inc.		1,086,087		64,459,263



Distillers & Vintners–1.23%
Constellation Brands, Inc., Class A		144,221		36,554,255



Distributors–0.52%
LKQ Corp.		355,437		15,329,998



Diversified Banks–2.41%
JPMorgan Chase & Co.		373,189		71,555,259



Electric Utilities–1.93%
American Electric Power Co., Inc.		405,796		34,910,630


PPL Corp.		814,617		22,369,383


				57,280,013



Electrical Components & Equipment–2.11%
Emerson Electric Co.		303,038		32,661,435


Hubbell, Inc.		80,994		30,009,897


				62,671,332



Electronic Manufacturing Services–1.37%
TE Connectivity Ltd.		287,974		40,742,562



Fertilizers & Agricultural Chemicals–0.44%
Mosaic Co. (The)		413,027		12,964,918



Financial Exchanges & Data–0.78%
CME Group, Inc., Class A		111,016		23,273,394



Food Distributors–0.84%
Sysco Corp.		336,671		25,021,389


	Shares		Value


Health Care Equipment–4.00%
Becton, Dickinson and Co.		185,921	$	43,617,066


Stryker Corp.		94,206		31,700,319


Zimmer Biomet Holdings, Inc.		361,560		43,488,437


				118,805,822



Home Improvement Retail–1.83%
Lowe’s Cos., Inc.		237,920		54,243,381



Household Products–2.12%
Procter & Gamble Co. (The)		386,219		63,030,941



Industrial Conglomerates–1.20%
Honeywell International, Inc.		185,611		35,772,808



Industrial Machinery & Supplies & Components–1.36%
Parker-Hannifin Corp.		74,013		40,330,424



Industrial REITs–1.38%
Prologis, Inc.		401,500		40,973,075



Insurance Brokers–1.02%
Marsh & McLennan Cos., Inc.		151,891		30,291,622



Integrated Oil & Gas–1.80%
Chevron Corp.		332,588		53,636,467



Integrated Telecommunication Services–1.03%
Verizon Communications, Inc.		772,234		30,495,521



Interactive Home Entertainment–0.67%
Electronic Arts, Inc.		157,790		20,010,928



Investment Banking & Brokerage–1.66%
Charles Schwab Corp. (The)		246,367		18,218,840


Morgan Stanley		344,011		31,249,959


				49,468,799



IT Consulting & Other Services–1.10%
Accenture PLC, Class A		108,290		32,585,544



Life Sciences Tools & Services–2.17%
Danaher Corp.		163,952		40,433,842


Lonza Group AG (Switzerland)		43,840		24,199,383


				64,633,225



Managed Health Care–2.02%
UnitedHealth Group, Inc.		124,370		60,157,769



Movies & Entertainment–1.72%
Walt Disney Co. (The)		461,391		51,260,540



Multi-Family Residential REITs–0.73%
Mid-America Apartment Communities, Inc.		166,986		21,708,180



Multi-line Insurance–1.60%
American International Group, Inc.		632,796		47,655,867



Multi-Utilities–1.70%
Ameren Corp.		251,641		18,588,721


WEC Energy Group, Inc.		386,710		31,957,714


				50,546,435

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


5		Invesco Rising Dividends Fund


	Shares		Value


Oil & Gas Exploration & Production–2.35%
ConocoPhillips		352,175	$	44,240,224


Marathon Oil Corp.		947,831		25,449,262


				69,689,486



Oil & Gas Storage & Transportation–0.90%
Cheniere Energy, Inc.		169,655		26,774,952



Pharmaceuticals–6.38%
AstraZeneca PLC, ADR (United Kingdom)^(b)		465,413		35,315,538


Eli Lilly and Co.		78,566		61,367,903


Johnson & Johnson		313,381		45,311,759


Merck & Co., Inc.		369,037		47,686,961


				189,682,161



Property & Casualty Insurance–0.99%
Hartford Financial Services Group, Inc. (The)		304,830		29,534,979



Rail Transportation–1.67%
Union Pacific Corp.		208,817		49,523,040



Regional Banks–0.88%
M&T Bank Corp.		181,888		26,262,808



Restaurants–2.85%
McDonald’s Corp.		196,282		53,592,837


Starbucks Corp.		350,416		31,008,312


				84,601,149



Semiconductor Materials & Equipment–2.67%
Applied Materials, Inc.		230,558		45,800,347


ASML Holding N.V., New York Shares (Netherlands)		38,497		33,587,477


				79,387,824



Semiconductors–7.89%
Broadcom, Inc.		44,241		57,525,245


NVIDIA Corp.		169,810		146,719,236


Texas Instruments, Inc.		172,183		30,376,525


				234,621,006



Specialty Chemicals–1.81%
DuPont de Nemours, Inc.		394,195		28,579,137


PPG Industries, Inc.		194,625		25,106,625


				53,685,762

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Systems Software–7.58%
Microsoft Corp.		578,615	$	225,272,178



Technology Hardware, Storage & Peripherals–4.46%
Apple, Inc.		601,058		102,378,209


Dell Technologies, Inc., Class C		241,527		30,103,925


				132,482,134



Telecom Tower REITs–0.98%
American Tower Corp.		170,292		29,215,296



Tobacco–1.56%
Philip Morris International, Inc.		489,010		46,426,609



Transaction & Payment Processing Services–1.99%
Visa, Inc., Class A^(b)		220,252		59,161,890


Total Common Stocks & Other Equity Interests (Cost $1,840,290,793)				2,908,632,538



Money Market Funds–2.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(c)(d)		21,264,125		21,264,125


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(c)(d)		15,315,297		15,319,892


Invesco Treasury Portfolio, Institutional Class, 5.22%^(c)(d)		24,301,857		24,301,857


Total Money Market Funds (Cost $60,887,297)				60,885,874


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $1,901,178,090)				2,969,518,412



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.67%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		22,200,435		22,200,435


Invesco Private Prime Fund, 5.46%^(c)(d)(e)		57,080,472		57,097,597


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $79,305,790)				79,298,032


TOTAL INVESTMENTS IN SECURITIES–102.58% (Cost $1,980,483,880)				3,048,816,444


OTHER ASSETS LESS LIABILITIES–(2.58)%				(76,769,843	)


NET ASSETS–100.00%			$	2,972,046,601

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


6		Invesco Rising Dividends Fund

Notes to Schedule of Investments:

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

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

^(c)


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

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

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


Portfolio Composition

By sector, based on Net Assets as of April 30, 2024

Information Technology	27.45	%
Health Care	14.58
Financials	13.68
Industrials	10.78
Consumer Staples	7.92
Consumer Discretionary	5.19
Energy	5.05
Utilities	3.63
Communication Services	3.42
Real Estate	3.09
Materials	3.07
Money Market Funds Plus Other Assets Less Liabilities	2.14

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


7		Invesco Rising Dividends Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $1,840,290,793)*	$	2,908,632,538


Investments in affiliated money market funds, at value (Cost $140,193,087)		140,183,906


Cash		3,000,000


Foreign currencies, at value (Cost $409)		387


Receivable for:
Fund shares sold		487,359


Dividends		2,230,440


Investment for trustee deferred compensation and retirement plans		171,998


Other assets		69,261


Total assets		3,054,775,889



Liabilities:
Payable for:
Dividends		148


Fund shares reacquired		1,828,586


Collateral upon return of securities loaned		79,305,790


Accrued fees to affiliates		1,248,272


Accrued trustees’ and officers’ fees and benefits		1,793


Accrued other operating expenses		69,844


Trustee deferred compensation and retirement plans		274,855


Total liabilities		82,729,288


Net assets applicable to shares outstanding	$	2,972,046,601



Net assets consist of:
Shares of beneficial interest	$	1,705,745,246


Distributable earnings		1,266,301,355


	$	2,972,046,601


Net Assets:
Class A	$	2,371,745,893


Class C	$	125,623,151


Class R	$	117,586,974


Class Y	$	313,497,246


Class R5	$	13,000


Class R6	$	43,580,337



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		97,722,251


Class C		6,662,124


Class R		4,891,921


Class Y		12,272,572


Class R5		536


Class R6		1,711,720


Class A:
Net asset value per share	$	24.27


Maximum offering price per share (Net asset value of $24.27 ÷ 94.50%)	$	25.68


Class C:
Net asset value and offering price per share	$	18.86


Class R:
Net asset value and offering price per share	$	24.04


Class Y:
Net asset value and offering price per share	$	25.54


Class R5:
Net asset value and offering price per share	$	24.25


Class R6:
Net asset value and offering price per share	$	25.46

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

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


8		Invesco Rising Dividends Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $28,633)	$	27,451,080


Dividends from affiliated money market funds (includes net securities lending income of $44,742)		1,573,129


Total investment income		29,024,209



Expenses:
Advisory fees		8,577,357


Administrative services fees		212,220


Custodian fees		8,364


Distribution fees:
Class A		2,910,271


Class C		646,894


Class R		288,946


Transfer agent fees – A, C, R and Y		1,680,600


Transfer agent fees – R5		2


Transfer agent fees – R6		6,511


Trustees’ and officers’ fees and benefits		35,607


Registration and filing fees		54,989


Reports to shareholders		157,919


Professional services fees		41,857


Other		20,426


Total expenses		14,641,963


Less: Fees waived and/or expense offset arrangement(s)		(97,866	)


Net expenses		14,544,097


Net investment income		14,480,112



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		191,746,668


Affiliated investment securities		29,067


Foreign currencies		41,696


		191,817,431


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		260,548,519


Affiliated investment securities		(13,420	)


Foreign currencies		(196	)


		260,534,903


Net realized and unrealized gain		452,352,334


Net increase in net assets resulting from operations	$	466,832,446

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


9		Invesco Rising Dividends Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30,			October 31,
	2024			2023


Operations:
Net investment income	$	14,480,112		$	27,018,607


Net realized gain		191,817,431			200,765,051


Change in net unrealized appreciation (depreciation)		260,534,903			(25,276,347	)


Net increase in net assets resulting from operations		466,832,446			202,507,311



Distributions to shareholders from distributable earnings:
Class A		(157,396,134	)		(125,800,903	)


Class C		(10,641,115	)		(8,431,540	)


Class R		(7,689,299	)		(5,795,329	)


Class Y		(20,369,326	)		(16,416,932	)


Class R5		(916	)		(750	)


Class R6		(2,967,979	)		(2,196,164	)


Total distributions from distributable earnings		(199,064,769	)		(158,641,618	)



Share transactions–net:
Class A		55,568,325			(18,516,358	)


Class C		(4,229,330	)		(19,681,808	)


Class R		3,198,348			3,916,774


Class Y		5,707,745			(8,465,589	)


Class R6		24,062			3,593,179


Net increase (decrease) in net assets resulting from share transactions		60,269,150			(39,153,802	)


Net increase in net assets		328,036,827			4,711,891



Net assets:
Beginning of period		2,644,009,774			2,639,297,883


End of period	$	2,972,046,601		$	2,644,009,774

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


10		Invesco Rising Dividends Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Annualized.

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

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


11		Invesco Rising Dividends Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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


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.


13		Invesco Rising Dividends Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

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

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


14		Invesco Rising Dividends Fund

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

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

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

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

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

NOTE 3–Additional Valuation Information

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

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

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


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

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Rising Dividends Fund

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, 2023.

NOTE 8–Investment Transactions

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


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,097,790,615


Aggregate unrealized (depreciation) of investments		(29,912,304	)


Net unrealized appreciation of investments	$	1,067,878,311

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

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024^(a)						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		3,130,419		$	74,696,121			5,171,112		$	116,345,046


Class C		483,757			8,997,042			929,334			16,469,101


Class R		359,962			8,499,291			633,753			14,092,207


Class Y		1,030,539			25,801,165			1,468,507			34,876,808


Class R6		191,165			4,730,382			405,246			9,581,382



Issued as reinvestment of dividends:
Class A		6,591,100			151,078,145			5,348,271			117,028,737


Class C		591,304			10,513,433			476,089			8,227,684


Class R		337,527			7,659,569			266,029			5,767,207


Class Y		687,090			16,583,677			557,248			12,795,225


Class R6		110,378			2,655,524			80,946			1,853,944



Automatic conversion of Class C shares to Class A shares:
Class A		487,138			11,711,402			941,390			20,938,467


Class C		(626,129	)		(11,711,402	)		(1,189,527	)		(20,938,467	)



Reacquired:
Class A		(7,631,985	)		(181,917,343	)		(12,154,813	)		(272,828,608	)


Class C		(647,557	)		(12,028,403	)		(1,320,003	)		(23,440,126	)


Class R		(545,605	)		(12,960,512	)		(713,853	)		(15,942,640	)


Class Y		(1,452,291	)		(36,677,097	)		(2,395,802	)		(56,137,622	)


Class R6		(295,538	)		(7,361,844	)		(331,246	)		(7,842,147	)


Net increase (decrease) in share activity		2,801,274		$	60,269,150			(1,827,319	)	$	(39,153,802	)

^(a)

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


16		Invesco Rising Dividends Fund

Calculating your ongoing Fund expenses

Example

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

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


17		Invesco Rising Dividends Fund

Proxy Results

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

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


	Matter	Votes For		Votes Against/Withheld


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

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


18		Invesco Rising Dividends Fund

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

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Semiannual Report to Shareholders		April 30, 2024

Invesco Summit Fund

Nasdaq:

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



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

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	26.14	%
Class C Shares	25.64
Class P Shares	26.22
Class S Shares	26.19
Class Y Shares	26.33
Class R5 Shares	26.32
Class R6 Shares	26.36
S&P 500 Index^▼ (Broad Market Index)	20.98
Russell 1000 Growth Index^▼ (Style-Specific Index)	23.56

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

For more information about your Fund

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


2		Invesco Summit Fund



Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	9.46	%
10 Years	12.08
5 Years	10.74
1 Year	24.36

Class C Shares
Inception (10/31/05)	9.44	%
10 Years	12.05
5 Years	11.16
1 Year	29.54

Class P Shares
Inception (11/1/82)	10.02	%
10 Years	12.89
5 Years	12.17
1 Year	31.76

Class S Shares
Inception (9/25/09)	13.19	%
10 Years	12.84
5 Years	12.12
1 Year	31.68

Class Y Shares
Inception (10/3/08)	12.09	%
10 Years	13.00
5 Years	12.28
1 Year	31.87

Class R5 Shares
Inception (10/3/08)	12.16	%
10 Years	13.02
5 Years	12.26
1 Year	31.90

Class R6 Shares
10 Years	12.96	%
5 Years	12.34
1 Year	31.97

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

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, 2024

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.71%
Advertising–1.32%
Trade Desk, Inc. (The), Class A^(b)(c)		496,157	$	41,106,607



Aerospace & Defense–0.76%
Airbus SE (France)		142,650		23,474,160



Apparel Retail–0.04%
MYT Netherlands Parent B.V., ADR (Germany)^(b)		276,429		1,083,602



Application Software–4.35%
Cadence Design Systems, Inc.^(b)		149,400		41,179,122


Datadog, Inc., Class A^(b)		128,700		16,151,850


HubSpot, Inc.^(b)		77,670		46,980,253


Nutanix, Inc., Class A^(b)		259,200		15,733,440


Samsara, Inc., Class A^(b)		432,000		15,089,760


				135,134,425



Asset Management & Custody Banks–3.34%
Blackstone, Inc., Class A^(c)		384,030		44,781,738


KKR & Co., Inc., Class A		633,500		58,959,845


				103,741,583



Automotive Parts & Equipment–0.60%
Autoliv, Inc. (Sweden)		154,350		18,489,587



Biotechnology–1.41%
Natera, Inc.^(b)		324,900		30,176,712


Regeneron Pharmaceuticals, Inc.^(b)		15,300		13,627,098


				43,803,810



Broadline Retail–7.74%
Amazon.com, Inc.^(b)		1,267,650		221,838,750


MercadoLibre, Inc. (Brazil)^(b)		12,780		18,642,186


				240,480,936



Communications Equipment–0.77%
Arista Networks, Inc.^(b)		92,709		23,785,421



Construction Machinery & Heavy Transportation Equipment– 0.71%
Wabtec Corp.		136,260		21,948,761



Construction Materials–0.91%
Vulcan Materials Co.		110,070		28,357,334



Consumer Staples Merchandise Retail–0.16%
Walmart, Inc.		82,830		4,915,961



Diversified Support Services–0.60%
Cintas Corp.		28,260		18,604,688



Electrical Components & Equipment–3.45%
AMETEK, Inc.		124,200		21,692,772


Eaton Corp. PLC		103,050		32,796,693


Vertiv Holdings Co., Class A		565,380		52,580,340


				107,069,805



Environmental & Facilities Services–0.48%
Clean Harbors, Inc.^(b)		78,480		14,868,036


	Shares		Value


Financial Exchanges & Data–1.86%
Intercontinental Exchange, Inc.		192,494	$	24,785,527


Moody’s Corp.		89,460		33,129,722


				57,915,249



Food Distributors–0.97%
US Foods Holding Corp.^(b)		597,600		30,029,400



Health Care Equipment–4.44%
Boston Scientific Corp.^(b)		396,450		28,492,862


DexCom, Inc.^(b)		198,900		25,337,871


Edwards Lifesciences Corp.^(b)		239,400		20,269,998


IDEXX Laboratories, Inc.^(b)		25,744		12,685,613


Intuitive Surgical, Inc.^(b)		137,520		50,967,662


				137,754,006



Home Improvement Retail–0.69%
Home Depot, Inc. (The)		40,140		13,415,591


Lowe’s Cos., Inc.		34,505		7,866,795


				21,282,386



Hotels, Resorts & Cruise Lines–0.92%
Booking Holdings, Inc.		8,271		28,551,740



Industrial Machinery & Supplies & Components–1.32%
Parker-Hannifin Corp.		51,210		27,904,841


Symbotic, Inc.^(b)(c)		340,200		13,121,514


				41,026,355



Integrated Oil & Gas–0.74%
Suncor Energy, Inc. (Canada)		604,800		23,077,866



Interactive Home Entertainment–1.11%
Nintendo Co. Ltd. (Japan)		322,200		15,713,362


Take-Two Interactive Software, Inc.^(b)		131,400		18,765,234


				34,478,596



Interactive Media & Services–8.99%
Alphabet, Inc., Class A^(b)		8,280		1,347,818


Alphabet, Inc., Class C^(b)		973,260		160,237,527


Meta Platforms, Inc., Class A		273,510		117,655,797


				279,241,142



Internet Services & Infrastructure–2.26%
MongoDB, Inc.^(b)		105,380		38,482,668


Shopify, Inc., Class A (Canada)^(b)		179,100		12,572,820


Snowflake, Inc., Class A^(b)		123,300		19,136,160


				70,191,648



Leisure Facilities–0.41%
Life Time Group Holdings, Inc.^(b)(c)		928,165		12,678,734



Life Sciences Tools & Services–1.78%
Danaher Corp.		84,240		20,775,269


ICON PLC^(b)		78,030		23,243,576


Repligen Corp.^(b)		68,310		11,216,502


				55,235,347

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


5		Invesco Summit Fund


	Shares		Value



Movies & Entertainment–1.87%
IMAX Corp.^(b)(c)		119,700	$	1,916,397


Netflix, Inc.^(b)		85,050		46,831,932


Spotify Technology S.A. (Sweden)^(b)		33,300		9,338,652


				58,086,981



Oil & Gas Equipment & Services–0.86%
TechnipFMC PLC (United Kingdom)		1,046,000		26,798,520



Other Specialized REITs–0.29%
EPR Properties		224,100		9,096,219



Passenger Ground Transportation–1.24%
Uber Technologies, Inc.^(b)		581,400		38,529,378



Personal Care Products–0.36%
e.l.f. Beauty, Inc.^(b)(c)		69,300		11,263,329



Pharmaceuticals–2.83%
Eli Lilly and Co.		76,230		59,543,253


Novo Nordisk A/S, ADR (Denmark)		222,060		28,492,519


				88,035,772



Restaurants–0.52%
DoorDash, Inc., Class A^(b)		126,000		16,286,760



Semiconductor Materials & Equipment–3.45%
ASML Holding N.V., New York Shares (Netherlands)		58,140		50,725,406


Entegris, Inc.		156,420		20,791,346


Lam Research Corp.		39,690		35,499,133


				107,015,885



Semiconductors–15.01%
Advanced Micro Devices, Inc.^(b)		396,172		62,745,721


Astera Labs, Inc.^(b)(c)		139,347		11,811,052


Broadcom, Inc.		40,680		52,894,983


Lattice Semiconductor Corp.^(b)(c)		194,400		13,335,840


Microchip Technology, Inc.		121,500		11,175,570


Monolithic Power Systems, Inc.		45,090		30,180,090


NVIDIA Corp.		328,705		284,007,694


				466,150,950



Systems Software–11.89%
GitLab, Inc., Class A^(b)		476,820		25,018,745


Microsoft Corp.		757,620		294,964,195

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust


	Shares		Value



Systems Software–(continued)
ServiceNow, Inc.^(b)		71,253	$	49,401,843


				369,384,783



Technology Hardware, Storage & Peripherals–4.17%
Apple, Inc.		759,823		129,420,652



Trading Companies & Distributors–0.72%
Fastenal Co.		143,550		9,752,787


United Rentals, Inc.		18,990		12,685,130


				22,437,917



Transaction & Payment Processing Services–4.37%
Mastercard, Inc., Class A		265,086		119,606,803


StoneCo Ltd., Class A (Brazil)^(b)		1,041,300		16,244,280


				135,851,083


Total Common Stocks & Other Equity Interests (Cost $1,591,707,575)				3,096,685,414



Money Market Funds–0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)		890,181		890,181


Invesco Liquid Assets Portfolio, Institutional Class, 5.34%^(d)(e)		694,662		694,870


Invesco Treasury Portfolio, Institutional Class, 5.22%^(d)(e)		1,017,350		1,017,350


Total Money Market Funds (Cost $2,602,248)				2,602,401


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.79% (Cost $1,594,309,823)				3,099,287,815



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.06%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		17,900,366		17,900,366


Invesco Private Prime Fund, 5.46%^(d)(e)(f)		46,018,874		46,032,680


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,933,369)				63,933,046


TOTAL INVESTMENTS IN SECURITIES–101.85% (Cost $1,658,243,192)				3,163,220,861


OTHER ASSETS LESS LIABILITIES–(1.85)%				(57,396,152	)


NET ASSETS–100.00%			$	3,105,824,709

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


6		Invesco Summit Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

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

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

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024


Information Technology			41.89%


Communication Services			13.30


Consumer Discretionary			10.91


Health Care			10.46


Financials			9.58


Industrials			9.27


Other Sectors, Each Less than 2% of Net Assets			4.30


Money Market Funds Plus Other Assets Less Liabilities			0.29

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


7		Invesco Summit Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $1,591,707,575)*	$	3,096,685,414


Investments in affiliated money market funds, at value (Cost $66,535,617)		66,535,447


Foreign currencies, at value (Cost $672,164)		671,115


Receivable for:
Investments sold		5,968,884


Fund shares sold		285,675


Dividends		1,321,536


Investment for trustee deferred compensation and retirement plans		294,106


Other assets		104,783


Total assets		3,171,866,960



Liabilities:

Payable for:
Fund shares reacquired		1,001,482


Collateral upon return of securities loaned		63,933,369


Accrued fees to affiliates		727,174


Accrued other operating expenses		63,330


Trustee deferred compensation and retirement plans		316,896


Total liabilities		66,042,251


Net assets applicable to shares outstanding	$	3,105,824,709



Net assets consist of:

Shares of beneficial interest	$	1,629,146,612


Distributable earnings		1,476,678,097


	$	3,105,824,709



Net Assets:
Class A	$	415,458,573


Class C	$	24,754,518


Class P	$	2,618,854,051


Class S	$	4,606,859


Class Y	$	26,638,192


Class R5	$	9,426


Class R6	$	15,503,090


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

Class A		17,501,979



Class C		1,322,345



Class P		106,467,754



Class S		190,471



Class Y		1,080,341



Class R5		380



Class R6		621,972



Class A:
Net asset value per share	$	23.74


Maximum offering price per share (Net asset value of $23.74 ÷ 94.50%)	$	25.12



Class C:
Net asset value and offering price per share	$	18.72



Class P:
Net asset value and offering price per share	$	24.60



Class S:
Net asset value and offering price per share	$	24.19



Class Y:
Net asset value and offering price per share	$	24.66



Class R5:
Net asset value and offering price per share	$	24.81



Class R6:
Net asset value and offering price per share	$	24.93

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

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


8		Invesco Summit Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $207,963)	$	8,070,881


Dividends from affiliated money market funds (includes net securities lending income of $225,311)		548,269


Total investment income		8,619,150



Expenses:

Advisory fees		9,625,080


Administrative services fees		203,552


Custodian fees		18,183


Distribution fees:
Class A		497,049


Class C		119,055


Class P		1,288,994


Class S		3,298


Transfer agent fees – A, C, P, S and Y		1,090,027


Transfer agent fees – R5		1


Transfer agent fees – R6		2,227


Trustees’ and officers’ fees and benefits		16,914


Registration and filing fees		58,086


Reports to shareholders		73,203


Professional services fees		36,090


Other		22,601


Total expenses		13,054,360


Less: Fees waived and/or expense offset arrangement(s)		(60,474	)


Net expenses		12,993,886


Net investment income (loss)		(4,374,736	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		169,561,691


Affiliated investment securities		13,835


Foreign currencies		(9,323	)


		169,566,203


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		506,890,569


Affiliated investment securities		(502	)


Foreign currencies		(9,645	)


		506,880,422


Net realized and unrealized gain		676,446,625


Net increase in net assets resulting from operations	$	672,071,889

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


9		Invesco Summit Fund

Statement of Changes in Net Assets

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

(Unaudited)


	April 30, 2024			October 31, 2023


Operations:
Net investment income (loss)	$	(4,374,736	)	$	(3,221,471	)


Net realized gain (loss)		169,566,203			(126,196,924	)


Change in net unrealized appreciation		506,880,422			445,756,094


Net increase in net assets resulting from operations		672,071,889			316,337,699



Distributions to shareholders from distributable earnings:
Class A		–			(26,019,917	)


Class C		–			(1,757,107	)


Class P		–			(181,531,713	)


Class S		–			(320,005	)


Class Y		–			(1,941,154	)


Class R5		–			(69,840	)
Class R6		–			(1,199,760	)


Total distributions from distributable earnings		–			(212,839,496	)



Share transactions–net:
Class A		810,587			24,787,667


Class C		(11,566	)		2,961,502


Class P		(141,174,397	)		10,226,981


Class S		8,660			(159,219	)


Class Y		(2,377,639	)		(37,481,770	)


Class R5		–			(739,632	)


Class R6		(1,616,967	)		(1,314,920	)


Net increase (decrease) in net assets resulting from share transactions		(144,361,322	)		(1,719,391	)


Net increase in net assets		527,710,567			101,778,812



Net assets:

Beginning of period		2,578,114,142			2,476,335,330


End of period	$	3,105,824,709		$	2,578,114,142

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


10		Invesco Summit Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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


11		Invesco Summit Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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


12		Invesco Summit Fund

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

The 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.

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 Summit Fund

borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $15,354 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 10 million		1.000%


Next $140 million		0.750%


Over $150 million		0.625%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.63%.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.85%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.


14		Invesco Summit Fund

For the six months ended April 30, 2024, the Adviser waived advisory fees of $6,872.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares. The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C shares, Class P shares and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A and Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2024, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $74,171 in front-end sales commissions from the sale of Class A shares and $47 and $1,097 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $50,204 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	3,057,497,892	$	39,187,522		$–	$	3,096,685,414


Money Market Funds		2,602,401		63,933,046		–		66,535,447


Total Investments	$	3,060,100,293	$	103,120,568		$–	$	3,163,220,861

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Summit Fund

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of October 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	110,229,323	$	66,702,019	$	176,931,342

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $927,463,261 and $1,059,312,595, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,533,710,654


Aggregate unrealized (depreciation) of investments		(42,491,777	)


Net unrealized appreciation of investments	$	1,491,218,877

Cost of investments for tax purposes is $1,672,001,984.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024						October 31, 2023
	Shares			Amount			Shares			Amount


Sold:
Class A		1,787,556		$	40,795,457			3,305,931		$	61,596,151


Class C		184,788			3,319,600			443,160			6,604,358


Class P		373,579			8,699,085			959,068			18,227,818


Class S		3,729			89,137			1,052			19,458


Class Y		235,222			5,772,301			341,162			6,751,191


Class R5		-			-			1,285			22,627


Class R6		47,529			1,163,483			64,783			1,235,695



Issued as reinvestment of dividends:
Class A		-			-			1,538,373			24,890,864


Class C		-			-			130,448			1,681,472


Class P		-			-			10,545,687			176,429,315


Class S		-			-			19,052			313,597


Class Y		-			-			102,318			1,713,834


Class R5		-			-			4,107			69,211


Class R6		-			-			68,127			1,152,701



Automatic conversion of Class C shares to Class A shares:
Class A		46,983			1,085,336			64,325			1,186,714


Class C		(59,484	)		(1,085,336	)		(80,915	)		(1,186,714	)


16		Invesco Summit Fund


	Summary of Share Activity


	Six months ended						Year ended
	April 30, 2024						October 31, 2023
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,798,998	)	$	(41,070,206	)		(3,445,755	)	$	(62,886,062	)


Class C		(123,757	)		(2,245,830	)		(282,210	)		(4,137,614	)


Class P		(6,262,962	)		(149,873,482	)		(9,596,587	)		(184,430,152	)


Class S		(3,553	)		(80,477	)		(24,838	)		(492,274	)


Class Y		(332,216	)		(8,149,940	)		(2,508,035	)		(45,946,795	)


Class R5		-			-			(47,165	)		(831,470	)


Class R6		(116,961	)		(2,780,450	)		(192,471	)		(3,703,316	)


Net increase (decrease) in share activity		(6,018,545	)	$	(144,361,322	)		1,410,902		$	(1,719,391	)


17		Invesco Summit Fund

Calculating your ongoing Fund expenses

Example

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 (11/01/23)	Ending Account Value (04/30/24)¹	Expenses Paid During Period²	Ending Account Value (04/30/24)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,261.40	$5.51	$1,019.99	$4.92	0.98%
Class C	1,000.00	1,256.40	9.71	1,016.26	8.67	1.73
Class P	1,000.00	1,262.20	4.67	1,020.74	4.17	0.83
Class S	1,000.00	1,261.90	4.95	1,020.49	4.42	0.88
Class Y	1,000.00	1,263.30	4.11	1,021.23	3.67	0.73
Class R5	1,000.00	1,263.20	3.88	1,021.43	3.47	0.69
Class R6	1,000.00	1,263.60	3.88	1,021.43	3.47	0.69

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


18		Invesco Summit Fund

Proxy Results

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

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


	Matter	Votes For		Votes Against/Withheld


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

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


19		Invesco Summit Fund

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Fund holdings and proxy voting information

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

(b) Not applicable.

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of June 14, 2024, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 14, 2024, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 14.

EXHIBITS.


14(a) (1)		Not applicable.

14(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

14(a) (3)		Not applicable.

14(a) (4)		Not applicable.

14(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant: AIM Equity Funds (Invesco Equity Funds)

By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		June 28, 2024

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		June 28, 2024


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		June 28, 2024