AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) (Form: N-CSR, Received: 01/05/2023 12:10:27)

Date of fiscal year end:

Date of reporting period:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-01424

AIM Equity Funds (Invesco Equity Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)


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

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable.

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Charter Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Charter Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-18.71	%
Class C Shares	-19.35
Class R Shares	-18.91
Class S Shares	-18.61
Class Y Shares	-18.53
Class R5 Shares	-18.50
Class R6 Shares	-18.41
S&P 500 Index^q (Broad Market Index)	-14.61
Russell 1000 Index^q (Style-Specific Index)	-16.38

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

The world and markets have largely moved on from COVID-19 but are still dealing with the hangover from all the financial actions taken to fight the pandemic. During the pandemic, governments around the world engaged in high deficit spending to stimulate their economies and central banks lowered interest rates to maintain financial stability and spur demand. Meanwhile, COVID-19 lockdowns and related supply chain disruptions caused fewer goods to be produced. The goods that were produced were also relatively more expensive than before thanks to a reversal of the offshoring phenomenon. More money in the world chasing relatively fewer and more expensively produced goods led to a generational high in inflation rates. The Russia/Ukraine situation only turbocharged the scarcity of goods and inflation rates.

That said, the monetary situation has changed dramatically this fiscal year. Central banks no longer view inflation as “transitory,” but rather as a significant threat that needs to be snuffed out and interest rates have risen materially. Between inflation eating away at consumers’ discretionary income, higher interest rates making large purchases more expensive and a normalization of services consumption, we have seen material weakness in consumer discretionary spending on goods. Whether this leads to a recession this fiscal year remains an open question, but we think it is more likely than not. Either way, rising rates are having their intended effect of slowing the economy.

During the fiscal year, only the energy sector had a positive contribution to the Fund’s total return. The information technology, consumer discretionary and communication services sectors had the largest negative returns during the fiscal year.

The largest individual contributors to the Fund’s performance relative to the Russell 1000 Index during the fiscal year included Eli Lilly, UnitedHealth and O’Reilly Auto Parts. Eli Lilly and UnitedHealth benefited from the general outperformance of the pharmaceutical and managed care industries as they are typically viewed as defensive industries in down markets. Eli Lilly also reported favorable data for a key drug, tirzepatide, which treats diabetes and UnitedHealth had strong earnings reports that exceeded expectations. O’Reilly Auto Parts had favorable quarterly earnings reports and did a significant stock buyback program that was well received. The company’s business model has also been considered relatively defensive as car repairs are non-discretionary and many consumers are paying for maintenance versus buying a new vehicle given the economic uncertainty.

The largest individual detractors from the Fund’s relative performance during the fiscal year included Salesforce, Advanced Micro Devices and Amazon.com. Salesforce underperformed as high-growth software stocks in general experienced significant selloffs starting in November 2021 as the uptick in interest rates began to impact higher valuation stocks which had previously experienced significant share price increases. Advanced Micro Devices saw weakened demand for the company’s consumer central processing units and graphics processing units businesses due to global macroeconomic headwinds. Amazon.com reported declining profitability due to elevated expenses in the e-commerce business driven by inflation and operational inefficiencies.

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

approach is essential to generating attractive long-term performance.

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

Portfolio manager(s):

Belinda Cavazos - Lead

Magnus Krantz

Benjamin Ram

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

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Charter Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Charter Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (11/26/68)	10.12	%
10 Years	7.62
5 Years	5.34
1 Year	-23.17
Class C Shares
Inception (8/4/97)	5.44	%
10 Years	7.58
5 Years	5.73
1 Year	-20.03
Class R Shares
Inception (6/3/02)	6.54	%
10 Years	7.95
5 Years	6.27
1 Year	-18.91
Class S Shares
Inception (9/25/09)	8.26	%
10 Years	8.34
5 Years	6.64
1 Year	-18.61
Class Y Shares
Inception (10/3/08)	8.10	%
10 Years	8.49
5 Years	6.80
1 Year	-18.53
Class R5 Shares
Inception (7/30/91)	8.03	%
10 Years	8.56
5 Years	6.84
1 Year	-18.50
Class R6 Shares
Inception (9/24/12)	8.36	%
10 Years	8.66
5 Years	6.93
1 Year	-18.41

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

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.


4		Invesco Charter Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

∎	The 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.

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


5		Invesco Charter Fund

Fund Information


Portfolio Composition

By sector	% of total net assets

Information Technology		26.10	%

Health Care		15.15

Financials		12.03

Industrials		10.93

Communication Services		7.89

Consumer Staples		7.17

Energy		6.30

Consumer Discretionary		5.21

Real Estate		2.71

Utilities		2.69

Materials		2.22

Money Market Funds Plus Other Assets Less Liabilities		1.60


Top 10 Equity Holdings*
		% of total net assets

1.	Apple, Inc.		7.14	%

2.	Microsoft Corp.		5.27

3.	UnitedHealth Group, Inc.		3.60

4.	JPMorgan Chase & Co.		3.48

5.	Exxon Mobil Corp.		3.23

6.	Netflix, Inc.		2.85

7.	Prologis, Inc.		2.71

8.	United Parcel Service, Inc., Class B		2.54

9.	Eli Lilly and Co.		2.50

10.	Equitable Holdings, Inc.		2.17

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Charter Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–98.40%
Advertising–0.35%
Interpublic Group of Cos., Inc. (The)^(b)		330,817	$	9,855,038



Aerospace & Defense–1.82%
Lockheed Martin Corp.^(b)		46,598		22,678,315


Raytheon Technologies Corp.		304,637		28,885,680


				51,563,995



Agricultural & Farm Machinery–1.62%
Deere & Co.		115,953		45,896,516



Air Freight & Logistics–2.54%
United Parcel Service, Inc., Class B		428,106		71,823,344



Application Software–1.18%
Manhattan Associates, Inc.^(c)		127,412		15,502,218


Synopsys, Inc.^(c)		60,795		17,785,577


				33,287,795



Automobile Manufacturers–1.04%
General Motors Co.		748,443		29,376,388



Automotive Retail–2.20%
AutoZone, Inc.^(c)		3,267		8,274,919


O’Reilly Automotive, Inc.^(c)		64,565		54,051,881


				62,326,800



Biotechnology–1.60%
Gilead Sciences, Inc.		317,972		24,948,083


Seagen, Inc.^(c)		159,922		20,335,682


				45,283,765



Commodity Chemicals–0.84%
Valvoline, Inc.		809,478		23,766,274



Communications Equipment–1.49%
Motorola Solutions, Inc.		168,319		42,030,938



Construction Materials–1.38%
Vulcan Materials Co.		238,880		39,104,656



Consumer Finance–1.67%
American Express Co.^(b)		317,843		47,183,793



Data Processing & Outsourced Services–3.37%
Fiserv, Inc.^(b)(c)		397,783		40,868,226


Mastercard, Inc., Class A		166,406		54,611,121


				95,479,347



Distillers & Vintners–1.66%
Constellation Brands, Inc., Class A		189,555		46,835,249



Diversified Banks–3.48%
JPMorgan Chase & Co.		782,922		98,554,221



Electric Utilities–2.69%
FirstEnergy Corp.		1,334,944		50,340,738


Southern Co. (The)		392,278		25,686,364


				76,027,102


	Shares		Value


Electronic Equipment & Instruments–0.19%
Mobileye Global, Inc., Class A (Israel)		203,200	$	5,360,416



Environmental & Facilities Services–1.37%
Republic Services, Inc.		100,412		13,316,639


Waste Connections, Inc.		192,171		25,349,278


				38,665,917



Financial Exchanges & Data–0.61%
Intercontinental Exchange, Inc.		179,245		17,130,445



Food Distributors–0.71%
Sysco Corp.		231,451		20,034,399



General Merchandise Stores–0.73%
Dollar General Corp.		81,500		20,786,575



Health Care Facilities–2.18%
HCA Healthcare, Inc.		166,769		36,267,255


Tenet Healthcare Corp.^(b)(c)		570,276		25,297,443


				61,564,698



Health Care Services–1.65%
CVS Health Corp.		493,710		46,754,337



Hotels, Resorts & Cruise Lines–1.24%
Airbnb, Inc., Class A^(c)		327,875		35,053,116



Household Products–0.55%
Church & Dwight Co., Inc.		43,663		3,236,738


Procter & Gamble Co. (The)		91,670		12,345,199


				15,581,937



Industrial Conglomerates–1.28%
Honeywell International, Inc.		177,503		36,214,162



Industrial Machinery–1.27%
Otis Worldwide Corp.		509,998		36,026,259



Industrial REITs–2.71%
Prologis, Inc.		692,687		76,715,085



Integrated Oil & Gas–3.22%
Exxon Mobil Corp.		823,351		91,235,524



Integrated Telecommunication Services–1.13%
Verizon Communications, Inc.		856,678		32,014,057



Interactive Home Entertainment–0.76%
Electronic Arts, Inc.		170,185		21,436,503



Interactive Media & Services–2.80%
Alphabet, Inc., Class A^(c)		525,799		49,693,264


Meta Platforms, Inc., Class A^(c)		317,589		29,586,591


				79,279,855



Internet Services & Infrastructure–0.20%
MongoDB, Inc.^(b)(c)		31,422		5,751,169



Investment Banking & Brokerage–1.36%
Charles Schwab Corp. (The)		483,846		38,548,011

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


7		Invesco Charter Fund


	Shares		Value


IT Consulting & Other Services–0.65%
Amdocs Ltd.		212,462	$	18,337,595



Managed Health Care–3.59%
UnitedHealth Group, Inc.		183,200		101,703,480



Movies & Entertainment–2.85%
Netflix, Inc.^(c)		276,248		80,631,266



Oil & Gas Exploration & Production–1.28%
APA Corp.		796,914		36,227,710



Oil & Gas Storage & Transportation–1.80%
Cheniere Energy, Inc.		205,340		36,224,029


Magellan Midstream Partners L.P.		272,980		14,727,271


				50,951,300



Other Diversified Financial Services–2.17%
Equitable Holdings, Inc.		2,005,349		61,403,786



Personal Products–0.18%
Coty, Inc., Class A^(b)(c)		742,382		4,981,383



Pharmaceuticals–6.13%
AstraZeneca PLC, ADR (United Kingdom)		799,669		47,028,534


Bayer AG (Germany)		390,608		20,548,718


Bristol-Myers Squibb Co.		452,131		35,026,589


Eli Lilly and Co.		195,233		70,691,917


				173,295,758



Property & Casualty Insurance–1.54%
Allstate Corp. (The)		344,098		43,442,373



Railroads–1.03%
Union Pacific Corp.		147,338		29,046,213



Regional Banks–0.80%
First Citizens BancShares, Inc., Class A^(b)		27,621		22,707,777



Semiconductor Equipment–1.10%
Applied Materials, Inc.		350,863		30,977,694



Semiconductors–2.12%
Advanced Micro Devices, Inc.^(c)		382,354		22,964,181


QUALCOMM, Inc.		314,198		36,968,537


				59,932,718



Soft Drinks–3.11%
Coca-Cola Co. (The)		762,097		45,611,505


PepsiCo, Inc.		233,655		42,427,075


				88,038,580

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Systems Software–8.66%
Crowdstrike Holdings, Inc., Class A^(c)		54,846	$	8,841,175


Microsoft Corp.		641,674		148,951,786


ServiceNow, Inc.^(b)(c)		71,934		30,265,511


VMware, Inc., Class A		506,531		56,999,933


				245,058,405



Technology Hardware, Storage & Peripherals–7.14%
Apple, Inc.		1,317,096		201,963,501



Thrifts & Mortgage Finance–0.40%
Rocket Cos., Inc., Class A		1,635,032		11,281,721



Tobacco–0.96%
British American Tobacco PLC, ADR (United Kingdom)^(b)		687,452		27,236,848


Total Common Stocks & Other Equity Interests (Cost $2,357,626,965)				2,783,765,794



Money Market Funds–2.53%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		25,073,021		25,073,021


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		17,929,596		17,933,182


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		28,654,881		28,654,881


Total Money Market Funds (Cost $71,658,704)				71,661,084


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.93% (Cost $2,429,285,669)				2,855,426,878



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.48%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		20,095,917		20,095,917


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		50,062,457		50,062,457


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,153,855)				70,158,374


TOTAL INVESTMENTS IN SECURITIES–103.41% (Cost $2,499,439,524)				2,925,585,252


OTHER ASSETS LESS LIABILITIES–(3.41)%				(96,526,744	)


NET ASSETS–100.00%			$	2,829,058,508

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


8		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)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Non-income producing security.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 2,257,044		$ 175,435,289		$ (152,619,312)		$ -		$ -		$ 25,073,021		$ 127,745
Invesco Liquid Assets Portfolio, Institutional Class		1,784,070		125,310,921		(109,164,882)		2,166		907		17,933,182		92,543
Invesco Treasury Portfolio, Institutional Class		2,579,479		200,497,473		(174,422,071)		-		-		28,654,881		141,055
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		15,128,732		285,821,290		(280,854,105)		-		-		20,095,917		80,129*
Invesco Private Prime Fund		35,300,375		664,492,176		(649,728,644)		4,519		(5,969)		50,062,457		232,952*
Total		$57,049,700		$1,451,557,149		$(1,366,789,014)		$6,685		$(5,062)		$141,819,458		$ 674,424

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 October 31, 2022.

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

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


9		Invesco Charter Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $2,357,626,965)*	$	2,783,765,794


Investments in affiliated money market funds, at value (Cost $141,812,559)		141,819,458


Foreign currencies, at value (Cost $1,346)		1,208


Receivable for:
Investments sold		112,049,269


Fund shares sold		182,222


Dividends		2,193,669


Investment for trustee deferred compensation and retirement plans		1,171,403


Other assets		296,189


Total assets		3,041,479,212



Liabilities:
Payable for:
Investments purchased		137,858,521


Fund shares reacquired		1,479,187


Collateral upon return of securities loaned		70,153,855


Accrued fees to affiliates		1,415,748


Accrued trustees’ and officers’ fees and benefits		2,438


Accrued other operating expenses		247,756


Trustee deferred compensation and retirement plans		1,263,199


Total liabilities		212,420,704


Net assets applicable to shares outstanding	$	2,829,058,508



Net assets consist of:
Shares of beneficial interest	$	2,310,157,368


Distributable earnings		518,901,140


	$	2,829,058,508


Net Assets:
Class A	$	2,671,536,373


Class C	$	18,306,337


Class R	$	15,653,062


Class S	$	14,876,903


Class Y	$	87,803,878


Class R5	$	6,555,060


Class R6	$	14,326,895



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		175,221,891


Class C		1,345,842


Class R		1,040,127


Class S		975,150


Class Y		5,719,611


Class R5		400,565


Class R6		875,968


Class A:
Net asset value per share	$	15.25


Maximum offering price per share (Net asset value of $15.25 ÷ 94.50%)	$	16.14


Class C:
Net asset value and offering price per share	$	13.60


Class R:
Net asset value and offering price per share	$	15.05


Class S:
Net asset value and offering price per share	$	15.26


Class Y:
Net asset value and offering price per share	$	15.35


Class R5:
Net asset value and offering price per share	$	16.36


Class R6:
Net asset value and offering price per share	$	16.36

*	At October 31, 2022, securities with an aggregate value of $68,912,987 were on loan to brokers.

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


10		Invesco Charter Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest	$	278,879


Dividends (net of foreign withholding taxes of $129,482)		49,793,757


Dividends from affiliated money market funds (includes net securities lending income of $412,898)		774,241


Foreign withholding tax claims		1,823,238


Total investment income		52,670,115



Expenses:
Advisory fees		20,464,983


Administrative services fees		477,404


Custodian fees		13,946


Distribution fees:
Class A		7,776,230


Class C		229,254


Class R		90,216


Class S		26,632


Transfer agent fees – A, C, R, S and Y		3,887,547


Transfer agent fees – R5		7,520


Transfer agent fees – R6		5,791


Trustees’ and officers’ fees and benefits		44,964


Registration and filing fees		171,113


Reports to shareholders		174,329


Professional services fees		88,210


Other		35,887


Total expenses		33,494,026


Less: Fees waived and/or expense offset arrangement(s)		(35,507	)


Net expenses		33,458,519


Net investment income		19,211,596



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(406,722))		86,644,036


Affiliated investment securities		(5,062	)


Foreign currencies		(187,230	)


		86,451,744


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(788,284,567	)


Affiliated investment securities		6,685


Foreign currencies		(54,121	)


		(788,332,003	)


Net realized and unrealized gain (loss)		(701,880,259	)


Net increase (decrease) in net assets resulting from operations	$	(682,668,663	)

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


11		Invesco Charter Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	19,211,596		$	13,505,432


Net realized gain		86,451,744			521,973,796


Change in net unrealized appreciation (depreciation)		(788,332,003	)		615,769,308


Net increase (decrease) in net assets resulting from operations		(682,668,663	)		1,151,248,536



Distributions to shareholders from distributable earnings:
Class A		(513,413,240	)		(72,039,347	)


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


Class R		(2,936,986	)		(378,832	)


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


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


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


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


Total distributions from distributable earnings		(545,048,231	)		(76,541,886	)



Share transactions–net:
Class A		219,433,133			(221,272,537	)


Class C		(288,709	)		(11,600,194	)


Class R		1,974,284			(1,874,578	)


Class S		549,691			(1,789,206	)


Class Y		8,874,658			3,757,091


Class R5		151,125			(1,005,584	)


Class R6		1,083,524			(1,481,654	)


Net increase (decrease) in net assets resulting from share transactions		231,777,706			(235,266,662	)


Net increase (decrease) in net assets		(995,939,188	)		839,439,988



Net assets:
Beginning of year		3,824,997,696			2,985,557,708


End of year	$	2,829,058,508		$	3,824,997,696

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


12		Invesco Charter Fund

Financial Highlights

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
Year ended 10/31/22		$	21.88		$	0.10	^(d)		$	(3.58	)		$	(3.48	)		$	(0.08	)		$	(3.07	)		$	(3.15	)		$	15.25		(18.71	)%		$	2,671,536		1.02	%		1.02	%		0.58	%^(d)		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	^(e)			1.99				(0.07	)			(1.65	)			(1.72	)			17.79		12.96	^(e)			3,007,391		1.07			1.07			0.74			82
Year ended 10/31/18			18.75			0.06				(0.04	)			0.02				(0.10	)			(1.15	)			(1.25	)			17.52		(0.04	)			2,951,279		1.07			1.08			0.35			46
Class C
Year ended 10/31/22			19.91			(0.03	)^(d)			(3.21	)			(3.24	)			–				(3.07	)			(3.07	)			13.60		(19.35	)			18,306		1.77			1.77			(0.17	)^(d)		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	^(e)			1.73				–				(1.65	)			(1.65	)			16.47		12.14	^(e)			40,493		1.82			1.82			(0.01	)		82
Year ended 10/31/18			17.65			(0.07	)			(0.04	)			(0.11	)			–				(1.15	)			(1.15	)			16.39		(0.80	)			133,804		1.82			1.83			(0.40	)		46
Class R
Year ended 10/31/22			21.63			0.06	^(d)			(3.54	)			(3.48	)			(0.03	)			(3.07	)			(3.10	)			15.05		(18.91	)			15,653		1.27			1.27			0.33	^(d)		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	^(e)			1.93				–				(1.65	)			(1.65	)			17.62		12.68	^(e)			19,772		1.32			1.32			0.49			82
Year ended 10/31/18			18.55			0.02				(0.04	)			(0.02	)			(0.04	)			(1.15	)			(1.19	)			17.34		(0.24	)			23,251		1.32			1.33			0.10			46
Class S
Year ended 10/31/22			21.89			0.12	^(d)			(3.58	)			(3.46	)			(0.10	)			(3.07	)			(3.17	)			15.26		(18.61	)			14,877		0.92			0.92			0.68	^(d)		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	^(e)			2.01				(0.09	)			(1.65	)			(1.74	)			17.80		13.09	^(e)			16,906		0.97			0.97			0.84			82
Year ended 10/31/18			18.76			0.08				(0.04	)			0.04				(0.12	)			(1.15	)			(1.27	)			17.53		0.07				17,317		0.97			0.98			0.45			46
Class Y
Year ended 10/31/22			22.01			0.14	^(d)			(3.60	)			(3.46	)			(0.13	)			(3.07	)			(3.20	)			15.35		(18.53	)			87,804		0.77			0.77			0.83	^(d)		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	^(e)			2.04				(0.12	)			(1.65	)			(1.77	)			17.88		13.24	^(e)			93,143		0.82			0.82			0.99			82
Year ended 10/31/18			18.84			0.11				(0.04	)			0.07				(0.15	)			(1.15	)			(1.30	)			17.61		0.23				101,885		0.82			0.83			0.60			46
Class R5
Year ended 10/31/22			23.25			0.16	^(d)			(3.85	)			(3.69	)			(0.13	)			(3.07	)			(3.20	)			16.36		(18.50	)			6,555		0.75			0.75			0.85	^(d)		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	^(e)			2.15				(0.13	)			(1.65	)			(1.78	)			18.71		13.34	^(e)			9,163		0.75			0.75			1.06			82
Year ended 10/31/18			19.58			0.13				(0.06	)			0.07				(0.16	)			(1.15	)			(1.31	)			18.34		0.25				12,018		0.76			0.77			0.66			46
Class R6
Year ended 10/31/22			23.24			0.17	^(d)			(3.83	)			(3.66	)			(0.15	)			(3.07	)			(3.22	)			16.36		(18.41	)			14,327		0.68			0.68			0.92	^(d)		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	^(e)			2.15				(0.14	)			(1.65	)			(1.79	)			18.70		13.38	^(e)			19,030		0.69			0.69			1.12			82
Year ended 10/31/18			19.58			0.14				(0.05	)			0.09				(0.18	)			(1.15	)			(1.33	)			18.34		0.34				20,404		0.69			0.70			0.73			46

^(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)

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.

^(e)

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

Total returns would have been lower.

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


13		Invesco Charter Fund

Notes to Financial Statements

October 31, 2022

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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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


14		Invesco Charter Fund

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. 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.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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 year ended October 31, 2022, the Fund did not enter into any closing agreements.

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.


15		Invesco Charter Fund

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 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 year ended October 31, 2022, the Fund paid the Adviser $1,804 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services 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.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate

First $ 250 million		0.695%

Next $4.05 billion		0.615%

Next $3.9 billion		0.570%

Next $1.8 billion		0.545%

Over $10 billion		0.520%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the


16		Invesco Charter Fund

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

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $19,910.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $109,048 in front-end sales commissions from the sale of Class A shares and $189 and $1,239 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $10,247 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 October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	2,763,217,076	$	20,548,718		$–	$	2,783,765,794


Money Market Funds		71,661,084		70,158,374		–		141,819,458


Total Investments	$	2,834,878,160	$	90,707,092		$–	$	2,925,585,252

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2022, the Fund engaged in securities sales of $3,518,387, which resulted in net realized gains (losses) of $(406,722).

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,597.


17		Invesco Charter Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	87,532,910	$	17,738,559


Long-term capital gain		457,515,321		58,803,327


Total distributions	$	545,048,231	$	76,541,886

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	21,727,585


Undistributed long-term capital gain		92,081,654


Net unrealized appreciation – investments		418,280,612


Net unrealized appreciation (depreciation) – foreign currencies		(68,449	)


Temporary book/tax differences		(13,120,262	)


Shares of beneficial interest		2,310,157,368


Total net assets	$	2,829,058,508

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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 does not have a capital loss carryforward as of October 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,703,402,939 and $2,022,678,494, 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	$581,521,833


Aggregate unrealized (depreciation) of investments	(163,241,221	)


Net unrealized appreciation of investments	$418,280,612

Cost of investments for tax purposes is $2,507,304,640.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, distributions and partnerships, on October 31, 2022, undistributed net investment income was decreased by $1,442,418, undistributed net realized gain was decreased by $1,306,434 and shares of beneficial interest was increased by $2,748,852. This reclassification had no effect on the net assets of the Fund.


18		Invesco Charter Fund

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,731,948		$	47,384,052			2,445,056		$	47,132,882


Class C		178,317			2,754,149			166,240			2,879,992


Class R		137,101			2,394,103			119,854			2,288,471


Class S		15,469			269,618			25,452			488,365


Class Y		1,119,532			19,144,631			1,055,267			20,403,478


Class R5		40,983			770,127			49,585			1,057,994


Class R6		354,798			7,566,199			156,825			3,270,707



Issued as reinvestment of dividends:
Class A		25,285,326			478,145,790			3,859,089			67,186,745


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


Class R		156,901			2,934,049			21,961			378,832


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


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


Class R5		57,483			1,164,037			10,946			202,069


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



Automatic conversion of Class C shares to Class A shares:
Class A		144,900			2,483,476			578,653			10,404,444


Class C		(161,690	)		(2,483,476	)		(632,106	)		(10,404,444	)



Reacquired:
Class A		(17,936,768	)		(308,580,185	)		(17,956,672	)		(345,996,608	)


Class C		(306,435	)		(4,686,516	)		(275,782	)		(4,705,666	)


Class R		(198,895	)		(3,353,868	)		(239,881	)		(4,541,881	)


Class S		(157,777	)		(2,698,494	)		(139,024	)		(2,707,704	)


Class Y		(1,339,703	)		(22,939,174	)		(959,447	)		(18,684,281	)


Class R5		(89,600	)		(1,783,039	)		(111,293	)		(2,265,647	)


Class R6		(534,264	)		(9,615,210	)		(254,906	)		(5,177,832	)


Net increase (decrease) in share activity		10,720,004		$	231,777,706			(11,876,245	)	$	(235,266,662	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco Charter Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Charter Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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


20		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 May 1, 2022 through October 31, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$928.70	$5.06	$1,019.96	$5.30	1.04%
Class C	1,000.00	924.50	8.68	1,016.18	9.10	1.79
Class R	1,000.00	927.30	6.27	1,018.70	6.56	1.29
Class S	1,000.00	929.30	4.57	1,020.47	4.79	0.94
Class Y	1,000.00	929.70	3.84	1,021.22	4.02	0.79
Class R5	1,000.00	929.50	3.70	1,021.37	3.87	0.76
Class R6	1,000.00	930.60	3.36	1,021.73	3.52	0.69

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Charter Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Charter Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders

of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B.	Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that stock selection in and underweight or lack of exposure to certain sectors and names as well as the Fund’s cash allocation detracted from the Fund’s relative performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


22		Invesco Charter Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

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

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


23		Invesco Charter Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions			$457,515,321
Qualified Dividend Income*			55.75%
Corporate Dividends Received Deduction*			52.54%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			0.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$73,945,887


24		Invesco Charter Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Charter Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Charter Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Charter Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Charter Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Charter Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Charter Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Diversified Dividend Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Diversified Dividend Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.90	%
Class C Shares	-1.63
Class R Shares	-1.15
Class Y Shares	-0.64
Investor Class Shares	-0.81
Class R5 Shares	-0.61
Class R6 Shares	-0.58
S&P 500 Index^▼ (Broad Market Index)	-14.61
Russell 1000 Value Index^▼(Style-Specific Index)	-7.00
Lipper Large-Cap Value Funds Index^∎(Peer Group Index)	-7.74

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

The fiscal year began with continued volatility in equity markets in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022.

The downward direction of the equity markets continued into second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data reported in October came in higher than expected, and the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations,

but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

The Fund outperformed the Russell 1000 Value Index during the fiscal year. Within the Fund’s style-specific benchmark, energy, consumer staples and health care were the best-performing sectors, while communication services, information technology (IT) and real estate were the worst-performing sectors during the fiscal year. Outperformance versus the Russell 1000 Value Index was broad-based, with the Fund outperforming the index in ten of eleven sectors. Stock selection in the health care and financials sectors contributed the most to the Fund’s performance relative to the Russell 1000 Value Index. An underweight position in communication services and stock selection in industrials and IT also helped relative Fund performance. Stock selection in consumer staples detracted the most from the Fund’s relative performance during the fiscal year.

During the fiscal year, holdings in the energy and health care sectors were among the largest contributors to the Fund’s absolute performance. Oil and gas exploration and production company ConocoPhillips was the largest contributor to absolute Fund performance. Shares of the company rose along with the energy sector in general during much of the fiscal year. Investors also reacted favorably to the announcement of ConocoPhillips’ acquisition of Royal Dutch Shell’s shale assets in the Permian Basin, which closed in the fourth quarter of 2021. Pharmaceutical company Merck was also a large contributor to overall Fund performance for the fiscal year. Merck’s sales were driven by higher than forecasted oncology and vaccine revenues for much of the fiscal year. Underlying strength across its core franchises led to an increase in sales and earnings guidance going forward as well.

Holdings within the communication services and consumer discretionary sectors were among the largest detractors from absolute Fund performance. Telecom services company Comcast was the largest detractor from overall Fund performance during the fiscal year. Shares of the company fell following a disappointing second quarter of 2022 earnings report in which the company beat revenue and earnings forecasts, but reported no growth in its lucrative broadband internet subscriber base as the company has faced increased competition from wireless carriers and other fiber providers. Discount retail company Target was also one of the largest detractors from overall Fund performance during the fiscal year. In the second quarter of 2022, the company reported better than expected quarterly revenues, but margins were well below expectations as Target faced higher costs and also discounted prices to


2		Invesco Diversified Dividend Fund

reduce excess inventory levels. Despite the share price weakness, we think Target remains a leader in the consumer retail space and we believe the company should be able to expand free cash flow and grow dividends over time.

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

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

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Caroline Le Feuvre

Craig Leopold

Chris McMeans

Peter Santoro - Lead

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Diversified Dividend Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Diversified Dividend Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (12/31/01)	7.26	%
10 Years	8.79
5 Years	5.18
1 Year	-6.35

Class C Shares
Inception (12/31/01)	7.27	%
10 Years	8.76
5 Years	5.58
1 Year	-2.46

Class R Shares
Inception (10/25/05)	7.60	%
10 Years	9.14
5 Years	6.11
1 Year	-1.15

Class Y Shares
Inception (10/3/08)	9.26	%
10 Years	9.68
5 Years	6.64
1 Year	-0.64

Investor Class Shares
Inception (7/15/05)	7.59	%
10 Years	9.48
5 Years	6.46
1 Year	-0.81

Class R5 Shares
Inception (10/25/05)	8.19	%
10 Years	9.74
5 Years	6.69
1 Year	-0.61

Class R6 Shares
Inception (9/24/12)	9.68	%
10 Years	9.84
5 Years	6.77
1 Year	-0.58

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.


5		Invesco Diversified Dividend Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

∎	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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Diversified Dividend Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Health Care		21.64%

Financials		19.04

Energy		11.12

Industrials		9.69

Information Technology		9.17

Consumer Staples		8.07

Consumer Discretionary		6.24

Utilities		5.73

Communication Services		4.01

Other Sectors, Each Less than 2% of Net Assets		3.32

Money Market Funds Plus Other Assets Less Liabilities		1.97

Top 10 Equity Holdings*


		% of total net assets

1.	Chevron Corp.	3.99%

2.	Johnson & Johnson	3.64

3.	ConocoPhillips	3.13

4.	Raytheon Technologies Corp.	2.74

5.	Merck & Co., Inc.	2.64

6.	Exxon Mobil Corp.	2.57

7.	CVS Health Corp.	2.55

8.	Walmart, Inc.	2.36

9.	UnitedHealth Group, Inc.	2.22

10.	Bank of America Corp.	2.19

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Diversified Dividend Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests-98.03%
Aerospace & Defense-2.74%
Raytheon Technologies Corp.		3,424,834	$	324,742,760



Agricultural & Farm Machinery-0.77%
Deere & Co.		231,889		91,786,304



Air Freight & Logistics-1.26%
United Parcel Service, Inc., Class B		887,355		148,871,548



Apparel Retail-0.57%
TJX Cos., Inc. (The)		936,808		67,543,857



Apparel, Accessories & Luxury Goods-0.49%
Columbia Sportswear Co.		782,657		58,307,947



Application Software-0.76%
Intuit, Inc.		209,568		89,590,320



Asset Management & Custody Banks-1.30%
State Street Corp.		2,084,065		154,220,810



Biotechnology-0.68%
AbbVie, Inc.		552,453		80,879,119



Brewers-0.46%
Heineken N.V. (Netherlands)		649,562		54,304,842



Building Products-1.13%
Trane Technologies PLC		839,456		134,002,361



Cable & Satellite-1.28%
Comcast Corp., Class A		4,779,176		151,691,046



Construction Machinery & Heavy Trucks-0.66%
Caterpillar, Inc.		359,788		77,879,711



Consumer Finance-1.30%
American Express Co.		1,034,751		153,608,786



Data Processing & Outsourced Services-1.81%
Visa, Inc., Class A^(b)		1,033,698		214,140,878



Diversified Banks-4.00%
Bank of America Corp.		7,203,920		259,629,277


Wells Fargo & Co.		4,660,565		214,339,384


				473,968,661



Electric Utilities-3.09%
American Electric Power Co., Inc.		1,596,052		140,324,892


Entergy Corp.		1,618,172		173,370,948


Exelon Corp.		1,350,582		52,118,959


				365,814,799



Electrical Components & Equipment-0.72%
ABB Ltd. (Switzerland)		3,065,798		85,108,295



Electronic Manufacturing Services-1.20%
TE Connectivity Ltd. (Switzerland)		1,164,571		142,345,513



Financial Exchanges & Data-1.22%
S&P Global, Inc.		451,727		145,117,299


	Shares		Value


General Merchandise Stores-1.62%
Target Corp.		1,170,156	$	192,198,123



Health Care Equipment-4.20%
Becton, Dickinson and Co.		793,025		187,130,109


Medtronic PLC		2,042,952		178,431,428


Stryker Corp.^(b)		576,239		132,097,028


				497,658,565



Health Care Services-2.55%
CVS Health Corp.		3,196,906		302,746,998



Home Improvement Retail-1.10%
Lowe’s Cos., Inc.		669,606		130,539,690



Hypermarkets & Super Centers-2.36%
Walmart, Inc.		1,967,876		280,087,791



Industrial Machinery-1.59%
Parker-Hannifin Corp.^(b)		557,498		162,020,069


Pentair PLC		606,491		26,048,788


				188,068,857



Integrated Oil & Gas-6.56%
Chevron Corp.		2,613,705		472,819,235


Exxon Mobil Corp.		2,744,582		304,127,131


				776,946,366



Integrated Telecommunication Services-2.73%
Deutsche Telekom AG (Germany)		6,185,374		117,160,650


Verizon Communications, Inc.		5,529,618		206,641,825


				323,802,475



Investment Banking & Brokerage-2.96%
Charles Schwab Corp. (The)		3,041,449		242,312,242


Morgan Stanley		1,316,802		108,201,620


				350,513,862



IT Consulting & Other Services-1.29%
Accenture PLC, Class A		210,336		59,714,390


Cognizant Technology Solutions Corp., Class A		1,504,991		93,685,690


				153,400,080



Life Sciences Tools & Services-1.72%
Thermo Fisher Scientific, Inc.		397,706		204,408,953



Managed Health Care-3.97%
Elevance Health, Inc.		380,937		208,284,923


UnitedHealth Group, Inc.		473,105		262,644,241


				470,929,164



Multi-line Insurance-1.86%
Hartford Financial Services Group, Inc. (The)		3,040,109		220,134,293



Multi-Utilities-2.64%
Dominion Energy, Inc.		2,272,608		159,014,382


Public Service Enterprise Group, Inc.		2,752,822		154,350,729


				313,365,111

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


8		Invesco Diversified Dividend Fund


	Shares		Value


Oil & Gas Exploration & Production-4.56%
ConocoPhillips		2,938,670	$	370,536,900


Pioneer Natural Resources Co.^(b)		664,675		170,429,317


				540,966,217



Packaged Foods & Meats-2.83%
Kraft Heinz Co. (The)		5,281,986		203,198,001


Nestle S.A.		1,214,916		132,233,133


				335,431,134



Paper Packaging-0.48%
Avery Dennison Corp.		332,472		56,370,628



Personal Products-0.83%
L’Oreal S.A. (France)		311,998		97,956,120



Pharmaceuticals-8.52%
Bristol-Myers Squibb Co.		1,733,349		134,282,547


Eli Lilly and Co.		362,286		131,180,138


Johnson & Johnson		2,476,793		430,887,678


Merck & Co., Inc.		3,093,913		313,103,996


				1,009,454,359



Property & Casualty Insurance-1.87%
Travelers Cos., Inc. (The)		1,199,657		221,288,730



Regional Banks-4.53%
Comerica, Inc.		1,519,244		107,106,702


Cullen/Frost Bankers, Inc.^(b)		504,047		78,152,487


Fifth Third Bancorp		2,442,511		87,173,218


M&T Bank Corp.		997,482		167,946,044


Zions Bancorporation N.A.		1,859,164		96,564,978


				536,943,429



Research & Consulting Services-0.82%
Booz Allen Hamilton Holding Corp.		897,959		97,742,837



Restaurants-2.46%
McDonald’s Corp.		633,989		172,863,441


Starbucks Corp.		1,370,638		118,683,544


				291,546,985



Semiconductor Equipment-0.59%
Lam Research Corp.		171,640		69,476,439



Semiconductors-1.66%
Analog Devices, Inc.		641,277		91,458,926


Broadcom, Inc.		223,884		105,252,346


				196,711,272

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value


Soft Drinks-1.59%
Coca-Cola Co. (The)		3,139,983	$	187,927,983



Specialized REITs-1.87%
Crown Castle, Inc.^(b)		1,023,061		136,333,109


Weyerhaeuser Co.^(b)		2,744,893		84,899,540


				221,232,649



Specialty Chemicals-0.97%
DuPont de Nemours, Inc.		2,003,699		114,611,583



Systems Software-1.86%
Microsoft Corp.		951,822		220,946,441


Total Common Stocks & Other Equity Interests (Cost $8,901,653,277)				11,617,331,990



Money Market Funds-1.87%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)		89,412,768		89,412,768


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(c)(d)		39,814,546		39,822,509


Invesco Treasury Portfolio, Institutional Class, 3.08%^(c)(d)		92,817,076		92,817,076


Total Money Market Funds (Cost $222,032,113)				222,052,353


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $9,123,685,390)				11,839,384,343



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.26%
Invesco Private Government Fund, 3.18%^(c)(d)(e)		108,114,666		108,114,666


Invesco Private Prime Fund, 3.28%^(c)(d)(e)		277,932,348		277,932,348


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $386,047,604)				386,047,014


TOTAL INVESTMENTS IN SECURITIES-103.16% (Cost $9,509,732,994)				12,225,431,357


OTHER ASSETS LESS LIABILITIES-(3.16)%				(374,104,709	)


NET ASSETS-100.00%			$	11,851,326,648

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


9		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 October 31, 2022.

^(c)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	67,248,868	$	1,076,654,893	$	(1,054,490,993	)	$	-	$	-	$	89,412,768	$	1,189,597
Invesco Liquid Assets Portfolio, Institutional Class		23,991,336		769,039,209		(753,207,851	)		11,661		(11,846)		39,822,509		625,909
Invesco Treasury Portfolio, Institutional Class		67,486,904		1,230,462,735		(1,205,132,563	)		-		-		92,817,076		1,211,491
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		35,715,293		1,033,048,406		(960,649,033	)		-		-		108,114,666		742,213*
Invesco Private Prime Fund		83,335,683		2,049,103,195		(1,854,451,753	)		(590)		(54,187)		277,932,348		2,095,169*
Total	$	277,778,084	$	6,158,308,438	$	(5,827,932,193	)	$	11,071	$	(66,033)	$	608,099,367	$	5,864,379

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


10		Invesco Diversified Dividend Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $8,901,653,277)*	$	11,617,331,990


Investments in affiliated money market funds, at value (Cost $608,079,717)		608,099,367


Foreign currencies, at value (Cost $5,884)		5,773


Receivable for:
Fund shares sold		5,936,477


Dividends		20,871,865


Investment for trustee deferred compensation and retirement plans		617,251


Other assets		139,469


Total assets		12,253,002,192



Liabilities:

Payable for:
Fund shares reacquired		9,351,308


Collateral upon return of securities loaned		386,047,604


Accrued fees to affiliates		4,865,334


Accrued trustees’ and officers’ fees and benefits		5,988


Accrued other operating expenses		611,134


Trustee deferred compensation and retirement plans		794,176


Total liabilities		401,675,544


Net assets applicable to shares outstanding	$	11,851,326,648



Net assets consist of:

Shares of beneficial interest	$	8,038,095,658


Distributable earnings		3,813,230,990


	$	11,851,326,648



Net Assets:
Class A	$	3,923,161,694


Class C	$	220,377,471


Class R	$	137,273,830


Class Y	$	1,275,341,122


Investor Class	$	1,565,529,419


Class R5	$	2,027,302,702


Class R6	$	2,702,340,410


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

Class A		205,655,504


Class C		11,735,093


Class R		7,164,683


Class Y		66,780,599


Investor Class		82,092,465


Class R5		106,286,954


Class R6		141,674,597


Class A:
Net asset value per share	$	19.08


Maximum offering price per share (Net asset value of $19.08 ÷ 94.50%)	$	20.19


Class C:
Net asset value and offering price per share	$	18.78


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


Class Y:
Net asset value and offering price per share	$	19.10


Investor Class:
Net asset value and offering price per share	$	19.07


Class R5:
Net asset value and offering price per share	$	19.07


Class R6:
Net asset value and offering price per share	$	19.07

*	At October 31, 2022, securities with an aggregate value of $376,115,360 were on loan to brokers.

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


11		Invesco Diversified Dividend Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	1,958,772


Dividends (net of foreign withholding taxes of $2,058,513)		310,241,791


Dividends from affiliates (includes net securities lending income of $198,521)		3,225,518


Foreign withholding tax claims		18,519,993


Total investment income		333,946,074



Expenses:

Advisory fees		52,268,866


Administrative services fees		1,822,544


Custodian fees		272,353


Distribution fees:


Class A		10,214,072


Class C		2,458,831


Class R		771,726


Investor Class		2,619,155


Transfer agent fees – A, C, R, Y and Investor		10,572,047


Transfer agent fees – R5		2,412,439


Transfer agent fees – R6		1,004,814


Trustees’ and officers’ fees and benefits		120,898


Registration and filing fees		289,090


Reports to shareholders		688,838


Professional services fees		165,272


Other		129,399


Total expenses		85,810,344


Less: Fees waived and/or expense offset arrangement(s)		(256,318	)


Net expenses		85,554,026


Net investment income		248,392,048



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		1,336,170,064


Affiliated investment securities		(66,033	)


Foreign currencies		(2,712,585	)


		1,333,391,446


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,655,091,964	)


Affiliated investment securities		11,071


Foreign currencies		(940,708	)


		(1,656,021,601	)


Net realized and unrealized gain (loss)		(322,630,155	)


Net increase (decrease) in net assets resulting from operations	$	(74,238,107	)

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


12		Invesco Diversified Dividend Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	248,392,048		$	306,747,625


Net realized gain		1,333,391,446			2,291,332,894


Change in net unrealized appreciation (depreciation)		(1,656,021,601	)		1,904,930,924


Net increase (decrease) in net assets resulting from operations		(74,238,107	)		4,503,011,443



Distributions to shareholders from distributable earnings:

Class A		(674,862,768	)		(143,386,628	)


Class C		(41,366,380	)		(8,792,565	)


Class R		(28,971,039	)		(6,373,665	)


Class Y		(229,980,426	)		(65,371,081	)


Investor Class		(275,395,075	)		(60,646,062	)


Class R5		(453,603,539	)		(131,045,816	)


Class R6		(555,524,110	)		(171,639,332	)


Total distributions from distributable earnings		(2,259,703,337	)		(587,255,149	)



Share transactions-net:

Class A		348,219,065			(315,037,593	)


Class C		(10,264,367	)		(101,105,693	)


Class R		(26,859,379	)		(34,376,403	)


Class Y		(112,290,773	)		(402,130,053	)


Investor Class		111,367,979			(161,222,606	)


Class R5		(569,771,344	)		(897,517,733	)


Class R6		(343,382,490	)		(1,507,189,072	)


Net increase (decrease) in net assets resulting from share transactions		(602,981,309	)		(3,418,579,153	)


Net increase (decrease) in net assets		(2,936,922,753	)		497,177,141



Net assets:

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


End of year	$	11,851,326,648		$	14,788,249,401

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


13		Invesco Diversified Dividend Fund

Financial Highlights

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
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
Year ended 10/31/18		20.18		0.44		(0.49	)		(0.05	)		(0.43	)		(0.15	)		(0.58	)		19.55		(0.28	)		4,979,893		0.79			0.80			2.17			10
Class C
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
Year ended 10/31/18		19.92		0.28		(0.47	)		(0.19	)		(0.28	)		(0.15	)		(0.43	)		19.30		(1.01	)		634,394		1.54			1.55			1.42			10
Class R
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
Year ended 10/31/18		20.24		0.39		(0.49	)		(0.10	)		(0.38	)		(0.15	)		(0.53	)		19.61		(0.52	)		306,070		1.04			1.05			1.92			10
Class Y
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
Year ended 10/31/18		20.20		0.49		(0.49	)		0.00			(0.48	)		(0.15	)		(0.63	)		19.57		(0.03	)		2,844,688		0.54			0.55			2.42			10
Investor Class
Year ended 10/31/22		22.88		0.37		(0.56	)		(0.19	)		(0.39	)		(3.23	)		(3.62	)		19.07		(0.81	)^(d)		1,565,529		0.73	^(d)		0.73	^(d)		1.85	^(d)		39
Year ended 10/31/21		17.82		0.40		5.41			5.81			(0.45	)		(0.30	)		(0.75	)		22.88		33.11	^(d)		1,742,672		0.70	^(d)		0.70	^(d)		1.84	^(d)		34
Year ended 10/31/20		20.49		0.44		(2.06	)		(1.62	)		(0.47	)		(0.58	)		(1.05	)		17.82		(8.17	)^(d)		1,489,011		0.77	^(d)		0.77	^(d)		2.36	^(d)		8
Year ended 10/31/19		19.54		0.49		1.88			2.37			(0.52	)		(0.90	)		(1.42	)		20.49		13.00	^(d)		1,817,251		0.74	^(d)		0.75	^(d)		2.52	^(d)		5
Year ended 10/31/18		20.16		0.45		(0.48	)		(0.03	)		(0.44	)		(0.15	)		(0.59	)		19.54		(0.19	)^(d)		1,815,421		0.74	^(d)		0.75	^(d)		2.22	^(d)		10
Class R5
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
Year ended 10/31/18		20.18		0.50		(0.49	)		0.01			(0.49	)		(0.15	)		(0.64	)		19.55		0.02			3,715,586		0.50			0.51			2.46			10
Class R6
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
Year ended 10/31/18		20.19		0.51		(0.49	)		0.02			(0.51	)		(0.15	)		(0.66	)		19.55		0.07			5,905,494		0.40			0.41			2.56			10

^(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)	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%, 0.14%, 0.19%, 0.18% and 0.20% for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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


14		Invesco Diversified Dividend Fund

Notes to Financial Statements

October 31, 2022

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.


15		Invesco Diversified Dividend Fund

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

The Fund 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.

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

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

Foreign 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 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 Tax reclaims on the Statement of Assets and Liabilities.

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


16		Invesco Diversified Dividend Fund

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 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 year ended October 31, 2022, the Fund paid the Adviser $11,880 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services 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.

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.40%.


17		Invesco Diversified Dividend Fund

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

For the year ended October 31, 2022, the Adviser waived advisory fees of $243,603.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $439,393 in front-end sales commissions from the sale of Class A shares and $27,069 and $3,842 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $7,851 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	$	11,130,568,950	$	486,763,040		$–	$	11,617,331,990


Money Market Funds		222,052,353		386,047,014		–		608,099,367


Total Investments	$	11,352,621,303	$	872,810,054		$–	$	12,225,431,357

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


18		Invesco Diversified Dividend Fund

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	317,558,079	$	352,770,110


Long-term capital gain		1,942,145,258		234,485,039


Total distributions	$	2,259,703,337	$	587,255,149

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	12,432,141


Undistributed long-term capital gain		1,092,411,296


Net unrealized appreciation – investments		2,709,932,707


Net unrealized appreciation (depreciation) – foreign currencies		(909,755	)


Temporary book/tax differences		(635,399	)


Shares of beneficial interest		8,038,095,658


Total net assets	$	11,851,326,648

The Fund does not have a capital loss carryforward as of October 31, 2022.

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 year ended October 31, 2022 was $4,936,231,904 and $7,478,743,711, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$3,175,515,103


Aggregate unrealized (depreciation) of investments	(465,582,396	)


Net unrealized appreciation of investments	$2,709,932,707

Cost of investments for tax purposes is $9,515,498,650.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2022, undistributed net investment income was decreased by $6,073,384, undistributed net realized gain was decreased by $234,218,617 and shares of beneficial interest was increased by $240,292,001. This reclassification had no effect on the net assets of the Fund.


19		Invesco Diversified Dividend Fund

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		18,751,577		$	369,082,787			15,025,998		$	322,187,664


Class C		1,203,766			23,334,516			912,591			19,256,308


Class R		1,555,928			30,996,601			1,226,867			26,267,145


Class Y		16,093,032			312,068,013			16,923,688			360,367,904


Investor Class		2,221,885			43,366,695			1,911,873			40,279,459


Class R5		11,348,686			225,523,677			17,766,016			375,436,561


Class R6		22,298,306			437,348,946			27,399,714			581,799,439



Issued as reinvestment of dividends:
Class A		31,995,049			618,475,492			6,335,038			130,696,930


Class C		1,962,707			37,414,143			390,145			7,830,053


Class R		1,490,300			28,962,413			308,785			6,372,167


Class Y		9,831,220			190,171,691			2,600,190			53,549,154


Investor Class		12,786,098			247,014,620			2,660,335			54,868,705


Class R5		23,454,211			453,297,676			6,346,288			130,949,359


Class R6		28,261,580			546,061,215			8,198,014			169,253,130



Automatic conversion of Class C shares to Class A shares:
Class A		1,582,374			31,071,142			2,823,623			58,964,482


Class C		(1,607,511	)		(31,071,142	)		(2,861,608	)		(58,964,482	)



Reacquired:
Class A		(34,039,851	)		(670,410,356	)		(38,780,275	)		(826,886,669	)


Class C		(2,052,005	)		(39,941,884	)		(3,323,603	)		(69,227,572	)


Class R		(4,299,947	)		(86,818,393	)		(3,140,532	)		(67,015,715	)


Class Y		(29,866,402	)		(614,530,477	)		(37,881,837	)		(816,047,111	)


Investor Class		(9,074,173	)		(179,013,336	)		(11,986,826	)		(256,370,770	)


Class R5		(62,321,760	)		(1,248,592,697	)		(64,662,581	)		(1,403,903,653	)


Class R6		(66,433,518	)		(1,326,792,651	)		(103,846,708	)		(2,258,241,641	)


Net increase (decrease) in share activity		(24,858,448	)	$	(602,981,309	)		(155,654,805	)	$	(3,418,579,153	)

^(a)

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


20		Invesco Diversified Dividend Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Diversified Dividend Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$990.00	$4.11	$1,021.07	$4.18	0.82%
Class C	1,000.00	986.30	7.86	1,017.29	7.98	1.57
Class R	1,000.00	988.30	5.36	1,019.81	5.45	1.07
Class Y	1,000.00	991.40	2.86	1,022.33	2.91	0.57
Investor Class	1,000.00	990.00	3.76	1,021.42	3.82	0.75
Class R5	1,000.00	991.00	2.71	1,022.48	2.75	0.54
Class R6	1,000.00	991.40	2.36	1,022.84	2.40	0.47

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 184/365 to reflect the most recent fiscal half year.


22		Invesco Diversified Dividend Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Diversified Dividend Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance


23		Invesco Diversified Dividend Fund

overweight exposure to certain sectors, as well as the Fund’s exposure to the dividend/yield factor, detracted from Fund performance. The Board also noted that the Fund underwent a portfolio management team change and investment process change in March 2021. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


24		Invesco Diversified Dividend Fund

through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


25		Invesco Diversified Dividend Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$2,182,437,258
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	97.55	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$61,004,759


26		Invesco Diversified Dividend Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Diversified Dividend Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Main Street Fund^®

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Main Street Fund^® (the Fund), at net asset value (NAV), underperformed the S&P 500 Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-18.61	%
Class C Shares	-19.22
Class R Shares	-18.80
Class Y Shares	-18.42
Class R5 Shares	-18.33
Class R6 Shares	-18.35
S&P 500 Index^▼	-14.61

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

That said, the monetary situation has changed dramatically this year. Central banks no longer view inflation as “transitory,” but rather as a significant threat that needs to be snuffed out and interest rates have risen materially. Between inflation eating away at consumers’ discretionary income, higher interest rates making large purchases more expensive and a normalization of services consumption, we’ve seen material weakness in consumer discretionary spending on goods. Whether this leads to a recession this fiscal year remains an open question, but we think it is more likely than not. Either way, rising rates are having their intended effect of slowing the economy.

The largest individual contributors to the Fund’s performance relative to the S&P 500 Index during the fiscal year included Eli Lilly, UnitedHealth and O’Reilly Auto Parts. Eli

Lilly and UnitedHealth benefited from the general outperformance of the pharmaceutical and managed care industries as they are typically viewed as defensive industries in down markets. Eli Lilly also reported favorable data for a key drug, Tirzepatide, which treats diabetes and UnitedHealth had strong earnings reports that exceeded expectations. O’Reilly Auto Parts had favorable quarterly earnings reports and did a significant stock buyback program that was well received. The company’s business model has also been considered relatively defensive as car repairs are non-discretionary and many consumers are paying for maintenance versus buying a new vehicle given the economic uncertainty.

The largest individual detractors from the Fund’s relative performance during the fiscal year included Salesforce, Advanced Micro Devices (AMD) and Airbnb. Salesforce underperformed as high growth software stocks in general experienced significant sell-offs starting in November 2021 as the uptick in interest rates began to impact higher valuation stocks which had previously experienced significant share price increases. We exited our position during the fiscal year. AMD saw weakened demand for the company’s consumer central processing units and graphics processing units businesses due to global macro-economic headwinds. Airbnb underperformed as the stock encountered a combined sell-off of higher growth, technology and travel-related stocks. Specific to travel-related stocks, fears of a weakening economy along with higher gasoline prices hurt investor sentiment.

We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are out-executing peers. We believe this disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco Main Street Fund^®.

Portfolio manager(s):

Manind Govil - Lead

Benjamin Ram

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Main Street Fund^®

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Main Street Fund^®



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (2/3/88)	10.61	%
10 Years	10.11
5 Years	6.43
1 Year	-23.07

Class C Shares
Inception (12/1/93)	7.99	%
10 Years	10.07
5 Years	6.81
1 Year	-19.89

Class R Shares
Inception (3/1/01)	6.20	%
10 Years	10.45
5 Years	7.35
1 Year	-18.80

Class Y Shares
Inception (11/1/96)	7.82	%
10 Years	11.00
5 Years	7.89
1 Year	-18.42

Class R5 Shares
10 Years	10.86	%
5 Years	7.89
1 Year	-18.33

Class R6 Shares
Inception (12/29/11)	11.68	%
10 Years	11.17
5 Years	8.02
1 Year	-18.35

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

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

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

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.


4		Invesco Main Street Fund^®

Supplemental Information

Invesco Main Street Fund’s^® investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Main Street Fund^®

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		26.09	%

Health Care		15.13

Financials		12.03

Industrials		10.93

Communication Services		7.89

Consumer Staples		7.17

Energy		6.30

Consumer Discretionary		5.21

Real Estate		2.71

Utilities		2.69

Materials		2.22

Money Market Funds Plus Other Assets Less Liabilities		1.63

Top 10 Equity Holdings*


		% of total net assets

1.	Apple, Inc.		7.14	%

2.	Microsoft Corp.		5.26

3.	UnitedHealth Group, Inc.		3.59

4.	JPMorgan Chase & Co.		3.48

5.	Exxon Mobil Corp.		3.23

6.	Netflix, Inc.		2.85

7.	Prologis, Inc.		2.71

8.	United Parcel Service, Inc., Class B		2.54

9.	Eli Lilly and Co.		2.50

10.	Equitable Holdings, Inc.		2.17

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Main Street Fund^®

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–98.37%
Advertising–0.35%
Interpublic Group of Cos., Inc. (The)		1,004,942	$	29,937,222



Aerospace & Defense–1.82%
Lockheed Martin Corp.^(b)		141,488		68,859,380


Raytheon Technologies Corp.		925,041		87,712,387


				156,571,767



Agricultural & Farm Machinery–1.62%
Deere & Co.		352,201		139,408,200



Air Freight & Logistics–2.54%
United Parcel Service, Inc., Class B		1,298,784		217,896,992



Application Software–1.18%
Manhattan Associates, Inc.^(b)(c)		387,170		47,106,974


Synopsys, Inc.^(c)		184,695		54,032,522


				101,139,496



Automobile Manufacturers–1.04%
General Motors Co.		2,273,196		89,222,943



Automotive Retail–2.20%


AutoZone, Inc.^(c)		9,925		25,138,834


O’Reilly Automotive, Inc.^(c)		195,862		163,969,790


				189,108,624



Biotechnology–1.60%
Gilead Sciences, Inc.		965,922		75,786,240


Seagen, Inc.^(c)		485,193		61,697,142


				137,483,382



Commodity Chemicals–0.84%
Valvoline, Inc.		2,455,596		72,096,299



Communications Equipment–1.49%
Motorola Solutions, Inc.		511,490		127,724,168



Construction Materials–1.38%
Vulcan Materials Co.		724,346		118,575,440



Consumer Finance–1.67%
American Express Co.		964,317		143,152,859



Data Processing & Outsourced Services–3.37%
Fiserv, Inc.^(c)		1,206,850		123,991,769


Mastercard, Inc., Class A		505,234		165,807,694


				289,799,463



Distillers & Vintners–1.66%
Constellation Brands, Inc., Class A		575,819		142,273,358



Diversified Banks–3.48%
JPMorgan Chase & Co.		2,377,967		299,338,486



Electric Utilities–2.69%
FirstEnergy Corp.		4,055,809		152,944,557


Southern Co. (The)		1,192,576		78,089,877


				231,034,434


	Shares		Value


Electronic Equipment & Instruments–0.19%
Mobileye Global, Inc., Class A (Israel)		617,000	$	16,276,460



Environmental & Facilities Services–1.37%
Republic Services, Inc.		304,906		40,436,634


Waste Connections, Inc.		583,883		77,020,007


				117,456,641



Financial Exchanges & Data–0.61%
Intercontinental Exchange, Inc.		544,611		52,048,473



Food Distributors–0.71%
Sysco Corp.		702,809		60,835,147



General Merchandise Stores–0.73%
Dollar General Corp.		247,551		63,137,883



Health Care Facilities–2.17%
HCA Healthcare, Inc.		506,279		110,100,494


Tenet Healthcare Corp.^(c)		1,732,278		76,843,852


				186,944,346



Health Care Services–1.65%
CVS Health Corp.		1,499,512		142,003,786



Hotels, Resorts & Cruise Lines–1.24%
Airbnb, Inc., Class A^(c)		994,794		106,353,427



Household Products–0.55%
Church & Dwight Co., Inc.		132,637		9,832,381


Procter & Gamble Co. (The)		278,323		37,481,758


				47,314,139



Industrial Conglomerates–1.28%
Honeywell International, Inc.		539,208		110,009,216



Industrial Machinery–1.27%
Otis Worldwide Corp.		1,548,430		109,381,095



Industrial REITs–2.71%
Prologis, Inc.		2,104,006		233,018,664



Integrated Oil & Gas–3.22%
Exxon Mobil Corp.		2,501,264		277,165,064



Integrated Telecommunication Services–1.13%
Verizon Communications, Inc.		2,602,824		97,267,533



Interactive Home Entertainment–0.76%
Electronic Arts, Inc.		516,835		65,100,537



Interactive Media & Services–2.80%
Alphabet, Inc., Class A^(c)		1,596,402		150,875,953


Meta Platforms, Inc., Class A^(c)		964,452		89,848,348


				240,724,301



Internet Services & Infrastructure–0.20%
MongoDB, Inc.^(b)(c)		95,419		17,464,540



Investment Banking & Brokerage–1.36%
Charles Schwab Corp. (The)		1,469,585		117,081,837

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


7		Invesco Main Street Fund^®


	Shares		Value


IT Consulting & Other Services–0.65%
Amdocs Ltd.		645,634	$	55,724,671



Managed Health Care–3.59%
UnitedHealth Group, Inc.		555,698		308,495,745



Movies & Entertainment–2.85%
Netflix, Inc.^(c)		838,685		244,795,378



Oil & Gas Exploration & Production–1.28%
APA Corp.		2,421,585		110,085,254



Oil & Gas Storage & Transportation–1.80%
Cheniere Energy, Inc.		623,850		110,053,378


Magellan Midstream Partners L.P.		829,347		44,743,271


				154,796,649



Other Diversified Financial Services–2.17%
Equitable Holdings, Inc.		6,085,697		186,344,042



Personal Products–0.18%
Coty, Inc., Class A^(b)(c)		2,252,048		15,111,242



Pharmaceuticals–6.12%
AstraZeneca PLC, ADR (United Kingdom)		2,427,645		142,769,802


Bayer AG (Germany)		1,185,180		62,348,775


Bristol-Myers Squibb Co.		1,374,578		106,488,558


Eli Lilly and Co.		592,980		214,712,128


				526,319,263



Property & Casualty Insurance–1.54%
Allstate Corp. (The)		1,047,381		132,231,851



Railroads–1.03%
Union Pacific Corp.		447,702		88,259,972



Regional Banks–0.80%
First Citizens BancShares, Inc., Class A^(b)		83,888		68,966,003



Semiconductor Equipment–1.09%
Applied Materials, Inc.		1,064,732		94,005,188



Semiconductors–2.12%
Advanced Micro Devices, Inc.^(c)		1,160,884		69,722,693


QUALCOMM, Inc.		954,573		112,315,059


				182,037,752



Soft Drinks–3.11%
Coca-Cola Co. (The)		2,315,520		138,583,872


PepsiCo, Inc.		709,499		128,830,828


				267,414,700

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Systems Software–8.66%
Crowdstrike Holdings, Inc., Class A^(b)(c)		166,301	$	26,807,721


Microsoft Corp.		1,948,216		452,239,380


ServiceNow, Inc.^(c)		218,484		91,924,958


VMware, Inc., Class A		1,538,710		173,151,037


				744,123,096



Technology Hardware, Storage & Peripherals–7.14%
Apple, Inc.		4,000,412		613,423,176



Thrifts & Mortgage Finance–0.40%
Rocket Cos., Inc., Class A^(b)		4,952,653		34,173,306



Tobacco–0.96%
British American Tobacco PLC, ADR (United Kingdom)^(b)		2,088,301		82,738,486


Total Common Stocks & Other Equity Interests (Cost $7,058,198,052)				8,453,391,996



Money Market Funds–2.52%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		75,624,027		75,624,027


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		54,367,157		54,378,030


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		86,427,459		86,427,459


Total Money Market Funds (Cost $216,422,713)				216,429,516


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.89% (Cost $7,274,620,765)				8,669,821,512



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.59%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		38,220,527		38,220,527


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		98,267,279		98,267,279


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $136,482,004)				136,487,806


TOTAL INVESTMENTS IN SECURITIES–102.48% (Cost $7,411,102,769)				8,806,309,318


OTHER ASSETS LESS LIABILITIES–(2.48)%				(212,898,513	)


NET ASSETS–100.00%			$	8,593,410,805

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


8		Invesco Main Street Fund^®

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,916,163	$	552,117,238	$	(479,409,374	)	$	-	$	-	$	75,624,027		$ 381,639
Invesco Liquid Assets Portfolio, Institutional Class		2,916,554		394,369,456		(342,916,606	)		6,803		1,823		54,378,030		279,192
Invesco Treasury Portfolio, Institutional Class		3,332,758		630,991,129		(547,896,428	)		-		-		86,427,459		421,288
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		54,353,000		852,912,544		(869,045,017	)		-		-		38,220,527		275,125*
Invesco Private Prime Fund		126,823,666		1,684,902,616		(1,713,432,297	)		5,802		(32,508)		98,267,279		779,232*
Total	$	190,342,141	$	4,115,292,983	$	(3,952,699,722	)	$	12,605	$	(30,685)	$	352,917,322		$2,136,476

(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


9		Invesco Main Street Fund^®

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $7,058,198,052)*	$	8,453,391,996


Investments in affiliated money market funds, at value (Cost $352,904,717)		352,917,322


Cash		3,033,585


Foreign currencies, at value (Cost $190)		163


Receivable for:
Investments sold		340,152,161


Fund shares sold		1,214,829


Dividends		5,872,179


Investment for trustee deferred compensation and retirement plans		607,802


Other assets		730,937


Total assets		9,157,920,974



Liabilities:

Payable for:
Investments purchased		419,133,850


Fund shares reacquired		4,310,238


Collateral upon return of securities loaned		136,482,004


Accrued fees to affiliates		3,537,868


Accrued trustees’ and officers’ fees and benefits		5,768


Accrued other operating expenses		432,639


Trustee deferred compensation and retirement plans		607,802


Total liabilities		564,510,169


Net assets applicable to shares outstanding	$	8,593,410,805



Net assets consist of:

Shares of beneficial interest	$	6,929,131,693


Distributable earnings		1,664,279,112


	$	8,593,410,805


Net Assets:

Class A	$	7,340,262,837


Class C	$	206,386,552


Class R	$	231,670,666


Class Y	$	434,168,052


Class R5	$	9,898


Class R6	$	380,912,800



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

Class A		162,918,558


Class C		5,101,608


Class R		5,329,870


Class Y		9,714,026


Class R5		218


Class R6		8,521,744


Class A:
Net asset value per share	$	45.05


Maximum offering price per share (Net asset value of $45.05 ÷ 94.50%)	$	47.67


Class C:
Net asset value and offering price per share	$	40.46


Class R:
Net asset value and offering price per share	$	43.47


Class Y:
Net asset value and offering price per share	$	44.69


Class R5:
Net asset value and offering price per share	$	45.40


Class R6:
Net asset value and offering price per share	$	44.70

*	At October 31, 2022, securities with an aggregate value of $133,606,385 were on loan to brokers.

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


10		Invesco Main Street Fund^®

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $392,401)	$	151,032,021


Dividends from affiliated money market funds (includes net securities lending income of $598,657)		1,680,776


Total investment income		152,712,797



Expenses:

Advisory fees		44,306,816


Administrative services fees		1,425,371


Custodian fees		48,471


Distribution fees:
Class A		19,444,526


Class C		2,540,466


Class R		1,312,443


Transfer agent fees – A, C, R and Y		10,047,366


Transfer agent fees – R5		4


Transfer agent fees – R6		147,078


Trustees’ and officers’ fees and benefits		102,829


Registration and filing fees		347,496


Professional services fees		113,823


Other		(215,795	)


Total expenses		79,620,894


Less: Fees waived and/or expense offset arrangement(s)		(116,195	)


Net expenses		79,504,699


Net investment income		73,208,098



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,236,442))		297,108,211


Affiliated investment securities		(30,685	)


Foreign currencies		57,493


		297,135,019


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,425,601,372	)


Affiliated investment securities		12,605


Foreign currencies		(13,407	)


		(2,425,602,174	)


Net realized and unrealized gain (loss)		(2,128,467,155	)


Net increase (decrease) in net assets resulting from operations	$	(2,055,259,057	)

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


11		Invesco Main Street Fund^®

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	73,208,098		$	62,599,186


Net realized gain		297,135,019			1,852,926,404


Change in net unrealized appreciation (depreciation)		(2,425,602,174	)		1,554,573,817


Net increase (decrease) in net assets resulting from operations		(2,055,259,057	)		3,470,099,407



Distributions to shareholders from distributable earnings:

Class A		(1,603,979,146	)		(257,779,861	)


Class C		(52,532,693	)		(10,580,645	)


Class R		(49,150,979	)		(7,703,892	)


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


Class R5		(2,431	)		(376	)


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


Total distributions from distributable earnings		(1,896,506,320	)		(307,304,696	)



Share transactions–net:

Class A		886,846,432			(373,051,867	)


Class C		5,923,610			(82,556,465	)


Class R		44,289,761			(6,867,416	)


Class Y		41,797,114			(6,957,858	)


Class R6		22,274,427			(53,575,406	)


Net increase (decrease) in net assets resulting from share transactions		1,001,131,344			(523,009,012	)


Net increase (decrease) in net assets		(2,950,634,033	)		2,639,785,699



Net assets:

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


End of year	$	8,593,410,805		$	11,544,044,838

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


12		Invesco Main Street Fund^®

Financial Highlights

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
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
Year ended 08/31/18			52.61			0.45				5.08				5.53				(0.55	)			(3.28	)			(3.83	)			54.31		10.99				7,579,158		0.90			0.90			0.87			56
Class C
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
Year ended 08/31/18			49.85			0.05				4.81				4.86				(0.17	)			(3.28	)			(3.45	)			51.26		10.16				810,071		1.67			1.67			0.11			56
Class R
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
Year ended 08/31/18			51.70			0.31				4.98				5.29				(0.45	)			(3.28	)			(3.73	)			53.26		10.70				223,733		1.17			1.17			0.61			56
Class Y
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
Year ended 08/31/18			52.25			0.57				5.03				5.60				(0.67	)			(3.28	)			(3.95	)			53.90		11.25				820,422		0.67			0.67			1.10			56
Class R5
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
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
Year ended 08/31/18			52.22			0.66				5.03				5.69				(0.76	)			(3.28	)			(4.04	)			53.87		11.45				720,854		0.50			0.50			1.27			56

^(a)	Calculated using average shares outstanding.

^(b)

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


13		Invesco Main Street Fund^®

Notes to Financial Statements

October 31, 2022

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.


14		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.

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 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 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 year ended October 31, 2022, the Fund paid the Adviser $18,760 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


15		Invesco Main Street Fund^®

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.

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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.44%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the year ended October 31, 2022, the Adviser waived advisory fees of $69,797.


16		Invesco Main Street Fund^®

(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $648,028 in front-end sales commissions from the sale of Class A shares and $12,020 and $6,483 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $32,057 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	$	8,391,043,221	$	62,348,775		$–	$	8,453,391,996


Money Market Funds		216,429,516		136,487,806		–		352,917,322


Total Investments	$	8,607,472,737	$	198,836,581		$–	$	8,806,309,318

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2022, the Fund engaged in securities sales of $10,674,131, which resulted in net realized gains (losses) of $(1,236,442).

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits


17		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 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	307,285,409	$	80,520,919


Long-term capital gain		1,589,220,911		226,783,777


Total distributions	$	1,896,506,320	$	307,304,696

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	72,065,101


Undistributed long-term capital gain		295,676,461


Net unrealized appreciation – investments		1,349,603,145


Net unrealized appreciation (depreciation) – foreign currencies		(13,409	)


Temporary book/tax differences		(53,052,186	)


Shares of beneficial interest		6,929,131,693


Total net assets	$	8,593,410,805

The Fund does not have a capital loss carryforward as of October 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $5,174,628,133 and $6,079,225,179, 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	$1,843,095,559


Aggregate unrealized (depreciation) of investments	(493,492,414	)


Net unrealized appreciation of investments	$1,349,603,145

Cost of investments for tax purposes is $7,456,706,173.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and partnerships, on October 31, 2022, undistributed net investment income was decreased by $7,839,315, undistributed net realized gain was decreased by $24,640,411 and shares of beneficial interest was increased by $32,479,726. This reclassification had no effect on the net assets of the Fund.


18		Invesco Main Street Fund^®

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		5,515,097		$	286,153,535			6,004,663		$	349,912,527


Class C		614,975			28,745,155			707,922			37,816,164


Class R		862,632			43,379,804			663,675			37,681,412


Class Y		1,760,226			91,226,530			1,837,051			106,455,791


Class R6		1,302,410			67,501,167			1,564,589			91,434,562



Issued as reinvestment of dividends:
Class A		27,281,239			1,522,293,487			4,665,147			245,246,811


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


Class R		906,909			48,936,816			149,808			7,659,671


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


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



Automatic conversion of Class C shares to Class A shares:
Class A		532,376			26,984,692			1,305,710			72,256,444


Class C		(590,071	)		(26,984,692	)		(1,419,448	)		(72,256,444	)



Reacquired:
Class A		(18,631,122	)		(948,585,282	)		(17,812,991	)		(1,040,467,649	)


Class C		(1,018,106	)		(47,203,402	)		(1,100,520	)		(58,462,448	)


Class R		(978,431	)		(48,026,859	)		(914,632	)		(52,208,499	)


Class Y		(2,729,973	)		(138,378,943	)		(2,209,441	)		(127,758,298	)


Class R6		(2,600,713	)		(134,137,039	)		(2,732,621	)		(160,371,113	)


Net increase (decrease) in share activity		16,466,457		$	1,001,131,344			(8,507,400	)	$	(523,009,012	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 9% 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.


19		Invesco Main Street Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Equity Funds (Invesco Equity Funds) and Shareholders of Invesco Main Street Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Fund^® (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer Main Street Fund^® (subsequently renamed Invesco Main Street Fund^®) as of and for the year ended August 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$928.90	$3.94	$1,021.12	$4.13	0.81%
Class C	1,000.00	925.20	7.67	1,017.24	8.03	1.58
Class R	1,000.00	927.90	5.25	1,019.76	5.50	1.08
Class Y	1,000.00	929.90	2.82	1,022.28	2.96	0.58
Class R5	1,000.00	930.50	2.43	1,022.68	2.55	0.50
Class R6	1,000.00	930.50	2.43	1,022.68	2.55	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 184/365 to reflect the most recent fiscal half year.


21		Invesco Main Street Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street Fund^®’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance


22		Invesco Main Street Fund^®

was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight exposure to certain sectors, as well as the Fund’s cash allocation, detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board based on its determination that the services are required for the operation of the Fund.


23		Invesco Main Street Fund^®


24		Invesco Main Street Fund^®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$1,621,733,911
Qualified Dividend Income*	50.38	%
Corporate Dividends Received Deduction*	47.72	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$240,349,666


25		Invesco Main Street Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Main Street Fund^®

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Main Street All Cap Fund^®

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Main Street All Cap Fund^® (the Fund), at net asset value (NAV), underperformed the Russell 3000 Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-17.66	%
Class C Shares	-18.30
Class R Shares	-17.87
Class Y Shares	-17.45
Class R5 Shares	-17.37
Class R6 Shares	-17.39
Russell 3000 Index^▼	-16.52

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The world and markets have largely moved on from COVID-19 but are still dealing with the hangover from all the financial actions taken to fight the pandemic. During the pandemic, governments around the world engaged in high deficit spending to stimulate their economies and central banks lowered interest rates to maintain financial stability and spur demand. Meanwhile, COVID-19 lockdowns and related supply-chain disruptions caused fewer goods to be produced. The goods that were produced were also relatively more expensive than before thanks to a reversal of the offshoring phenomenon. More money in the world chasing relatively fewer and more expensively produced goods led to a generational high in inflation rates. The Russia/Ukraine situation only turbocharged the scarcity of goods and inflation rates.

That said, the monetary situation has changed dramatically this fiscal year. Central banks no longer view inflation as “transitory,” but rather a significant threat that needs to be snuffed out and interest rates have risen materially. Between inflation eating away at consumers’ discretionary income, higher interest rates making large purchases more expensive and a normalization of services consumption, we’ve seen material weakness in consumer discretionary spending on goods. Whether this leads to a recession this fiscal year remains an open question, but we think it is more likely than not. Either way, rising rates are having their intended effect of slowing the economy.

During the fiscal year, stock selection in the industrials and financials sectors were the largest contributors to the Fund’s performance relative to the Russell 3000 Index while the energy sector was the only sector that produced a positive absolute return. This was offset by weaker stock selection in the materials sectors, a modest overweight in the

communication services sector and a modest underweight in the consumer staples sector.

The largest individual contributors to the Fund’s performance relative to the Russell 3000 Index during the fiscal year included UnitedHealth, Eli Lilly and Raymond James. Eli Lilly and UnitedHealth benefited from the general outperformance of the pharmaceutical and managed care industries as they are typically viewed as defensive industries in down markets. Eli Lilly also reported favorable data for a key drug, Tirzepatide, which treats diabetes and UnitedHealth had strong earnings reports that exceeded expectations. Raymond James saw significant earnings accretion from an acquisition that closed in June 2022 and their loan portfolio also benefited from rising interest rates. Additionally, the company showed strong expense discipline in the face of declining markets and continued a share repurchase program.

The largest individual detractors from the Fund’s performance relative to the Russell 3000 Index during the fiscal year included Amazon.com, Snap and Advanced Micro Devices. Amazon.com reported declining profitability due to elevated expenses in the e-commerce business driven by inflation and operational inefficiencies. Snap underperformed due to concerns its business would be adversely impacted by Apple’s rollout of its application tracking transparency (ATT/IDFA) initiative which impacts the targeting and measurement capabilities for digital marketers. We exited our position during the fiscal year. Advanced Micro Devices saw weakened demand for the company’s consumer central processing units and graphics processing units businesses due to global macroeconomic headwinds.

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

disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco Main Street All Cap Fund^®.

Portfolio manager(s):

Joy Budzinski

Belinda Cavazos

Magnus Krantz - Lead

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Main Street All Cap Fund^®

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Main Street All Cap Fund^®



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (9/25/00)	7.16	%
10 Years	9.18
5 Years	6.93
1 Year	-22.19

Class C Shares
Inception (9/25/00)	7.15	%
10 Years	9.15
5 Years	7.35
1 Year	-18.98

Class R Shares
Inception (3/1/01)	7.35	%
10 Years	9.52
5 Years	7.86
1 Year	-17.87

Class Y Shares
Inception (9/25/00)	7.77	%
10 Years	10.08
5 Years	8.41
1 Year	-17.45

Class R5 Shares
10 Years	9.92	%
5 Years	8.39
1 Year	-17.37

Class R6 Shares
10 Years	9.93	%
5 Years	8.41
1 Year	-17.39

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.


4		Invesco Main Street All Cap Fund^®

Supplemental Information

Invesco Main Street All Cap Fund’s^® investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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


5		Invesco Main Street All Cap Fund^®

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		23.90%

Health Care		13.46

Financials		12.32

Consumer Discretionary		10.87

Industrials		9.93

Communication Services		7.61

Consumer Staples		5.68

Energy		5.62

Utilities		2.99

Real Estate		2.90

Materials		1.98

Money Market Funds Plus Other Assets Less Liabilities		2.74

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.	6.39%

2.	Apple, Inc.	5.55

3.	Amazon.com, Inc.	4.12

4.	UnitedHealth Group, Inc.	3.40

5.	JPMorgan Chase & Co.	2.93

6.	Mastercard, Inc., Class A	2.66

7.	Exxon Mobil Corp.	2.64

8.	Alphabet, Inc., Class A	2.36

9.	Eli Lilly and Co.	1.97

10.	Johnson & Johnson	1.90

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Main Street All Cap Fund^®

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.26%
Aerospace & Defense–1.12%
Raytheon Technologies Corp.		127,516	$	12,091,067



Agricultural & Farm Machinery–1.22%
Deere & Co.		33,233		13,154,286



Air Freight & Logistics–1.51%
United Parcel Service, Inc., Class B		96,958		16,266,644



Airlines–0.31%
Spirit Airlines, Inc.^(b)(c)		153,138		3,369,036



Apparel Retail–0.67%
Ross Stores, Inc.		75,188		7,194,740



Application Software–1.32%
Manhattan Associates, Inc.^(b)		28,683		3,489,861


Paylocity Holding Corp.^(b)		17,561		4,070,464


Synopsys, Inc.^(b)		22,866		6,689,448


				14,249,773



Automobile Manufacturers–0.82%
Tesla, Inc.^(b)		38,913		8,854,264



Automotive Retail–1.61%
AutoZone, Inc.^(b)		6,864		17,385,688



Communications Equipment–1.31%
Motorola Solutions, Inc.		56,362		14,074,155



Construction Materials–1.23%
Vulcan Materials Co.		80,797		13,226,469



Consumer Finance–0.91%
Capital One Financial Corp.		92,611		9,818,618



Data Processing & Outsourced Services–2.66%
Mastercard, Inc., Class A		87,378		28,675,712



Diversified Banks–2.93%
JPMorgan Chase & Co.		250,618		31,547,794



Diversified Metals & Mining–0.23%
Compass Minerals International, Inc.^(c)		63,492		2,510,474



Electric Utilities–1.34%
Avangrid, Inc.^(c)		121,219		4,931,190


Southern Co. (The)		145,974		9,558,377


				14,489,567



Electrical Components & Equipment–1.22%
Hubbell, Inc.		55,273		13,126,232



Electronic Equipment & Instruments–0.19%
Mobileye Global, Inc., Class A (Israel)		77,578		2,046,508



Environmental & Facilities Services–0.77%
Waste Connections, Inc.		63,267		8,345,550



Fertilizers & Agricultural Chemicals–0.52%
Mosaic Co. (The)		103,930		5,586,237


	Shares		Value


Financial Exchanges & Data–1.18%
Intercontinental Exchange, Inc.		132,750	$	12,686,917



Gas Utilities–1.65%
ONE Gas, Inc.		123,657		9,580,944


Suburban Propane Partners L.P.		505,293		8,261,541


				17,842,485



General Merchandise Stores–1.22%
Dollar General Corp.		51,730		13,193,736



Health Care Equipment–1.01%
Boston Scientific Corp.^(b)		252,675		10,892,819



Health Care Facilities–1.33%
HCA Healthcare, Inc.		32,114		6,983,832


Tenet Healthcare Corp.^(b)		165,867		7,357,860


				14,341,692



Homebuilding–0.61%
D.R. Horton, Inc.		85,735		6,591,307



Hotels, Resorts & Cruise Lines–1.01%
Airbnb, Inc., Class A^(b)		44,562		4,764,124


Wyndham Hotels & Resorts, Inc.^(c)		80,882		6,141,370


				10,905,494



Household Products–1.64%
Procter & Gamble Co. (The)		131,440		17,701,025



Human Resource & Employment Services–0.54%
Korn Ferry		104,204		5,792,700



Hypermarkets & Super Centers–1.60%
Walmart, Inc.		120,851		17,200,723



Industrial Conglomerates–1.41%
Honeywell International, Inc.		74,748		15,250,087



Industrial REITs–1.89%
First Industrial Realty Trust, Inc.		111,083		5,290,883


Prologis, Inc.		135,801		15,039,961


				20,330,844



Insurance Brokers–1.16%
Arthur J. Gallagher & Co.		66,758		12,489,087



Integrated Oil & Gas–2.64%
Exxon Mobil Corp.		256,676		28,442,268



Integrated Telecommunication Services–1.27%
Verizon Communications, Inc.		367,472		13,732,429



Interactive Home Entertainment–1.01%
Electronic Arts, Inc.^(c)		86,111		10,846,542



Interactive Media & Services–3.87%
Alphabet, Inc., Class A^(b)		268,979		25,421,205


Meta Platforms, Inc., Class A^(b)		175,040		16,306,727


				41,727,932



Internet & Direct Marketing Retail–4.12%
Amazon.com, Inc.^(b)		434,052		44,464,287

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


7		Invesco Main Street All Cap Fund^®


	Shares		Value


Internet Services & Infrastructure–0.19%
MongoDB, Inc.^(b)(c)		11,335	$	2,074,645



Investment Banking & Brokerage–2.37%
Charles Schwab Corp. (The)		86,008		6,852,257


Raymond James Financial, Inc.		157,905		18,654,897


				25,507,154



IT Consulting & Other Services–0.89%
Amdocs Ltd.		111,011		9,581,359



Life Sciences Tools & Services–0.43%
Repligen Corp.^(b)(c)		25,659		4,682,511



Managed Health Care–4.53%
Molina Healthcare, Inc.^(b)		33,873		12,155,665


UnitedHealth Group, Inc.		66,042		36,663,216


				48,818,881



Movies & Entertainment–1.46%
Netflix, Inc.^(b)(c)		54,031		15,770,568



Office REITs–0.47%
Alexandria Real Estate Equities, Inc.		35,153		5,107,731



Oil & Gas Exploration & Production–2.98%
APA Corp.		203,124		9,234,017


Chesapeake Energy Corp.		96,029		9,820,886


CNX Resources Corp.^(b)(c)		348,248		5,854,049


Marathon Oil Corp.		238,085		7,249,688


				32,158,640



Pharmaceuticals–6.16%
AstraZeneca PLC, ADR (United Kingdom)		229,119		13,474,488


Bristol-Myers Squibb Co.		144,721		11,211,536


Eli Lilly and Co.^(c)		58,691		21,251,424


Johnson & Johnson		117,949		20,519,588


				66,457,036



Property & Casualty Insurance–1.65%
Allstate Corp. (The)		141,214		17,828,267



Railroads–0.93%
Union Pacific Corp.		50,850		10,024,569



Regional Banks–2.12%
East West Bancorp, Inc.		157,114		11,244,649


First Citizens BancShares, Inc., Class A		14,079		11,574,627


				22,819,276



Research & Consulting Services–0.90%
CACI International, Inc., Class A^(b)		31,822		9,674,843



Restaurants–0.81%
Starbucks Corp.		100,973		8,743,252

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Retail REITs–0.54%
Kimco Realty Corp.		274,517	$	5,869,173



Semiconductor Equipment–1.15%
Applied Materials, Inc.		140,892		12,439,355



Semiconductors–2.98%
Advanced Micro Devices, Inc.^(b)		142,937		8,584,796


NVIDIA Corp.		102,361		13,815,664


QUALCOMM, Inc.^(c)		82,831		9,745,896


				32,146,356



Soft Drinks–2.44%
Coca-Cola Co. (The)		256,607		15,357,929


PepsiCo, Inc.		60,551		10,994,851


				26,352,780



Systems Software–7.66%
Microsoft Corp.		296,777		68,890,845


VMware, Inc., Class A		121,531		13,675,883


				82,566,728



Technology Hardware, Storage & Peripherals–5.55%
Apple, Inc.		390,339		59,854,582


Total Common Stocks & Other Equity Interests (Cost $840,620,172)				1,048,922,894



Money Market Funds–2.63%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		9,930,667		9,930,667


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		7,092,131		7,093,550


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		11,349,334		11,349,333


Total Money Market Funds (Cost $28,373,394)				28,373,550


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.89% (Cost $868,993,566)				1,077,296,444



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.02%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		9,076,122		9,076,122


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		23,431,130		23,431,130


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,507,252)				32,507,252


TOTAL INVESTMENTS IN SECURITIES–102.91% (Cost $901,500,818)				1,109,803,696


OTHER ASSETS LESS LIABILITIES–(2.91)%				(31,366,300	)


NET ASSETS–100.00%			$	1,078,437,396

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


8		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 October 31, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 3,478,287		$ 82,757,457		$ (76,305,077)		$ -		$ -		$ 9,930,667		$ 40,014
Invesco Liquid Assets Portfolio, Institutional Class		2,605,609		59,112,470		(54,624,843)		156		158		7,093,550		36,108
Invesco Treasury Portfolio, Institutional Class		3,975,185		94,579,950		(87,205,802)		-		-		11,349,333		52,168
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		11,226,180		155,893,538		(158,043,596)		-		-		9,076,122		78,374*
Invesco Private Prime Fund		26,195,898		374,492,241		(377,257,772)		-		763		23,431,130		224,132*
Total		$47,481,159		$766,835,656		$(753,437,090)		$156		$921		$60,880,802		$ 430,796

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


9		Invesco Main Street All Cap Fund^®

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $ 840,620,172)*	$	1,048,922,894


Investments in affiliated money market funds, at value (Cost $ 60,880,646)		60,880,802


Cash		882,845


Receivable for:
Fund shares sold		257,426


Dividends		815,650


Investment for trustee deferred compensation and retirement plans		116,682


Other assets		66,869


Total assets		1,111,943,168



Liabilities:
Payable for:
Fund shares reacquired		259,357


Collateral upon return of securities loaned		32,507,252


Accrued fees to affiliates		525,933


Accrued trustees’ and officers’ fees and benefits		1,351


Accrued other operating expenses		95,197


Trustee deferred compensation and retirement plans		116,682


Total liabilities		33,505,772


Net assets applicable to shares outstanding	$	1,078,437,396



Net assets consist of:
Shares of beneficial interest	$	814,420,551


Distributable earnings		264,016,845


	$	1,078,437,396


Net Assets:
Class A	$	929,659,679


Class C	$	41,846,187


Class R	$	46,688,208


Class Y	$	57,359,053


Class R5	$	8,980


Class R6	$	2,875,289



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		46,514,624


Class C		2,418,892


Class R		2,441,775


Class Y		2,770,894


Class R5		446


Class R6		142,756


Class A:
Net asset value per share	$	19.99


Maximum offering price per share (Net asset value of $19.99 ÷ 94.50%)	$	21.15


Class C:
Net asset value and offering price per share	$	17.30


Class R:
Net asset value and offering price per share	$	19.12


Class Y:
Net asset value and offering price per share	$	20.70


Class R5:
Net asset value and offering price per share	$	20.13


Class R6:
Net asset value and offering price per share	$	20.14

*	At October 31, 2022, securities with an aggregate value of $31,962,146 were on loan to brokers.

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


10		Invesco Main Street All Cap Fund^®

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $1,640)	$	19,538,295


Dividends from affiliated money market funds (includes net securities lending income of $153,119)		281,409


Total investment income		19,819,704



Expenses:
Advisory fees		8,138,213


Administrative services fees		177,778


Custodian fees		11,248


Distribution fees:
Class A		2,606,557


Class C		512,396


Class R		263,738


Transfer agent fees – A, C, R and Y		1,561,300


Transfer agent fees – R5		3


Transfer agent fees – R6		1,007


Trustees’ and officers’ fees and benefits		29,361


Registration and filing fees		128,790


Professional services fees		62,575


Other		(2,768	)


Total expenses		13,490,198


Less: Fees waived and/or expense offset arrangement(s)		(21,012	)


Net expenses		13,469,186


Net investment income		6,350,518



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		60,323,835


Affiliated investment securities		921


Foreign currencies		(16	)


		60,324,740


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(306,783,755	)


Affiliated investment securities		156


		(306,783,599	)


Net realized and unrealized gain (loss)		(246,458,859	)


Net increase (decrease) in net assets resulting from operations	$	(240,108,341	)

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


11		Invesco Main Street All Cap Fund^®

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021

Operations:
Net investment income	$	6,350,518		$	1,891,534


Net realized gain		60,324,740			217,597,804


Change in net unrealized appreciation (depreciation)		(306,783,599	)		214,209,499


Net increase (decrease) in net assets resulting from operations		(240,108,341	)		433,698,837



Distributions to shareholders from distributable earnings:
Class A		(183,271,754	)		(9,443,275	)


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


Class R		(9,041,566	)		(482,249	)


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


Class R5		(1,964	)		(128	)


Class R6		(527,650	)		(1,102	)


Total distributions from distributable earnings		(213,334,558	)		(11,099,794	)



Share transactions–net:
Class A		89,682,738			(72,911,190	)


Class C		1,756,250			(21,090,380	)


Class R		6,464,474			(8,639,431	)


Class Y		8,811,450			2,327,246


Class R5		–			(3,699	)


Class R6		697,012			2,794,306


Net increase (decrease) in net assets resulting from share transactions		107,411,924			(97,523,148	)


Net increase (decrease) in net assets		(346,030,975	)		325,075,895



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


End of year	$	1,078,437,396		$	1,424,468,371

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


12		Invesco Main Street All Cap Fund^®

Financial Highlights

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
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
Year ended 07/31/18		19.40		0.09				1.84				1.93				(0.18	)			(2.38	)			(2.56	)		18.77		10.55			923,741		1.13			1.14			0.50			48
Class C
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
Year ended 07/31/18		17.88		(0.04	)			1.68				1.64				(0.04	)			(2.38	)			(2.42	)		17.10		9.67			201,771		1.88			1.89			(0.25	)		48
Class R
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
Year ended 07/31/18		18.88		0.05				1.78				1.83				(0.13	)			(2.38	)			(2.51	)		18.20		10.27			58,150		1.38			1.39			0.25			48
Class Y
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
Year ended 07/31/18		19.81		0.14				1.88				2.02				(0.23	)			(2.38	)			(2.61	)		19.22		10.84			42,354		0.88			0.89			0.74			48
Class R5
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
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 years ended July 31, 2019 and 2018, 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 years ended October 31, 2022, 2021 and 2020.

^(f)	Annualized.

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

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


13		Invesco Main Street All Cap Fund^®

Notes to Financial Statements

October 31, 2022

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.


14		Invesco Main Street All Cap Fund^®

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,842 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.


15		Invesco Main Street All Cap Fund^®

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate*


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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.65%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $12,077.


16		Invesco Main Street All Cap Fund^®

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 year ended October 31, 2022, IDI advised the Fund that IDI retained $83,803 in front-end sales commissions from the sale of Class A shares and $3,887 and $1,055 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $24,798 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	$	1,048,922,894	$	–		$–	$	1,048,922,894


Money Market Funds		28,373,550		32,507,252		–		60,880,802


Total Investments	$	1,077,296,444	$	32,507,252		$–	$	1,109,803,696

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits


17		Invesco Main Street All Cap Fund^®

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	34,758,897	$	9,131,442


Long-term capital gain		178,575,661		1,968,352


Total distributions	$	213,334,558	$	11,099,794

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	1,012,099


Undistributed long-term capital gain		56,765,045


Net unrealized appreciation – investments		210,205,015


Temporary book/tax differences		(3,965,314	)


Shares of beneficial interest		814,420,551


Total net assets	$	1,078,437,396

The Fund does not have a capital loss carryforward as of October 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $553,029,981 and $663,216,823, 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	$259,911,238


Aggregate unrealized (depreciation) of investments	(49,706,223	)


Net unrealized appreciation of investments	$210,205,015

Cost of investments for tax purposes is $899,598,681.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2022, undistributed net investment income was decreased by $116,081, undistributed net realized gain was decreased by $5,081,355 and shares of beneficial interest was increased by $5,197,436. This reclassification had no effect on the net assets of the Fund.


18		Invesco Main Street All Cap Fund^®

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,992,480		$	45,372,661			2,209,063		$	56,112,371


Class C		384,037			7,665,292			397,500			8,971,053


Class R		383,339			8,375,556			348,939			8,555,602


Class Y		750,170			18,166,185			683,537			17,701,473


Class R6		48,489			1,086,836			127,495			3,251,414



Issued as reinvestment of dividends:
Class A		7,218,472			176,202,873			398,023			9,082,874


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


Class R		383,102			8,968,412			21,805			480,149


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


Class R6		20,844			511,312			28			642



Automatic conversion of Class C shares to Class A shares:
Class A		243,316			5,409,517			838,163			19,978,187


Class C		(279,667	)		(5,409,517	)		(938,626	)		(19,978,187	)



Reacquired:
Class A		(6,015,894	)		(137,302,313	)		(6,251,242	)		(158,084,622	)


Class C		(520,590	)		(10,217,314	)		(476,595	)		(10,726,440	)


Class R		(493,260	)		(10,879,494	)		(727,971	)		(17,675,182	)


Class Y		(773,350	)		(18,380,311	)		(612,485	)		(15,846,932	)


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


Class R6		(41,727	)		(901,136	)		(17,353	)		(457,750	)


Net increase (decrease) in share activity		4,114,371		$	107,411,924			(3,948,179	)	$	(97,523,148	)

^(a)

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


19		Invesco Main Street All Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Equity Funds (Invesco Equity Funds) and Shareholders of Invesco Main Street All Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street All Cap Fund^® (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022, the three months ended October 31, 2019 and the year ended July 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the three years in the period ended October 31, 2022, the three months ended October 31, 2019 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Main Street All Cap Fund^® (subsequently renamed Invesco Main Street All Cap Fund^®) as of and for the year ended July 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$926.30	$5.20	$1,019.81	$5.45	1.07%
Class C	1,000.00	922.60	8.87	1,015.98	9.30	1.83
Class R	1,000.00	925.00	6.45	1,018.50	6.77	1.33
Class Y	1,000.00	927.40	4.03	1,021.02	4.23	0.83
Class R5	1,000.00	928.00	3.55	1,021.53	3.72	0.73
Class R6	1,000.00	927.70	3.55	1,021.53	3.72	0.73

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 184/365 to reflect the most recent fiscal half year.


21		Invesco Main Street All Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street All Cap Fund^®’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees returned to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 3000^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the first quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could


22		Invesco Main Street All Cap Fund^®

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


23		Invesco Main Street All Cap Fund^®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	183,827,660
Qualified Dividend Income*		57.99	%
Corporate Dividends Received Deduction*		56.85	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	27,007,091


24		Invesco Main Street All Cap Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Main Street All Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Main Street All Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Main Street All Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Main Street All Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Main Street All Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Main Street All Cap Fund^®

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Rising Dividends Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Rising Dividends Fund (the Fund), at net asset value (NAV), outperformed the Russell 1000 Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.33	%
Class C Shares	-11.00
Class R Shares	-10.58
Class Y Shares	-10.12
Class R5 Shares	-10.06
Class R6 Shares	-10.04
S&P 500 Index^▼	-14.61
Russell 1000 Index^▼	-16.38
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The world and markets have largely moved on from COVID-19 but are still dealing with the hangover from all the financial actions taken to fight the pandemic. During the pandemic, governments around the world engaged in high deficit spending to stimulate their economies and central banks lowered interest rates to maintain financial stability and spur demand. Meanwhile, COVID-19 lockdowns and related supply chain disruptions caused fewer goods to be produced. The goods that were produced were also relatively more expensive than before due to a reversal of the offshoring phenomenon. More money in the world chasing relatively fewer and more expensively produced goods led to a generational high in inflation rates. The Russia/Ukraine situation only turbocharged the scarcity of goods and inflation rates.

That said, the monetary situation has changed dramatically this year. Central banks no longer view inflation as “transitory,” but rather as a significant threat that needs to be snuffed out and interest rates have risen materially. Between inflation eating away at consumers’ discretionary income, higher interest rates making large purchases more expensive and a normalization of services consumption, we’ve seen material weakness in consumer discretionary spending on goods. Whether this leads to a recession in 2023 remains an open question, but we think it is more likely than not. Either way, rising rates are having their intended effect of slowing the economy.

During the fiscal year ended October 31, 2022, stock selection and the Fund’s underweight allocation in communication services, as well as strong stock selection in the information technology and consumer discretionary sectors were the primary drivers of the Fund’s outperformance versus the Russell 1000 Index. Weaker stock selection in the

real estate and financials sectors partly offset these results.

The largest individual contributors to the Fund’s performance relative to the Russell 1000 Index during the fiscal year included Chevron, Eli Lilly and Chesapeake Energy. The entire energy sector was a major outperformer in the first quarter of 2022 and Chevron was no exception. Rebounding pandemic demand and lack of capital investment in energy in recent years drove rising oil prices early in the fiscal year. The Russia/Ukraine situation later kicked prices into overdrive as sanctions curtailed Russian energy exports. Eli Lilly benefited from the general outperformance of the pharmaceutical industry as it is typically viewed as a defensive industry in down markets. Eli Lilly also reported favorable data for a key drug, Tirzepatide, which treats diabetes. Chesapeake Energy benefited greatly from the rise in natural gas prices. We believe its valuation may improve and all else equal earnings should also improve as bankruptcy-era hedges are replaced by contracts at today’s much higher prices.

The largest individual detractors from the Fund’s performance relative to the Russell 1000 Index during the fiscal year included NVIDIA, ASML and Nike. NVIDIA underperformed due to near-term concerns that weaker consumer spending would adversely affect the company’s gaming business and potential for economic headwinds to eventually cause weakness in the company’s data center segment. ASML, a supplier of equipment to the semiconductor industry, was impacted by worries over cyclical downturn in demand for chips and by trade tensions between the US and China which led to export restrictions. After a strong first half of 2021, Nike ran into three factors that hampered performance starting in late 2021: Supply chain issues, China COVID-19 lockdowns and currency headwinds. We believe these factors are likely largely transitory in nature and

Nike’s long-term future remains bright as the company recaptures margin from supply chain woes and China’s unsustainable lockdown policy.

We thank you for your continued investment in the Invesco Rising Dividends Fund.

Portfolio manager(s):

Belinda Cavazos

Peter Santoro - Lead

Raman Vardharaj

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Rising Dividends Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Rising Dividends Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/30/80)	11.67	%
10 Years	9.38
5 Years	7.59
1 Year	-15.27

Class C Shares
Inception (9/1/93)	8.32	%
10 Years	9.34
5 Years	8.00
1 Year	-11.77

Class R Shares
Inception (3/1/01)	6.47	%
10 Years	9.71
5 Years	8.54
1 Year	-10.58

Class Y Shares
Inception (12/16/96)	7.72	%
10 Years	10.26
5 Years	9.07
1 Year	-10.12

Class R5 Shares
10 Years	10.14	%
5 Years	9.07
1 Year	-10.06

Class R6 Shares
Inception (2/28/12)	9.87	%
10 Years	10.44
5 Years	9.22
1 Year	-10.04

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.


4		Invesco Rising Dividends Fund

Supplemental Information

Invesco Rising Dividends Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

∎	The 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Rising Dividends Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		23.63	%

Health Care		16.40

Financials		13.08

Industrials		11.81

Consumer Discretionary		9.20

Consumer Staples		8.73

Energy		5.50

Real Estate		3.24

Communication Services		3.07

Utilities		2.54

Materials		1.94

Money Market Funds Plus Other Assets Less Liabilities		0.86

Top 10 Equity Holdings*


		% of total net assets

1.	Apple, Inc.		6.47	%

2.	Microsoft Corp.		6.19

3.	UnitedHealth Group, Inc.		3.05

4.	Chevron Corp.		2.61

5.	Visa, Inc., Class A		2.58

6.	JPMorgan Chase & Co.		2.57

7.	Eli Lilly and Co.		2.34

8.	Johnson & Johnson		2.31

9.	PepsiCo, Inc.		2.00

10.	Home Depot, Inc. (The)		2.00

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Rising Dividends Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–99.14%
Aerospace & Defense–2.55%
Howmet Aerospace, Inc.		613,989	$	21,827,309


Raytheon Technologies Corp.		479,970		45,510,755


				67,338,064



Agricultural & Farm Machinery–1.68%
Deere & Co.^(b)		112,312		44,455,336



Air Freight & Logistics–1.36%
United Parcel Service, Inc., Class B		213,963		35,896,573



Apparel Retail–0.51%
Ross Stores, Inc.		140,556		13,449,804



Apparel, Accessories & Luxury Goods–0.85%
LVMH Moet Hennessy Louis Vuitton SE (France)		35,675		22,506,496



Asset Management & Custody Banks–1.22%
BlackRock, Inc.^(b)		50,041		32,321,982



Building Products–1.13%
Carrier Global Corp.		750,506		29,840,119



Cable & Satellite–1.32%
Comcast Corp., Class A		1,096,806		34,812,622



Communications Equipment–1.14%
Motorola Solutions, Inc.		120,775		30,158,725



Construction Materials–0.82%
Vulcan Materials Co.		131,517		21,529,333



Consumer Finance–1.02%
American Express Co.		180,663		26,819,422



Data Processing & Outsourced Services–3.47%
Mastercard, Inc., Class A^(b)		71,773		23,554,463


Visa, Inc., Class A^(b)		328,701		68,093,699


				91,648,162



Diversified Banks–3.84%
Bank of America Corp.		929,898		33,513,524


JPMorgan Chase & Co.		538,381		67,771,400


				101,284,924



Electric Utilities–1.08%
American Electric Power Co., Inc.		323,015		28,399,479



Electronic Manufacturing Services–1.08%
TE Connectivity Ltd. (Switzerland)		233,801		28,577,496



Environmental & Facilities Services–1.18%
Republic Services, Inc.		233,953		31,026,847



Fertilizers & Agricultural Chemicals–1.12%
Mosaic Co. (The)		549,266		29,523,047



Financial Exchanges & Data–2.20%
CME Group, Inc., Class A		138,148		23,941,049


S&P Global, Inc.		106,249		34,132,491


				58,073,540


	Shares		Value


Food Distributors–0.64%
Sysco Corp.		194,519	$	16,837,565



Footwear–0.84%
NIKE, Inc., Class B		238,810		22,132,911



Gas Utilities–0.69%
Atmos Energy Corp.		171,795		18,304,757



General Merchandise Stores–1.34%
Dollar General Corp.		138,877		35,420,579



Health Care Equipment–1.28%
Stryker Corp.^(b)		147,969		33,920,414



Home Improvement Retail–1.99%
Home Depot, Inc. (The)		177,762		52,640,661



Homebuilding–0.81%
D.R. Horton, Inc.		278,466		21,408,466



Household Products–1.73%
Procter & Gamble Co. (The)		339,337		45,698,514



Hypermarkets & Super Centers–1.10%
Costco Wholesale Corp.		57,817		28,995,226



Industrial Conglomerates–1.43%
Honeywell International, Inc.		185,611		37,868,356



Industrial Machinery–0.92%
Otis Worldwide Corp.		345,553		24,409,864



Industrial REITs–1.32%
Prologis, Inc.		314,692		34,852,139



Insurance Brokers–1.64%
Marsh & McLennan Cos., Inc.^(b)		268,646		43,383,643



Integrated Oil & Gas–2.61%
Chevron Corp.		380,746		68,876,951



Integrated Telecommunication Services–0.62%
Deutsche Telekom AG (Germany)		857,396		16,240,420



Interactive Home Entertainment–1.13%
Electronic Arts, Inc.		237,103		29,865,494



Investment Banking & Brokerage–1.48%
Charles Schwab Corp. (The)		489,049		38,962,534



IT Consulting & Other Services–1.43%
Accenture PLC, Class A		132,551		37,631,229



Life Sciences Tools & Services–1.96%
Danaher Corp.		205,532		51,726,238



Managed Health Care–4.86%
Elevance Health, Inc.		87,420		47,798,634


UnitedHealth Group, Inc.		145,001		80,497,305


				128,295,939

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


7		Invesco Rising Dividends Fund


	Shares		Value


Multi-line Insurance–0.77%
Hartford Financial Services Group, Inc. (The)		279,852	$	20,264,083



Multi-Utilities–0.77%
WEC Energy Group, Inc.		221,607		20,239,367



Oil & Gas Exploration & Production–2.07%
APA Corp.		454,753		20,673,072


Chesapeake Energy Corp.		332,660		34,021,138


				54,694,210



Oil & Gas Storage & Transportation–0.82%
Cheniere Energy, Inc.		122,028		21,526,959



Packaged Foods & Meats–1.08%
Mondelez International, Inc., Class A		463,867		28,518,543



Pharmaceuticals–8.30%
AstraZeneca PLC, ADR (United Kingdom)		465,413		27,370,938


Eli Lilly and Co.		170,432		61,711,723


Johnson & Johnson		350,009		60,891,066


Pfizer, Inc.		801,931		37,329,888


Zoetis, Inc.		210,317		31,711,597


				219,015,212



Property & Casualty Insurance–0.91%
Allstate Corp. (The)		190,838		24,093,298



Railroads–1.56%
Union Pacific Corp.		208,817		41,166,183



Residential REITs–0.58%
American Homes 4 Rent, Class A^(b)		483,188		15,433,025



Restaurants–2.86%
McDonald’s Corp.^(b)		146,718		40,004,130


Starbucks Corp.		408,377		35,361,364


				75,365,494



Semiconductor Equipment–1.72%
Applied Materials, Inc.		214,266		18,917,545


ASML Holding N.V., New York Shares (Netherlands)		55,980		26,446,072


				45,363,617



Semiconductors–2.13%
Broadcom, Inc.		76,808		36,108,977


NVIDIA Corp.		149,338		20,156,150


				56,265,127


	Shares		Value


Soft Drinks–3.43%
Coca-Cola Co. (The)		627,988	$	37,585,082


PepsiCo, Inc.		291,153		52,867,562


				90,452,644



Specialized REITs–1.34%
American Tower Corp.^(b)		170,292		35,282,799



Systems Software–6.19%
Microsoft Corp.		703,601		163,326,900



Technology Hardware, Storage & Peripherals–6.47%
Apple, Inc.		1,114,097		170,835,634



Tobacco–0.75%
Altria Group, Inc.		425,081		19,668,498


Total Common Stocks & Other Equity Interests (Cost $1,783,563,284)				2,616,645,464



Money Market Funds–1.11%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)		10,129,054		10,129,054


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(c)(d)		7,527,899		7,529,405


Invesco Treasury Portfolio, Institutional Class, 3.08%^(c)(d)		11,576,061		11,576,061


Total Money Market Funds (Cost $29,233,730)				29,234,520


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.25% (Cost $1,812,797,014)				2,645,879,984



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.59%
Invesco Private Government Fund, 3.18%^(c)(d)(e)		33,912,047		33,912,047


Invesco Private Prime Fund, 3.28%^(c)(d)(e)		87,205,356		87,205,356


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $121,115,959)				121,117,403


TOTAL INVESTMENTS IN SECURITIES–104.84% (Cost $1,933,912,973)				2,766,997,387


OTHER ASSETS LESS LIABILITIES–(4.84)%				(127,699,504	)


NET ASSETS–100.00%			$	2,639,297,883

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.


8		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 October 31, 2022.

^(c)


	Value October 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,150,599	$	123,333,144	$	(118,354,689	)		$	-	$	-			$	10,129,054		$	30,210
Invesco Liquid Assets Portfolio, Institutional Class			3,973,053		88,095,103		(84,539,065	)			790		(476	)			7,529,405			31,614
Invesco Treasury Portfolio, Institutional Class			5,886,399		140,952,165		(135,262,503	)			-		-				11,576,061			43,920
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-		482,031,317		(448,119,270	)			-		-				33,912,047			277,709*
Invesco Private Prime Fund			-		1,053,872,511		(966,641,781	)			1,444		(26,818	)			87,205,356			750,313*
Total		$	15,010,051	$	1,888,284,240	$	(1,752,917,308	)		$	2,234	$	(27,294	)		$	150,351,923		$	1,133,766

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


9		Invesco Rising Dividends Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,783,563,284)*	$	2,616,645,464


Investments in affiliated money market funds, at value (Cost $150,349,689)		150,351,923


Cash		630,207


Foreign currencies, at value (Cost $929)		897


Receivable for:
Investments sold		17,043,569


Fund shares sold		634,543


Dividends		1,785,624


Investment for trustee deferred compensation and retirement plans		160,386


Other assets		76,950


Total assets		2,787,329,563



Liabilities:

Payable for:
Investments purchased		23,755,693


Fund shares reacquired		1,494,732


Collateral upon return of securities loaned		121,115,959


Accrued fees to affiliates		1,222,610


Accrued trustees’ and officers’ fees and benefits		3,808


Accrued other operating expenses		161,869


Trustee deferred compensation and retirement plans		277,009


Total liabilities		148,031,680


Net assets applicable to shares outstanding	$	2,639,297,883



Net assets consist of:

Shares of beneficial interest	$	1,668,364,897


Distributable earnings		970,932,986


	$	2,639,297,883


Net Assets:

Class A	$	2,085,511,626


Class C	$	138,325,154


Class R	$	98,241,309


Class Y	$	281,984,218


Class R5	$	11,655


Class R6	$	35,223,921



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

Class A		95,839,619


Class C		7,964,856


Class R		4,554,108


Class Y		12,377,281


Class R5		536


Class R6		1,550,769


Class A:
Net asset value per share	$	21.76


Maximum offering price per share (Net asset value of $21.76 ÷ 94.50%)	$	23.03


Class C:
Net asset value and offering price per share	$	17.37


Class R:
Net asset value and offering price per share	$	21.57


Class Y:
Net asset value and offering price per share	$	22.78


Class R5:
Net asset value and offering price per share	$	21.74


Class R6:
Net asset value and offering price per share	$	22.71

*	At October 31, 2022, securities with an aggregate value of $117,366,565 were on loan to brokers.

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


10		Invesco Rising Dividends Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $1,170,127)	$	52,198,318


Dividends from affiliated money market funds (includes net securities lending income of $851,258)		957,002


Total investment income		53,155,320



Expenses:

Advisory fees		17,014,869


Administrative services fees		414,354


Custodian fees		12,323


Distribution fees:
Class A		5,714,626


Class C		1,685,098


Class R		533,279


Transfer agent fees – A, C, R and Y		3,231,464


Transfer agent fees – R5		4


Transfer agent fees – R6		11,514


Trustees’ and officers’ fees and benefits		59,899


Registration and filing fees		144,235


Professional services fees		69,588


Other		(211,605	)


Total expenses		28,679,648


Less: Fees waived and/or expense offset arrangement(s)		(24,177	)


Net expenses		28,655,471


Net investment income		24,499,849



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		143,459,443


Affiliated investment securities		(27,294	)


Foreign currencies		(63,656	)


		143,368,493


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(484,261,648	)


Affiliated investment securities		2,234


Foreign currencies		(11,235	)


		(484,270,649	)


Net realized and unrealized gain (loss)		(340,902,156	)


Net increase (decrease) in net assets resulting from operations	$	(316,402,307	)

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


11		Invesco Rising Dividends Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	24,499,849		$	17,346,586


Net realized gain		143,368,493			379,515,076


Change in net unrealized appreciation (depreciation)		(484,270,649	)		507,439,650


Net increase (decrease) in net assets resulting from operations		(316,402,307	)		904,301,312



Distributions to shareholders from distributable earnings:

Class A		(290,632,861	)		(49,334,750	)


Class C		(26,390,273	)		(5,112,354	)


Class R		(13,192,438	)		(2,124,341	)


Class Y		(36,961,371	)		(7,061,100	)


Class R5		(1,766	)		(328	)


Class R6		(4,795,326	)		(818,653	)


Total distributions from distributable earnings		(371,974,035	)		(64,451,526	)



Share transactions–net:

Class A		127,354,509			(99,301,611	)


Class C		(11,296,859	)		(104,312,412	)


Class R		7,952,353			(9,906,918	)


Class Y		26,500,911			(16,255,806	)


Class R6		3,207,862			2,526,702


Net increase (decrease) in net assets resulting from share transactions		153,718,776			(227,250,045	)


Net increase (decrease) in net assets		(534,657,566	)		612,599,741



Net assets:

Beginning of year		3,173,955,449			2,561,355,708


End of year	$	2,639,297,883		$	3,173,955,449

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


12		Invesco Rising Dividends Fund

Financial Highlights

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
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
Year ended 10/31/18			20.45			0.22				0.63				0.85				(0.23	)			(1.59	)			(1.82	)			19.48		4.39				1,980,262		1.06			1.06			1.11			58
Class C
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
Year ended 10/31/18			17.54			0.06				0.54				0.60				(0.11	)			(1.59	)			(1.70	)			16.44		3.65				470,544		1.81			1.81			0.36			58
Class R
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
Year ended 10/31/18			20.32			0.17				0.63				0.80				(0.18	)			(1.59	)			(1.77	)			19.35		4.16				104,523		1.31			1.31			0.86			58
Class Y
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
Year ended 10/31/18			21.14			0.28				0.66				0.94				(0.28	)			(1.59	)			(1.87	)			20.21		4.68				345,108		0.81			0.81			1.36			58
Class R5
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^(e)			18.65			0.13				1.55				1.68				(0.12	)			–				(0.12	)			20.21		9.05				11		0.70	^(f)		0.70	^(f)		1.49	^(f)		29
Class R6
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
Year ended 10/31/18			21.10			0.31				0.65				0.96				(0.31	)			(1.59	)			(1.90	)			20.16		4.82				24,128		0.65			0.65			1.52			58

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019 and 2018.

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

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

^(f)	Annualized.

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


13		Invesco Rising Dividends Fund

Notes to Financial Statements

October 31, 2022

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.


14		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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $11,932 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.


15		Invesco Rising Dividends Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets				Rate*


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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.59%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $9,021.


16		Invesco Rising Dividends Fund

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.

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 year ended October 31, 2022, IDI advised the Fund that IDI retained $226,176 in front-end sales commissions from the sale of Class A shares and $6,904 and $7,306 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $31,507 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	$	2,577,898,548	$	38,746,916		$–	$	2,616,645,464


Money Market Funds		29,234,520		121,117,403		–		150,351,923


Total Investments	$	2,607,133,068	$	159,864,319		$–	$	2,766,997,387

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


17		Invesco Rising Dividends Fund

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	68,984,758	$	17,395,806


Long-term capital gain		302,989,277		47,055,720


Total distributions	$	371,974,035	$	64,451,526

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	10,291,471


Undistributed long-term capital gain		128,163,034


Net unrealized appreciation – investments		832,764,764


Net unrealized appreciation (depreciation) – foreign currencies		(10,823	)


Temporary book/tax differences		(275,460	)


Shares of beneficial interest		1,668,364,897


Total net assets	$	2,639,297,883

The Fund does not have a capital loss carryforward as of October 31, 2022.

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 year ended October 31, 2022 was $1,084,990,068 and $1,278,258,015, 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	$	877,582,672


Aggregate unrealized (depreciation) of investments		(44,817,908	)


Net unrealized appreciation of investments	$	832,764,764

Cost of investments for tax purposes is $1,934,232,623.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2022, undistributed net investment income was decreased by $155,010, undistributed net realized gain was decreased by $14,968,990 and shares of beneficial interest was increased by $15,124,000. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:

Class A		5,379,754		$ 126,763,812		5,082,789	$	123,256,369


Class C		974,210		18,438,619		1,199,672		24,173,694


Class R		572,381		13,255,010		560,693		13,563,423


Class Y		1,929,786		47,193,508		1,300,759		32,672,915


Class R6		257,534		6,341,062		399,042		10,164,359


18		Invesco Rising Dividends Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:

Class A		10,983,287		$	270,845,937			2,030,625		$	46,150,409


Class C		1,295,270			25,646,349			268,032			4,913,077


Class R		536,890			13,152,871			94,695			2,116,215


Class Y		1,197,470			30,869,636			243,423			5,790,776


Class R6		176,677			4,538,725			31,446			749,190



Automatic conversion of Class C shares to Class A shares:

Class A		1,245,374			28,819,568			3,855,584			90,335,153


Class C		(1,556,119	)		(28,819,568	)		(4,682,828	)		(90,335,153	)



Reacquired:

Class A		(12,780,473	)		(299,074,808	)		(14,716,870	)		(359,043,542	)


Class C		(1,430,199	)		(26,562,259	)		(2,172,892	)		(43,064,030	)


Class R		(790,969	)		(18,455,528	)		(1,065,821	)		(25,586,556	)


Class Y		(2,099,613	)		(51,562,233	)		(2,149,762	)		(54,719,497	)


Class R6		(318,950	)		(7,671,925	)		(334,301	)		(8,386,847	)


Net increase (decrease) in share activity		5,572,310		$	153,718,776			(10,055,714	)	$	(227,250,045	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% 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.


19		Invesco Rising Dividends Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rising Dividends Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Rising Dividends Fund (subsequently renamed Invesco Rising Dividends Fund) as of and for the year ended October 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		Invesco Rising Dividends Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$953.80	$4.83	$1,020.27	$4.99	0.98%
Class C	1,000.00	950.20	8.50	1,016.48	8.79	1.73
Class R	1,000.00	952.20	6.05	1,019.00	6.26	1.23
Class Y	1,000.00	954.80	3.60	1,021.53	3.72	0.73
Class R5	1,000.00	955.20	3.15	1,021.98	3.26	0.64
Class R6	1,000.00	955.20	3.15	1,021.98	3.26	0.64

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Rising Dividends Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Rising Dividends Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund underwent a change in portfolio management in February 2020. The Board recognized that the performance data reflects a snapshot in time as of a


22		Invesco Rising Dividends Fund

particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


23		Invesco Rising Dividends Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$318,113,277
Qualified Dividend Income*	71.23	%
Corporate Dividends Received Deduction*	68.68	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$54,144,00	2


24		Invesco Rising Dividends Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett – 1944 Trustee and Chair	1993	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	None
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)


T-3		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	229	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; Senior Partner, KPMG LLP	229	None
Daniel S. Vandivort – 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. WIlson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-6		Invesco Rising Dividends Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Rising Dividends Fund

LOGO

Go paperless with eDelivery

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

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

∎	Fund reports and prospectuses

∎	Quarterly statements

∎	Daily confirmations

∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Summit Fund

Nasdaq:

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





2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Summit Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-33.39	%
Class C Shares	-33.93
Class P Shares	-33.32
Class S Shares	-33.33
Class Y Shares	-33.26
Class R5 Shares	-33.27
Class R6 Shares	-33.22
S&P 500 Index^▼(Broad Market Index)	-14.61
Russell 1000 Growth Index^▼(Style-Specific Index)	-24.60
Lipper Multi-Cap Growth Funds Index^∎(Peer Group Index)	-33.57

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022.

but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

Given headwinds on all equities and especially those equities that are smaller in market capitalization or more growth-oriented, the Fund produced a negative return and under-performed its style-specific benchmark, the Russell 1000 Growth Index. Relative under-performance was driven by stock selection and underweight exposure in the information technology (IT) and consumer staples sectors. Stock selection in the consumer discretionary and health care sectors also detracted. An overweight exposure in the energy sector and stock selection in the materials sector, as well as ancillary cash, was beneficial to relative returns. As a reminder, the Fund does not invest in companies whose primary business involves alcohol, tobacco or gambling.

The top individual detractors from the Fund’s performance from an absolute perspective included Amazon.com, Alphabet and Meta Platforms.

Amazon.com is the leading global e-commerce platform, positioned to become the leading aggregator of merchandise, content and services – an “everything on demand” platform. Amazon.com is also the leading cloud infrastructure company poised to capture significant technology spending and has high profit margin opportunities in advertising and numerous other investments. The stock has struggled as investors waited for the previously strong comparison periods during the height of COVID-19 lockdowns to pass and as investor interest has waned for higher growth, longer duration stocks. The company is currently sitting on excess capacity in terms of labor and warehouses, which we believe may lessen the need for their typical ramp up to get ready for the holiday season. We believe current dynamics to be transitory.

Search engine and video sharing platform Alphabet has largely been resilient amid increasing macro-economic headwinds delivering better than feared earnings results. Nevertheless, there have been growing concerns surrounding the company including increasing advertising inventory as over-the-top streaming names such as Netflix and Disney+ (not a fund holding) roll out ad-supported versions of their services. This has the potential to shift a portion of advertising budgets towards other platforms at the expense of Alphabet. Additionally, as companies contend with a slowing economy, many are scaling back advertising spending, which is Alphabet’s primary source of revenue.

Meta Platforms, formerly known as Face-book, faced a number of headwinds during the fiscal year that created weaker than expected earnings results for the social media company. Among them was privacy changes


2		Invesco Summit Fund

to Apple’s operating system that required users to opt-in to allow third party apps, like Meta to track user data for advertising purposes, which has presented a headwind to its advertising business. Meta has also experienced a decline in user engagement and time spent on its apps and services, such as short-term video, as rival social media companies gain market share. Recently, Meta also announced plans for significant expenses and capital expenditures to build out the Metaverse. We had trimmed the Fund’s position significantly during the fiscal year.

Top individual contributors to the Fund’s performance on an absolute basis during the fiscal year included Enphase Energy, APA Corporation and UnitedHealth Group.

Energy technology firm, Enphase Energy, is a uniquely positioned solar company that has created an improved power inverter allowing it to expand to other use cases including auto charging, heat pumps and battery storage. As the price for oil increased, demand for alternative sources of energy including solar has also increased providing a boon to Enphase Energy’s business. Enphase Energy is also expanding into Europe, which is experiencing an energy crisis and expected to drive demand for solar energy.

APA Corporation, commonly referred to as Apache, is a North American oil and gas producer and has benefited from several factors that have driven the price of oil and natural gas higher. Among them have been a resurgence in demand for oil as economies reopened following COVID-19 lockdowns, the willingness of OPEC to temper its production capacity if oil prices fell too sharply, Russia cutting off supply of natural gas to Europe by shuttering its Nord Stream pipeline and China’s dovish central bank taking stimulative measures to boost economic growth have all been tailwinds for the energy sector broadly. APA Corporation also announced they struck oil and gas off the coast of Suriname, which was well received by investors. We exited our position in APA Corporation during the fiscal year.

UnitedHealth Group is a bellwether in the health care provider space that we believe is well positioned for rising rates and inflation. We also had a favorable view on the managed care space due to conservative (higher) pricing and reimbursement, as well as manageable (lower) utilization tied to COVID-19 and staffing issues.

At the close of the fiscal year, the largest overweight sector exposures included communication services, primarily video game developers which offer lower relative beta and are fairly recession-resistant and energy, given we expect supply/demand imbalances to provide a floor for energy prices. IT is the largest underweight, primarily due to significant index exposure in Apple and to a lesser degree Microsoft, but we had also chosen to underweight higher valuation/high growth IT services stocks and semiconductors during the fiscal year.

We had been active in the portfolio to reduce risk since Russia invaded Ukraine during

the fiscal year. Portfolio shifts include reducing beta, as well as reducing higher valuation and longer duration companies which are more sensitive to rising interest rates. At the close of the fiscal year, we were more sensitive to immediate versus future profits and had a lower valuation tolerance than we would in expansionary times. We believe inflation will eventually begin to cool naturally as consumers and enterprises scale back in the face of tighter conditions, and as supply chain disruptions resolve. This should impact the pace and magnitude of rate hikes in our opinion. We will be watching closely for a change in tone from central banks following the early moderation of both inflation and economic growth. We see select secular growers trading at attractive valuations and believe market sentiment will likely rotate more favorably towards these long-term compounders as economic growth becomes scarce.

Longer term, we believe that change is the fuel for growth and portfolios, thus we generally seek “share-takers”, companies that can gain market share through technology-enabled advantages in their business models and with offerings that benefit from the continued disruptive shifts in enterprise and consumer behavior.

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

1	Source: Bloomberg LP

2	Source: US Bureau of Labor Statistics

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Ido Cohen

Erik Voss

Ronald Zibelli

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Summit Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

*	The Fund’s oldest share class (Class P) does not have a sales charge; therefore, the second-oldest share classes with a sales charge (Class A and Class C) are also included in the chart.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Summit Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	8.05	%
10 Years	11.63
5 Years	7.09
1 Year	-37.05

Class C Shares
Inception (10/31/05)	8.02	%
10 Years	11.59
5 Years	7.49
1 Year	-34.46

Class P Shares
Inception (11/1/82)	9.43	%
10 Years	12.43
5 Years	8.48
1 Year	-33.32

Class S Shares
Inception (9/25/09)	11.71	%
10 Years	12.37
5 Years	8.43
1 Year	-33.33

Class Y Shares
Inception (10/3/08)	10.59	%
10 Years	12.52
5 Years	8.57
1 Year	-33.26

Class R5 Shares
Inception (10/3/08)	10.67	%
10 Years	12.58
5 Years	8.57
1 Year	-33.27

Class R6 Shares
10 Years	12.45	%
5 Years	8.63
1 Year	-33.22

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.


5		Invesco Summit Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

∎	The Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

∎	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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Summit Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		37.61	%

Health Care		14.50

Consumer Discretionary		13.61

Communication Services		12.06

Industrials		9.00

Energy		4.36

Financials		2.43

Real Estate		2.21

Other Sectors, Each Less than 2% of Net Assets		2.84

Money Market Funds Plus Other Assets Less Liabilities		1.38

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		7.71	%

2.	Amazon.com, Inc.		5.77

3.	Apple, Inc.		5.32

4.	Alphabet, Inc., Class C		4.27

5.	Mastercard, Inc., Class A		3.72

6.	UnitedHealth Group, Inc.		2.50

7.	Danaher Corp.		2.02

8.	EPR Properties		2.01

9.	Intuit, Inc.		1.79

10.	ServiceNow, Inc.		1.71

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Summit Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value
Common Stocks & Other Equity Interests–98.62%

Advertising–0.90%
Trade Desk, Inc. (The), Class A^(b)(c)		416,057	$ 22,150,875

Aerospace & Defense–2.87%
Airbus SE (France)		141,300	15,301,717
General Dynamics Corp.		116,550	29,114,190
Northrop Grumman Corp.		48,600	26,681,886
			71,097,793

Agricultural & Farm Machinery–1.08%
Deere & Co.		67,770	26,824,721

Apparel Retail–0.18%
MYT Netherlands Parent B.V., ADR (Germany)^(b)		384,429	4,394,023

Application Software–6.09%
Adobe, Inc.^(b)		20,430	6,506,955
Atlassian Corp., Class A^(b)		58,500	11,859,705
HubSpot, Inc.^(b)(c)		26,550	7,873,668
Intuit, Inc.		103,770	44,361,675
Paylocity Holding Corp.^(b)		119,700	27,745,263
salesforce.com, inc.^(b)		130,323	21,189,217
Synopsys, Inc.^(b)		68,940	20,168,397
Unity Software, Inc.^(b)(c)		250,200	7,380,900
Workday, Inc., Class A^(b)		24,300	3,786,426
			150,872,206

Asset Management & Custody Banks–0.52%
KKR & Co., Inc., Class A^(c)		265,400	12,906,402

Automobile Manufacturers–1.52%
General Motors Co.		174,600	6,853,050
Rivian Automotive, Inc., Class A^(b)(c)		142,445	4,981,302
Tesla, Inc.^(b)		113,760	25,884,950
			37,719,302

Automotive Retail–0.35%
AutoZone, Inc.^(b)		3,370	8,535,806

Biotechnology–2.38%
AbbVie, Inc.		147,600	21,608,640
Alnylam Pharmaceuticals, Inc.^(b)		16,200	3,357,612
Horizon Therapeutics PLC^(b)		141,750	8,833,860
Neurocrine Biosciences, Inc.^(b)		82,440	9,490,493
Regeneron Pharmaceuticals, Inc.^(b)		20,970	15,701,287
			58,991,892

Construction Machinery & Heavy Trucks–0.34%
Caterpillar, Inc.		39,240	8,493,890

Consumer Electronics–0.69%
Sony Group Corp. (Japan)		252,200	17,077,132

Copper–0.42%
Freeport-McMoRan, Inc.		328,500	10,410,165

Data Processing & Outsourced Services–4.89%
Fiserv, Inc.^(b)		63,900	6,565,086
Mastercard, Inc., Class A		280,377	92,014,124


	Shares		Value
Data Processing & Outsourced Services–(continued)
PayPal Holdings, Inc.^(b)		94,500	$ 7,898,310
StoneCo Ltd., Class A (Brazil)^(b)(c)		1,394,100	14,638,050
			121,115,570

Diversified Metals & Mining–0.46%
Glencore PLC (Australia)		2,008,000	11,476,760

Diversified Support Services–0.44%
Cintas Corp.		25,740	11,005,137

Electrical Components & Equipment–1.06%
AMETEK, Inc.		165,420	21,448,357
Generac Holdings, Inc.^(b)		40,860	4,736,083
			26,184,440

Electronic Equipment & Instruments–1.70%
Teledyne Technologies, Inc.^(b)		105,660	42,050,567

Environmental & Facilities Services–1.60%
Clean Harbors, Inc.^(b)		131,760	16,135,330
Waste Connections, Inc.		178,560	23,553,849
			39,689,179

Financial Exchanges & Data–0.30%
Intercontinental Exchange, Inc.		77,744	7,429,994

Food Distributors–0.49%
Performance Food Group Co.^(b)		79,200	4,121,568
Sysco Corp.		93,600	8,102,016
			12,223,584

Food Retail–0.51%
HelloFresh SE (Germany)^(b)		630,000	12,614,263

General Merchandise Stores–0.15%
Target Corp.		23,220	3,813,885

Health Care Equipment–2.23%
DexCom, Inc.^(b)		321,660	38,850,095
Edwards Lifesciences Corp.^(b)		55,800	4,041,594
Intuitive Surgical, Inc.^(b)		50,400	12,422,088
			55,313,777

Health Care Supplies–0.62%
Cooper Cos., Inc. (The)		56,070	15,328,977

Home Improvement Retail–0.78%
Lowe’s Cos., Inc.		99,620	19,420,919

Hotels, Resorts & Cruise Lines–1.68%
Booking Holdings, Inc.^(b)		2,844	5,316,801
Marriott Vacations Worldwide Corp.^(c)		100,710	14,880,910
Travel + Leisure Co.		561,600	21,329,568
			41,527,279

Industrial Machinery–0.59%
Chart Industries, Inc.^(b)(c)		65,880	14,683,334

Insurance Brokers–0.66%
Arthur J. Gallagher & Co.		60,390	11,297,761

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


8		Invesco Summit Fund


	Shares		Value
Insurance Brokers–(continued)
Brown & Brown, Inc.		83,700	$ 4,920,723
			16,218,484

Integrated Oil & Gas–0.88%
Occidental Petroleum Corp.		124,174	9,015,032
Suncor Energy, Inc. (Canada)		374,664	12,887,111
			21,902,143

Interactive Home Entertainment–3.79%
Electronic Arts, Inc.		190,283	23,968,047
Nintendo Co. Ltd. (Japan)^(c)		792,000	32,273,879
Sea Ltd., ADR (Singapore)^(b)(c)		154,350	7,668,108
Take-Two Interactive Software, Inc.^(b)		253,290	30,009,799
			93,919,833

Interactive Media & Services–5.82%
Alphabet, Inc., Class A^(b)		8,280	782,543
Alphabet, Inc., Class C^(b)		1,118,160	105,845,025
Bumble, Inc., Class A^(b)(c)		206,600	5,247,640
Kuaishou Technology (China)^(b)(d)		1,679,400	6,927,851
Meta Platforms, Inc., Class A^(b)		34,380	3,202,841
ZoomInfo Technologies, Inc., Class A^(b)		495,600	22,069,068
			144,074,968

Internet & Direct Marketing Retail–7.72%
Amazon.com, Inc.^(b)		1,395,450	142,949,898
Farfetch Ltd., Class A (United Kingdom)^(b)(c)		2,536,200	21,506,976
JD.com, Inc., ADR (China)		320,298	11,943,913
MercadoLibre, Inc. (Brazil)^(b)		13,365	12,050,151
Overstock.com, Inc.^(b)(c)		113,580	2,640,735
			191,091,673

Internet Services & Infrastructure–1.77%
Cloudflare, Inc., Class A^(b)		187,200	10,543,104
MongoDB, Inc.^(b)		93,680	17,146,250
Snowflake, Inc., Class A^(b)		99,900	16,013,970
			43,703,324

IT Consulting & Other Services–0.32%
EPAM Systems, Inc.^(b)		22,500	7,875,000

Leisure Facilities–0.54%
Life Time Group Holdings, Inc.^(b)(c)		1,270,165	13,324,031

Life Sciences Tools & Services–2.81%
Avantor, Inc.^(b)		248,400	5,010,228
Charles River Laboratories International, Inc.^(b)		69,480	14,747,130
Danaher Corp.		198,360	49,921,261
			69,678,619

Managed Health Care–4.10%
Elevance Health, Inc.		39,134	21,397,297
Humana, Inc.		32,760	18,282,701
UnitedHealth Group, Inc.		111,510	61,904,776
			101,584,774

Movies & Entertainment–1.55%
IMAX Corp.^(b)(c)		429,300	5,464,989
Netflix, Inc.^(b)		112,500	32,836,500
			38,301,489


	Shares		Value
Oil & Gas Equipment & Services–2.09%
Halliburton Co.		108,000	$ 3,933,360
Schlumberger Ltd.		619,200	32,216,976
TechnipFMC PLC (United Kingdom)^(b)		1,481,600	15,690,144
			51,840,480

Oil & Gas Exploration & Production–1.12%
Antero Resources Corp.^(b)		126,710	4,645,188
Chord Energy Corp.		82,530	12,634,518
Denbury, Inc.^(b)		113,400	10,365,894
			27,645,600

Oil & Gas Refining & Marketing–0.27%
Valero Energy Corp.		53,861	6,762,249

Other Diversified Financial Services–0.17%
Apollo Global Management, Inc.		76,438	4,231,608

Packaged Foods & Meats–0.25%
Tyson Foods, Inc., Class A		89,100	6,089,985

Pharmaceuticals–2.36%
Bayer AG (Germany)		687,600	36,172,579
Eli Lilly and Co.		61,550	22,286,640
			58,459,219

Property & Casualty Insurance–0.63%
Chubb Ltd.		26,190	5,627,969
Progressive Corp. (The)		77,400	9,938,160
			15,566,129

Regional Banks–0.15%
Silvergate Capital Corp., Class A^(b)(c)		29,610	1,680,664
SVB Financial Group^(b)		8,466	1,955,307
			3,635,971

Semiconductor Equipment–0.84%
ASML Holding N.V., New York Shares (Netherlands)		19,565	9,242,897
Enphase Energy, Inc.^(b)		37,440	11,494,080
			20,736,977

Semiconductors–3.85%
Advanced Micro Devices, Inc.^(b)		200,700	12,054,042
Marvell Technology, Inc.		222,300	8,820,864
Monolithic Power Systems, Inc.		70,740	24,012,693
NVIDIA Corp.		297,630	40,171,121
QUALCOMM, Inc.		87,480	10,292,897
			95,351,617

Soft Drinks–0.63%
Monster Beverage Corp.^(b)		165,600	15,520,032

Specialized REITs–2.21%
EPR Properties		1,286,100	49,643,460
SBA Communications Corp., Class A		18,720	5,052,528
			54,695,988

Specialty Chemicals–0.08%
Danimer Scientific, Inc.^(b)(c)		729,000	1,909,980

Systems Software–12.83%
Crowdstrike Holdings, Inc., Class A^(b)		72,630	11,707,956
Darktrace PLC (United Kingdom)^(b)		1,658,863	6,778,521

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


9		Invesco Summit Fund


	Shares		Value


Systems Software–(continued)
Gitlab, Inc., Class A^(b)(c)		206,967	$	10,029,621


KnowBe4, Inc., Class A^(b)		564,300		13,870,494


Microsoft Corp.		822,600		190,950,138


Palo Alto Networks, Inc.^(b)		215,430		36,965,634


ServiceNow, Inc.^(b)(c)		100,440		42,259,125


Zscaler, Inc.^(b)		33,400		5,146,940


				317,708,429



Technology Hardware, Storage & Peripherals–5.32%
Apple, Inc.		859,202		131,750,035



Trading Companies & Distributors–0.62%
Fastenal Co.		202,500		9,786,825


United Rentals, Inc.^(b)		17,280		5,455,469


				15,242,294



Trucking–0.40%
Lyft, Inc., Class A^(b)		595,800		8,722,512


TuSimple Holdings, Inc., Class A^(b)(c)		350,100		1,200,843


				9,923,355


Total Common Stocks & Other Equity Interests (Cost $1,889,734,745)				2,442,096,158



Money Market Funds–1.19%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)		10,299,580		10,299,580


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(e)(f)		7,416,107	$	7,417,590


Invesco Treasury Portfolio, Institutional Class, 3.08%^(e)(f)		11,770,948		11,770,948


Total Money Market Funds (Cost $29,486,536)				29,488,118


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% (Cost $1,919,221,281)				2,471,584,276



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–4.59%

Invesco Private Government Fund, 3.18%^(e)(f)(g)		29,567,684		29,567,684


Invesco Private Prime Fund, 3.28%^(e)(f)(g)		84,109,480		84,109,480


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $113,676,854)				113,677,164


TOTAL INVESTMENTS IN SECURITIES–104.40% (Cost $2,032,898,135)				2,585,261,440


OTHER ASSETS LESS LIABILITIES–(4.40)%				(108,926,110	)


NET ASSETS–100.00%			$	2,476,335,330

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


								Change in		Realized
	Value		Purchases		Proceeds			Unrealized		Gain			Value
	October 31, 2021		at Cost		from Sales			Appreciation		(Loss)			October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 245,551		$ 183,519,785	$	(173,465,756	)		$ -	$	-			$ 10,299,580		$ 85,274
Invesco Liquid Assets Portfolio, Institutional Class		-		131,085,561		(123,666,470	)		1,582		(3,083	)		7,417,590		61,688
Invesco Treasury Portfolio, Institutional Class		504,700		209,736,896		(198,470,648	)		-		-			11,770,948		92,890
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		71,898,426		576,623,201		(618,953,943	)		-		-			29,567,684		468,143	*
Invesco Private Prime Fund		167,762,995		1,101,116,032		(1,184,723,665	)		308		(46,190	)		84,109,480		1,296,023	*
Total		$240,411,672		$2,202,081,475	$	(2,299,280,482	)		$1,890	$	(49,273	)		$143,165,282		$2,004,018

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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


10		Invesco Summit Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,889,734,745)*	$	2,442,096,158


Investments in affiliated money market funds, at value (Cost $143,163,390)		143,165,282


Foreign currencies, at value (Cost $96,309)		97,916


Receivable for:
Investments sold		12,534,823


Fund shares sold		246,465


Dividends		2,055,417


Investment for trustee deferred compensation and retirement plans		284,764


Other assets		153,729


Total assets		2,600,634,554



Liabilities:
Payable for:
Investments purchased		8,154,059


Fund shares reacquired		1,390,521


Collateral upon return of securities loaned		113,676,854


Accrued fees to affiliates		661,267


Accrued trustees’ and officers’ fees and benefits		2,639


Accrued other operating expenses		95,511


Trustee deferred compensation and retirement plans		318,373


Total liabilities		124,299,224


Net assets applicable to shares outstanding	$	2,476,335,330



Net assets consist of:
Shares of beneficial interest	$	1,776,130,269


Distributable earnings		700,205,061


	$	2,476,335,330


Net Assets:
Class A	$	293,295,057


Class C	$	16,612,959


Class P	$	2,086,384,189


Class S	$	3,630,646


Class Y	$	61,281,638


Class R5	$	801,477


Class R6	$	14,329,364



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,003,564


Class C		1,110,315


Class P		110,448,969


Class S		195,029


Class Y		3,241,890


Class R5		42,153


Class R6		750,965


Class A:
Net asset value per share	$	18.33


Maximum offering price per share
(Net asset value of $18.33 ÷ 94.50%)	$	19.40


Class C:
Net asset value and offering price per share	$	14.96


Class P:
Net asset value and offering price per share	$	18.89


Class S:
Net asset value and offering price per share	$	18.62


Class Y:
Net asset value and offering price per share	$	18.90


Class R5:
Net asset value and offering price per share	$	19.01


Class R6:
Net asset value and offering price per share	$	19.08

*	At October 31, 2022, securities with an aggregate value of $110,018,715 were on loan to brokers.

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


11		Invesco Summit Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest	$	3,404


Dividends (net of foreign withholding taxes of $679,290)		24,810,611


Dividends from affiliated money market funds (includes net securities lending income of $649,668)		889,520


Foreign withholding tax claims		47,422


Total investment income		25,750,957



Expenses:
Advisory fees		19,376,439


Administrative services fees		443,052


Custodian fees		117,536


Distribution fees:
Class A		919,782


Class C		226,907


Class P		2,593,536


Class S		6,644


Transfer agent fees – A, C, P, S and Y		2,128,440


Transfer agent fees – R5		1,107


Transfer agent fees – R6		5,542


Trustees’ and officers’ fees and benefits		44,629


Registration and filing fees		288,898


Reports to shareholders		17,512


Professional services fees		78,558


Other		39,917


Total expenses		26,288,499


Less: Fees waived and/or expense offset arrangement(s)		(31,259	)


Net expenses		26,257,240


Net investment income (loss)		(506,283	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		168,358,764


Affiliated investment securities		(49,273	)


Foreign currencies		(222,137	)


		168,087,354


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,458,247,634	)


Affiliated investment securities		1,890


Foreign currencies		(20,446	)


		(1,458,266,190	)


Net realized and unrealized gain (loss)		(1,290,178,836	)


Net increase (decrease) in net assets resulting from operations	$	(1,290,685,119	)

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


12		Invesco Summit Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(506,283	)	$	(14,684,582	)


Net realized gain		168,087,354			682,759,961


Change in net unrealized appreciation (depreciation)		(1,458,266,190	)		419,938,569


Net increase (decrease) in net assets resulting from operations		(1,290,685,119	)		1,088,013,948



Distributions to shareholders from distributable earnings:
Class A		(78,272,021	)		(21,485,204	)


Class C		(5,900,518	)		(2,085,345	)


Class P		(532,643,508	)		(188,404,827	)


Class S		(908,447	)		(318,745	)


Class Y		(13,495,999	)		(4,370,535	)


Class R5		(286,940	)		(69,406	)


Class R6		(3,733,745	)		(1,159,595	)


Total distributions from distributable earnings		(635,241,178	)		(217,893,657	)



Share transactions–net:
Class A		50,497,336			86,123,809


Class C		1,157,785			525,710


Class P		337,150,527			(59,048,995	)


Class S		770,393			(76,652	)


Class Y		17,588,619			23,494,634


Class R5		(307,978	)		504,909


Class R6		1,937,178			2,413,489


Net increase in net assets resulting from share transactions		408,793,860			53,936,904


Net increase (decrease) in net assets		(1,517,132,437	)		924,057,195



Net assets:
Beginning of year		3,993,467,767			3,069,410,572


End of year	$	2,476,335,330		$	3,993,467,767

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


13		Invesco Summit Fund

Financial Highlights

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
Year ended 10/31/22		$33.40		$(0.03	)		$(9.58	)		$(9.61	)		$ -			$(5.46	)		$(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	)		(1.90	)		33.40		35.85			476,470		0.99			0.99			(0.53	)		47
Year ended 10/31/20		21.77		(0.07	)		6.42			6.35			-			(1.87	)		(1.87	)		26.25		31.23			299,616		0.99			0.99			(0.30	)		38
Year ended 10/31/19		20.75		(0.04	)		3.17			3.13			-			(2.11	)		(2.11	)		21.77		17.36			169,883		1.01			1.01			(0.18	)		29
Year ended 10/31/18		20.14		(0.05	)		1.41			1.36			-			(0.75	)		(0.75	)		20.75		6.95			114,570		1.02			1.02			(0.24	)		35
Class C
Year ended 10/31/22		28.53		(0.17	)		(7.94	)		(8.11	)		-			(5.46	)		(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	)		(1.90	)		28.53		34.86			31,198		1.74			1.74			(1.28	)		47
Year ended 10/31/20		19.29		(0.22	)		5.62			5.40			-			(1.87	)		(1.87	)		22.82		30.25			24,427		1.74			1.74			(1.05	)		38
Year ended 10/31/19		18.77		(0.17	)		2.80			2.63			-			(2.11	)		(2.11	)		19.29		16.43			15,470		1.76			1.76			(0.93	)		29
Year ended 10/31/18		18.41		(0.19	)		1.30			1.11			-			(0.75	)		(0.75	)		18.77		6.22			16,792		1.77			1.77			(0.99	)		35
Class P
Year ended 10/31/22		34.21		0.00			(9.86	)		(9.86	)		-			(5.46	)		(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	)		(1.90	)		34.21		36.09			3,369,237		0.84			0.84			(0.38	)		47
Year ended 10/31/20		22.16		(0.04	)		6.55			6.51			-			(1.87	)		(1.87	)		26.80		31.42			2,675,601		0.84			0.84			(0.15	)		38
Year ended 10/31/19		21.05		(0.01	)		3.23			3.22			-			(2.11	)		(2.11	)		22.16		17.55			2,204,984		0.86			0.86			(0.03	)		29
Year ended 10/31/18		20.39		(0.02	)		1.43			1.41			(0.00	)		(0.75	)		(0.75	)		21.05		7.13			2,024,211		0.87			0.87			(0.09	)		35
Class S
Year ended 10/31/22		33.81		(0.01	)		(9.72	)		(9.73	)		-			(5.46	)		(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	)		(1.90	)		33.81		36.02			5,626		0.89			0.89			(0.43	)		47
Year ended 10/31/20		21.95		(0.05	)		6.49			6.44			-			(1.87	)		(1.87	)		26.52		31.40			4,435		0.89			0.89			(0.20	)		38
Year ended 10/31/19		20.89		(0.02	)		3.19			3.17			-			(2.11	)		(2.11	)		21.95		17.44			3,711		0.91			0.91			(0.08	)		29
Year ended 10/31/18		20.24		(0.03	)		1.43			1.40			-			(0.75	)		(0.75	)		20.89		7.12			3,405		0.92			0.92			(0.14	)		35
Class Y
Year ended 10/31/22		34.20		0.02			(9.86	)		(9.84	)		-			(5.46	)		(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	)		(1.90	)		34.20		36.22			85,356		0.74			0.74			(0.28	)		47
Year ended 10/31/20		22.12		(0.01	)		6.53			6.52			-			(1.87	)		(1.87	)		26.77		31.53			47,894		0.74			0.74			(0.05	)		38
Year ended 10/31/19		21.00		0.02			3.21			3.23			-			(2.11	)		(2.11	)		22.12		17.65			13,414		0.76			0.76			0.07			29
Year ended 10/31/18		20.34		0.00			1.43			1.43			(0.02	)		(0.75	)		(0.77	)		21.00		7.25			14,818		0.77			0.77			0.01			35
Class R5
Year ended 10/31/22		34.37		0.02			(9.92	)		(9.90	)		-			(5.46	)		(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	)		(1.90	)		34.37		36.14			1,848		0.77			0.77			(0.31	)		47
Year ended 10/31/20		22.22		(0.02	)		6.58			6.56			-			(1.87	)		(1.87	)		26.91		31.57			1,002		0.76			0.76			(0.07	)		38
Year ended 10/31/19		21.09		0.01			3.23			3.24			-			(2.11	)		(2.11	)		22.22		17.63			96		0.77			0.77			0.06			29
Year ended 10/31/18		20.42		0.01			1.43			1.44			(0.02	)		(0.75	)		(0.77	)		21.09		7.30			73		0.72			0.72			0.06			35
Class R6
Year ended 10/31/22		34.45		0.03			(9.94	)		(9.91	)		-			(5.46	)		(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	)		(1.90	)		34.45		36.24			23,732		0.70			0.70			(0.24	)		47
Year ended 10/31/20		22.24		(0.00	)		6.58			6.58			-			(1.87	)		(1.87	)		26.95		31.64			16,436		0.70			0.70			(0.01	)		38
Year ended 10/31/19		21.09		0.03			3.23			3.26			-			(2.11	)		(2.11	)		22.24		17.73			12,556		0.71			0.71			0.12			29
Year ended 10/31/18		20.42		0.01			1.43			1.44			(0.02	)		(0.75	)		(0.77	)		21.09		7.29			11,057		0.72			0.72			0.06			35

^(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.

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


14		Invesco Summit Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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.


15		Invesco Summit Fund

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.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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 year ended October 31, 2022, the Fund did not enter into any closing agreements.


16		Invesco Summit Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $31,692 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services 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.

M.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

Because the Fund evaluates environmental, social and governance (“ESG”) factors to assess and exclude certain investments for non-financial reasons, it may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.


17		Invesco Summit Fund

“Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.85%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $19,582.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares. The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C shares, Class P shares and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A and Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $164,358 in front-end sales commissions from the sale of Class A shares and $5,585 and $2,581 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $153,613 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	$	2,318,775,173	$	123,320,985		$–	$	2,442,096,158


Money Market Funds		29,488,118		113,677,164		–		143,165,282


Total Investments	$	2,348,263,291	$	236,998,149		$–	$	2,585,261,440


18		Invesco Summit Fund

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	33,580,367	$	33,200,087


Long-term capital gain		601,660,811		184,693,570


Total distributions	$	635,241,178	$	217,893,657

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed long-term capital gain	$	212,623,274


Net unrealized appreciation – investments		487,849,614


Net unrealized appreciation (depreciation) – foreign currencies		(29,433	)


Temporary book/tax differences		(238,394	)


Shares of beneficial interest		1,776,130,269


Total net assets	$	2,476,335,330

The Fund does not have a capital loss carryforward as of October 31, 2022.

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 year ended October 31, 2022 was $2,378,901,847 and $2,640,161,222, 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	$ 708,785,435


Aggregate unrealized (depreciation) of investments	(220,935,821	)


Net unrealized appreciation of investments	$ 487,849,614

Cost of investments for tax purposes is $2,097,411,826.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2022, undistributed net investment income (loss) was increased by $453,845, undistributed net realized gain was decreased by $10,005,870 and shares of beneficial interest was increased by $9,552,025. This reclassification had no effect on the net assets of the Fund.


19		Invesco Summit Fund

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022						October 31, 2021
	Shares			Amount			Shares			Amount



Sold:
Class A		3,078,141		$	71,284,538			4,717,122		$	144,763,524


Class C		241,400			4,595,450			331,484			8,717,421


Class P		986,852			23,197,605			848,407			26,475,123


Class S		2,687			62,618			7,275			225,971


Class Y		3,426,993			77,519,531			4,206,882			135,569,317


Class R5		5,415			116,462			23,018			714,053


Class R6		121,196			2,832,188			176,408			5,572,144



Issued as reinvestment of dividends:
Class A		2,912,828			74,394,174			729,758			20,527,681


Class C		262,274			5,505,135			79,694			1,927,797


Class P		19,723,009			518,517,916			6,401,306			184,165,559


Class S		34,274			888,373			10,972			312,050


Class Y		475,616			12,499,183			146,242			4,203,003


Class R5		10,774			284,868			2,336			67,515


Class R6		134,215			3,559,383			39,106			1,131,717



Automatic conversion of Class C shares to Class A shares:
Class A		69,466			1,575,742			163,457			4,930,408


Class C		(84,384	)		(1,575,742	)		(190,458	)		(4,930,408	)



Reacquired:
Class A		(4,320,402	)		(96,757,118	)		(2,760,766	)		(84,097,804	)


Class C		(402,433	)		(7,367,058	)		(197,490	)		(5,189,100	)


Class P		(8,755,394	)		(204,564,994	)		(8,580,070	)		(269,689,677	)


Class S		(8,343	)		(180,598	)		(19,097	)		(614,673	)


Class Y		(3,156,718	)		(72,430,095	)		(3,645,895	)		(116,277,686	)


Class R5		(27,802	)		(709,308	)		(8,821	)		(276,659	)


Class R6		(193,260	)		(4,454,393	)		(136,618	)		(4,290,372	)


Net increase in share activity		14,536,404		$	408,793,860			2,344,252		$	53,936,904


20		Invesco Summit Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Summit Fund (one of the funds constituting AIM Equity Funds (Invesco Equity Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$879.60	$4.74	$1,020.16	$5.09	1.00%
Class C	1,000.00	875.90	8.27	1,016.38	8.89	1.75
Class P	1,000.00	880.20	4.03	1,020.92	4.33	0.85
Class S	1,000.00	880.00	4.26	1,020.67	4.58	0.90
Class Y	1,000.00	880.30	3.55	1,021.42	3.82	0.75
Class R5	1,000.00	880.10	3.70	1,021.27	3.97	0.78
Class R6	1,000.00	880.50	3.37	1,021.63	3.62	0.71

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Summit Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Equity Funds (Invesco Equity Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Summit Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that the Fund, unlike many of its peers and the Index, excludes


23		Invesco Summit Fund

tobacco, alcohol and gambling-related stocks. The Board noted that stock selection in and underweight exposure to certain sectors detracted from the Fund’s short-term performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


24		Invesco Summit Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$612,011,811
Qualified Dividend Income*	45.66	%
Corporate Dividends Received Deduction*	37.52	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$33,580,367


25		Invesco Summit Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Summit Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Summit Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Summit Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Summit Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Summit Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Summit Fund

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

ITEM 2.

CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“PwC”) billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021

Audit Fees	$ 191,294	$ 184,825
Audit-Related Fees	$ 0	$ 0
Tax Fees⁽¹⁾	$ 128,037	$ 153,882
All Other Fees	$ 0	$ 0
Total Fees	$ 319,331	$ 338,707

(1)

Tax Fees for the fiscal years ended October 31, 2022 and October 31, 2021 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$ 760,000	$ 760,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$ 760,000	$ 760,000

(1)	Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or

(c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

●

Actuarial services; and

●

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,322,037 for the fiscal year ended October 31, 2022 and $6,823,882 for the fiscal year ended October 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

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 December 20, 2022 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 December 20, 2022, 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.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Equity Funds (Invesco Equity Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 5, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 5, 2023


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 5, 2023

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

●

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

●

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

●

compliance with applicable governmental laws, rules and regulations;

●

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

●

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

●

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

●

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

●

adhere to a high standard of business ethics; and

●

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of

securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

●

avoid conflicts of interest wherever possible;

●

handle any actual or apparent conflict of interest ethically;

●

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

●

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

●

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

●

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

●

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

●

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

●

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

●

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an

interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

●

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

●

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

●

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

●

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

●

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

●

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any

particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

●

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

●

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

●

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

●

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

●

the CCO will be responsible for granting waivers of this Code, as appropriate; and

●

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.



Date				Name:
				Title:

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Equity Funds (Invesco Equity Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: January 5, 2023				/s/ Sheri Morris
				Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Equity Funds (Invesco Equity Funds);

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: January 5, 2023				/s/ Adrien Deberghes
				Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: January 5, 2023				/s/ Sheri Morris
				Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: January 5, 2023				/s/ Adrien Deberghes
				Adrien Deberghes, Principal Financial Officer