# EDGAR Filing Document

**Accession Number:** 0000105377
**File Stem:** 0001145549-25-045426
**Filing Date:** 2025-7
**Character Count:** 728779
**Document Hash:** 90c04688f05ef5f7032efabfdd0ec819
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045426.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001145549-25-045426

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
- **CENTRAL INDEX KEY:** 0000105377

**ORGANIZATION NAME:**
- **EIN:** 132576643
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01424
- **FILM NUMBER:** 251098412

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLZ
- **STREET 2:** STE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20000713

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEINGARTEN EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19880929

## Series and Classes Contracts Data

### Invesco Charter Fund (Series ID: S000000277)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000677 | Class A      | CHTRX           |
| C000000679 | Class C      | CHTCX           |
| C000000680 | Class R      | CHRRX           |
| C000021943 | CLASS R5     | CHTVX           |
| C000069441 | Class Y      | CHTYX           |
| C000081511 | CLASS S      | CHRSX           |
| C000120713 | Class R6     | CHFTX           |

### Invesco Diversified Dividend Fund (Series ID: S000000281)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000691 | Class A        | LCEAX           |
| C000000693 | Class C        | LCEVX           |
| C000021945 | CLASS R5       | DDFIX           |
| C000029594 | Class R        | DDFRX           |
| C000029595 | Investor Class | LCEIX           |
| C000069443 | Class Y        | LCEYX           |
| C000120714 | Class R6       | LCEFX           |

### INVESCO SUMMIT FUND (Series ID: S000022173)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063683 | CLASS A      | ASMMX           |
| C000063685 | CLASS C      | CSMMX           |
| C000063686 | CLASS P      | SMMIX           |
| C000069444 | Class Y      | ASMYX           |
| C000069445 | CLASS R5     | SMITX           |
| C000081512 | CLASS S      | SMMSX           |
| C000188847 | Class R6     |  |

### Invesco Main Street All Cap Fund (Series ID: S000064631)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209243 | Class R6     |  |
| C000209244 | Class R5     |  |
| C000209245 | Class Y      |  |
| C000209246 | Class R      |  |
| C000209247 | Class C      |  |
| C000209248 | Class A      |  |

### Invesco Main Street Fund (Series ID: S000064632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209253 | Class C      |  |
| C000209256 | Class R      |  |
| C000209258 | Class Y      |  |
| C000209260 | Class R5     |  |
| C000209264 | Class R6     |  |
| C000209266 | Class A      |  |

### Invesco Rising Dividends Fund (Series ID: S000064633)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209268 | Class C      |  |
| C000209270 | Class R      |  |
| C000209271 | Class Y      |  |
| C000209272 | Class R5     |  |
| C000209273 | Class R6     |  |
| C000209276 | Class A      |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-01424

#### AIM Equity Funds (Invesco Equity Funds)
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### April 30, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class A: CHTRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Charter Fund<br>(Class A) | $50 | 1.01% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333771.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-A **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class C: CHTCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Charter Fund<br> (Class C) | $86 | 1.76% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333750.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-C **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class R: CHRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Charter Fund<br> (Class R) | $62 | 1.26% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333729.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-R **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class S: CHRSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Charter Fund<br> (Class S) | $45 | 0.91% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333645.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-S **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class Y: CHTYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Charter Fund<br> (Class Y) | $37 | 0.76% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333708.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-Y **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class R5: CHTVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Charter Fund<br>(Class R5) | $37 | 0.75% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333687.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-R5 **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Charter Fund

### Class R6: CHFTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Charter Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Charter Fund<br>(Class R6) | $33 | 0.68% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3215050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333666.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CHT-SAR-R6 **Invesco Charter Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class A: LCEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br>(Class A) | $41 | 0.83% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333918.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-A **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class C: LCEVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br>(Class C) | $78 | 1.58% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333897.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-C **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class R: DDFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br>(Class R) | $53 | 1.08% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333876.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-R **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class Y: LCEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br> (Class Y) | $29 | 0.58% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333855.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-Y **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Investor Class: LCEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br> (Investor Class) | $37 | 0.76% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333834.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-INV **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class R5: DDFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br> (Class R5) | $27 | 0.54% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333813.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-R5 **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Diversified Dividend Fund

### Class R6: LCEFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Diversified Dividend Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Diversified Dividend Fund<br> (Class R6) | $23 | 0.47% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9914784562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333792.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DDI-SAR-R6 **Invesco Diversified Dividend Fund**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class A: OMSOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class A) | $501.02%<sup>†</sup> |

---

---

| | |
|:---|:---|
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333477.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-A **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class C: OMSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class C) | $871.78%<sup>†</sup> |

---

---

| | |
|:---|:---|
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333456.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-C **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class R: OMSNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class R) | $631.28%<sup>†</sup> |

---

---

| | |
|:---|:---|
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333435.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-R **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class Y: OMSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class Y) | $380.78%<sup>†</sup> |

---

---

| | |
|:---|:---|
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333372.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-Y **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class R5: MSAZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class R5) | $34 | 0.70% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333414.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-R5 **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street All Cap Fund<sup>®</sup>

### Class R6: IOAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street All Cap Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street All Cap Fund<sup>®</sup><br> (Class R6) | $34 | 0.70% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1396741423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.02% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333393.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSA-SAR-R6 **Invesco Main Street All Cap Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class A: MSIGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class A) | $39 | 0.79% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333351.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-A **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class C: MIGCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class C) | $76 | 1.56% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333330.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-C **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class R: OMGNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class R) | $52 | 1.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333309.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-R **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class Y: MIGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class Y) | $27 | 0.56% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333245.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-Y **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class R5: MSJFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class R5) | $24 | 0.49% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333288.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-R5 **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Main Street Fund<sup>®</sup>

### Class R6: OMSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Fund<sup>®</sup> (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Main Street Fund<sup>®</sup><br> (Class R6) | $24 | 0.49% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9977350202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333256.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MST-SAR-R6 **Invesco Main Street Fund<sup>®</sup>**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class A: OARDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br> (Class A) | $48 | 0.97% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333214.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-A **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class C: OCRDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br> (Class C) | $84 | 1.72% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333203.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-C **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class R: ONRDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br> (Class R) | $60 | 1.22% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333172.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-R **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class Y: OYRDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br>(Class Y) | $35 | 0.72% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333120.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-Y **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class R5: RSDQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br>(Class R5) | $32 | 0.64% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333161.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-R5 **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Rising Dividends Fund

### Class R6: OIRDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rising Dividends Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Rising Dividends Fund<br>(Class R6) | $32 | 0.64% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2992071718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333130.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RISD-SAR-R6 **Invesco Rising Dividends Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class A: ASMMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Summit Fund<br>(Class A) | $47 | 0.98% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333624.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-A **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class C: CSMMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Summit Fund<br>(Class C) | $83 | 1.73% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333603.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-C **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class P: SMMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Summit Fund<br> (Class P) | $40 | 0.83% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333519.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-P **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class S: SMMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Summit Fund<br> (Class S) | $42 | 0.88% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333498.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-S **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class Y: ASMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Summit Fund<br> (Class Y) | $35 | 0.73% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333582.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-Y **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class R5: SMITX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Summit Fund<br> (Class R5) | $33 | 0.69% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333561.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-R5 **Invesco Summit Fund**

![TSR_logo](images_2527.jpg)

### Invesco Summit Fund

### Class R6: SMISX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Summit Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Summit Fund<br> (Class R6) | $33 | 0.69% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3050581119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9333540.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2526.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SUM-SAR-R6 **Invesco Summit Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img1bb572901.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Charter Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_5d471dfa-ca91-4e77-bbd3-ee8df911db7f_SOI-Continued-20_1) | Schedule of Investments |
| [5](#xx_5d471dfa-ca91-4e77-bbd3-ee8df911db7f_FS-Continued-20_1) | Financial Statements |
| [8](#xx_5d471dfa-ca91-4e77-bbd3-ee8df911db7f_FS-Continued-20_4) | Financial Highlights |
| [9](#xx_5d471dfa-ca91-4e77-bbd3-ee8df911db7f_NTF-Continued-20_1) | Notes to Financial Statements |
| [15](#xx_5d471dfa-ca91-4e77-bbd3-ee8df911db7f_OIRSR-Continued-20_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.27%** | **Common Stocks & Other Equity Interests–98.27%** | **Common Stocks & Other Equity Interests–98.27%** |
| **Aerospace & Defense–2.92%** | **Aerospace & Defense–2.92%** | **Aerospace & Defense–2.92%** |
| Airbus SE (France) | 212643 | &nbsp;&nbsp; $36083496 |
| Howmet Aerospace, Inc. | 243039 | &nbsp;&nbsp; 33680345 |
| Northrop Grumman Corp. | 49878 | &nbsp;&nbsp; 24265647 |
|  |  | &nbsp;&nbsp; 94029488 |
| **Application Software–2.59%** | **Application Software–2.59%** | **Application Software–2.59%** |
| Intuit, Inc. | 56800 | &nbsp;&nbsp; 35640296 |
| Salesforce, Inc. | 177478 | &nbsp;&nbsp; 47690113 |
|  |  | &nbsp;&nbsp; 83330409 |
| **Asset Management & Custody Banks–0.98%** | **Asset Management & Custody Banks–0.98%** | **Asset Management & Custody Banks–0.98%** |
| BlackRock, Inc. | 34555 | &nbsp;&nbsp; 31592254 |
| **Automobile Manufacturers–0.23%** | **Automobile Manufacturers–0.23%** | **Automobile Manufacturers–0.23%** |
| Tesla, Inc.<sup>(b)</sup>  | 26478 | &nbsp;&nbsp; 7471032 |
| **Broadline Retail–4.24%** | **Broadline Retail–4.24%** | **Broadline Retail–4.24%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 738690 | &nbsp;&nbsp; 136229210 |
| **Building Products–0.85%** | **Building Products–0.85%** | **Building Products–0.85%** |
| Johnson Controls International PLC | 327262 | &nbsp;&nbsp; 27457282 |
| **Cable & Satellite–0.66%** | **Cable & Satellite–0.66%** | **Cable & Satellite–0.66%** |
| Comcast Corp., Class A | 618973 | &nbsp;&nbsp; 21168877 |
| **Communications Equipment–1.95%** | **Communications Equipment–1.95%** | **Communications Equipment–1.95%** |
| Cisco Systems, Inc. | 640471 | &nbsp;&nbsp; 36974391 |
| Motorola Solutions, Inc. | 58595 | &nbsp;&nbsp; 25804652 |
|  |  | &nbsp;&nbsp; 62779043 |
| **Construction Materials–1.09%** | **Construction Materials–1.09%** | **Construction Materials–1.09%** |
| CRH PLC | 365994 | &nbsp;&nbsp; 34923148 |
| **Consumer Finance–1.95%** | **Consumer Finance–1.95%** | **Consumer Finance–1.95%** |
| American Express Co. | 115692 | &nbsp;&nbsp; 30821506 |
| Discover Financial Services | 173938 | &nbsp;&nbsp; 31773254 |
|  |  | &nbsp;&nbsp; 62594760 |
| **Consumer Staples Merchandise Retail–2.06%** | **Consumer Staples Merchandise Retail–2.06%** | **Consumer Staples Merchandise Retail–2.06%** |
| Walmart, Inc. | 680826 | &nbsp;&nbsp; 66210329 |
| **Data Center REITs–0.73%** | **Data Center REITs–0.73%** | **Data Center REITs–0.73%** |
| Digital Realty Trust, Inc. | 146488 | &nbsp;&nbsp; 23517184 |
| **Distillers & Vintners–0.63%** | **Distillers & Vintners–0.63%** | **Distillers & Vintners–0.63%** |
| Constellation Brands, Inc., Class A | 108105 | &nbsp;&nbsp; 20274012 |
| **Diversified Banks–4.96%** | **Diversified Banks–4.96%** | **Diversified Banks–4.96%** |
| JPMorgan Chase & Co. | 389530 | &nbsp;&nbsp; 95286828 |
| U.S. Bancorp | 478746 | &nbsp;&nbsp; 19312614 |
| Wells Fargo & Co. | 629880 | &nbsp;&nbsp; 44727779 |
|  |  | &nbsp;&nbsp; 159327221 |
| **Electric Utilities–1.91%** | **Electric Utilities–1.91%** | **Electric Utilities–1.91%** |
| Constellation Energy Corp. | 108436 | &nbsp;&nbsp; 24228940 |
| PPL Corp.<sup>(c)</sup>  | 1017424 | &nbsp;&nbsp; 37135976 |
|  |  | &nbsp;&nbsp; 61364916 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–2.62%** | **Electrical Components & Equipment–2.62%** | **Electrical Components & Equipment–2.62%** |
| Emerson Electric Co. | 336743 | &nbsp;&nbsp; $35395057 |
| Hubbell, Inc. | 71629 | &nbsp;&nbsp; 26014220 |
| Rockwell Automation, Inc. | 92432 | &nbsp;&nbsp; 22893558 |
|  |  | &nbsp;&nbsp; 84302835 |
| **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** | **Financial Exchanges & Data–1.02%** |
| Cboe Global Markets, Inc. | 147180 | &nbsp;&nbsp; 32644524 |
| **Health Care Distributors–1.38%** | **Health Care Distributors–1.38%** | **Health Care Distributors–1.38%** |
| McKesson Corp. | 62429 | &nbsp;&nbsp; 44498767 |
| **Health Care Equipment–3.50%** | **Health Care Equipment–3.50%** | **Health Care Equipment–3.50%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 481013 | &nbsp;&nbsp; 49481807 |
| Medtronic PLC | 410914 | &nbsp;&nbsp; 34829071 |
| Zimmer Biomet Holdings, Inc. | 274479 | &nbsp;&nbsp; 28285061 |
|  |  | &nbsp;&nbsp; 112595939 |
| **Health Care Facilities–0.76%** | **Health Care Facilities–0.76%** | **Health Care Facilities–0.76%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 170727 | &nbsp;&nbsp; 24405425 |
| **Health Care Supplies–0.71%** | **Health Care Supplies–0.71%** | **Health Care Supplies–0.71%** |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 277552 | &nbsp;&nbsp; 22667672 |
| **Home Improvement Retail–1.35%** | **Home Improvement Retail–1.35%** | **Home Improvement Retail–1.35%** |
| Lowe's Cos., Inc. | 193505 | &nbsp;&nbsp; 43259978 |
| **Hotels, Resorts & Cruise Lines–2.08%** | **Hotels, Resorts & Cruise Lines–2.08%** | **Hotels, Resorts & Cruise Lines–2.08%** |
| Marriott International, Inc., Class A | 132002 | &nbsp;&nbsp; 31493037 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 164922 | &nbsp;&nbsp; 35443387 |
|  |  | &nbsp;&nbsp; 66936424 |
| **Household Products–2.01%** | **Household Products–2.01%** | **Household Products–2.01%** |
| Procter & Gamble Co. (The) | 397013 | &nbsp;&nbsp; 64542403 |
| **Human Resource & Employment Services–0.97%** | **Human Resource & Employment Services–0.97%** | **Human Resource & Employment Services–0.97%** |
| Paylocity Holding Corp.<sup>(b)</sup>  | 163122 | &nbsp;&nbsp; 31335736 |
| **Industrial REITs–1.17%** | **Industrial REITs–1.17%** | **Industrial REITs–1.17%** |
| Prologis, Inc. | 366997 | &nbsp;&nbsp; 37507093 |
| **Insurance Brokers–1.26%** | **Insurance Brokers–1.26%** | **Insurance Brokers–1.26%** |
| Arthur J. Gallagher & Co. | 125949 | &nbsp;&nbsp; 40390585 |
| **Integrated Oil & Gas–1.51%** | **Integrated Oil & Gas–1.51%** | **Integrated Oil & Gas–1.51%** |
| Chevron Corp. | 357845 | &nbsp;&nbsp; 48688391 |
| **Interactive Media & Services–4.68%** | **Interactive Media & Services–4.68%** | **Interactive Media & Services–4.68%** |
| Alphabet, Inc., Class A | 433171 | &nbsp;&nbsp; 68787555 |
| Meta Platforms, Inc., Class A | 148619 | &nbsp;&nbsp; 81591831 |
|  |  | &nbsp;&nbsp; 150379386 |
| **Investment Banking & Brokerage–2.43%** | **Investment Banking & Brokerage–2.43%** | **Investment Banking & Brokerage–2.43%** |
| Charles Schwab Corp. (The) | 650635 | &nbsp;&nbsp; 52961689 |
| Raymond James Financial, Inc. | 183056 | &nbsp;&nbsp; 25085994 |
|  |  | &nbsp;&nbsp; 78047683 |
| **IT Consulting & Other Services–1.12%** | **IT Consulting & Other Services–1.12%** | **IT Consulting & Other Services–1.12%** |
| Accenture PLC, Class A (Ireland) | 120060 | &nbsp;&nbsp; 35915949 |

---

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

**2**

**Invesco Charter Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Life Sciences Tools & Services–1.11%** | **Life Sciences Tools & Services–1.11%** | **Life Sciences Tools & Services–1.11%** |
| Lonza Group AG (Switzerland) | 49893 | &nbsp;&nbsp; $35848579 |
| **Managed Health Care–1.71%** | **Managed Health Care–1.71%** | **Managed Health Care–1.71%** |
| UnitedHealth Group, Inc. | 133869 | &nbsp;&nbsp; 55079061 |
| **Multi-line Insurance–1.30%** | **Multi-line Insurance–1.30%** | **Multi-line Insurance–1.30%** |
| American International Group, Inc. | 514243 | &nbsp;&nbsp; 41921089 |
| **Multi-Utilities–0.89%** | **Multi-Utilities–0.89%** | **Multi-Utilities–0.89%** |
| Ameren Corp. | 286795 | &nbsp;&nbsp; 28461536 |
| **Oil & Gas Exploration & Production–1.07%** | **Oil & Gas Exploration & Production–1.07%** | **Oil & Gas Exploration & Production–1.07%** |
| ConocoPhillips | 386928 | &nbsp;&nbsp; 34483023 |
| **Oil & Gas Storage & Transportation–1.02%** | **Oil & Gas Storage & Transportation–1.02%** | **Oil & Gas Storage & Transportation–1.02%** |
| Cheniere Energy, Inc. | 141885 | &nbsp;&nbsp; 32791042 |
| **Passenger Ground Transportation–1.06%** | **Passenger Ground Transportation–1.06%** | **Passenger Ground Transportation–1.06%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 420121 | &nbsp;&nbsp; 34034002 |
| **Personal Care Products–1.44%** | **Personal Care Products–1.44%** | **Personal Care Products–1.44%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 371075 | &nbsp;&nbsp; 28624726 |
| Estee Lauder Cos., Inc. (The), Class A | 297268 | &nbsp;&nbsp; 17824189 |
|  |  | &nbsp;&nbsp; 46448915 |
| **Pharmaceuticals–3.02%** | **Pharmaceuticals–3.02%** | **Pharmaceuticals–3.02%** |
| Eli Lilly and Co. | 73926 | &nbsp;&nbsp; 66455778 |
| Sanofi S.A., ADR | 555948 | &nbsp;&nbsp; 30549342 |
|  |  | &nbsp;&nbsp; 97005120 |
| **Property & Casualty Insurance–0.88%** | **Property & Casualty Insurance–0.88%** | **Property & Casualty Insurance–0.88%** |
| Hartford Insurance Group, Inc. (The) | 229807 | &nbsp;&nbsp; 28190425 |
| **Restaurants–1.28%** | **Restaurants–1.28%** | **Restaurants–1.28%** |
| McDonald's Corp. | 128691 | &nbsp;&nbsp; 41136078 |
| **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** |
| ASML Holding N.V., New York Shares <br> (Netherlands)<sup>(c)</sup>  | 36058 | &nbsp;&nbsp; 24089629 |
| **Semiconductors–8.77%** | **Semiconductors–8.77%** | **Semiconductors–8.77%** |
| Broadcom, Inc. | 352216 | &nbsp;&nbsp; 67791013 |
| NVIDIA Corp. | 1616088 | &nbsp;&nbsp; 176024305 |
| Texas Instruments, Inc. | 238571 | &nbsp;&nbsp; 38183289 |
|  |  | &nbsp;&nbsp; 281998607 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–8.23%** | **Systems Software–8.23%** | **Systems Software–8.23%** | **Systems Software–8.23%** |
| Microsoft Corp. | Microsoft Corp. | 588433 | &nbsp;&nbsp; $232584027 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 33588 | &nbsp;&nbsp; 32076876 |
|  |  |  | &nbsp;&nbsp; 264660903 |
| **Technology Hardware, Storage & Peripherals–5.22%** | **Technology Hardware, Storage & Peripherals–5.22%** | **Technology Hardware, Storage & Peripherals–5.22%** | **Technology Hardware, Storage & Peripherals–5.22%** |
| Apple, Inc. | Apple, Inc. | 789081 | &nbsp;&nbsp; 167679713 |
| **Tobacco–1.74%** | **Tobacco–1.74%** | **Tobacco–1.74%** | **Tobacco–1.74%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 326751 | &nbsp;&nbsp; 55992051 |
| **Transaction & Payment Processing Services–2.46%** | **Transaction & Payment Processing Services–2.46%** | **Transaction & Payment Processing Services–2.46%** | **Transaction & Payment Processing Services–2.46%** |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 186044 | &nbsp;&nbsp; 34338141 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 81780 | &nbsp;&nbsp; 44820347 |
|  |  |  | &nbsp;&nbsp; 79158488 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,151,026,596) | Total Common Stocks & Other Equity Interests <br> (Cost $2,151,026,596) | Total Common Stocks & Other Equity Interests <br> (Cost $2,151,026,596) | &nbsp;&nbsp; 3159366216 |
| **Money Market Funds–1.77%** | **Money Market Funds–1.77%** | **Money Market Funds–1.77%** | **Money Market Funds–1.77%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 19917594 | &nbsp;&nbsp; 19917594 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 37010650 | &nbsp;&nbsp; 37010650 |
| Total Money Market Funds (Cost $56,928,244) | Total Money Market Funds (Cost $56,928,244) | Total Money Market Funds (Cost $56,928,244) | &nbsp;&nbsp; 56928244 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.04% <br> (Cost $2,207,954,840)<br>|  |  | &nbsp;&nbsp; 3216294460 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.33%** | **Money Market Funds–1.33%** | **Money Market Funds–1.33%** | **Money Market Funds–1.33%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 11981532 | &nbsp;&nbsp; 11981532 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 30968932 | &nbsp;&nbsp; 30975126 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,956,658) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,956,658) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,956,658) | &nbsp;&nbsp; 42956658 |
| TOTAL INVESTMENTS IN SECURITIES–101.37% <br> (Cost $2,250,911,498) | TOTAL INVESTMENTS IN SECURITIES–101.37% <br> (Cost $2,250,911,498) | TOTAL INVESTMENTS IN SECURITIES–101.37% <br> (Cost $2,250,911,498) | &nbsp;&nbsp; 3259251118 |
| OTHER ASSETS LESS LIABILITIES—(1.37)% | OTHER ASSETS LESS LIABILITIES—(1.37)% | OTHER ASSETS LESS LIABILITIES—(1.37)% | &nbsp;&nbsp; (44201031)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3215050087 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $8487906 | &nbsp;&nbsp; $104726756 | &nbsp;&nbsp; $(93297068) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $19917594 | &nbsp;&nbsp; $370585 |
| Invesco Treasury Portfolio, Institutional Class | 15784088 | &nbsp;&nbsp; 194492546 | &nbsp;&nbsp; (173265984) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 37010650 | &nbsp;&nbsp; 682762 |

---

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

**3**

**Invesco Charter Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $5753944 | &nbsp;&nbsp; $179993501 | &nbsp;&nbsp; $(173765913) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11981532 | &nbsp;&nbsp; $93,015\* |
| Invesco Private Prime Fund | 5756647 | &nbsp;&nbsp; 383775529 | &nbsp;&nbsp; (358556593) | &nbsp;&nbsp; - | (457) | &nbsp;&nbsp; 30975126 | &nbsp;&nbsp; 252,889\* |
| Total | $35782585 | &nbsp;&nbsp; $862988332 | &nbsp;&nbsp; $(798885558) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(457) | &nbsp;&nbsp; $99884902 | &nbsp;&nbsp; $1399251 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> 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.

**4**

**Invesco Charter Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,151,026,596)\*<br>| &nbsp;&nbsp; $3159366216 |
| Investments in affiliated money market funds, at value <br> (Cost $99,884,902)<br>| &nbsp;&nbsp; 99884902 |
| Foreign currencies, at value (Cost $519) | &nbsp;&nbsp; 528 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 77719 |
| Dividends | &nbsp;&nbsp; 1950079 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1385985 |
| Other assets | &nbsp;&nbsp; 685916 |
| Total assets | &nbsp;&nbsp; 3263351345 |
| **Liabilities:** |  |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 75 |
| Fund shares reacquired | &nbsp;&nbsp; 2466452 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 42956658 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1310243 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 716 |
| Accrued other operating expenses | &nbsp;&nbsp; 129962 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1437152 |
| Total liabilities | &nbsp;&nbsp; 48301258 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3215050087 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2070805804 |
| Distributable earnings | &nbsp;&nbsp; 1144244283 |
|  | &nbsp;&nbsp; $3215050087 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3046605121 |
| Class C | &nbsp;&nbsp; $15059327 |
| Class R | &nbsp;&nbsp; $17470540 |
| Class S | &nbsp;&nbsp; $17477015 |
| Class Y | &nbsp;&nbsp; $91642808 |
| Class R5 | &nbsp;&nbsp; $5578881 |
| Class R6 | &nbsp;&nbsp; $21216395 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 162301820 |
| Class C | &nbsp;&nbsp; 920432 |
| Class R | &nbsp;&nbsp; 943698 |
| Class S | &nbsp;&nbsp; 930978 |
| Class Y | &nbsp;&nbsp; 4850926 |
| Class R5 | &nbsp;&nbsp; 273637 |
| Class R6 | &nbsp;&nbsp; 1041623 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $18.77 |
| Maximum offering price per share <br>(Net asset value of $18.77 ÷ 94.50%)<br>| &nbsp;&nbsp; $19.86 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.36 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.51 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.77 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.89 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.39 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.37 |

---

\* At April 30, 2025, securities with an aggregate value of $42,068,722 were on loan to brokers. 

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

**5**

**Invesco Charter Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $120,719) | &nbsp;&nbsp; $21346093 |
| Dividends from affiliated money market funds (includes net securities lending income of $16,694) | &nbsp;&nbsp; 1070041 |
| Total investment income | &nbsp;&nbsp; 22416134 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 10666333 |
| Administrative services fees | &nbsp;&nbsp; 249091 |
| Custodian fees | &nbsp;&nbsp; 12044 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4071788 |
| Class C | &nbsp;&nbsp; 85735 |
| Class R | &nbsp;&nbsp; 46379 |
| Class S | &nbsp;&nbsp; 14015 |
| Transfer agent fees — A, C, R, S and Y | &nbsp;&nbsp; 1955814 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3012 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2786 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22411 |
| Registration and filing fees | &nbsp;&nbsp; 59264 |
| Reports to shareholders | &nbsp;&nbsp; 95632 |
| Professional services fees | &nbsp;&nbsp; 39706 |
| Other | &nbsp;&nbsp; 24148 |
| Total expenses | &nbsp;&nbsp; 17348158 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (88892)<br>|
| Net expenses | &nbsp;&nbsp; 17259266 |
| Net investment income | &nbsp;&nbsp; 5156868 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 140357576 |
| Affiliated investment securities | &nbsp;&nbsp; (457)<br>|
| Foreign currencies | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp; 140357368 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (214690302)<br>|
| Foreign currencies | &nbsp;&nbsp; 8329 |
|  | &nbsp;&nbsp; (214681973)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (74324605)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(69167737)<br>|

---

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

**6**

**Invesco Charter Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $5156868 | &nbsp;&nbsp; $18285442 |
| Net realized gain | &nbsp;&nbsp; 140357368 | &nbsp;&nbsp; 257399936 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (214681973)<br>| &nbsp;&nbsp; 726772713 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (69167737)<br>| &nbsp;&nbsp; 1002458091 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (245945813)<br>| &nbsp;&nbsp; (173054353)<br>|
| Class C | &nbsp;&nbsp; (1416769)<br>| &nbsp;&nbsp; (1131587)<br>|
| Class R | &nbsp;&nbsp; (1364555)<br>| &nbsp;&nbsp; (965583)<br>|
| Class S | &nbsp;&nbsp; (1423736)<br>| &nbsp;&nbsp; (995958)<br>|
| Class Y | &nbsp;&nbsp; (7837840)<br>| &nbsp;&nbsp; (5382506)<br>|
| Class R5 | &nbsp;&nbsp; (427694)<br>| &nbsp;&nbsp; (358832)<br>|
| Class R6 | &nbsp;&nbsp; (1318167)<br>| &nbsp;&nbsp; (928591)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (259734574)<br>| &nbsp;&nbsp; (182817410)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 66767488 | &nbsp;&nbsp; (138209460)<br>|
| Class C | &nbsp;&nbsp; (985905)<br>| &nbsp;&nbsp; (2866882)<br>|
| Class R | &nbsp;&nbsp; 657575 | &nbsp;&nbsp; (977888)<br>|
| Class S | &nbsp;&nbsp; 422488 | &nbsp;&nbsp; (488093)<br>|
| Class Y | &nbsp;&nbsp; 431130 | &nbsp;&nbsp; (3247923)<br>|
| Class R5 | &nbsp;&nbsp; 162088 | &nbsp;&nbsp; (1322154)<br>|
| Class R6 | &nbsp;&nbsp; 4860583 | &nbsp;&nbsp; (670299)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 72315447 | &nbsp;&nbsp; (147782699)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (256586864)<br>| &nbsp;&nbsp; 671857982 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3471636951 | &nbsp;&nbsp; 2799778969 |
| End of period | &nbsp;&nbsp; $3215050087 | &nbsp;&nbsp; $3471636951 |

---

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

**7**

**Invesco Charter Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $20.67 | $0.03 | $(0.36)<br>| $(0.33)<br>| $(0.11)<br>| $(1.46)<br>| $(1.57)<br>| $18.77 | (2.24)%<br>| &nbsp;&nbsp; $3046605 | 1.01 %<sup>(d)</sup><br>| 1.01 %<sup>(d)</sup><br>| 0.29 %<sup>(d)</sup><br>| 21<br> %<br>|
| Year ended 10/31/24 | 16.01 | 0.10 | 5.62 | 5.72 | (0.06)<br>| (1.00)<br>| (1.06)<br>| 20.67 | 37.24 | &nbsp;&nbsp; 3291517 | 1.02 | 1.02 | 0.55 | 37 |
| Year ended 10/31/23 | 15.25 | 0.06 | 1.32 | 1.38 | (0.12)<br>| (0.50)<br>| (0.62)<br>| 16.01 | 9.44 | &nbsp;&nbsp; 2653092 | 1.03 | 1.03 | 0.39 | 84 |
| Year ended 10/31/22 | 21.88 | 0.10 <br><sup>(e)</sup><br>| (3.58)<br>| (3.48)<br>| (0.08)<br>| (3.07)<br>| (3.15)<br>| 15.25 | (18.71)<br>| &nbsp;&nbsp; 2671536 | 1.02 | 1.02 | 0.58 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 15.99 | 0.07 | 6.24 | 6.31 | (0.10)<br>| (0.32)<br>| (0.42)<br>| 21.88 | 40.10 | &nbsp;&nbsp; 3609724 | 1.03 | 1.03 | 0.38 | 47 |
| Year ended 10/31/20 | 17.79 | 0.11 | 1.02 | 1.13 | (0.13)<br>| (2.80)<br>| (2.93)<br>| 15.99 | 6.71 | &nbsp;&nbsp; 2816198 | 1.07 | 1.07 | 0.70 | 45 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 18.17 | (0.04)<br>| (0.31)<br>| (0.35)<br>|  | (1.46)<br>| (1.46)<br>| 16.36 | (2.61)<br>| &nbsp;&nbsp; 15059 | 1.76 <br><sup>(d)</sup><br>| 1.76 <br><sup>(d)</sup><br>| (0.46 )<sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 14.23 | (0.03)<br>| 4.97 | 4.94 |  | (1.00)<br>| (1.00)<br>| 18.17 | 36.25 | &nbsp;&nbsp; 17813 | 1.77 | 1.77 | (0.20)<br>| 37 |
| Year ended 10/31/23 | 13.60 | (0.05)<br>| 1.18 | 1.13 |  | (0.50)<br>| (0.50)<br>| 14.23 | 8.65 | &nbsp;&nbsp; 16336 | 1.78 | 1.78 | (0.36)<br>| 84 |
| Year ended 10/31/22 | 19.91 | (0.03 )<sup>(e)</sup><br>| (3.21)<br>| (3.24)<br>|  | (3.07)<br>| (3.07)<br>| 13.60 | (19.35)<br>| &nbsp;&nbsp; 18306 | 1.77 | 1.77 | (0.17 )<sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 14.61 | (0.07)<br>| 5.69 | 5.62 |  | (0.32)<br>| (0.32)<br>| 19.91 | 39.00 | &nbsp;&nbsp; 27725 | 1.78 | 1.78 | (0.37)<br>| 47 |
| Year ended 10/31/20 | 16.47 | (0.01)<br>| 0.95 | 0.94 |  | (2.80)<br>| (2.80)<br>| 14.61 | 5.96 | &nbsp;&nbsp; 30607 | 1.82 | 1.82 | (0.05)<br>| 45 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 20.39 | 0.00 | (0.36)<br>| (0.36)<br>| (0.06)<br>| (1.46)<br>| (1.52)<br>| 18.51 | (2.40)<br>| &nbsp;&nbsp; 17471 | 1.26 <br><sup>(d)</sup><br>| 1.26 <br><sup>(d)</sup><br>| 0.04 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 15.80 | 0.06 | 5.55 | 5.61 | (0.02)<br>| (1.00)<br>| (1.02)<br>| 20.39 | 36.95 | &nbsp;&nbsp; 18603 | 1.27 | 1.27 | 0.30 | 37 |
| Year ended 10/31/23 | 15.05 | 0.02 | 1.31 | 1.33 | (0.08)<br>| (0.50)<br>| (0.58)<br>| 15.80 | 9.17 | &nbsp;&nbsp; 15125 | 1.28 | 1.28 | 0.14 | 84 |
| Year ended 10/31/22 | 21.63 | 0.06 <br><sup>(e)</sup><br>| (3.54)<br>| (3.48)<br>| (0.03)<br>| (3.07)<br>| (3.10)<br>| 15.05 | (18.91)<br>| &nbsp;&nbsp; 15653 | 1.27 | 1.27 | 0.33 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 15.82 | 0.02 | 6.16 | 6.18 | (0.05)<br>| (0.32)<br>| (0.37)<br>| 21.63 | 39.66 | &nbsp;&nbsp; 20442 | 1.28 | 1.28 | 0.13 | 47 |
| Year ended 10/31/20 | 17.62 | 0.07 | 1.01 | 1.08 | (0.08)<br>| (2.80)<br>| (2.88)<br>| 15.82 | 6.46 | &nbsp;&nbsp; 16500 | 1.32 | 1.32 | 0.45 | 45 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six months ended 04/30/25 | 20.68 | 0.04 | (0.36)<br>| (0.32)<br>| (0.13)<br>| (1.46)<br>| (1.59)<br>| 18.77 | (2.20)<br>| &nbsp;&nbsp; 17477 | 0.91 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 0.39 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 16.02 | 0.12 | 5.62 | 5.74 | (0.08)<br>| (1.00)<br>| (1.08)<br>| 20.68 | 37.35 | &nbsp;&nbsp; 18857 | 0.92 | 0.92 | 0.65 | 37 |
| Year ended 10/31/23 | 15.26 | 0.08 | 1.32 | 1.40 | (0.14)<br>| (0.50)<br>| (0.64)<br>| 16.02 | 9.57 | &nbsp;&nbsp; 14903 | 0.93 | 0.93 | 0.49 | 84 |
| Year ended 10/31/22 | 21.89 | 0.12 <br><sup>(e)</sup><br>| (3.58)<br>| (3.46)<br>| (0.10)<br>| (3.07)<br>| (3.17)<br>| 15.26 | (18.61)<br>| &nbsp;&nbsp; 14877 | 0.92 | 0.92 | 0.68 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 16.00 | 0.09 | 6.23 | 6.32 | (0.11)<br>| (0.32)<br>| (0.43)<br>| 21.89 | 40.20 | &nbsp;&nbsp; 21013 | 0.93 | 0.93 | 0.48 | 47 |
| Year ended 10/31/20 | 17.80 | 0.13 | 1.02 | 1.15 | (0.15)<br>| (2.80)<br>| (2.95)<br>| 16.00 | 6.82 | &nbsp;&nbsp; 16783 | 0.97 | 0.97 | 0.80 | 45 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 20.82 | 0.05 | (0.36)<br>| (0.31)<br>| (0.16)<br>| (1.46)<br>| (1.62)<br>| 18.89 | (2.14)<br>| &nbsp;&nbsp; 91643 | 0.76 <br><sup>(d)</sup><br>| 0.76 <br><sup>(d)</sup><br>| 0.54 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 16.11 | 0.15 | 5.66 | 5.81 | (0.10)<br>| (1.00)<br>| (1.10)<br>| 20.82 | 37.67 | &nbsp;&nbsp; 100643 | 0.77 | 0.77 | 0.80 | 37 |
| Year ended 10/31/23 | 15.35 | 0.10 | 1.32 | 1.42 | (0.16)<br>| (0.50)<br>| (0.66)<br>| 16.11 | 9.71 | &nbsp;&nbsp; 80126 | 0.78 | 0.78 | 0.64 | 84 |
| Year ended 10/31/22 | 22.01 | 0.14 <br><sup>(e)</sup><br>| (3.60)<br>| (3.46)<br>| (0.13)<br>| (3.07)<br>| (3.20)<br>| 15.35 | (18.53)<br>| &nbsp;&nbsp; 87804 | 0.77 | 0.77 | 0.83 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 16.09 | 0.12 | 6.26 | 6.38 | (0.14)<br>| (0.32)<br>| (0.46)<br>| 22.01 | 40.36 | &nbsp;&nbsp; 116054 | 0.78 | 0.78 | 0.63 | 47 |
| Year ended 10/31/20 | 17.88 | 0.15 | 1.04 | 1.19 | (0.18)<br>| (2.80)<br>| (2.98)<br>| 16.09 | 7.03 | &nbsp;&nbsp; 81404 | 0.82 | 0.82 | 0.95 | 45 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 22.35 | 0.06 | (0.40)<br>| (0.34)<br>| (0.16)<br>| (1.46)<br>| (1.62)<br>| 20.39 | (2.12)<br>| &nbsp;&nbsp; 5579 | 0.75 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 0.55 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 17.23 | 0.16 | 6.07 | 6.23 | (0.11)<br>| (1.00)<br>| (1.11)<br>| 22.35 | 37.62 | &nbsp;&nbsp; 5965 | 0.76 | 0.76 | 0.81 | 37 |
| Year ended 10/31/23 | 16.36 | 0.12 | 1.42 | 1.54 | (0.17)<br>| (0.50)<br>| (0.67)<br>| 17.23 | 9.81 | &nbsp;&nbsp; 5610 | 0.76 | 0.76 | 0.66 | 84 |
| Year ended 10/31/22 | 23.25 | 0.16 <br><sup>(e)</sup><br>| (3.85)<br>| (3.69)<br>| (0.13)<br>| (3.07)<br>| (3.20)<br>| 16.36 | (18.50)<br>| &nbsp;&nbsp; 6555 | 0.75 | 0.75 | 0.85 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 16.98 | 0.14 | 6.60 | 6.74 | (0.15)<br>| (0.32)<br>| (0.47)<br>| 23.25 | 40.37 | &nbsp;&nbsp; 9109 | 0.75 | 0.75 | 0.66 | 47 |
| Year ended 10/31/20 | 18.71 | 0.17 | 1.09 | 1.26 | (0.19)<br>| (2.80)<br>| (2.99)<br>| 16.98 | 7.11 | &nbsp;&nbsp; 7511 | 0.76 | 0.76 | 1.01 | 45 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 22.33 | 0.07 | (0.40)<br>| (0.33)<br>| (0.17)<br>| (1.46)<br>| (1.63)<br>| 20.37 | (2.06)<br>| &nbsp;&nbsp; 21216 | 0.68 <br><sup>(d)</sup><br>| 0.68 <br><sup>(d)</sup><br>| 0.62 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 17.22 | 0.18 | 6.05 | 6.23 | (0.12)<br>| (1.00)<br>| (1.12)<br>| 22.33 | 37.67 | &nbsp;&nbsp; 18239 | 0.69 | 0.69 | 0.88 | 37 |
| Year ended 10/31/23 | 16.36 | 0.13 | 1.41 | 1.54 | (0.18)<br>| (0.50)<br>| (0.68)<br>| 17.22 | 9.83 | &nbsp;&nbsp; 14588 | 0.69 | 0.69 | 0.73 | 84 |
| Year ended 10/31/22 | 23.24 | 0.17 <br><sup>(e)</sup><br>| (3.83)<br>| (3.66)<br>| (0.15)<br>| (3.07)<br>| (3.22)<br>| 16.36 | (18.41)<br>| &nbsp;&nbsp; 14327 | 0.68 | 0.68 | 0.92 <br><sup>(e)</sup><br>| 52 |
| Year ended 10/31/21 | 16.97 | 0.15 | 6.60 | 6.75 | (0.16)<br>| (0.32)<br>| (0.48)<br>| 23.24 | 40.49 | &nbsp;&nbsp; 20931 | 0.68 | 0.68 | 0.73 | 47 |
| Year ended 10/31/20 | 18.70 | 0.18 | 1.09 | 1.27 | (0.20)<br>| (2.80)<br>| (3.00)<br>| 16.97 | 7.19 | &nbsp;&nbsp; 16553 | 0.69 | 0.69 | 1.08 | 45 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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. 

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

**8**

**Invesco Charter Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**9**

**Invesco Charter Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

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

**10**

**Invesco Charter Fund**

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $2,386 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.695% |
| Next $4.05 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.615% |
| Next $3.9 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Next $1.8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

---

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.

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

**11**

**Invesco Charter Fund**

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

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $26,366.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Class S shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $63,440 in front-end sales commissions from the sale of Class A shares and $118 and $135 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $4,949 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $3087434141 | &nbsp;&nbsp;&nbsp;&nbsp; $71932075 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3159366216 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 56928244 | &nbsp;&nbsp;&nbsp;&nbsp; 42956658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99884902 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3144362385 | &nbsp;&nbsp;&nbsp;&nbsp; $114888733 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3259251118 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $62,526.

**12**

**Invesco Charter Fund**

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**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $706,615,130 and $919,298,427, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1081450653 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (81497406)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $999953247 |

---

Cost of investments for tax purposes is $2,259,297,871.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1536832 | &nbsp;&nbsp;&nbsp; $30864179 | &nbsp;&nbsp;&nbsp; 2169957 | &nbsp;&nbsp;&nbsp; $40141363 |
| Class C | &nbsp;&nbsp;&nbsp; 64794 | &nbsp;&nbsp;&nbsp; 1155197 | &nbsp;&nbsp;&nbsp; 144534 | &nbsp;&nbsp;&nbsp; 2391484 |
| Class R | &nbsp;&nbsp;&nbsp; 56159 | &nbsp;&nbsp;&nbsp; 1132809 | &nbsp;&nbsp;&nbsp; 116869 | &nbsp;&nbsp;&nbsp; 2125715 |
| Class S | &nbsp;&nbsp;&nbsp; 4411 | &nbsp;&nbsp;&nbsp; 87273 | &nbsp;&nbsp;&nbsp; 8993 | &nbsp;&nbsp;&nbsp; 165444 |
| Class Y | &nbsp;&nbsp;&nbsp; 533835 | &nbsp;&nbsp;&nbsp; 10678443 | &nbsp;&nbsp;&nbsp; 900494 | &nbsp;&nbsp;&nbsp; 16885475 |
| Class R5 | &nbsp;&nbsp;&nbsp; 12481 | &nbsp;&nbsp;&nbsp; 274090 | &nbsp;&nbsp;&nbsp; 33669 | &nbsp;&nbsp;&nbsp; 710943 |
| Class R6 | &nbsp;&nbsp;&nbsp; 275657 | &nbsp;&nbsp;&nbsp; 5913810 | &nbsp;&nbsp;&nbsp; 104884 | &nbsp;&nbsp;&nbsp; 2075320 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11159572 | &nbsp;&nbsp;&nbsp; 227766862 | &nbsp;&nbsp;&nbsp; 9562009 | &nbsp;&nbsp;&nbsp; 160928573 |
| Class C | &nbsp;&nbsp;&nbsp; 78674 | &nbsp;&nbsp;&nbsp; 1403548 | &nbsp;&nbsp;&nbsp; 75112 | &nbsp;&nbsp;&nbsp; 1118415 |
| Class R | &nbsp;&nbsp;&nbsp; 67444 | &nbsp;&nbsp;&nbsp; 1359006 | &nbsp;&nbsp;&nbsp; 58028 | &nbsp;&nbsp;&nbsp; 965582 |
| Class S | &nbsp;&nbsp;&nbsp; 69726 | &nbsp;&nbsp;&nbsp; 1423062 | &nbsp;&nbsp;&nbsp; 59152 | &nbsp;&nbsp;&nbsp; 995521 |
| Class Y | &nbsp;&nbsp;&nbsp; 279481 | &nbsp;&nbsp;&nbsp; 5737738 | &nbsp;&nbsp;&nbsp; 233809 | &nbsp;&nbsp;&nbsp; 3953716 |
| Class R5 | &nbsp;&nbsp;&nbsp; 18596 | &nbsp;&nbsp;&nbsp; 411901 | &nbsp;&nbsp;&nbsp; 19282 | &nbsp;&nbsp;&nbsp; 350159 |
| Class R6 | &nbsp;&nbsp;&nbsp; 53297 | &nbsp;&nbsp;&nbsp; 1178940 | &nbsp;&nbsp;&nbsp; 46548 | &nbsp;&nbsp;&nbsp; 843908 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 85648 | &nbsp;&nbsp;&nbsp; 1695834 | &nbsp;&nbsp;&nbsp; 178619 | &nbsp;&nbsp;&nbsp; 3365817 |
| Class C | &nbsp;&nbsp;&nbsp; (98100)<br>| &nbsp;&nbsp;&nbsp; (1695834)<br>| &nbsp;&nbsp;&nbsp; (202465)<br>| &nbsp;&nbsp;&nbsp; (3365817)<br>|

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**13**

**Invesco Charter Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9701135)<br>| &nbsp;&nbsp;&nbsp; $(193559387)<br>| &nbsp;&nbsp;&nbsp; (18412239)<br>| &nbsp;&nbsp;&nbsp; $(342645213)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (105308)<br>| &nbsp;&nbsp;&nbsp; (1848816)<br>| &nbsp;&nbsp;&nbsp; (184674)<br>| &nbsp;&nbsp;&nbsp; (3010964)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (92365)<br>| &nbsp;&nbsp;&nbsp; (1834240)<br>| &nbsp;&nbsp;&nbsp; (219630)<br>| &nbsp;&nbsp;&nbsp; (4069185)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (54872)<br>| &nbsp;&nbsp;&nbsp; (1087847)<br>| &nbsp;&nbsp;&nbsp; (86897)<br>| &nbsp;&nbsp;&nbsp; (1649058)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (796950)<br>| &nbsp;&nbsp;&nbsp; (15985051)<br>| &nbsp;&nbsp;&nbsp; (1272059)<br>| &nbsp;&nbsp;&nbsp; (24087114)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (24371)<br>| &nbsp;&nbsp;&nbsp; (523903)<br>| &nbsp;&nbsp;&nbsp; (111650)<br>| &nbsp;&nbsp;&nbsp; (2383256)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (104049)<br>| &nbsp;&nbsp;&nbsp; (2232167)<br>| &nbsp;&nbsp;&nbsp; (182080)<br>| &nbsp;&nbsp;&nbsp; (3589527)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 3319457 | &nbsp;&nbsp;&nbsp; $72315447 | &nbsp;&nbsp;&nbsp; (6959735)<br>| &nbsp;&nbsp;&nbsp; $(147782699)<br>|

---

<sup>(a)</sup> 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.

**14**

**Invesco Charter Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco Charter Fund**

------

![](img1bb572901.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

CHT-NCSRS

------

![](img80c5bbfe1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Diversified Dividend Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_d7728bf8-2d54-44f3-a852-9bc0e217d136_SOI-Continued-3_1) | Schedule of Investments |
| [5](#xx_d7728bf8-2d54-44f3-a852-9bc0e217d136_FS-Continued-3_1) | Financial Statements |
| [8](#xx_d7728bf8-2d54-44f3-a852-9bc0e217d136_FS-Continued-3_4) | Financial Highlights |
| [9](#xx_d7728bf8-2d54-44f3-a852-9bc0e217d136_NTF-Continued-3_1) | Notes to Financial Statements |
| [15](#xx_d7728bf8-2d54-44f3-a852-9bc0e217d136_OIRSR-Continued-3_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** | **Common Stocks & Other Equity Interests–96.90%** |
| **Aerospace & Defense–4.21%** | **Aerospace & Defense–4.21%** | **Aerospace & Defense–4.21%** |
| Airbus SE (France) | 575365 | &nbsp;&nbsp; $97633976 |
| General Electric Co. | 723320 | &nbsp;&nbsp; 145777913 |
| Northrop Grumman Corp. | 357379 | &nbsp;&nbsp; 173864883 |
|  |  | &nbsp;&nbsp; 417276772 |
| **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** |
| Deere & Co. | 249209 | &nbsp;&nbsp; 115523324 |
| **Apparel Retail–1.31%** | **Apparel Retail–1.31%** | **Apparel Retail–1.31%** |
| Ross Stores, Inc. | 473845 | &nbsp;&nbsp; 65864455 |
| TJX Cos., Inc. (The) | 494613 | &nbsp;&nbsp; 63646801 |
|  |  | &nbsp;&nbsp; 129511256 |
| **Application Software–1.04%** | **Application Software–1.04%** | **Application Software–1.04%** |
| Salesforce, Inc. | 384683 | &nbsp;&nbsp; 103368169 |
| **Asset Management & Custody Banks–1.39%** | **Asset Management & Custody Banks–1.39%** | **Asset Management & Custody Banks–1.39%** |
| BlackRock, Inc. | 151004 | &nbsp;&nbsp; 138056917 |
| **Biotechnology–1.15%** | **Biotechnology–1.15%** | **Biotechnology–1.15%** |
| AbbVie, Inc. | 584534 | &nbsp;&nbsp; 114042583 |
| **Building Products–1.92%** | **Building Products–1.92%** | **Building Products–1.92%** |
| Carlisle Cos., Inc.<sup>(b)</sup>  | 190451 | &nbsp;&nbsp; 72272345 |
| Fortune Brands Innovations, Inc. | 850851 | &nbsp;&nbsp; 45792801 |
| Johnson Controls International PLC | 859793 | &nbsp;&nbsp; 72136633 |
|  |  | &nbsp;&nbsp; 190201779 |
| **Cable & Satellite–0.90%** | **Cable & Satellite–0.90%** | **Cable & Satellite–0.90%** |
| Comcast Corp., Class A | 2595860 | &nbsp;&nbsp; 88778412 |
| **Communications Equipment–1.94%** | **Communications Equipment–1.94%** | **Communications Equipment–1.94%** |
| Cisco Systems, Inc. | 3337219 | &nbsp;&nbsp; 192657653 |
| **Construction Materials–1.39%** | **Construction Materials–1.39%** | **Construction Materials–1.39%** |
| CRH PLC | 1446663 | &nbsp;&nbsp; 138040583 |
| **Consumer Finance–2.04%** | **Consumer Finance–2.04%** | **Consumer Finance–2.04%** |
| American Express Co. | 355533 | &nbsp;&nbsp; 94717547 |
| Capital One Financial Corp. | 598085 | &nbsp;&nbsp; 107810802 |
|  |  | &nbsp;&nbsp; 202528349 |
| **Consumer Staples Merchandise Retail–3.02%** | **Consumer Staples Merchandise Retail–3.02%** | **Consumer Staples Merchandise Retail–3.02%** |
| Walmart, Inc. | 3075171 | &nbsp;&nbsp; 299060380 |
| **Diversified Banks–9.83%** | **Diversified Banks–9.83%** | **Diversified Banks–9.83%** |
| Bank of America Corp. | 5595007 | &nbsp;&nbsp; 223128879 |
| Fifth Third Bancorp | 1693990 | &nbsp;&nbsp; 60882001 |
| JPMorgan Chase & Co. | 1575040 | &nbsp;&nbsp; 385286285 |
| PNC Financial Services Group, Inc. <br> (The) | 797841 | &nbsp;&nbsp; 128205070 |
| Wells Fargo & Co. | 2494817 | &nbsp;&nbsp; 177156955 |
|  |  | &nbsp;&nbsp; 974659190 |
| **Electric Utilities–3.25%** | **Electric Utilities–3.25%** | **Electric Utilities–3.25%** |
| Entergy Corp. | 1823562 | &nbsp;&nbsp; 151665652 |
| PPL Corp.<sup>(b)</sup>  | 4684394 | &nbsp;&nbsp; 170980381 |
|  |  | &nbsp;&nbsp; 322646033 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–3.38%** | **Electrical Components & Equipment–3.38%** | **Electrical Components & Equipment–3.38%** |
| Eaton Corp. PLC | 566329 | &nbsp;&nbsp; $166710268 |
| Emerson Electric Co. | 957865 | &nbsp;&nbsp; 100681190 |
| Hubbell, Inc. | 185340 | &nbsp;&nbsp; 67311781 |
|  |  | &nbsp;&nbsp; 334703239 |
| **Electronic Manufacturing Services–0.66%** | **Electronic Manufacturing Services–0.66%** | **Electronic Manufacturing Services–0.66%** |
| TE Connectivity PLC (Switzerland) | 448790 | &nbsp;&nbsp; 65693880 |
| **Food Distributors–1.32%** | **Food Distributors–1.32%** | **Food Distributors–1.32%** |
| Sysco Corp.<sup>(b)</sup>  | 1827196 | &nbsp;&nbsp; 130461794 |
| **Health Care Distributors–1.19%** | **Health Care Distributors–1.19%** | **Health Care Distributors–1.19%** |
| Cencora, Inc. | 402304 | &nbsp;&nbsp; 117742312 |
| **Health Care Equipment–2.11%** | **Health Care Equipment–2.11%** | **Health Care Equipment–2.11%** |
| Medtronic PLC | 2465009 | &nbsp;&nbsp; 208934163 |
| **Health Care Services–0.58%** | **Health Care Services–0.58%** | **Health Care Services–0.58%** |
| CVS Health Corp. | 861859 | &nbsp;&nbsp; 57494614 |
| **Health Care Supplies–0.94%** | **Health Care Supplies–0.94%** | **Health Care Supplies–0.94%** |
| Alcon AG | 952696 | &nbsp;&nbsp; 92992657 |
| **Home Improvement Retail–2.31%** | **Home Improvement Retail–2.31%** | **Home Improvement Retail–2.31%** |
| Lowe's Cos., Inc. | 1024442 | &nbsp;&nbsp; 229024253 |
| **Hotels, Resorts & Cruise Lines–1.32%** | **Hotels, Resorts & Cruise Lines–1.32%** | **Hotels, Resorts & Cruise Lines–1.32%** |
| Marriott International, Inc., Class A | 547714 | &nbsp;&nbsp; 130673606 |
| **Household Products–2.94%** | **Household Products–2.94%** | **Household Products–2.94%** |
| Colgate-Palmolive Co. | 1027035 | &nbsp;&nbsp; 94682356 |
| Procter & Gamble Co. (The) | 1209419 | &nbsp;&nbsp; 196615247 |
|  |  | &nbsp;&nbsp; 291297603 |
| **Industrial Gases–0.54%** | **Industrial Gases–0.54%** | **Industrial Gases–0.54%** |
| Air Products and Chemicals, Inc. | 195910 | &nbsp;&nbsp; 53109242 |
| **Industrial Machinery & Supplies & Components–1.10%** | **Industrial Machinery & Supplies & Components–1.10%** | **Industrial Machinery & Supplies & Components–1.10%** |
| Parker-Hannifin Corp. | 180686 | &nbsp;&nbsp; 109325871 |
| **Industrial REITs–1.18%** | **Industrial REITs–1.18%** | **Industrial REITs–1.18%** |
| Prologis, Inc. | 1143682 | &nbsp;&nbsp; 116884300 |
| **Integrated Oil & Gas–2.73%** | **Integrated Oil & Gas–2.73%** | **Integrated Oil & Gas–2.73%** |
| Chevron Corp. | 1824313 | &nbsp;&nbsp; 248216027 |
| Suncor Energy, Inc. (Canada) | 644049 | &nbsp;&nbsp; 22728489 |
|  |  | &nbsp;&nbsp; 270944516 |
| **Integrated Telecommunication Services–1.77%** | **Integrated Telecommunication Services–1.77%** | **Integrated Telecommunication Services–1.77%** |
| AT&T, Inc. | 6347181 | &nbsp;&nbsp; 175816914 |
| **Investment Banking & Brokerage–2.73%** | **Investment Banking & Brokerage–2.73%** | **Investment Banking & Brokerage–2.73%** |
| Charles Schwab Corp. (The) | 2101353 | &nbsp;&nbsp; 171050134 |
| Morgan Stanley | 861411 | &nbsp;&nbsp; 99424058 |
|  |  | &nbsp;&nbsp; 270474192 |
| **Life Sciences Tools & Services–0.54%** | **Life Sciences Tools & Services–0.54%** | **Life Sciences Tools & Services–0.54%** |
| Lonza Group AG (Switzerland) | 74373 | &nbsp;&nbsp; 53437684 |
| **Managed Health Care–2.09%** | **Managed Health Care–2.09%** | **Managed Health Care–2.09%** |
| UnitedHealth Group, Inc. | 503959 | &nbsp;&nbsp; 207348891 |

---

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

**2**

**Invesco Diversified Dividend Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–0.92%** | **Movies & Entertainment–0.92%** | **Movies & Entertainment–0.92%** |
| Walt Disney Co. (The) | 998379 | &nbsp;&nbsp; $90802570 |
| **Multi-line Insurance–1.91%** | **Multi-line Insurance–1.91%** | **Multi-line Insurance–1.91%** |
| American International Group, Inc. | 2326217 | &nbsp;&nbsp; 189633210 |
| **Multi-Utilities–1.87%** | **Multi-Utilities–1.87%** | **Multi-Utilities–1.87%** |
| CMS Energy Corp. | 1231519 | &nbsp;&nbsp; 90701375 |
| Public Service Enterprise Group, Inc. | 1187024 | &nbsp;&nbsp; 94878828 |
|  |  | &nbsp;&nbsp; 185580203 |
| **Oil & Gas Exploration & Production–1.76%** | **Oil & Gas Exploration & Production–1.76%** | **Oil & Gas Exploration & Production–1.76%** |
| ConocoPhillips | 1959609 | &nbsp;&nbsp; 174640354 |
| **Oil & Gas Refining & Marketing–0.85%** | **Oil & Gas Refining & Marketing–0.85%** | **Oil & Gas Refining & Marketing–0.85%** |
| Valero Energy Corp. | 729756 | &nbsp;&nbsp; 84717374 |
| **Oil & Gas Storage & Transportation–0.84%** | **Oil & Gas Storage & Transportation–0.84%** | **Oil & Gas Storage & Transportation–0.84%** |
| Cheniere Energy, Inc. | 360729 | &nbsp;&nbsp; 83368079 |
| **Paper & Plastic Packaging Products & Materials–0.69%** | **Paper & Plastic Packaging Products & Materials–0.69%** | **Paper & Plastic Packaging Products & Materials–0.69%** |
| Smurfit WestRock PLC | 1634251 | &nbsp;&nbsp; 68671227 |
| **Personal Care Products–0.59%** | **Personal Care Products–0.59%** | **Personal Care Products–0.59%** |
| L'Oreal S.A. (France) | 132424 | &nbsp;&nbsp; 58513617 |
| **Pharmaceuticals–4.77%** | **Pharmaceuticals–4.77%** | **Pharmaceuticals–4.77%** |
| AstraZeneca PLC (United Kingdom) | 358784 | &nbsp;&nbsp; 51401836 |
| Bristol-Myers Squibb Co. | 1750797 | &nbsp;&nbsp; 87890010 |
| Johnson & Johnson | 1456269 | &nbsp;&nbsp; 227629407 |
| Merck & Co., Inc. | 618775 | &nbsp;&nbsp; 52719630 |
| Sanofi S.A., ADR | 962158 | &nbsp;&nbsp; 52870582 |
|  |  | &nbsp;&nbsp; 472511465 |
| **Property & Casualty Insurance–0.89%** | **Property & Casualty Insurance–0.89%** | **Property & Casualty Insurance–0.89%** |
| Hartford Insurance Group, Inc. (The) | 716303 | &nbsp;&nbsp; 87868889 |
| **Rail Transportation–1.86%** | **Rail Transportation–1.86%** | **Rail Transportation–1.86%** |
| Union Pacific Corp. | 855912 | &nbsp;&nbsp; 184585982 |
| **Restaurants–2.20%** | **Restaurants–2.20%** | **Restaurants–2.20%** |
| McDonald's Corp. | 683547 | &nbsp;&nbsp; 218495799 |
| **Semiconductor Materials & Equipment–0.82%** | **Semiconductor Materials & Equipment–0.82%** | **Semiconductor Materials & Equipment–0.82%** |
| ASML Holding N.V., New York Shares <br> (Netherlands)<sup>(b)</sup>  | 72070 | &nbsp;&nbsp; 48148526 |
| Lam Research Corp. | 467844 | &nbsp;&nbsp; 33530379 |
|  |  | &nbsp;&nbsp; 81678905 |
| **Semiconductors–1.86%** | **Semiconductors–1.86%** | **Semiconductors–1.86%** |
| Broadcom, Inc. | 443442 | &nbsp;&nbsp; 85349282 |
| Texas Instruments, Inc. | 620993 | &nbsp;&nbsp; 99389929 |
|  |  | &nbsp;&nbsp; 184739211 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–2.93%** | **Soft Drinks & Non-alcoholic Beverages–2.93%** | **Soft Drinks & Non-alcoholic Beverages–2.93%** | **Soft Drinks & Non-alcoholic Beverages–2.93%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 2401201 | &nbsp;&nbsp; $174207133 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 3358409 | &nbsp;&nbsp; 116167367 |
|  |  |  | &nbsp;&nbsp; 290374500 |
| **Systems Software–2.89%** | **Systems Software–2.89%** | **Systems Software–2.89%** | **Systems Software–2.89%** |
| Microsoft Corp. | Microsoft Corp. | 545036 | &nbsp;&nbsp; 215430929 |
| Oracle Corp. | Oracle Corp. | 504659 | &nbsp;&nbsp; 71015615 |
|  |  |  | &nbsp;&nbsp; 286446544 |
| **Telecom Tower REITs–1.07%** | **Telecom Tower REITs–1.07%** | **Telecom Tower REITs–1.07%** | **Telecom Tower REITs–1.07%** |
| American Tower Corp. | American Tower Corp. | 469159 | &nbsp;&nbsp; 105753130 |
| **Tobacco–2.67%** | **Tobacco–2.67%** | **Tobacco–2.67%** | **Tobacco–2.67%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 1542777 | &nbsp;&nbsp; 264370267 |
| **Transaction & Payment Processing Services–1.53%** | **Transaction & Payment Processing Services–1.53%** | **Transaction & Payment Processing Services–1.53%** | **Transaction & Payment Processing Services–1.53%** |
| Visa, Inc., Class A | Visa, Inc., Class A | 439048 | &nbsp;&nbsp; 151691084 |
| Total Common Stocks & Other Equity Interests <br> (Cost $7,680,337,000) | Total Common Stocks & Other Equity Interests <br> (Cost $7,680,337,000) | Total Common Stocks & Other Equity Interests <br> (Cost $7,680,337,000) | &nbsp;&nbsp; 9607153541 |
| **Money Market Funds–2.81%** | **Money Market Funds–2.81%** | **Money Market Funds–2.81%** | **Money Market Funds–2.81%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 97539080 | &nbsp;&nbsp; 97539080 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 181139010 | &nbsp;&nbsp; 181139010 |
| Total Money Market Funds (Cost $278,678,090) | Total Money Market Funds (Cost $278,678,090) | Total Money Market Funds (Cost $278,678,090) | &nbsp;&nbsp; 278678090 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.71% <br> (Cost $7,959,015,090)<br>|  |  | &nbsp;&nbsp; 9885831631 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.86%** | **Money Market Funds–0.86%** | **Money Market Funds–0.86%** | **Money Market Funds–0.86%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | 23646564 | &nbsp;&nbsp; 23646564 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(c)(d)(e)</sup>  | 61627620 | &nbsp;&nbsp; 61639945 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $85,287,979) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $85,287,979) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $85,287,979) | &nbsp;&nbsp; 85286509 |
| TOTAL INVESTMENTS IN SECURITIES–100.57% <br> (Cost $8,044,303,069) | TOTAL INVESTMENTS IN SECURITIES–100.57% <br> (Cost $8,044,303,069) | TOTAL INVESTMENTS IN SECURITIES–100.57% <br> (Cost $8,044,303,069) | &nbsp;&nbsp; 9971118140 |
| OTHER ASSETS LESS LIABILITIES—(0.57)% | OTHER ASSETS LESS LIABILITIES—(0.57)% | OTHER ASSETS LESS LIABILITIES—(0.57)% | &nbsp;&nbsp; (56333578)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $9914784562 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco Diversified Dividend Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $62291541 | &nbsp;&nbsp; $578385830 | &nbsp;&nbsp; $(543138291) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $97539080 | &nbsp;&nbsp; $1658070 |
| Invesco Treasury Portfolio, Institutional Class | 115679294 | &nbsp;&nbsp; 1074145113 | &nbsp;&nbsp; (1008685397) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 181139010 | &nbsp;&nbsp; 3052192 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 20061524 | &nbsp;&nbsp; 301147311 | &nbsp;&nbsp; (297562271) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23646564 | &nbsp;&nbsp; 331,976\* |
| Invesco Private Prime Fund | 52480640 | &nbsp;&nbsp; 647709482 | &nbsp;&nbsp; (638542379) | &nbsp;&nbsp; (1470) | &nbsp;&nbsp; (6328) | &nbsp;&nbsp; 61639945 | &nbsp;&nbsp; 902,694\* |
| Total | $250512999 | &nbsp;&nbsp; $2601387736 | &nbsp;&nbsp; $(2487928338) | &nbsp;&nbsp; $(1470) | &nbsp;&nbsp; $(6328) | &nbsp;&nbsp; $363964599 | &nbsp;&nbsp; $5944932 |

---

\* 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. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(e)</sup> 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.

**4**

**Invesco Diversified Dividend Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $7,680,337,000)\*<br>| &nbsp;&nbsp; $9607153541 |
| Investments in affiliated money market funds, at value <br> (Cost $363,966,069)<br>| &nbsp;&nbsp; 363964599 |
| Foreign currencies, at value (Cost $271) | &nbsp;&nbsp; 235 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 25102948 |
| Fund shares sold | &nbsp;&nbsp; 2358287 |
| Dividends | &nbsp;&nbsp; 23047867 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 694724 |
| Other assets | &nbsp;&nbsp; 156028 |
| Total assets | &nbsp;&nbsp; 10022478229 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 17493286 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 85287979 |
| Accrued fees to affiliates | &nbsp;&nbsp; 3590056 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3414 |
| Accrued other operating expenses | &nbsp;&nbsp; 506580 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 812352 |
| Total liabilities | &nbsp;&nbsp; 107693667 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $9914784562 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7148516221 |
| Distributable earnings | &nbsp;&nbsp; 2766268341 |
|  | &nbsp;&nbsp; $9914784562 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3668143042 |
| Class C | &nbsp;&nbsp; $96999384 |
| Class R | &nbsp;&nbsp; $122897927 |
| Class Y | &nbsp;&nbsp; $903481824 |
| Investor Class | &nbsp;&nbsp; $1484288708 |
| Class R5 | &nbsp;&nbsp; $1538890640 |
| Class R6 | &nbsp;&nbsp; $2100083037 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 208590069 |
| Class C | &nbsp;&nbsp; 5625394 |
| Class R | &nbsp;&nbsp; 6948543 |
| Class Y | &nbsp;&nbsp; 51310814 |
| Investor Class | &nbsp;&nbsp; 84440486 |
| Class R5 | &nbsp;&nbsp; 87536997 |
| Class R6 | &nbsp;&nbsp; 119463776 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $17.59 |
| Maximum offering price per share <br>(Net asset value of $17.59 ÷ 94.50%)<br>| &nbsp;&nbsp; $18.61 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.24 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.69 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.61 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.58 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.58 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.58 |

---

\* At April 30, 2025, securities with an aggregate value of $83,790,820 were on loan to brokers. 

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

**5**

**Invesco Diversified Dividend Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $800,753) | &nbsp;&nbsp; $113198074 |
| Dividends from affiliates (includes net securities lending income of $32,727) | &nbsp;&nbsp; 4742989 |
| Total investment income | &nbsp;&nbsp; 117941063 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 22262953 |
| Administrative services fees | &nbsp;&nbsp; 782110 |
| Custodian fees | &nbsp;&nbsp; 51781 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4841211 |
| Class C | &nbsp;&nbsp; 576852 |
| Class R | &nbsp;&nbsp; 327899 |
| Investor Class | &nbsp;&nbsp; 1442937 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 4742995 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 871430 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 347787 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 51192 |
| Registration and filing fees | &nbsp;&nbsp; 95649 |
| Reports to shareholders | &nbsp;&nbsp; 285430 |
| Professional services fees | &nbsp;&nbsp; 61650 |
| Other | &nbsp;&nbsp; 72582 |
| Total expenses | &nbsp;&nbsp; 36814458 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (170736)<br>|
| Net expenses | &nbsp;&nbsp; 36643722 |
| Net investment income | &nbsp;&nbsp; 81297341 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 843728826 |
| Affiliated investment securities | &nbsp;&nbsp; (6328)<br>|
| Foreign currencies | &nbsp;&nbsp; 73310 |
|  | &nbsp;&nbsp; 843795808 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1043092384)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1470)<br>|
| Foreign currencies | &nbsp;&nbsp; 312627 |
|  | &nbsp;&nbsp; (1042781227)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (198985419)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(117688078)<br>|

---

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

**6**

**Invesco Diversified Dividend Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $81297341 | &nbsp;&nbsp; $194104801 |
| Net realized gain | &nbsp;&nbsp; 843795808 | &nbsp;&nbsp; 1143240344 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1042781227)<br>| &nbsp;&nbsp; 1389906051 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (117688078)<br>| &nbsp;&nbsp; 2727251196 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (394036786)<br>| &nbsp;&nbsp; (277773007)<br>|
| Class C | &nbsp;&nbsp; (12032890)<br>| &nbsp;&nbsp; (11214576)<br>|
| Class R | &nbsp;&nbsp; (12858226)<br>| &nbsp;&nbsp; (8983617)<br>|
| Class Y | &nbsp;&nbsp; (114017025)<br>| &nbsp;&nbsp; (93107606)<br>|
| Investor Class | &nbsp;&nbsp; (159545294)<br>| &nbsp;&nbsp; (112951380)<br>|
| Class R5 | &nbsp;&nbsp; (179300360)<br>| &nbsp;&nbsp; (139988939)<br>|
| Class R6 | &nbsp;&nbsp; (228159571)<br>| &nbsp;&nbsp; (183071732)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1099950152)<br>| &nbsp;&nbsp; (827090857)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 140354932 | &nbsp;&nbsp; (161180838)<br>|
| Class C | &nbsp;&nbsp; (17711623)<br>| &nbsp;&nbsp; (60259275)<br>|
| Class R | &nbsp;&nbsp; 4635063 | &nbsp;&nbsp; (5317519)<br>|
| Class Y | &nbsp;&nbsp; (222021069)<br>| &nbsp;&nbsp; (121788626)<br>|
| Investor Class | &nbsp;&nbsp; 67996696 | &nbsp;&nbsp; (51827490)<br>|
| Class R5 | &nbsp;&nbsp; (65396787)<br>| &nbsp;&nbsp; (200814740)<br>|
| Class R6 | &nbsp;&nbsp; 40409477 | &nbsp;&nbsp; (312183140)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (51733311)<br>| &nbsp;&nbsp; (913371628)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1269371541)<br>| &nbsp;&nbsp; 986788711 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 11184156103 | &nbsp;&nbsp; 10197367392 |
| End of period | &nbsp;&nbsp; $9914784562 | &nbsp;&nbsp; $11184156103 |

---

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

**7**

**Invesco Diversified Dividend Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $19.77 | $0.13 | $(0.33)<br>| $(0.20)<br>| $(0.13)<br>| $(1.85)<br>| $(1.98)<br>| $17.59 | (1.40)%<br>| &nbsp;&nbsp; $3668143 | 0.83 %<sup>(d)</sup><br>| 0.83 %<sup>(d)</sup><br>| 1.37 %<sup>(d)</sup><br>| 32<br> %<br>|
| Year ended 10/31/24 | 16.64 | 0.29 | 4.19 | 4.48 | (0.30)<br>| (1.05)<br>| (1.35)<br>| 19.77 | 28.08 | &nbsp;&nbsp; 3971988 | 0.83 | 0.83 | 1.59 | 47 |
| Year ended 10/31/23 | 19.08 | 0.30 | (0.62)<br>| (0.32)<br>| (0.34)<br>| (1.78)<br>| (2.12)<br>| 16.64 | (2.18)<br>| &nbsp;&nbsp; 3478556 | 0.82 | 0.82 | 1.69 | 39 |
| Year ended 10/31/22 | 22.89 | 0.35 | (0.56)<br>| (0.21)<br>| (0.37)<br>| (3.23)<br>| (3.60)<br>| 19.08 | (0.90)<br>| &nbsp;&nbsp; 3923162 | 0.82 | 0.82 | 1.76 | 39 |
| Year ended 10/31/21 | 17.82 | 0.37 | 5.43 | 5.80 | (0.43)<br>| (0.30)<br>| (0.73)<br>| 22.89 | 33.06 | &nbsp;&nbsp; 4287951 | 0.81 | 0.81 | 1.73 | 34 |
| Year ended 10/31/20 | 20.50 | 0.43 | (2.07)<br>| (1.64)<br>| (0.46)<br>| (0.58)<br>| (1.04)<br>| 17.82 | (8.28)<br>| &nbsp;&nbsp; 3599794 | 0.83 | 0.83 | 2.30 | 8 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 19.42 | 0.06 | (0.33)<br>| (0.27)<br>| (0.06)<br>| (1.85)<br>| (1.91)<br>| 17.24 | (1.84)<br>| &nbsp;&nbsp; 96999 | 1.58 <br><sup>(d)</sup><br>| 1.58 <br><sup>(d)</sup><br>| 0.62 <br><sup>(d)</sup><br>| 32 |
| Year ended 10/31/24 | 16.36 | 0.15 | 4.12 | 4.27 | (0.16)<br>| (1.05)<br>| (1.21)<br>| 19.42 | 27.14 | &nbsp;&nbsp; 128054 | 1.58 | 1.58 | 0.84 | 47 |
| Year ended 10/31/23 | 18.78 | 0.17 | (0.61)<br>| (0.44)<br>| (0.20)<br>| (1.78)<br>| (1.98)<br>| 16.36 | (2.89)<br>| &nbsp;&nbsp; 161365 | 1.57 | 1.57 | 0.94 | 39 |
| Year ended 10/31/22 | 22.57 | 0.20 | (0.55)<br>| (0.35)<br>| (0.21)<br>| (3.23)<br>| (3.44)<br>| 18.78 | (1.63)<br>| &nbsp;&nbsp; 220377 | 1.57 | 1.57 | 1.01 | 39 |
| Year ended 10/31/21 | 17.58 | 0.21 | 5.34 | 5.55 | (0.26)<br>| (0.30)<br>| (0.56)<br>| 22.57 | 32.02 | &nbsp;&nbsp; 276023 | 1.56 | 1.56 | 0.98 | 34 |
| Year ended 10/31/20 | 20.22 | 0.29 | (2.04)<br>| (1.75)<br>| (0.31)<br>| (0.58)<br>| (0.89)<br>| 17.58 | (8.96)<br>| &nbsp;&nbsp; 300883 | 1.58 | 1.58 | 1.55 | 8 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 19.88 | 0.10 | (0.33)<br>| (0.23)<br>| (0.11)<br>| (1.85)<br>| (1.96)<br>| 17.69 | (1.57)<br>| &nbsp;&nbsp; 122898 | 1.08 <br><sup>(d)</sup><br>| 1.08 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 32 |
| Year ended 10/31/24 | 16.72 | 0.25 | 4.22 | 4.47 | (0.26)<br>| (1.05)<br>| (1.31)<br>| 19.88 | 27.82 | &nbsp;&nbsp; 133127 | 1.08 | 1.08 | 1.34 | 47 |
| Year ended 10/31/23 | 19.16 | 0.26 | (0.62)<br>| (0.36)<br>| (0.30)<br>| (1.78)<br>| (2.08)<br>| 16.72 | (2.41)<br>| &nbsp;&nbsp; 116297 | 1.07 | 1.07 | 1.44 | 39 |
| Year ended 10/31/22 | 22.97 | 0.30 | (0.56)<br>| (0.26)<br>| (0.32)<br>| (3.23)<br>| (3.55)<br>| 19.16 | (1.15)<br>| &nbsp;&nbsp; 137274 | 1.07 | 1.07 | 1.51 | 39 |
| Year ended 10/31/21 | 17.89 | 0.32 | 5.44 | 5.76 | (0.38)<br>| (0.30)<br>| (0.68)<br>| 22.97 | 32.66 | &nbsp;&nbsp; 193353 | 1.06 | 1.06 | 1.48 | 34 |
| Year ended 10/31/20 | 20.57 | 0.38 | (2.07)<br>| (1.69)<br>| (0.41)<br>| (0.58)<br>| (0.99)<br>| 17.89 | (8.48)<br>| &nbsp;&nbsp; 179293 | 1.08 | 1.08 | 2.05 | 8 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 19.79 | 0.15 | (0.32)<br>| (0.17)<br>| (0.16)<br>| (1.85)<br>| (2.01)<br>| 17.61 | (1.27)<br>| &nbsp;&nbsp; 903482 | 0.58 <br><sup>(d)</sup><br>| 0.58 <br><sup>(d)</sup><br>| 1.62 <br><sup>(d)</sup><br>| 32 |
| Year ended 10/31/24 | 16.66 | 0.34 | 4.19 | 4.53 | (0.35)<br>| (1.05)<br>| (1.40)<br>| 19.79 | 28.37 | &nbsp;&nbsp; 1245233 | 0.58 | 0.58 | 1.84 | 47 |
| Year ended 10/31/23 | 19.10 | 0.35 | (0.62)<br>| (0.27)<br>| (0.39)<br>| (1.78)<br>| (2.17)<br>| 16.66 | (1.93)<br>| &nbsp;&nbsp; 1153540 | 0.57 | 0.57 | 1.94 | 39 |
| Year ended 10/31/22 | 22.91 | 0.40 | (0.56)<br>| (0.16)<br>| (0.42)<br>| (3.23)<br>| (3.65)<br>| 19.10 | (0.64)<br>| &nbsp;&nbsp; 1275341 | 0.57 | 0.57 | 2.01 | 39 |
| Year ended 10/31/21 | 17.84 | 0.43 | 5.42 | 5.85 | (0.48)<br>| (0.30)<br>| (0.78)<br>| 22.91 | 33.35 | &nbsp;&nbsp; 1620295 | 0.56 | 0.56 | 1.98 | 34 |
| Year ended 10/31/20 | 20.53 | 0.48 | (2.08)<br>| (1.60)<br>| (0.51)<br>| (0.58)<br>| (1.09)<br>| 17.84 | (8.07)<br>| &nbsp;&nbsp; 1589496 | 0.58 | 0.58 | 2.55 | 8 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 04/30/25 | 19.77 | 0.13 | (0.33)<br>| (0.20)<br>| (0.14)<br>| (1.85)<br>| (1.99)<br>| 17.58 | (1.40 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1484289 | 0.76 <br><sup>(d)(e)</sup><br>| 0.76 <br><sup>(d)(e)</sup><br>| 1.44 <br><sup>(d)(e)</sup><br>| 32 |
| Year ended 10/31/24 | 16.64 | 0.32 | 4.18 | 4.50 | (0.32)<br>| (1.05)<br>| (1.37)<br>| 19.77 | 28.20 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1596064 | 0.72 <br><sup>(e)</sup><br>| 0.72 <br><sup>(e)</sup><br>| 1.70 <br><sup>(e)</sup><br>| 47 |
| Year ended 10/31/23 | 19.07 | 0.32 | (0.61)<br>| (0.29)<br>| (0.36)<br>| (1.78)<br>| (2.14)<br>| 16.64 | (2.03 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1385127 | 0.72 <br><sup>(e)</sup><br>| 0.72 <br><sup>(e)</sup><br>| 1.79 <br><sup>(e)</sup><br>| 39 |
| Year ended 10/31/22 | 22.88 | 0.37 | (0.56)<br>| (0.19)<br>| (0.39)<br>| (3.23)<br>| (3.62)<br>| 19.07 | (0.81 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1565529 | 0.73 <br><sup>(e)</sup><br>| 0.73 <br><sup>(e)</sup><br>| 1.85 <br><sup>(e)</sup><br>| 39 |
| Year ended 10/31/21 | 17.82 | 0.40 | 5.41 | 5.81 | (0.45)<br>| (0.30)<br>| (0.75)<br>| 22.88 | 33.11 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1742672 | 0.70 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 1.84 <br><sup>(e)</sup><br>| 34 |
| Year ended 10/31/20 | 20.49 | 0.44 | (2.06)<br>| (1.62)<br>| (0.47)<br>| (0.58)<br>| (1.05)<br>| 17.82 | (8.17 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1489011 | 0.77 <br><sup>(e)</sup><br>| 0.77 <br><sup>(e)</sup><br>| 2.36 <br><sup>(e)</sup><br>| 8 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 19.77 | 0.15 | (0.33)<br>| (0.18)<br>| (0.16)<br>| (1.85)<br>| (2.01)<br>| 17.58 | (1.31)<br>| &nbsp;&nbsp; 1538891 | 0.54 <br><sup>(d)</sup><br>| 0.54 <br><sup>(d)</sup><br>| 1.66 <br><sup>(d)</sup><br>| 32 |
| Year ended 10/31/24 | 16.64 | 0.35 | 4.18 | 4.53 | (0.35)<br>| (1.05)<br>| (1.40)<br>| 19.77 | 28.44 | &nbsp;&nbsp; 1799847 | 0.55 | 0.55 | 1.87 | 47 |
| Year ended 10/31/23 | 19.07 | 0.35 | (0.61)<br>| (0.26)<br>| (0.39)<br>| (1.78)<br>| (2.17)<br>| 16.64 | (1.85)<br>| &nbsp;&nbsp; 1688322 | 0.54 | 0.54 | 1.97 | 39 |
| Year ended 10/31/22 | 22.89 | 0.41 | (0.57)<br>| (0.16)<br>| (0.43)<br>| (3.23)<br>| (3.66)<br>| 19.07 | (0.66)<br>| &nbsp;&nbsp; 2027303 | 0.53 | 0.53 | 2.05 | 39 |
| Year ended 10/31/21 | 17.82 | 0.43 | 5.43 | 5.86 | (0.49)<br>| (0.30)<br>| (0.79)<br>| 22.89 | 33.45 | &nbsp;&nbsp; 3062152 | 0.52 | 0.52 | 2.02 | 34 |
| Year ended 10/31/20 | 20.50 | 0.49 | (2.07)<br>| (1.58)<br>| (0.52)<br>| (0.58)<br>| (1.10)<br>| 17.82 | (7.98)<br>| &nbsp;&nbsp; 3107721 | 0.52 | 0.52 | 2.61 | 8 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 19.77 | 0.16 | (0.33)<br>| (0.17)<br>| (0.17)<br>| (1.85)<br>| (2.02)<br>| 17.58 | (1.27)<br>| &nbsp;&nbsp; 2100083 | 0.47 <br><sup>(d)</sup><br>| 0.47 <br><sup>(d)</sup><br>| 1.73 <br><sup>(d)</sup><br>| 32 |
| Year ended 10/31/24 | 16.64 | 0.36 | 4.19 | 4.55 | (0.37)<br>| (1.05)<br>| (1.42)<br>| 19.77 | 28.52 | &nbsp;&nbsp; 2309843 | 0.48 | 0.48 | 1.94 | 47 |
| Year ended 10/31/23 | 19.07 | 0.36 | (0.61)<br>| (0.25)<br>| (0.40)<br>| (1.78)<br>| (2.18)<br>| 16.64 | (1.77)<br>| &nbsp;&nbsp; 2214161 | 0.47 | 0.47 | 2.04 | 39 |
| Year ended 10/31/22 | 22.89 | 0.42 | (0.57)<br>| (0.15)<br>| (0.44)<br>| (3.23)<br>| (3.67)<br>| 19.07 | (0.58)<br>| &nbsp;&nbsp; 2702340 | 0.46 | 0.46 | 2.12 | 39 |
| Year ended 10/31/21 | 17.83 | 0.45 | 5.42 | 5.87 | (0.51)<br>| (0.30)<br>| (0.81)<br>| 22.89 | 33.49 | &nbsp;&nbsp; 3605804 | 0.43 | 0.43 | 2.11 | 34 |
| Year ended 10/31/20 | 20.51 | 0.50 | (2.07)<br>| (1.57)<br>| (0.53)<br>| (0.58)<br>| (1.11)<br>| 17.83 | (7.88)<br>| &nbsp;&nbsp; 4024875 | 0.43 | 0.43 | 2.70 | 8 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.18%, 0.14%, 0.15%, 0.16%, 0.14% and 0.19% for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

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

**8**

**Invesco Diversified Dividend Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**9**

**Invesco Diversified Dividend Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds

**10**

**Invesco Diversified Dividend Fund**

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $13,478 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $1.3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

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For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.41%.

**11**

**Invesco Diversified Dividend Fund**

------

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

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

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $118,494.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $158,343 in front-end sales commissions from the sale of Class A shares and $6,349 and $1,519 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $9346166428 | &nbsp;&nbsp;&nbsp;&nbsp; $260987113 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9607153541 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 278678090 | &nbsp;&nbsp;&nbsp;&nbsp; 85286509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363964599 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $9624844518 | &nbsp;&nbsp;&nbsp;&nbsp; $346273622 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9971118140 |

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**12**

**Invesco Diversified Dividend Fund**

------

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $52,242.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $3,390,986,012 and $4,563,203,060, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2158231983 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (232870604)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1925361379 |

---

Cost of investments for tax purposes is $8,045,756,761.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5556127 | &nbsp;&nbsp;&nbsp; $102492105 | &nbsp;&nbsp;&nbsp; 11864004 | &nbsp;&nbsp;&nbsp; $217664292 |
| Class C | &nbsp;&nbsp;&nbsp; 297111 | &nbsp;&nbsp;&nbsp; 5379474 | &nbsp;&nbsp;&nbsp; 470414 | &nbsp;&nbsp;&nbsp; 8528719 |
| Class R | &nbsp;&nbsp;&nbsp; 701304 | &nbsp;&nbsp;&nbsp; 12957931 | &nbsp;&nbsp;&nbsp; 929146 | &nbsp;&nbsp;&nbsp; 17219512 |
| Class Y | &nbsp;&nbsp;&nbsp; 5078909 | &nbsp;&nbsp;&nbsp; 93254321 | &nbsp;&nbsp;&nbsp; 13417563 | &nbsp;&nbsp;&nbsp; 243746553 |
| Investor Class | &nbsp;&nbsp;&nbsp; 406278 | &nbsp;&nbsp;&nbsp; 7534600 | &nbsp;&nbsp;&nbsp; 740739 | &nbsp;&nbsp;&nbsp; 13609375 |
| Class R5 | &nbsp;&nbsp;&nbsp; 4312799 | &nbsp;&nbsp;&nbsp; 78061652 | &nbsp;&nbsp;&nbsp; 7697008 | &nbsp;&nbsp;&nbsp; 141307869 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8059169 | &nbsp;&nbsp;&nbsp; 147442795 | &nbsp;&nbsp;&nbsp; 14197188 | &nbsp;&nbsp;&nbsp; 260016878 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19708573 | &nbsp;&nbsp;&nbsp; 362449231 | &nbsp;&nbsp;&nbsp; 15222254 | &nbsp;&nbsp;&nbsp; 266401070 |
| Class C | &nbsp;&nbsp;&nbsp; 626299 | &nbsp;&nbsp;&nbsp; 11293062 | &nbsp;&nbsp;&nbsp; 628234 | &nbsp;&nbsp;&nbsp; 10751141 |
| Class R | &nbsp;&nbsp;&nbsp; 695569 | &nbsp;&nbsp;&nbsp; 12850544 | &nbsp;&nbsp;&nbsp; 509046 | &nbsp;&nbsp;&nbsp; 8970179 |
| Class Y | &nbsp;&nbsp;&nbsp; 5217665 | &nbsp;&nbsp;&nbsp; 96109744 | &nbsp;&nbsp;&nbsp; 3891818 | &nbsp;&nbsp;&nbsp; 68072571 |
| Investor Class | &nbsp;&nbsp;&nbsp; 8090739 | &nbsp;&nbsp;&nbsp; 148476215 | &nbsp;&nbsp;&nbsp; 5782504 | &nbsp;&nbsp;&nbsp; 101553110 |
| Class R5 | &nbsp;&nbsp;&nbsp; 9765886 | &nbsp;&nbsp;&nbsp; 179202439 | &nbsp;&nbsp;&nbsp; 7956788 | &nbsp;&nbsp;&nbsp; 139838981 |
| Class R6 | &nbsp;&nbsp;&nbsp; 12145006 | &nbsp;&nbsp;&nbsp; 222986163 | &nbsp;&nbsp;&nbsp; 10329881 | &nbsp;&nbsp;&nbsp; 181290156 |

---

**13**

**Invesco Diversified Dividend Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1219095 | &nbsp;&nbsp;&nbsp; $22629177 | &nbsp;&nbsp;&nbsp; 2576703 | &nbsp;&nbsp;&nbsp; $48073622 |
| Class C | &nbsp;&nbsp;&nbsp; (1243348)<br>| &nbsp;&nbsp;&nbsp; (22629177)<br>| &nbsp;&nbsp;&nbsp; (2624185)<br>| &nbsp;&nbsp;&nbsp; (48073622)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (18796220)<br>| &nbsp;&nbsp;&nbsp; (347215581)<br>| &nbsp;&nbsp;&nbsp; (37786987)<br>| &nbsp;&nbsp;&nbsp; (693319822)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (649054)<br>| &nbsp;&nbsp;&nbsp; (11754982)<br>| &nbsp;&nbsp;&nbsp; (1743056)<br>| &nbsp;&nbsp;&nbsp; (31465513)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1146321)<br>| &nbsp;&nbsp;&nbsp; (21173412)<br>| &nbsp;&nbsp;&nbsp; (1694631)<br>| &nbsp;&nbsp;&nbsp; (31507210)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (21893250)<br>| &nbsp;&nbsp;&nbsp; (411385134)<br>| &nbsp;&nbsp;&nbsp; (23636231)<br>| &nbsp;&nbsp;&nbsp; (433607750)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (4789036)<br>| &nbsp;&nbsp;&nbsp; (88014119)<br>| &nbsp;&nbsp;&nbsp; (9051275)<br>| &nbsp;&nbsp;&nbsp; (166989975)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (17583731)<br>| &nbsp;&nbsp;&nbsp; (322660878)<br>| &nbsp;&nbsp;&nbsp; (26086749)<br>| &nbsp;&nbsp;&nbsp; (481961590)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (17591057)<br>| &nbsp;&nbsp;&nbsp; (330019481)<br>| &nbsp;&nbsp;&nbsp; (40754409)<br>| &nbsp;&nbsp;&nbsp; (753490174)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1811488)<br>| &nbsp;&nbsp;&nbsp; $(51733311)<br>| &nbsp;&nbsp;&nbsp; (47164233)<br>| &nbsp;&nbsp;&nbsp; $(913371628)<br>|

---

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

**14**

**Invesco Diversified Dividend Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco Diversified Dividend Fund**

------

![](img80c5bbfe1.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

DDI-NCSRS

------

![](imgc8895a991.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Main Street All Cap Fund**<sup>®</sup>

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_7240383c-73fb-4ea7-acda-4569d6fed6ba_SOI-Continued-677_1) | Schedule of Investments |
| [5](#xx_7240383c-73fb-4ea7-acda-4569d6fed6ba_FS-Continued-677_1) | Financial Statements |
| [8](#xx_7240383c-73fb-4ea7-acda-4569d6fed6ba_FS-Continued-677_4) | Financial Highlights |
| [9](#xx_7240383c-73fb-4ea7-acda-4569d6fed6ba_NTF-Continued-677_1) | Notes to Financial Statements |
| [15](#xx_7240383c-73fb-4ea7-acda-4569d6fed6ba_OIRSR-Continued-677_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.38%** | **Common Stocks & Other Equity Interests–99.38%** | **Common Stocks & Other Equity Interests–99.38%** |
| **Aerospace & Defense–2.95%** | **Aerospace & Defense–2.95%** | **Aerospace & Defense–2.95%** |
| Airbus SE (France) | 65546 | &nbsp;&nbsp; $11122534 |
| General Electric Co. | 68280 | &nbsp;&nbsp; 13761151 |
| Howmet Aerospace, Inc. | 118215 | &nbsp;&nbsp; 16382235 |
|  |  | &nbsp;&nbsp; 41265920 |
| **Apparel Retail–0.51%** | **Apparel Retail–0.51%** | **Apparel Retail–0.51%** |
| Burlington Stores, Inc.<sup>(b)</sup>  | 31477 | &nbsp;&nbsp; 7083584 |
| **Application Software–1.95%** | **Application Software–1.95%** | **Application Software–1.95%** |
| Salesforce, Inc. | 69612 | &nbsp;&nbsp; 18705440 |
| Unity Software, Inc.<sup>(b)(c)</sup>  | 405308 | &nbsp;&nbsp; 8539840 |
|  |  | &nbsp;&nbsp; 27245280 |
| **Asset Management & Custody Banks–0.48%** | **Asset Management & Custody Banks–0.48%** | **Asset Management & Custody Banks–0.48%** |
| Blue Owl Capital, Inc. | 358372 | &nbsp;&nbsp; 6640633 |
| **Automobile Manufacturers–0.76%** | **Automobile Manufacturers–0.76%** | **Automobile Manufacturers–0.76%** |
| Tesla, Inc.<sup>(b)</sup>  | 37614 | &nbsp;&nbsp; 10613166 |
| **Biotechnology–0.74%** | **Biotechnology–0.74%** | **Biotechnology–0.74%** |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 60961 | &nbsp;&nbsp; 10390193 |
| **Broadline Retail–4.48%** | **Broadline Retail–4.48%** | **Broadline Retail–4.48%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 339204 | &nbsp;&nbsp; 62556002 |
| **Cable & Satellite–1.24%** | **Cable & Satellite–1.24%** | **Cable & Satellite–1.24%** |
| Comcast Corp., Class A | 505441 | &nbsp;&nbsp; 17286082 |
| **Construction Materials–0.56%** | **Construction Materials–0.56%** | **Construction Materials–0.56%** |
| CRH PLC | 82441 | &nbsp;&nbsp; 7866520 |
| **Consumer Finance–1.62%** | **Consumer Finance–1.62%** | **Consumer Finance–1.62%** |
| American Express Co. | 51042 | &nbsp;&nbsp; 13598099 |
| Discover Financial Services | 49304 | &nbsp;&nbsp; 9006362 |
|  |  | &nbsp;&nbsp; 22604461 |
| **Consumer Staples Merchandise Retail–1.90%** | **Consumer Staples Merchandise Retail–1.90%** | **Consumer Staples Merchandise Retail–1.90%** |
| Walmart, Inc. | 272312 | &nbsp;&nbsp; 26482342 |
| **Diversified Banks–3.52%** | **Diversified Banks–3.52%** | **Diversified Banks–3.52%** |
| JPMorgan Chase & Co. | 165121 | &nbsp;&nbsp; 40391899 |
| U.S. Bancorp | 217956 | &nbsp;&nbsp; 8792345 |
|  |  | &nbsp;&nbsp; 49184244 |
| **Diversified Financial Services–0.76%** | **Diversified Financial Services–0.76%** | **Diversified Financial Services–0.76%** |
| Equitable Holdings, Inc. | 215702 | &nbsp;&nbsp; 10666464 |
| **Electric Utilities–1.86%** | **Electric Utilities–1.86%** | **Electric Utilities–1.86%** |
| Constellation Energy Corp. | 41991 | &nbsp;&nbsp; 9382469 |
| PPL Corp. | 452992 | &nbsp;&nbsp; 16534208 |
|  |  | &nbsp;&nbsp; 25916677 |
| **Electrical Components & Equipment–2.46%** | **Electrical Components & Equipment–2.46%** | **Electrical Components & Equipment–2.46%** |
| Emerson Electric Co. | 118104 | &nbsp;&nbsp; 12413911 |
| Hubbell, Inc. | 35056 | &nbsp;&nbsp; 12731638 |
| Rockwell Automation, Inc. | 37023 | &nbsp;&nbsp; 9169857 |
|  |  | &nbsp;&nbsp; 34315406 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electronic Equipment & Instruments–0.57%** | **Electronic Equipment & Instruments–0.57%** | **Electronic Equipment & Instruments–0.57%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 55036 | &nbsp;&nbsp; $8002234 |
| **Health Care Distributors–1.02%** | **Health Care Distributors–1.02%** | **Health Care Distributors–1.02%** |
| Cencora, Inc. | 48693 | &nbsp;&nbsp; 14250980 |
| **Health Care Equipment–2.68%** | **Health Care Equipment–2.68%** | **Health Care Equipment–2.68%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 153487 | &nbsp;&nbsp; 15789208 |
| Medtronic PLC | 120229 | &nbsp;&nbsp; 10190610 |
| Zimmer Biomet Holdings, Inc. | 110593 | &nbsp;&nbsp; 11396608 |
|  |  | &nbsp;&nbsp; 37376426 |
| **Health Care Facilities–0.99%** | **Health Care Facilities–0.99%** | **Health Care Facilities–0.99%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 96510 | &nbsp;&nbsp; 13796105 |
| **Health Care Supplies–0.53%** | **Health Care Supplies–0.53%** | **Health Care Supplies–0.53%** |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 90667 | &nbsp;&nbsp; 7404774 |
| **Home Improvement Retail–0.98%** | **Home Improvement Retail–0.98%** | **Home Improvement Retail–0.98%** |
| Lowe's Cos., Inc. | 61415 | &nbsp;&nbsp; 13729937 |
| **Homebuilding–0.61%** | **Homebuilding–0.61%** | **Homebuilding–0.61%** |
| D.R. Horton, Inc. | 67400 | &nbsp;&nbsp; 8515316 |
| **Hotels, Resorts & Cruise Lines–1.91%** | **Hotels, Resorts & Cruise Lines–1.91%** | **Hotels, Resorts & Cruise Lines–1.91%** |
| Royal Caribbean Cruises Ltd. | 70099 | &nbsp;&nbsp; 15064976 |
| Wyndham Hotels & Resorts, Inc. | 136348 | &nbsp;&nbsp; 11630485 |
|  |  | &nbsp;&nbsp; 26695461 |
| **Household Products–1.77%** | **Household Products–1.77%** | **Household Products–1.77%** |
| Procter & Gamble Co. (The) | 152177 | &nbsp;&nbsp; 24739415 |
| **Human Resource & Employment Services–0.63%** | **Human Resource & Employment Services–0.63%** | **Human Resource & Employment Services–0.63%** |
| Paylocity Holding Corp.<sup>(b)</sup>  | 45490 | &nbsp;&nbsp; 8738629 |
| **Industrial Gases–1.18%** | **Industrial Gases–1.18%** | **Industrial Gases–1.18%** |
| Linde PLC | 36452 | &nbsp;&nbsp; 16521140 |
| **Industrial Machinery & Supplies & Components–1.32%** | **Industrial Machinery & Supplies & Components–1.32%** | **Industrial Machinery & Supplies & Components–1.32%** |
| Lincoln Electric Holdings, Inc. | 51578 | &nbsp;&nbsp; 9088043 |
| Parker-Hannifin Corp. | 15547 | &nbsp;&nbsp; 9406868 |
|  |  | &nbsp;&nbsp; 18494911 |
| **Industrial REITs–1.01%** | **Industrial REITs–1.01%** | **Industrial REITs–1.01%** |
| First Industrial Realty Trust, Inc. | 297437 | &nbsp;&nbsp; 14152053 |
| **Insurance Brokers–1.20%** | **Insurance Brokers–1.20%** | **Insurance Brokers–1.20%** |
| Arthur J. Gallagher & Co. | 52429 | &nbsp;&nbsp; 16813456 |
| **Integrated Oil & Gas–1.69%** | **Integrated Oil & Gas–1.69%** | **Integrated Oil & Gas–1.69%** |
| Chevron Corp. | 123206 | &nbsp;&nbsp; 16763409 |
| Suncor Energy, Inc. (Canada) | 193246 | &nbsp;&nbsp; 6819651 |
|  |  | &nbsp;&nbsp; 23583060 |
| **Integrated Telecommunication Services–0.91%** | **Integrated Telecommunication Services–0.91%** | **Integrated Telecommunication Services–0.91%** |
| Verizon Communications, Inc. | 287148 | &nbsp;&nbsp; 12651741 |
| **Interactive Media & Services–6.12%** | **Interactive Media & Services–6.12%** | **Interactive Media & Services–6.12%** |
| Alphabet, Inc., Class A | 250607 | &nbsp;&nbsp; 39796392 |
| Meta Platforms, Inc., Class A | 83266 | &nbsp;&nbsp; 45713034 |
|  |  | &nbsp;&nbsp; 85509426 |

---

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

**2**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–1.32%** | **Internet Services & Infrastructure–1.32%** | **Internet Services & Infrastructure–1.32%** |
| MongoDB, Inc.<sup>(b)</sup>  | 42416 | &nbsp;&nbsp; $7302763 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 69928 | &nbsp;&nbsp; 11152816 |
|  |  | &nbsp;&nbsp; 18455579 |
| **Investment Banking & Brokerage–2.27%** | **Investment Banking & Brokerage–2.27%** | **Investment Banking & Brokerage–2.27%** |
| Charles Schwab Corp. (The) | 234352 | &nbsp;&nbsp; 19076253 |
| Raymond James Financial, Inc. | 92230 | &nbsp;&nbsp; 12639199 |
|  |  | &nbsp;&nbsp; 31715452 |
| **IT Consulting & Other Services–0.74%** | **IT Consulting & Other Services–0.74%** | **IT Consulting & Other Services–0.74%** |
| Amdocs Ltd. | 116446 | &nbsp;&nbsp; 10314787 |
| **Life Sciences Tools & Services–0.97%** | **Life Sciences Tools & Services–0.97%** | **Life Sciences Tools & Services–0.97%** |
| Lonza Group AG (Switzerland) | 18900 | &nbsp;&nbsp; 13579824 |
| **Managed Health Care–1.59%** | **Managed Health Care–1.59%** | **Managed Health Care–1.59%** |
| UnitedHealth Group, Inc. | 53964 | &nbsp;&nbsp; 22202948 |
| **Multi-line Insurance–1.26%** | **Multi-line Insurance–1.26%** | **Multi-line Insurance–1.26%** |
| American International Group, Inc. | 215666 | &nbsp;&nbsp; 17581092 |
| **Multi-Utilities–0.77%** | **Multi-Utilities–0.77%** | **Multi-Utilities–0.77%** |
| Ameren Corp. | 108603 | &nbsp;&nbsp; 10777762 |
| **Oil & Gas Exploration & Production–0.94%** | **Oil & Gas Exploration & Production–0.94%** | **Oil & Gas Exploration & Production–0.94%** |
| ConocoPhillips | 147553 | &nbsp;&nbsp; 13149923 |
| **Oil & Gas Storage & Transportation–0.78%** | **Oil & Gas Storage & Transportation–0.78%** | **Oil & Gas Storage & Transportation–0.78%** |
| Cheniere Energy, Inc. | 47002 | &nbsp;&nbsp; 10862632 |
| **Passenger Ground Transportation–1.24%** | **Passenger Ground Transportation–1.24%** | **Passenger Ground Transportation–1.24%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 214104 | &nbsp;&nbsp; 17344565 |
| **Personal Care Products–0.69%** | **Personal Care Products–0.69%** | **Personal Care Products–0.69%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 124429 | &nbsp;&nbsp; 9598453 |
| **Pharmaceuticals–2.71%** | **Pharmaceuticals–2.71%** | **Pharmaceuticals–2.71%** |
| Eli Lilly and Co. | 32037 | &nbsp;&nbsp; 28799661 |
| Sanofi S.A., ADR | 163954 | &nbsp;&nbsp; 9009272 |
|  |  | &nbsp;&nbsp; 37808933 |
| **Property & Casualty Insurance–0.61%** | **Property & Casualty Insurance–0.61%** | **Property & Casualty Insurance–0.61%** |
| Hartford Insurance Group, Inc. (The) | 69910 | &nbsp;&nbsp; 8575860 |
| **Restaurants–1.01%** | **Restaurants–1.01%** | **Restaurants–1.01%** |
| McDonald's Corp. | 44036 | &nbsp;&nbsp; 14076107 |
| **Retail REITs–0.53%** | **Retail REITs–0.53%** | **Retail REITs–0.53%** |
| Kimco Realty Corp. | 372317 | &nbsp;&nbsp; 7438894 |
| **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 15585 | &nbsp;&nbsp; 10412027 |
| **Semiconductors–9.91%** | **Semiconductors–9.91%** | **Semiconductors–9.91%** |
| Broadcom, Inc. | 176829 | &nbsp;&nbsp; 34034278 |
| NVIDIA Corp. | 811507 | &nbsp;&nbsp; 88389343 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 99708 | &nbsp;&nbsp; $15958265 |
|  |  |  | &nbsp;&nbsp; 138381886 |
| **Single-Family Residential REITs–0.67%** | **Single-Family Residential REITs–0.67%** | **Single-Family Residential REITs–0.67%** | **Single-Family Residential REITs–0.67%** |
| American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | 251857 | &nbsp;&nbsp; 9416933 |
| **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 104696 | &nbsp;&nbsp; 6908889 |
| **Steel–0.53%** | **Steel–0.53%** | **Steel–0.53%** | **Steel–0.53%** |
| ATI, Inc.<sup>(b)</sup>  | ATI, Inc.<sup>(b)</sup>  | 135193 | &nbsp;&nbsp; 7351795 |
| **Systems Software–8.52%** | **Systems Software–8.52%** | **Systems Software–8.52%** | **Systems Software–8.52%** |
| Microsoft Corp. | Microsoft Corp. | 256671 | &nbsp;&nbsp; 101451779 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 18451 | &nbsp;&nbsp; 17620890 |
|  |  |  | &nbsp;&nbsp; 119072669 |
| **Technology Hardware, Storage & Peripherals–5.49%** | **Technology Hardware, Storage & Peripherals–5.49%** | **Technology Hardware, Storage & Peripherals–5.49%** | **Technology Hardware, Storage & Peripherals–5.49%** |
| Apple, Inc. | Apple, Inc. | 360880 | &nbsp;&nbsp; 76687000 |
| **Tobacco–2.02%** | **Tobacco–2.02%** | **Tobacco–2.02%** | **Tobacco–2.02%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 164601 | &nbsp;&nbsp; 28206027 |
| **Transaction & Payment Processing Services–2.66%** | **Transaction & Payment Processing Services–2.66%** | **Transaction & Payment Processing Services–2.66%** | **Transaction & Payment Processing Services–2.66%** |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 58724 | &nbsp;&nbsp; 10838689 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 47950 | &nbsp;&nbsp; 26279477 |
|  |  |  | &nbsp;&nbsp; 37118166 |
| Total Common Stocks & Other Equity Interests <br> (Cost $887,963,949) | Total Common Stocks & Other Equity Interests <br> (Cost $887,963,949) | Total Common Stocks & Other Equity Interests <br> (Cost $887,963,949) | &nbsp;&nbsp; 1388130241 |
| **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 2792292 | &nbsp;&nbsp; 2792292 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 5185948 | &nbsp;&nbsp; 5185948 |
| Total Money Market Funds (Cost $7,978,240) | Total Money Market Funds (Cost $7,978,240) | Total Money Market Funds (Cost $7,978,240) | &nbsp;&nbsp; 7978240 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.95% <br> (Cost $895,942,189)<br>|  |  | &nbsp;&nbsp; 1396108481 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.66%** | **Money Market Funds–0.66%** | **Money Market Funds–0.66%** | **Money Market Funds–0.66%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 2561790 | &nbsp;&nbsp; 2561790 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 6629166 | &nbsp;&nbsp; 6630492 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $9,192,282) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $9,192,282) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $9,192,282) | &nbsp;&nbsp; 9192282 |
| TOTAL INVESTMENTS IN SECURITIES–100.61% <br> (Cost $905,134,471) | TOTAL INVESTMENTS IN SECURITIES–100.61% <br> (Cost $905,134,471) | TOTAL INVESTMENTS IN SECURITIES–100.61% <br> (Cost $905,134,471) | &nbsp;&nbsp; 1405300763 |
| OTHER ASSETS LESS LIABILITIES—(0.61)% | OTHER ASSETS LESS LIABILITIES—(0.61)% | OTHER ASSETS LESS LIABILITIES—(0.61)% | &nbsp;&nbsp; (8559340)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1396741423 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $4708128 | &nbsp;&nbsp; $40673153 | &nbsp;&nbsp; $(42588989) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2792292 | &nbsp;&nbsp; $124509 |
| Invesco Treasury Portfolio, Institutional Class | 8743931 | &nbsp;&nbsp; 75535854 | &nbsp;&nbsp; (79093837) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5185948 | &nbsp;&nbsp; 229149 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4159491 | &nbsp;&nbsp; 107940500 | &nbsp;&nbsp; (109538201) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2561790 | &nbsp;&nbsp; 140,963\* |
| Invesco Private Prime Fund | 15532136 | &nbsp;&nbsp; 261514137 | &nbsp;&nbsp; (270415167) | &nbsp;&nbsp; 336 | (950) | &nbsp;&nbsp; 6630492 | &nbsp;&nbsp; 381,334\* |
| Total | $33143686 | &nbsp;&nbsp; $485663644 | &nbsp;&nbsp; $(501636194) | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $(950) | &nbsp;&nbsp; $17170522 | &nbsp;&nbsp; $875955 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> 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.

**4**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $887,963,949)\*<br>| &nbsp;&nbsp; $1388130241 |
| Investments in affiliated money market funds, at value <br> (Cost $17,170,522)<br>| &nbsp;&nbsp; 17170522 |
| Cash | &nbsp;&nbsp; 500000 |
| Foreign currencies, at value (Cost $164) | &nbsp;&nbsp; 162 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 291318 |
| Dividends | &nbsp;&nbsp; 808516 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 121333 |
| Other assets | &nbsp;&nbsp; 237368 |
| Total assets | &nbsp;&nbsp; 1407259460 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 611065 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 9192282 |
| Accrued fees to affiliates | &nbsp;&nbsp; 542709 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 348 |
| Accrued other operating expenses | &nbsp;&nbsp; 50300 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 121333 |
| Total liabilities | &nbsp;&nbsp; 10518037 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1396741423 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $854343855 |
| Distributable earnings | &nbsp;&nbsp; 542397568 |
|  | &nbsp;&nbsp; $1396741423 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1166301834 |
| Class C | &nbsp;&nbsp; $45238243 |
| Class R | &nbsp;&nbsp; $73363168 |
| Class Y | &nbsp;&nbsp; $103168864 |
| Class R5 | &nbsp;&nbsp; $11424 |
| Class R6 | &nbsp;&nbsp; $8657890 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 45835504 |
| Class C | &nbsp;&nbsp; 2143706 |
| Class R | &nbsp;&nbsp; 3047780 |
| Class Y | &nbsp;&nbsp; 3892574 |
| Class R5 | &nbsp;&nbsp; 446 |
| Class R6 | &nbsp;&nbsp; 337844 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $25.45 |
| Maximum offering price per share <br>(Net asset value of $25.45 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.93 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.10 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.07 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.50 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.61 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.63 |

---

\* At April 30, 2025, security with a value of $8,454,422 was on loan to brokers. 

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

**5**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $63,033) | &nbsp;&nbsp; $8396416 |
| Dividends from affiliated money market funds (includes net securities lending income of $21,450) | &nbsp;&nbsp; 375108 |
| Total investment income | &nbsp;&nbsp; 8771524 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4714282 |
| Administrative services fees | &nbsp;&nbsp; 105178 |
| Custodian fees | &nbsp;&nbsp; 5120 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1502185 |
| Class C | &nbsp;&nbsp; 249077 |
| Class R | &nbsp;&nbsp; 190050 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 792404 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 711 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15008 |
| Registration and filing fees | &nbsp;&nbsp; 49230 |
| Reports to shareholders | &nbsp;&nbsp; 35156 |
| Professional services fees | &nbsp;&nbsp; 34569 |
| Other | &nbsp;&nbsp; 14410 |
| Total expenses | &nbsp;&nbsp; 7707381 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (46507)<br>|
| Net expenses | &nbsp;&nbsp; 7660874 |
| Net investment income | &nbsp;&nbsp; 1110650 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 43110636 |
| Affiliated investment securities | &nbsp;&nbsp; (950)<br>|
| Foreign currencies | &nbsp;&nbsp; 6888 |
|  | &nbsp;&nbsp; 43116574 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (75963668)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 336 |
| Foreign currencies | &nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp; (75962846)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (32846272)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(31735622)<br>|

---

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

**6**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1110650 | &nbsp;&nbsp; $5309147 |
| Net realized gain | &nbsp;&nbsp; 43116574 | &nbsp;&nbsp; 131380561 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (75962846)<br>| &nbsp;&nbsp; 300241296 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (31735622)<br>| &nbsp;&nbsp; 436931004 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (105988008)<br>| &nbsp;&nbsp; (42262173)<br>|
| Class C | &nbsp;&nbsp; (4820216)<br>| &nbsp;&nbsp; (2076262)<br>|
| Class R | &nbsp;&nbsp; (6632517)<br>| &nbsp;&nbsp; (2382864)<br>|
| Class Y | &nbsp;&nbsp; (7090170)<br>| &nbsp;&nbsp; (2738484)<br>|
| Class R5 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; (452)<br>|
| Class R6 | &nbsp;&nbsp; (430463)<br>| &nbsp;&nbsp; (174708)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (124962502)<br>| &nbsp;&nbsp; (49634943)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 58797210 | &nbsp;&nbsp; (46984527)<br>|
| Class C | &nbsp;&nbsp; 1300551 | &nbsp;&nbsp; (4813691)<br>|
| Class R | &nbsp;&nbsp; 7025756 | &nbsp;&nbsp; 5499533 |
| Class Y | &nbsp;&nbsp; 30668829 | &nbsp;&nbsp; 3519242 |
| Class R6 | &nbsp;&nbsp; 4469624 | &nbsp;&nbsp; (285609)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 102261970 | &nbsp;&nbsp; (43065052)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (54436154)<br>| &nbsp;&nbsp; 344231009 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1451177577 | &nbsp;&nbsp; 1106946568 |
| End of period | &nbsp;&nbsp; $1396741423 | &nbsp;&nbsp; $1451177577 |

---

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

**7**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $28.29 | $0.02 | $(0.41)<br>| $(0.39)<br>| $(0.12)<br>| $(2.33)<br>| $(2.45)<br>| $25.45 | (2.11 )%<sup>(d)</sup><br>| &nbsp;&nbsp; $1166302 | 1.02 %<sup>(d)(e)</sup><br>| 1.03 %<sup>(d)(e)</sup><br>| 0.18 %<sup>(d)(e)</sup><br>| 20<br> %<br>|
| Year ended 10/31/24 | 20.98 | 0.11 | 8.14 | 8.25 | (0.06)<br>| (0.88)<br>| (0.94)<br>| 28.29 | 40.43 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1238070 | 1.03 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 0.43 <br><sup>(d)</sup><br>| 54 |
| Year ended 10/31/23 | 19.99 | 0.09 | 2.00 | 2.09 | (0.04)<br>| (1.06)<br>| (1.10)<br>| 20.98 | 11.05 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 952567 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.41 <br><sup>(d)</sup><br>| 56 |
| Year ended 10/31/22 | 28.54 | 0.12 | (4.36)<br>| (4.24)<br>| (0.16)<br>| (4.15)<br>| (4.31)<br>| 19.99 | (17.59 )<sup>(d)</sup><br>| &nbsp;&nbsp; 929660 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 45 |
| Year ended 10/31/21 | 20.45 | 0.05 | 8.25 | 8.30 | (0.11)<br>| (0.10)<br>| (0.21)<br>| 28.54 | 40.84 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1229595 | 1.07 <br><sup>(d)</sup><br>| 1.07 <br><sup>(d)</sup><br>| 0.18 <br><sup>(d)</sup><br>| 35 |
| Year ended 10/31/20 | 18.53 | 0.14 | 1.94 | 2.08 | (0.09)<br>| (0.07)<br>| (0.16)<br>| 20.45 | 11.24 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 938494 | 1.12 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 0.73 <br><sup>(d)</sup><br>| 28 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 23.83 | (0.07)<br>| (0.33)<br>| (0.40)<br>|  | (2.33)<br>| (2.33)<br>| 21.10 | (2.51)<br>| &nbsp;&nbsp; 45238 | 1.78 <br><sup>(e)</sup><br>| 1.79 <br><sup>(e)</sup><br>| (0.58 )<sup>(e)</sup><br>| 20 |
| Year ended 10/31/24 | 17.90 | (0.07)<br>| 6.91 | 6.84 | (0.03)<br>| (0.88)<br>| (0.91)<br>| 23.83 | 39.41 | &nbsp;&nbsp; 50025 | 1.79 | 1.80 | (0.33)<br>| 54 |
| Year ended 10/31/23 | 17.30 | (0.06)<br>| 1.72 | 1.66 |  | (1.06)<br>| (1.06)<br>| 17.90 | 10.20 | &nbsp;&nbsp; 41279 | 1.82 | 1.82 | (0.35)<br>| 56 |
| Year ended 10/31/22 | 25.35 | (0.04)<br>| (3.80)<br>| (3.84)<br>| (0.06)<br>| (4.15)<br>| (4.21)<br>| 17.30 | (18.25)<br>| &nbsp;&nbsp; 41846 | 1.82 | 1.82 | (0.23)<br>| 45 |
| Year ended 10/31/21 | 18.31 | (0.13)<br>| 7.37 | 7.24 | (0.10)<br>| (0.10)<br>| (0.20)<br>| 25.35 | 39.78 | &nbsp;&nbsp; 60285 | 1.83 | 1.83 | (0.58)<br>| 35 |
| Year ended 10/31/20 | 16.66 | (0.01)<br>| 1.76 | 1.75 | (0.03)<br>| (0.07)<br>| (0.10)<br>| 18.31 | 10.52 | &nbsp;&nbsp; 61600 | 1.88 | 1.88 | (0.03)<br>| 28 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 26.87 | (0.01)<br>| (0.40)<br>| (0.41)<br>| (0.06)<br>| (2.33)<br>| (2.39)<br>| 24.07 | (2.28)<br>| &nbsp;&nbsp; 73363 | 1.28 <br><sup>(e)</sup><br>| 1.29 <br><sup>(e)</sup><br>| (0.08 )<sup>(e)</sup><br>| 20 |
| Year ended 10/31/24 | 20.00 | 0.04 | 7.75 | 7.79 | (0.04)<br>| (0.88)<br>| (0.92)<br>| 26.87 | 40.06 | &nbsp;&nbsp; 74638 | 1.29 | 1.30 | 0.17 | 54 |
| Year ended 10/31/23 | 19.12 | 0.03 | 1.92 | 1.95 | (0.01)<br>| (1.06)<br>| (1.07)<br>| 20.00 | 10.81 | &nbsp;&nbsp; 50630 | 1.32 | 1.32 | 0.15 | 56 |
| Year ended 10/31/22 | 27.48 | 0.06 | (4.18)<br>| (4.12)<br>| (0.09)<br>| (4.15)<br>| (4.24)<br>| 19.12 | (17.82)<br>| &nbsp;&nbsp; 46688 | 1.32 | 1.32 | 0.27 | 45 |
| Year ended 10/31/21 | 19.74 | (0.02)<br>| 7.96 | 7.94 | (0.10)<br>| (0.10)<br>| (0.20)<br>| 27.48 | 40.47 | &nbsp;&nbsp; 59603 | 1.33 | 1.33 | (0.08)<br>| 35 |
| Year ended 10/31/20 | 17.91 | 0.09 | 1.88 | 1.97 | (0.07)<br>| (0.07)<br>| (0.14)<br>| 19.74 | 11.01 | &nbsp;&nbsp; 49869 | 1.38 | 1.38 | 0.47 | 28 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 29.40 | 0.06 | (0.45)<br>| (0.39)<br>| (0.18)<br>| (2.33)<br>| (2.51)<br>| 26.50 | (2.02)<br>| &nbsp;&nbsp; 103169 | 0.78 <br><sup>(e)</sup><br>| 0.79 <br><sup>(e)</sup><br>| 0.42 <br><sup>(e)</sup><br>| 20 |
| Year ended 10/31/24 | 21.77 | 0.18 | 8.44 | 8.62 | (0.11)<br>| (0.88)<br>| (0.99)<br>| 29.40 | 40.74 | &nbsp;&nbsp; 83589 | 0.79 | 0.80 | 0.67 | 54 |
| Year ended 10/31/23 | 20.70 | 0.14 | 2.09 | 2.23 | (0.10)<br>| (1.06)<br>| (1.16)<br>| 21.77 | 11.36 | &nbsp;&nbsp; 58642 | 0.82 | 0.82 | 0.65 | 56 |
| Year ended 10/31/22 | 29.41 | 0.18 | (4.52)<br>| (4.34)<br>| (0.22)<br>| (4.15)<br>| (4.37)<br>| 20.70 | (17.41)<br>| &nbsp;&nbsp; 57359 | 0.82 | 0.82 | 0.77 | 45 |
| Year ended 10/31/21 | 21.03 | 0.11 | 8.49 | 8.60 | (0.12)<br>| (0.10)<br>| (0.22)<br>| 29.41 | 41.15 | &nbsp;&nbsp; 71664 | 0.83 | 0.83 | 0.42 | 35 |
| Year ended 10/31/20 | 19.01 | 0.19 | 2.01 | 2.20 | (0.11)<br>| (0.07)<br>| (0.18)<br>| 21.03 | 11.59 | &nbsp;&nbsp; 49316 | 0.88 | 0.88 | 0.97 | 28 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 28.50 | 0.07 | (0.43)<br>| (0.36)<br>| (0.20)<br>| (2.33)<br>| (2.53)<br>| 25.61 | (1.98)<br>| &nbsp;&nbsp; 11 | 0.70 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 0.50 <br><sup>(e)</sup><br>| 20 |
| Year ended 10/31/24 | 21.12 | 0.19 | 8.20 | 8.39 | (0.13)<br>| (0.88)<br>| (1.01)<br>| 28.50 | 40.94 | &nbsp;&nbsp; 13 | 0.72 | 0.72 | 0.74 | 54 |
| Year ended 10/31/23 | 20.13 | 0.16 | 2.01 | 2.17 | (0.12)<br>| (1.06)<br>| (1.18)<br>| 21.12 | 11.42 | &nbsp;&nbsp; 9 | 0.73 | 0.73 | 0.74 | 56 |
| Year ended 10/31/22 | 28.72 | 0.20 | (4.39)<br>| (4.19)<br>| (0.25)<br>| (4.15)<br>| (4.40)<br>| 20.13 | (17.32)<br>| &nbsp;&nbsp; 9 | 0.72 | 0.72 | 0.87 | 45 |
| Year ended 10/31/21 | 20.53 | 0.13 | 8.28 | 8.41 | (0.12)<br>| (0.10)<br>| (0.22)<br>| 28.72 | 41.24 | &nbsp;&nbsp; 13 | 0.73 | 0.73 | 0.52 | 35 |
| Year ended 10/31/20 | 18.56 | 0.20 | 1.95 | 2.15 | (0.11)<br>| (0.07)<br>| (0.18)<br>| 20.53 | 11.64 | &nbsp;&nbsp; 12 | 0.80 | 0.80 | 1.05 | 28 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 28.51 | 0.07 | (0.42)<br>| (0.35)<br>| (0.20)<br>| (2.33)<br>| (2.53)<br>| 25.63 | (1.95)<br>| &nbsp;&nbsp; 8658 | 0.70 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 0.50 <br><sup>(e)</sup><br>| 20 |
| Year ended 10/31/24 | 21.14 | 0.19 | 8.19 | 8.38 | (0.13)<br>| (0.88)<br>| (1.01)<br>| 28.51 | 40.85 | &nbsp;&nbsp; 4843 | 0.72 | 0.72 | 0.74 | 54 |
| Year ended 10/31/23 | 20.14 | 0.16 | 2.02 | 2.18 | (0.12)<br>| (1.06)<br>| (1.18)<br>| 21.14 | 11.46 | &nbsp;&nbsp; 3819 | 0.73 | 0.73 | 0.74 | 56 |
| Year ended 10/31/22 | 28.74 | 0.20 | (4.40)<br>| (4.20)<br>| (0.25)<br>| (4.15)<br>| (4.40)<br>| 20.14 | (17.35)<br>| &nbsp;&nbsp; 2875 | 0.72 | 0.72 | 0.87 | 45 |
| Year ended 10/31/21 | 20.53 | 0.14 | 8.29 | 8.43 | (0.12)<br>| (0.10)<br>| (0.22)<br>| 28.74 | 41.34 | &nbsp;&nbsp; 3309 | 0.73 | 0.73 | 0.52 | 35 |
| Year ended 10/31/20 | 18.56 | 0.20 | 1.96 | 2.16 | (0.12)<br>| (0.07)<br>| (0.19)<br>| 20.53 | 11.68 | &nbsp;&nbsp; 102 | 0.80 | 0.80 | 1.05 | 28 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2025 and for the years ended ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

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

**8**

**Invesco Main Street All Cap Fund**<sup>®</sup>

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Main Street All Cap Fund<sup>®</sup> (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.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**9**

**Invesco Main Street All Cap Fund**<sup>®</sup>

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

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

**10**

**Invesco Main Street All Cap Fund**<sup>®</sup>

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loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $2,557 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

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

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.64%.

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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**11**

**Invesco Main Street All Cap Fund**<sup>®</sup>

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the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $9,121.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $58,453 in front-end sales commissions from the sale of Class A shares and $205 and $2,003 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $3,668 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1363427883 | &nbsp;&nbsp;&nbsp;&nbsp; $24702358 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1388130241 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7978240 | &nbsp;&nbsp;&nbsp;&nbsp; 9192282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17170522 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1371406123 | &nbsp;&nbsp;&nbsp;&nbsp; $33894640 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1405300763 |

---

**12**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $37,386.

**NOTE 5—Cash Balances**

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

**NOTE 6—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $285,129,024 and $296,245,125, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $529674142 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (30948802)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $498725340 |

---

Cost of investments for tax purposes is $906,575,423.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1335068 | &nbsp;&nbsp;&nbsp; $36022415 | &nbsp;&nbsp;&nbsp; 2408510 | &nbsp;&nbsp;&nbsp; $60829091 |
| Class C | &nbsp;&nbsp;&nbsp; 269060 | &nbsp;&nbsp;&nbsp; 6039645 | &nbsp;&nbsp;&nbsp; 378021 | &nbsp;&nbsp;&nbsp; 8104105 |
| Class R | &nbsp;&nbsp;&nbsp; 332538 | &nbsp;&nbsp;&nbsp; 8456542 | &nbsp;&nbsp;&nbsp; 627011 | &nbsp;&nbsp;&nbsp; 15049370 |
| Class Y | &nbsp;&nbsp;&nbsp; 1577099 | &nbsp;&nbsp;&nbsp; 45387557 | &nbsp;&nbsp;&nbsp; 663697 | &nbsp;&nbsp;&nbsp; 17408713 |
| Class R6 | &nbsp;&nbsp;&nbsp; 187266 | &nbsp;&nbsp;&nbsp; 4981409 | &nbsp;&nbsp;&nbsp; 67873 | &nbsp;&nbsp;&nbsp; 1747346 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3672209 | &nbsp;&nbsp;&nbsp; 101756318 | &nbsp;&nbsp;&nbsp; 1786194 | &nbsp;&nbsp;&nbsp; 40661420 |
| Class C | &nbsp;&nbsp;&nbsp; 206889 | &nbsp;&nbsp;&nbsp; 4766730 | &nbsp;&nbsp;&nbsp; 106344 | &nbsp;&nbsp;&nbsp; 2052285 |
| Class R | &nbsp;&nbsp;&nbsp; 251551 | &nbsp;&nbsp;&nbsp; 6600687 | &nbsp;&nbsp;&nbsp; 109549 | &nbsp;&nbsp;&nbsp; 2375518 |
| Class Y | &nbsp;&nbsp;&nbsp; 208266 | &nbsp;&nbsp;&nbsp; 6004307 | &nbsp;&nbsp;&nbsp; 96147 | &nbsp;&nbsp;&nbsp; 2269129 |
| Class R6 | &nbsp;&nbsp;&nbsp; 13680 | &nbsp;&nbsp;&nbsp; 381266 | &nbsp;&nbsp;&nbsp; 7081 | &nbsp;&nbsp;&nbsp; 161895 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 139588 | &nbsp;&nbsp;&nbsp; 3819659 | &nbsp;&nbsp;&nbsp; 219274 | &nbsp;&nbsp;&nbsp; 5621783 |
| Class C | &nbsp;&nbsp;&nbsp; (167785)<br>| &nbsp;&nbsp;&nbsp; (3819659)<br>| &nbsp;&nbsp;&nbsp; (259264)<br>| &nbsp;&nbsp;&nbsp; (5621783)<br>|

---

**13**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3067445)<br>| &nbsp;&nbsp;&nbsp; $(82801182)<br>| &nbsp;&nbsp;&nbsp; (6059481)<br>| &nbsp;&nbsp;&nbsp; $(154096821)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (263531)<br>| &nbsp;&nbsp;&nbsp; (5686165)<br>| &nbsp;&nbsp;&nbsp; (431473)<br>| &nbsp;&nbsp;&nbsp; (9348298)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (314270)<br>| &nbsp;&nbsp;&nbsp; (8031473)<br>| &nbsp;&nbsp;&nbsp; (490574)<br>| &nbsp;&nbsp;&nbsp; (11925355)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (735603)<br>| &nbsp;&nbsp;&nbsp; (20723035)<br>| &nbsp;&nbsp;&nbsp; (611138)<br>| &nbsp;&nbsp;&nbsp; (16158600)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (32946)<br>| &nbsp;&nbsp;&nbsp; (893051)<br>| &nbsp;&nbsp;&nbsp; (85771)<br>| &nbsp;&nbsp;&nbsp; (2194850)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 3611634 | &nbsp;&nbsp;&nbsp; $102261970 | &nbsp;&nbsp;&nbsp; (1468000)<br>| &nbsp;&nbsp;&nbsp; $(43065052)<br>|

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

**14**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco Main Street All Cap Fund**<sup>®</sup>

------

![](imgc8895a991.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

O-MSA-NCSRS

------

![](imgd87008bf1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Main Street Fund**<sup>®</sup>

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_ea1a9f4f-f644-42cc-b90f-d4e53d17993c_SOI-Continued-683_1) | Schedule of Investments |
| [5](#xx_ea1a9f4f-f644-42cc-b90f-d4e53d17993c_FS-Continued-683_1) | Financial Statements |
| [8](#xx_ea1a9f4f-f644-42cc-b90f-d4e53d17993c_FS-Continued-683_4) | Financial Highlights |
| [9](#xx_ea1a9f4f-f644-42cc-b90f-d4e53d17993c_NTF-Continued-683_1) | Notes to Financial Statements |
| [15](#xx_ea1a9f4f-f644-42cc-b90f-d4e53d17993c_OIRSR-Continued-683_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.15%** | **Common Stocks & Other Equity Interests–98.15%** | **Common Stocks & Other Equity Interests–98.15%** |
| **Aerospace & Defense–2.60%** | **Aerospace & Defense–2.60%** | **Aerospace & Defense–2.60%** |
| Airbus SE (France) | 502334 | &nbsp;&nbsp; $85241309 |
| General Electric Co. | 862154 | &nbsp;&nbsp; 173758517 |
|  |  | &nbsp;&nbsp; 258999826 |
| **Application Software–3.16%** | **Application Software–3.16%** | **Application Software–3.16%** |
| Intuit, Inc. | 115956 | &nbsp;&nbsp; 72758911 |
| Salesforce, Inc. | 634085 | &nbsp;&nbsp; 170384981 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 133057 | &nbsp;&nbsp; 72289868 |
|  |  | &nbsp;&nbsp; 315433760 |
| **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 234226 | &nbsp;&nbsp; 35726492 |
| **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** |
| Tesla, Inc.<sup>(b)</sup>  | 144028 | &nbsp;&nbsp; 40638940 |
| **Automotive Retail–0.55%** | **Automotive Retail–0.55%** | **Automotive Retail–0.55%** |
| Valvoline, Inc.<sup>(b)(c)</sup>  | 1602657 | &nbsp;&nbsp; 54907029 |
| **Biotechnology–0.67%** | **Biotechnology–0.67%** | **Biotechnology–0.67%** |
| Gilead Sciences, Inc. | 374427 | &nbsp;&nbsp; 39891452 |
| Natera, Inc.<sup>(b)(c)</sup>  | 176677 | &nbsp;&nbsp; 26665860 |
|  |  | &nbsp;&nbsp; 66557312 |
| **Broadline Retail–4.82%** | **Broadline Retail–4.82%** | **Broadline Retail–4.82%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 2605746 | &nbsp;&nbsp; 480551677 |
| **Construction Materials–1.34%** | **Construction Materials–1.34%** | **Construction Materials–1.34%** |
| CRH PLC | 1405056 | &nbsp;&nbsp; 134070444 |
| **Consumer Finance–2.17%** | **Consumer Finance–2.17%** | **Consumer Finance–2.17%** |
| American Express Co. | 502899 | &nbsp;&nbsp; 133977323 |
| Discover Financial Services | 452202 | &nbsp;&nbsp; 82603739 |
|  |  | &nbsp;&nbsp; 216581062 |
| **Consumer Staples Merchandise Retail–1.81%** | **Consumer Staples Merchandise Retail–1.81%** | **Consumer Staples Merchandise Retail–1.81%** |
| Walmart, Inc. | 1856488 | &nbsp;&nbsp; 180543458 |
| **Diversified Banks–3.92%** | **Diversified Banks–3.92%** | **Diversified Banks–3.92%** |
| Citigroup, Inc. | 1946450 | &nbsp;&nbsp; 133098251 |
| JPMorgan Chase & Co. | 1055872 | &nbsp;&nbsp; 258287409 |
|  |  | &nbsp;&nbsp; 391385660 |
| **Diversified Financial Services–1.35%** | **Diversified Financial Services–1.35%** | **Diversified Financial Services–1.35%** |
| Equitable Holdings, Inc. | 2722841 | &nbsp;&nbsp; 134644487 |
| **Electric Utilities–1.27%** | **Electric Utilities–1.27%** | **Electric Utilities–1.27%** |
| Constellation Energy Corp. | 126081 | &nbsp;&nbsp; 28171539 |
| PPL Corp.<sup>(c)</sup>  | 2690483 | &nbsp;&nbsp; 98202629 |
|  |  | &nbsp;&nbsp; 126374168 |
| **Electrical Components & Equipment–1.52%** | **Electrical Components & Equipment–1.52%** | **Electrical Components & Equipment–1.52%** |
| Emerson Electric Co. | 413733 | &nbsp;&nbsp; 43487475 |
| Hubbell, Inc. | 297482 | &nbsp;&nbsp; 108039514 |
|  |  | &nbsp;&nbsp; 151526989 |
| **Gas Utilities–1.19%** | **Gas Utilities–1.19%** | **Gas Utilities–1.19%** |
| Atmos Energy Corp.<sup>(c)</sup>  | 737907 | &nbsp;&nbsp; 118530001 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Distributors–1.05%** | **Health Care Distributors–1.05%** | **Health Care Distributors–1.05%** |
| Cencora, Inc. | 359487 | &nbsp;&nbsp; $105211060 |
| **Health Care Equipment–3.50%** | **Health Care Equipment–3.50%** | **Health Care Equipment–3.50%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 1209420 | &nbsp;&nbsp; 124413035 |
| Medtronic PLC<sup>(c)</sup>  | 1699632 | &nbsp;&nbsp; 144060808 |
| Zimmer Biomet Holdings, Inc. | 786735 | &nbsp;&nbsp; 81073042 |
|  |  | &nbsp;&nbsp; 349546885 |
| **Health Care Facilities–0.55%** | **Health Care Facilities–0.55%** | **Health Care Facilities–0.55%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 383445 | &nbsp;&nbsp; 54813463 |
| **Health Care Services–1.15%** | **Health Care Services–1.15%** | **Health Care Services–1.15%** |
| CVS Health Corp. | 1713908 | &nbsp;&nbsp; 114334803 |
| **Health Care Supplies–1.25%** | **Health Care Supplies–1.25%** | **Health Care Supplies–1.25%** |
| Alcon AG | 565271 | &nbsp;&nbsp; 55176102 |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 854555 | &nbsp;&nbsp; 69791507 |
|  |  | &nbsp;&nbsp; 124967609 |
| **Home Improvement Retail–0.47%** | **Home Improvement Retail–0.47%** | **Home Improvement Retail–0.47%** |
| Lowe's Cos., Inc. | 208805 | &nbsp;&nbsp; 46680446 |
| **Homebuilding–0.43%** | **Homebuilding–0.43%** | **Homebuilding–0.43%** |
| D.R. Horton, Inc. | 342841 | &nbsp;&nbsp; 43314532 |
| **Hotels, Resorts & Cruise Lines–0.80%** | **Hotels, Resorts & Cruise Lines–0.80%** | **Hotels, Resorts & Cruise Lines–0.80%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 369375 | &nbsp;&nbsp; 79382381 |
| **Household Products–0.82%** | **Household Products–0.82%** | **Household Products–0.82%** |
| Procter & Gamble Co. (The) | 503814 | &nbsp;&nbsp; 81905042 |
| **Human Resource & Employment Services–0.54%** | **Human Resource & Employment Services–0.54%** | **Human Resource & Employment Services–0.54%** |
| Paylocity Holding Corp.<sup>(b)</sup>  | 280662 | &nbsp;&nbsp; 53915170 |
| **Industrial Machinery & Supplies & Components–1.83%** | **Industrial Machinery & Supplies & Components–1.83%** | **Industrial Machinery & Supplies & Components–1.83%** |
| Otis Worldwide Corp. | 1076624 | &nbsp;&nbsp; 103646592 |
| Parker-Hannifin Corp. | 130950 | &nbsp;&nbsp; 79232607 |
|  |  | &nbsp;&nbsp; 182879199 |
| **Industrial REITs–1.46%** | **Industrial REITs–1.46%** | **Industrial REITs–1.46%** |
| Prologis, Inc. | 1421128 | &nbsp;&nbsp; 145239282 |
| **Insurance Brokers–0.98%** | **Insurance Brokers–0.98%** | **Insurance Brokers–0.98%** |
| Arthur J. Gallagher & Co. | 304675 | &nbsp;&nbsp; 97706226 |
| **Integrated Oil & Gas–2.42%** | **Integrated Oil & Gas–2.42%** | **Integrated Oil & Gas–2.42%** |
| Chevron Corp. | 1024169 | &nbsp;&nbsp; 139348434 |
| Suncor Energy, Inc. (Canada) | 2892101 | &nbsp;&nbsp; 102062244 |
|  |  | &nbsp;&nbsp; 241410678 |
| **Integrated Telecommunication Services–1.67%** | **Integrated Telecommunication Services–1.67%** | **Integrated Telecommunication Services–1.67%** |
| AT&T, Inc. | 6021524 | &nbsp;&nbsp; 166796215 |
| **Interactive Media & Services–5.63%** | **Interactive Media & Services–5.63%** | **Interactive Media & Services–5.63%** |
| Alphabet, Inc., Class A | 1963479 | &nbsp;&nbsp; 311800465 |
| Meta Platforms, Inc., Class A | 455672 | &nbsp;&nbsp; 250163928 |
|  |  | &nbsp;&nbsp; 561964393 |
| **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** |
| MongoDB, Inc.<sup>(b)</sup>  | 24588 | &nbsp;&nbsp; 4233316 |

---

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

**2**

**Invesco Main Street Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** | **Internet Services & Infrastructure–(continued)** |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 95388 | &nbsp;&nbsp; $15213432 |
|  |  | &nbsp;&nbsp; 19446748 |
| **Investment Banking & Brokerage–1.82%** | **Investment Banking & Brokerage–1.82%** | **Investment Banking & Brokerage–1.82%** |
| Charles Schwab Corp. (The) | 2234418 | &nbsp;&nbsp; 181881625 |
| **Life Sciences Tools & Services–1.34%** | **Life Sciences Tools & Services–1.34%** | **Life Sciences Tools & Services–1.34%** |
| Lonza Group AG (Switzerland) | 186733 | &nbsp;&nbsp; 134169377 |
| **Managed Health Care–0.81%** | **Managed Health Care–0.81%** | **Managed Health Care–0.81%** |
| UnitedHealth Group, Inc. | 196493 | &nbsp;&nbsp; 80845080 |
| **Multi-line Insurance–1.61%** | **Multi-line Insurance–1.61%** | **Multi-line Insurance–1.61%** |
| American International Group, Inc. | 1964621 | &nbsp;&nbsp; 160155904 |
| **Multi-Utilities–0.39%** | **Multi-Utilities–0.39%** | **Multi-Utilities–0.39%** |
| Ameren Corp. | 394108 | &nbsp;&nbsp; 39111278 |
| **Oil & Gas Storage & Transportation–0.94%** | **Oil & Gas Storage & Transportation–0.94%** | **Oil & Gas Storage & Transportation–0.94%** |
| Cheniere Energy, Inc. | 407215 | &nbsp;&nbsp; 94111459 |
| **Passenger Ground Transportation–1.51%** | **Passenger Ground Transportation–1.51%** | **Passenger Ground Transportation–1.51%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 1865389 | &nbsp;&nbsp; 151115163 |
| **Personal Care Products–0.19%** | **Personal Care Products–0.19%** | **Personal Care Products–0.19%** |
| Estee Lauder Cos., Inc. (The), Class A | 321808 | &nbsp;&nbsp; 19295608 |
| **Pharmaceuticals–2.21%** | **Pharmaceuticals–2.21%** | **Pharmaceuticals–2.21%** |
| AstraZeneca PLC, ADR (United <br> Kingdom) | 539954 | &nbsp;&nbsp; 38763298 |
| Eli Lilly and Co. | 201671 | &nbsp;&nbsp; 181292145 |
|  |  | &nbsp;&nbsp; 220055443 |
| **Restaurants–2.07%** | **Restaurants–2.07%** | **Restaurants–2.07%** |
| McDonald's Corp. | 646331 | &nbsp;&nbsp; 206599704 |
| **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** | **Semiconductor Materials & Equipment–0.75%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 111675 | &nbsp;&nbsp; 74607834 |
| **Semiconductors–9.12%** | **Semiconductors–9.12%** | **Semiconductors–9.12%** |
| Broadcom, Inc. | 1059562 | &nbsp;&nbsp; 203933898 |
| NVIDIA Corp. | 5704624 | &nbsp;&nbsp; 621347646 |
| Texas Instruments, Inc. | 531597 | &nbsp;&nbsp; 85082100 |
|  |  | &nbsp;&nbsp; 910363644 |
| **Soft Drinks & Non-alcoholic Beverages–0.52%** | **Soft Drinks & Non-alcoholic Beverages–0.52%** | **Soft Drinks & Non-alcoholic Beverages–0.52%** |
| Keurig Dr Pepper, Inc. | 1494623 | &nbsp;&nbsp; 51699010 |
| **Specialty Chemicals–0.83%** | **Specialty Chemicals–0.83%** | **Specialty Chemicals–0.83%** |
| DuPont de Nemours, Inc. | 1252761 | &nbsp;&nbsp; 82669698 |
| **Systems Software–9.03%** | **Systems Software–9.03%** | **Systems Software–9.03%** |
| Microsoft Corp. | 1903963 | &nbsp;&nbsp; 752560415 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 155085 | &nbsp;&nbsp; $148107726 |
|  |  |  | &nbsp;&nbsp; 900668141 |
| **Technology Hardware, Storage & Peripherals–6.20%** | **Technology Hardware, Storage & Peripherals–6.20%** | **Technology Hardware, Storage & Peripherals–6.20%** | **Technology Hardware, Storage & Peripherals–6.20%** |
| Apple, Inc. | Apple, Inc. | 2908665 | &nbsp;&nbsp; 618091313 |
| **Telecom Tower REITs–0.65%** | **Telecom Tower REITs–0.65%** | **Telecom Tower REITs–0.65%** | **Telecom Tower REITs–0.65%** |
| American Tower Corp. | American Tower Corp. | 289480 | &nbsp;&nbsp; 65251687 |
| **Tobacco–2.61%** | **Tobacco–2.61%** | **Tobacco–2.61%** | **Tobacco–2.61%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 1517986 | &nbsp;&nbsp; 260122081 |
| **Transaction & Payment Processing Services–3.51%** | **Transaction & Payment Processing Services–3.51%** | **Transaction & Payment Processing Services–3.51%** | **Transaction & Payment Processing Services–3.51%** |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 949630 | &nbsp;&nbsp; 175273209 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 319724 | &nbsp;&nbsp; 175227936 |
|  |  |  | &nbsp;&nbsp; 350501145 |
| **Wireless Telecommunication Services–0.16%** | **Wireless Telecommunication Services–0.16%** | **Wireless Telecommunication Services–0.16%** | **Wireless Telecommunication Services–0.16%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 63946 | &nbsp;&nbsp; 15791465 |
| Total Common Stocks & Other Equity Interests <br> (Cost $6,742,729,496) | Total Common Stocks & Other Equity Interests <br> (Cost $6,742,729,496) | Total Common Stocks & Other Equity Interests <br> (Cost $6,742,729,496) | &nbsp;&nbsp; 9793092096 |
| **Money Market Funds–1.84%** | **Money Market Funds–1.84%** | **Money Market Funds–1.84%** | **Money Market Funds–1.84%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(d)(e)</sup>  | 64142443 | &nbsp;&nbsp; 64142443 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(d)(e)</sup>  | 119121755 | &nbsp;&nbsp; 119121755 |
| Total Money Market Funds <br> (Cost $183,264,198) | Total Money Market Funds <br> (Cost $183,264,198) | Total Money Market Funds <br> (Cost $183,264,198) | &nbsp;&nbsp; 183264198 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-99.99% <br> (Cost $6,925,993,694)<br>|  |  | &nbsp;&nbsp; 9976356294 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.92%** | **Money Market Funds–0.92%** | **Money Market Funds–0.92%** | **Money Market Funds–0.92%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 25399177 | &nbsp;&nbsp; 25399177 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 66075946 | &nbsp;&nbsp; 66089161 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $91,489,025) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $91,489,025) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $91,489,025) | &nbsp;&nbsp; 91488338 |
| TOTAL INVESTMENTS IN SECURITIES–100.91% <br> (Cost $7,017,482,719) | TOTAL INVESTMENTS IN SECURITIES–100.91% <br> (Cost $7,017,482,719) | TOTAL INVESTMENTS IN SECURITIES–100.91% <br> (Cost $7,017,482,719) | &nbsp;&nbsp; 10067844632 |
| OTHER ASSETS LESS LIABILITIES—(0.91)% | OTHER ASSETS LESS LIABILITIES—(0.91)% | OTHER ASSETS LESS LIABILITIES—(0.91)% | &nbsp;&nbsp; (90494430)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $9977350202 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco Main Street Fund**<sup>®</sup>

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $9133687 | &nbsp;&nbsp; $426246916 | &nbsp;&nbsp; $(371238160) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $64142443 | &nbsp;&nbsp; $585526 |
| Invesco Treasury Portfolio, Institutional Class | 16967494 | &nbsp;&nbsp; 791601417 | &nbsp;&nbsp; (689447156) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 119121755 | &nbsp;&nbsp; 1077851 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 25212951 | &nbsp;&nbsp; 411915746 | &nbsp;&nbsp; (411729520) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25399177 | &nbsp;&nbsp; 324,179\* |
| Invesco Private Prime Fund | 65729419 | &nbsp;&nbsp; 955008363 | &nbsp;&nbsp; (954645754) | &nbsp;&nbsp; 5605 | &nbsp;&nbsp; (8472) | &nbsp;&nbsp; 66089161 | &nbsp;&nbsp; 938,402\* |
| Total | $117043551 | &nbsp;&nbsp; $2584772442 | &nbsp;&nbsp; $(2427060590) | &nbsp;&nbsp; $5605 | &nbsp;&nbsp; $(8472) | &nbsp;&nbsp; $274752536 | &nbsp;&nbsp; $2925958 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> 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.

**4**

**Invesco Main Street Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $6,742,729,496)\*<br>| &nbsp;&nbsp; $9793092096 |
| Investments in affiliated money market funds, at value <br> (Cost $274,753,223)<br>| &nbsp;&nbsp; 274752536 |
| Cash | &nbsp;&nbsp; 3000000 |
| Foreign currencies, at value (Cost $164) | &nbsp;&nbsp; 162 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 59530876 |
| Fund shares sold | &nbsp;&nbsp; 1499179 |
| Dividends | &nbsp;&nbsp; 6020950 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 597774 |
| Other assets | &nbsp;&nbsp; 83104 |
| Total assets | &nbsp;&nbsp; 10138576677 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 60164028 |
| Fund shares reacquired | &nbsp;&nbsp; 5323745 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 91489025 |
| Accrued fees to affiliates | &nbsp;&nbsp; 3425676 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2045 |
| Accrued other operating expenses | &nbsp;&nbsp; 224182 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 597774 |
| Total liabilities | &nbsp;&nbsp; 161226475 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $9977350202 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6426280350 |
| Distributable earnings | &nbsp;&nbsp; 3551069852 |
|  | &nbsp;&nbsp; $9977350202 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $8672371311 |
| Class C | &nbsp;&nbsp; $179375781 |
| Class R | &nbsp;&nbsp; $301591496 |
| Class Y | &nbsp;&nbsp; $522848028 |
| Class R5 | &nbsp;&nbsp; $12161 |
| Class R6 | &nbsp;&nbsp; $301151425 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 156978683 |
| Class C | &nbsp;&nbsp; 3700503 |
| Class R | &nbsp;&nbsp; 5702580 |
| Class Y | &nbsp;&nbsp; 9551286 |
| Class R5 | &nbsp;&nbsp; 218 |
| Class R6 | &nbsp;&nbsp; 5501333 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $55.25 |
| Maximum offering price per share <br>(Net asset value of $55.25 ÷ 94.50%)<br>| &nbsp;&nbsp; $58.47 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $48.47 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $52.89 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $54.74 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $55.78 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $54.74 |

---

\* At April 30, 2025, securities with an aggregate value of $89,177,016 were on loan to brokers. 

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

**5**

**Invesco Main Street Fund**<sup>®</sup>

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $673,997) | &nbsp;&nbsp; $65497710 |
| Dividends from affiliated money market funds (includes net securities lending income of $109,640) | &nbsp;&nbsp; 1773017 |
| Total investment income | &nbsp;&nbsp; 67270727 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 23467558 |
| Administrative services fees | &nbsp;&nbsp; 761425 |
| Custodian fees | &nbsp;&nbsp; 36341 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 10579291 |
| Class C | &nbsp;&nbsp; 1006908 |
| Class R | &nbsp;&nbsp; 790267 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 5121068 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 48924 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 49336 |
| Registration and filing fees | &nbsp;&nbsp; 82081 |
| Reports to shareholders | &nbsp;&nbsp; 173091 |
| Professional services fees | &nbsp;&nbsp; 64872 |
| Other | &nbsp;&nbsp; 73212 |
| Total expenses | &nbsp;&nbsp; 42254376 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (230611)<br>|
| Net expenses | &nbsp;&nbsp; 42023765 |
| Net investment income | &nbsp;&nbsp; 25246962 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 530930203 |
| Affiliated investment securities | &nbsp;&nbsp; (8472)<br>|
| Foreign currencies | &nbsp;&nbsp; 129132 |
|  | &nbsp;&nbsp; 531050863 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (856472815)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 5605 |
| Foreign currencies | &nbsp;&nbsp; 1799 |
|  | &nbsp;&nbsp; (856465411)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (325414548)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(300167586)<br>|

---

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

**6**

**Invesco Main Street Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $25246962 | &nbsp;&nbsp; $57860452 |
| Net realized gain | &nbsp;&nbsp; 531050863 | &nbsp;&nbsp; 618369709 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (856465411)<br>| &nbsp;&nbsp; 2506245119 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (300167586)<br>| &nbsp;&nbsp; 3182475280 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (537142535)<br>| &nbsp;&nbsp; (576384314)<br>|
| Class C | &nbsp;&nbsp; (12021940)<br>| &nbsp;&nbsp; (16230096)<br>|
| Class R | &nbsp;&nbsp; (18291758)<br>| &nbsp;&nbsp; (19728467)<br>|
| Class Y | &nbsp;&nbsp; (33107467)<br>| &nbsp;&nbsp; (33609206)<br>|
| Class R5 | &nbsp;&nbsp; (801)<br>| &nbsp;&nbsp; (815)<br>|
| Class R6 | &nbsp;&nbsp; (19874081)<br>| &nbsp;&nbsp; (30482737)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (620438582)<br>| &nbsp;&nbsp; (676435635)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 100428655 | &nbsp;&nbsp; (166497595)<br>|
| Class C | &nbsp;&nbsp; (12551320)<br>| &nbsp;&nbsp; (29672303)<br>|
| Class R | &nbsp;&nbsp; 12720816 | &nbsp;&nbsp; 517017 |
| Class Y | &nbsp;&nbsp; 25172194 | &nbsp;&nbsp; (1663304)<br>|
| Class R6 | &nbsp;&nbsp; 1483773 | &nbsp;&nbsp; (164419073)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 127254118 | &nbsp;&nbsp; (361735258)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (793352050)<br>| &nbsp;&nbsp; 2144304387 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10770702252 | &nbsp;&nbsp; 8626397865 |
| End of period | &nbsp;&nbsp; $9977350202 | &nbsp;&nbsp; $10770702252 |

---

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

**7**

**Invesco Main Street Fund**<sup>®</sup>

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $60.26 | $0.14 | $(1.66)<br>| $(1.52)<br>| $(0.39)<br>| $(3.10)<br>| $(3.49)<br>| $55.25 | (2.97 )%<sup>(d)</sup><br>| &nbsp;&nbsp; $8672371 | 0.79 %<sup>(d)(e)</sup><br>| 0.79 %<sup>(d)(e)</sup><br>| 0.48 %<sup>(d)(e)</sup><br>| 28<br> %<br>|
| Year ended 10/31/24 | 46.88 | 0.31 | 16.77 | 17.08 | (0.11)<br>| (3.59)<br>| (3.70)<br>| 60.26 | 38.21 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 9369552 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| 0.56 <br><sup>(d)</sup><br>| 39 |
| Year ended 10/31/23 | 45.05 | 0.32 | 3.54 | 3.86 | (0.47)<br>| (1.56)<br>| (2.03)<br>| 46.88 | 8.95 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 7375761 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| 0.68 <br><sup>(d)</sup><br>| 66 |
| Year ended 10/31/22 | 66.18 | 0.38 | (10.59)<br>| (10.21)<br>| (0.38)<br>| (10.54)<br>| (10.92)<br>| 45.05 | (18.61 )<sup>(d)</sup><br>| &nbsp;&nbsp; 7340263 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| 0.73 <br><sup>(d)</sup><br>| 52 |
| Year ended 10/31/21 | 48.70 | 0.35 | 18.82 | 19.17 | (0.44)<br>| (1.25)<br>| (1.69)<br>| 66.18 | 40.26 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 9808667 | 0.82 <br><sup>(d)</sup><br>| 0.82 <br><sup>(d)</sup><br>| 0.58 <br><sup>(d)</sup><br>| 47 |
| Year ended 10/31/20 | 49.26 | 0.44 | 3.08 | 3.52 | (0.43)<br>| (3.65)<br>| (4.08)<br>| 48.70 | 7.38 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 7502604 | 0.83 <br><sup>(d)</sup><br>| 0.83 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 37 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 53.11 | (0.08)<br>| (1.46)<br>| (1.54)<br>|  | (3.10)<br>| (3.10)<br>| 48.47 | (3.38)<br>| &nbsp;&nbsp; 179376 | 1.56 <br><sup>(e)</sup><br>| 1.56 <br><sup>(e)</sup><br>| (0.29 )<sup>(e)</sup><br>| 28 |
| Year ended 10/31/24 | 41.95 | (0.10)<br>| 14.90 | 14.80 | (0.05)<br>| (3.59)<br>| (3.64)<br>| 53.11 | 37.16 | &nbsp;&nbsp; 209708 | 1.57 | 1.57 | (0.21)<br>| 39 |
| Year ended 10/31/23 | 40.46 | (0.04)<br>| 3.18 | 3.14 | (0.09)<br>| (1.56)<br>| (1.65)<br>| 41.95 | 8.09 | &nbsp;&nbsp; 189259 | 1.57 | 1.57 | (0.09)<br>| 66 |
| Year ended 10/31/22 | 60.54 | (0.02)<br>| (9.52)<br>| (9.54)<br>|  | (10.54)<br>| (10.54)<br>| 40.46 | (19.20)<br>| &nbsp;&nbsp; 206387 | 1.57 | 1.57 | (0.04)<br>| 52 |
| Year ended 10/31/21 | 44.96 | (0.10)<br>| 17.31 | 17.21 | (0.38)<br>| (1.25)<br>| (1.63)<br>| 60.54 | 39.19 | &nbsp;&nbsp; 307346 | 1.59 | 1.59 | (0.19)<br>| 47 |
| Year ended 10/31/20 | 45.99 | 0.07 | 2.86 | 2.93 | (0.31)<br>| (3.65)<br>| (3.96)<br>| 44.96 | 6.55 | &nbsp;&nbsp; 300125 | 1.60 | 1.60 | 0.16 | 37 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 57.76 | 0.06 | (1.58)<br>| (1.52)<br>| (0.25)<br>| (3.10)<br>| (3.35)<br>| 52.89 | (3.10)<br>| &nbsp;&nbsp; 301591 | 1.06 <br><sup>(e)</sup><br>| 1.06 <br><sup>(e)</sup><br>| 0.21 <br><sup>(e)</sup><br>| 28 |
| Year ended 10/31/24 | 45.17 | 0.16 | 16.11 | 16.27 | (0.09)<br>| (3.59)<br>| (3.68)<br>| 57.76 | 37.83 | &nbsp;&nbsp; 316625 | 1.07 | 1.07 | 0.29 | 39 |
| Year ended 10/31/23 | 43.47 | 0.19 | 3.41 | 3.60 | (0.34)<br>| (1.56)<br>| (1.90)<br>| 45.17 | 8.63 | &nbsp;&nbsp; 245222 | 1.07 | 1.07 | 0.41 | 66 |
| Year ended 10/31/22 | 64.21 | 0.23 | (10.21)<br>| (9.98)<br>| (0.22)<br>| (10.54)<br>| (10.76)<br>| 43.47 | (18.80)<br>| &nbsp;&nbsp; 231671 | 1.07 | 1.07 | 0.46 | 52 |
| Year ended 10/31/21 | 47.40 | 0.18 | 18.30 | 18.48 | (0.42)<br>| (1.25)<br>| (1.67)<br>| 64.21 | 39.88 | &nbsp;&nbsp; 291450 | 1.09 | 1.09 | 0.31 | 47 |
| Year ended 10/31/20 | 48.13 | 0.30 | 3.00 | 3.30 | (0.38)<br>| (3.65)<br>| (4.03)<br>| 47.40 | 7.09 | &nbsp;&nbsp; 219954 | 1.10 | 1.10 | 0.66 | 37 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 59.81 | 0.20 | (1.64)<br>| (1.44)<br>| (0.53)<br>| (3.10)<br>| (3.63)<br>| 54.74 | (2.88)<br>| &nbsp;&nbsp; 522848 | 0.56 <br><sup>(e)</sup><br>| 0.56 <br><sup>(e)</sup><br>| 0.71 <br><sup>(e)</sup><br>| 28 |
| Year ended 10/31/24 | 46.47 | 0.44 | 16.62 | 17.06 | (0.13)<br>| (3.59)<br>| (3.72)<br>| 59.81 | 38.53 | &nbsp;&nbsp; 546793 | 0.57 | 0.57 | 0.79 | 39 |
| Year ended 10/31/23 | 44.69 | 0.43 | 3.50 | 3.93 | (0.59)<br>| (1.56)<br>| (2.15)<br>| 46.47 | 9.20 | &nbsp;&nbsp; 423217 | 0.57 | 0.57 | 0.91 | 66 |
| Year ended 10/31/22 | 65.75 | 0.49 | (10.49)<br>| (10.00)<br>| (0.52)<br>| (10.54)<br>| (11.06)<br>| 44.69 | (18.42)<br>| &nbsp;&nbsp; 434168 | 0.57 | 0.57 | 0.96 | 52 |
| Year ended 10/31/21 | 48.31 | 0.48 | 18.67 | 19.15 | (0.46)<br>| (1.25)<br>| (1.71)<br>| 65.75 | 40.57 | &nbsp;&nbsp; 596575 | 0.59 | 0.59 | 0.81 | 47 |
| Year ended 10/31/20 | 48.82 | 0.54 | 3.07 | 3.61 | (0.47)<br>| (3.65)<br>| (4.12)<br>| 48.31 | 7.64 | &nbsp;&nbsp; 443001 | 0.60 | 0.60 | 1.16 | 37 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 60.90 | 0.23 | (1.68)<br>| (1.45)<br>| (0.57)<br>| (3.10)<br>| (3.67)<br>| 55.78 | (2.85)<br>| &nbsp;&nbsp; 12 | 0.49 <br><sup>(e)</sup><br>| 0.49 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 28 |
| Year ended 10/31/24 | 47.23 | 0.48 | 16.92 | 17.40 | (0.14)<br>| (3.59)<br>| (3.73)<br>| 60.90 | 38.63 | &nbsp;&nbsp; 13 | 0.50 | 0.50 | 0.86 | 39 |
| Year ended 10/31/23 | 45.40 | 0.47 | 3.55 | 4.02 | (0.63)<br>| (1.56)<br>| (2.19)<br>| 47.23 | 9.28 | &nbsp;&nbsp; 10 | 0.50 | 0.50 | 0.98 | 66 |
| Year ended 10/31/22 | 66.63 | 0.54 | (10.64)<br>| (10.10)<br>| (0.59)<br>| (10.54)<br>| (11.13)<br>| 45.40 | (18.33)<br>| &nbsp;&nbsp; 10 | 0.49 | 0.49 | 1.04 | 52 |
| Year ended 10/31/21 | 48.89 | 0.55 | 18.91 | 19.46 | (0.47)<br>| (1.25)<br>| (1.72)<br>| 66.63 | 40.73 | &nbsp;&nbsp; 15 | 0.48 | 0.48 | 0.92 | 47 |
| Year ended 10/31/20 | 49.33 | 0.61 | 3.08 | 3.69 | (0.48)<br>| (3.65)<br>| (4.13)<br>| 48.89 | 7.75 | &nbsp;&nbsp; 11 | 0.48 | 0.48 | 1.28 | 37 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 59.83 | 0.22 | (1.64)<br>| (1.42)<br>| (0.57)<br>| (3.10)<br>| (3.67)<br>| 54.74 | (2.85)<br>| &nbsp;&nbsp; 301151 | 0.49 <br><sup>(e)</sup><br>| 0.49 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 28 |
| Year ended 10/31/24 | 46.46 | 0.47 | 16.63 | 17.10 | (0.14)<br>| (3.59)<br>| (3.73)<br>| 59.83 | 38.63 | &nbsp;&nbsp; 328011 | 0.50 | 0.50 | 0.86 | 39 |
| Year ended 10/31/23 | 44.70 | 0.46 | 3.49 | 3.95 | (0.63)<br>| (1.56)<br>| (2.19)<br>| 46.46 | 9.26 | &nbsp;&nbsp; 392928 | 0.50 | 0.50 | 0.98 | 66 |
| Year ended 10/31/22 | 65.78 | 0.53 | (10.48)<br>| (9.95)<br>| (0.59)<br>| (10.54)<br>| (11.13)<br>| 44.70 | (18.35)<br>| &nbsp;&nbsp; 380913 | 0.49 | 0.49 | 1.04 | 52 |
| Year ended 10/31/21 | 48.28 | 0.54 | 18.68 | 19.22 | (0.47)<br>| (1.25)<br>| (1.72)<br>| 65.78 | 40.75 | &nbsp;&nbsp; 539993 | 0.48 | 0.48 | 0.92 | 47 |
| Year ended 10/31/20 | 48.77 | 0.60 | 3.05 | 3.65 | (0.49)<br>| (3.65)<br>| (4.14)<br>| 48.28 | 7.75 | &nbsp;&nbsp; 438565 | 0.48 | 0.48 | 1.28 | 37 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020. 

<sup>(e)</sup> Annualized.

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

**8**

**Invesco Main Street Fund**<sup>®</sup>

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Main Street Fund<sup>®</sup> (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.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**9**

**Invesco Main Street Fund**<sup>®</sup>

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

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

**10**

**Invesco Main Street Fund**<sup>®</sup>

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loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $10,846 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $9.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.430% |

---

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

For the six months ended April 30, 2025, 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**11**

**Invesco Main Street Fund**<sup>®</sup>

------

the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $41,754.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $309,520 in front-end sales commissions from the sale of Class A shares and $8,134 and $2,564 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $163 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $9573681410 | &nbsp;&nbsp;&nbsp;&nbsp; $219410686 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9793092096 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 183264198 | &nbsp;&nbsp;&nbsp;&nbsp; 91488338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274752536 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $9756945608 | &nbsp;&nbsp;&nbsp;&nbsp; $310899024 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10067844632 |

---

**12**

**Invesco Main Street Fund**<sup>®</sup>

------

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $188,857.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $2,971,986,548 and $3,538,404,744, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3149822931 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (142485211)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3007337720 |

---

Cost of investments for tax purposes is $7,060,506,912.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2500909 | &nbsp;&nbsp;&nbsp; $146345403 | &nbsp;&nbsp;&nbsp; 5170715 | &nbsp;&nbsp;&nbsp; $281617323 |
| Class C | &nbsp;&nbsp;&nbsp; 239853 | &nbsp;&nbsp;&nbsp; 12274624 | &nbsp;&nbsp;&nbsp; 495535 | &nbsp;&nbsp;&nbsp; 23949230 |
| Class R | &nbsp;&nbsp;&nbsp; 406178 | &nbsp;&nbsp;&nbsp; 22725864 | &nbsp;&nbsp;&nbsp; 801223 | &nbsp;&nbsp;&nbsp; 42638259 |
| Class Y | &nbsp;&nbsp;&nbsp; 1190383 | &nbsp;&nbsp;&nbsp; 69453977 | &nbsp;&nbsp;&nbsp; 1492006 | &nbsp;&nbsp;&nbsp; 81070336 |
| Class R6 | &nbsp;&nbsp;&nbsp; 464145 | &nbsp;&nbsp;&nbsp; 27116059 | &nbsp;&nbsp;&nbsp; 1063664 | &nbsp;&nbsp;&nbsp; 58013649 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8470399 | &nbsp;&nbsp;&nbsp; 507460777 | &nbsp;&nbsp;&nbsp; 11087562 | &nbsp;&nbsp;&nbsp; 546640690 |
| Class C | &nbsp;&nbsp;&nbsp; 225538 | &nbsp;&nbsp;&nbsp; 11890350 | &nbsp;&nbsp;&nbsp; 366692 | &nbsp;&nbsp;&nbsp; 16038009 |
| Class R | &nbsp;&nbsp;&nbsp; 317161 | &nbsp;&nbsp;&nbsp; 18208236 | &nbsp;&nbsp;&nbsp; 414851 | &nbsp;&nbsp;&nbsp; 19651857 |
| Class Y | &nbsp;&nbsp;&nbsp; 487312 | &nbsp;&nbsp;&nbsp; 28902450 | &nbsp;&nbsp;&nbsp; 606070 | &nbsp;&nbsp;&nbsp; 29595136 |
| Class R6 | &nbsp;&nbsp;&nbsp; 320691 | &nbsp;&nbsp;&nbsp; 19013790 | &nbsp;&nbsp;&nbsp; 609434 | &nbsp;&nbsp;&nbsp; 29738695 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 310372 | &nbsp;&nbsp;&nbsp; 18172263 | &nbsp;&nbsp;&nbsp; 590529 | &nbsp;&nbsp;&nbsp; 32727992 |
| Class C | &nbsp;&nbsp;&nbsp; (353160)<br>| &nbsp;&nbsp;&nbsp; (18172263)<br>| &nbsp;&nbsp;&nbsp; (667267)<br>| &nbsp;&nbsp;&nbsp; (32727992)<br>|

---

**13**

**Invesco Main Street Fund**<sup>®</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9781839)<br>| &nbsp;&nbsp;&nbsp; $(571549788)<br>| &nbsp;&nbsp;&nbsp; (18692472)<br>| &nbsp;&nbsp;&nbsp; $(1027483600)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (360480)<br>| &nbsp;&nbsp;&nbsp; (18544031)<br>| &nbsp;&nbsp;&nbsp; (757288)<br>| &nbsp;&nbsp;&nbsp; (36931550)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (502083)<br>| &nbsp;&nbsp;&nbsp; (28213284)<br>| &nbsp;&nbsp;&nbsp; (1163414)<br>| &nbsp;&nbsp;&nbsp; (61773099)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1269282)<br>| &nbsp;&nbsp;&nbsp; (73184233)<br>| &nbsp;&nbsp;&nbsp; (2062602)<br>| &nbsp;&nbsp;&nbsp; (112328776)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (766312)<br>| &nbsp;&nbsp;&nbsp; (44646076)<br>| &nbsp;&nbsp;&nbsp; (4647163)<br>| &nbsp;&nbsp;&nbsp; (252171417)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1899785 | &nbsp;&nbsp;&nbsp; $127254118 | &nbsp;&nbsp;&nbsp; (5291925)<br>| &nbsp;&nbsp;&nbsp; $(361735258)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**Invesco Main Street Fund**<sup>®</sup>

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco Main Street Fund**<sup>®</sup>

------

![](imgd87008bf1.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

O-MST-NCSRS

------

![](img76c0f5841.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Rising Dividends Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_e07eabb8-81d5-4857-93d8-d04b62415aa6_SOI-Continued-688_1) | Schedule of Investments |
| [5](#xx_e07eabb8-81d5-4857-93d8-d04b62415aa6_FS-Continued-688_1) | Financial Statements |
| [8](#xx_e07eabb8-81d5-4857-93d8-d04b62415aa6_FS-Continued-688_4) | Financial Highlights |
| [9](#xx_e07eabb8-81d5-4857-93d8-d04b62415aa6_NTF-Continued-688_1) | Notes to Financial Statements |
| [15](#xx_e07eabb8-81d5-4857-93d8-d04b62415aa6_OIRSR-Continued-688_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.60%** | **Common Stocks & Other Equity Interests–98.60%** | **Common Stocks & Other Equity Interests–98.60%** |
| **Aerospace & Defense–3.24%** | **Aerospace & Defense–3.24%** | **Aerospace & Defense–3.24%** |
| Airbus SE (France) | 201384 | &nbsp;&nbsp; $34172952 |
| Howmet Aerospace, Inc. | 256255 | &nbsp;&nbsp; 35511818 |
| Northrop Grumman Corp. | 55781 | &nbsp;&nbsp; 27137456 |
|  |  | &nbsp;&nbsp; 96822226 |
| **Agricultural & Farm Machinery–0.87%** | **Agricultural & Farm Machinery–0.87%** | **Agricultural & Farm Machinery–0.87%** |
| Deere & Co. | 56077 | &nbsp;&nbsp; 25995054 |
| **Application Software–2.62%** | **Application Software–2.62%** | **Application Software–2.62%** |
| Intuit, Inc. | 58818 | &nbsp;&nbsp; 36906530 |
| Salesforce, Inc. | 154008 | &nbsp;&nbsp; 41383490 |
|  |  | &nbsp;&nbsp; 78290020 |
| **Asset Management & Custody Banks–1.37%** | **Asset Management & Custody Banks–1.37%** | **Asset Management & Custody Banks–1.37%** |
| BlackRock, Inc. | 44728 | &nbsp;&nbsp; 40893021 |
| **Biotechnology–0.98%** | **Biotechnology–0.98%** | **Biotechnology–0.98%** |
| AbbVie, Inc. | 150492 | &nbsp;&nbsp; 29360989 |
| **Building Products–2.00%** | **Building Products–2.00%** | **Building Products–2.00%** |
| Carlisle Cos., Inc.<sup>(b)</sup>  | 74316 | &nbsp;&nbsp; 28201436 |
| Johnson Controls International PLC | 375529 | &nbsp;&nbsp; 31506883 |
|  |  | &nbsp;&nbsp; 59708319 |
| **Cable & Satellite–0.56%** | **Cable & Satellite–0.56%** | **Cable & Satellite–0.56%** |
| Comcast Corp., Class A | 489844 | &nbsp;&nbsp; 16752665 |
| **Communications Equipment–2.16%** | **Communications Equipment–2.16%** | **Communications Equipment–2.16%** |
| Cisco Systems, Inc. | 595203 | &nbsp;&nbsp; 34361069 |
| Motorola Solutions, Inc. | 68445 | &nbsp;&nbsp; 30142494 |
|  |  | &nbsp;&nbsp; 64503563 |
| **Construction Materials–1.02%** | **Construction Materials–1.02%** | **Construction Materials–1.02%** |
| CRH PLC | 318729 | &nbsp;&nbsp; 30413121 |
| **Consumer Finance–2.06%** | **Consumer Finance–2.06%** | **Consumer Finance–2.06%** |
| American Express Co. | 109214 | &nbsp;&nbsp; 29095702 |
| Capital One Financial Corp. | 180792 | &nbsp;&nbsp; 32589566 |
|  |  | &nbsp;&nbsp; 61685268 |
| **Consumer Staples Merchandise Retail–2.40%** | **Consumer Staples Merchandise Retail–2.40%** | **Consumer Staples Merchandise Retail–2.40%** |
| Walmart, Inc. | 738099 | &nbsp;&nbsp; 71780128 |
| **Data Center REITs–0.86%** | **Data Center REITs–0.86%** | **Data Center REITs–0.86%** |
| Digital Realty Trust, Inc. | 160210 | &nbsp;&nbsp; 25720113 |
| **Distillers & Vintners–0.69%** | **Distillers & Vintners–0.69%** | **Distillers & Vintners–0.69%** |
| Constellation Brands, Inc., Class A | 109976 | &nbsp;&nbsp; 20624899 |
| **Diversified Banks–4.85%** | **Diversified Banks–4.85%** | **Diversified Banks–4.85%** |
| Bank of America Corp. | 794059 | &nbsp;&nbsp; 31667073 |
| JPMorgan Chase & Co. | 344002 | &nbsp;&nbsp; 84149769 |
| Wells Fargo & Co. | 411703 | &nbsp;&nbsp; 29235030 |
|  |  | &nbsp;&nbsp; 145051872 |
| **Electric Utilities–1.97%** | **Electric Utilities–1.97%** | **Electric Utilities–1.97%** |
| Constellation Energy Corp. | 82703 | &nbsp;&nbsp; 18479158 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| PPL Corp. | 1109419 | &nbsp;&nbsp; $40493794 |
|  |  | &nbsp;&nbsp; 58972952 |
| **Electrical Components & Equipment–2.51%** | **Electrical Components & Equipment–2.51%** | **Electrical Components & Equipment–2.51%** |
| Emerson Electric Co. | 307500 | &nbsp;&nbsp; 32321325 |
| Hubbell, Inc. | 64669 | &nbsp;&nbsp; 23486488 |
| Rockwell Automation, Inc. | 77605 | &nbsp;&nbsp; 19221206 |
|  |  | &nbsp;&nbsp; 75029019 |
| **Electronic Manufacturing Services–0.99%** | **Electronic Manufacturing Services–0.99%** | **Electronic Manufacturing Services–0.99%** |
| TE Connectivity PLC (Switzerland) | 202491 | &nbsp;&nbsp; 29640633 |
| **Financial Exchanges & Data–0.98%** | **Financial Exchanges & Data–0.98%** | **Financial Exchanges & Data–0.98%** |
| Cboe Global Markets, Inc. | 131896 | &nbsp;&nbsp; 29254533 |
| **Food Distributors–0.80%** | **Food Distributors–0.80%** | **Food Distributors–0.80%** |
| Sysco Corp. | 335661 | &nbsp;&nbsp; 23966195 |
| **Health Care Distributors–1.20%** | **Health Care Distributors–1.20%** | **Health Care Distributors–1.20%** |
| McKesson Corp. | 50193 | &nbsp;&nbsp; 35777068 |
| **Health Care Equipment–3.30%** | **Health Care Equipment–3.30%** | **Health Care Equipment–3.30%** |
| Medtronic PLC | 420409 | &nbsp;&nbsp; 35633867 |
| Stryker Corp. | 94206 | &nbsp;&nbsp; 35225507 |
| Zimmer Biomet Holdings, Inc. | 271355 | &nbsp;&nbsp; 27963133 |
|  |  | &nbsp;&nbsp; 98822507 |
| **Health Care Services–0.57%** | **Health Care Services–0.57%** | **Health Care Services–0.57%** |
| CVS Health Corp. | 257149 | &nbsp;&nbsp; 17154410 |
| **Home Improvement Retail–1.69%** | **Home Improvement Retail–1.69%** | **Home Improvement Retail–1.69%** |
| Lowe's Cos., Inc. | 226451 | &nbsp;&nbsp; 50625386 |
| **Hotels, Resorts & Cruise Lines–1.82%** | **Hotels, Resorts & Cruise Lines–1.82%** | **Hotels, Resorts & Cruise Lines–1.82%** |
| Marriott International, Inc., Class A | 113034 | &nbsp;&nbsp; 26967651 |
| Royal Caribbean Cruises Ltd. | 127302 | &nbsp;&nbsp; 27358473 |
|  |  | &nbsp;&nbsp; 54326124 |
| **Household Products–2.20%** | **Household Products–2.20%** | **Household Products–2.20%** |
| Procter & Gamble Co. (The) | 404520 | &nbsp;&nbsp; 65762816 |
| **Industrial Machinery & Supplies & Components–1.24%** | **Industrial Machinery & Supplies & Components–1.24%** | **Industrial Machinery & Supplies & Components–1.24%** |
| Parker-Hannifin Corp. | 61505 | &nbsp;&nbsp; 37214215 |
| **Industrial REITs–1.37%** | **Industrial REITs–1.37%** | **Industrial REITs–1.37%** |
| Prologis, Inc. | 401500 | &nbsp;&nbsp; 41033300 |
| **Insurance Brokers–1.34%** | **Insurance Brokers–1.34%** | **Insurance Brokers–1.34%** |
| Marsh & McLennan Cos., Inc. | 177334 | &nbsp;&nbsp; 39983497 |
| **Integrated Oil & Gas–1.28%** | **Integrated Oil & Gas–1.28%** | **Integrated Oil & Gas–1.28%** |
| Chevron Corp. | 281776 | &nbsp;&nbsp; 38338443 |
| **Integrated Telecommunication Services–1.06%** | **Integrated Telecommunication Services–1.06%** | **Integrated Telecommunication Services–1.06%** |
| AT&T, Inc. | 1147491 | &nbsp;&nbsp; 31785501 |
| **Interactive Media & Services–3.98%** | **Interactive Media & Services–3.98%** | **Interactive Media & Services–3.98%** |
| Alphabet, Inc., Class A | 360892 | &nbsp;&nbsp; 57309650 |
| Meta Platforms, Inc., Class A | 112313 | &nbsp;&nbsp; 61659837 |
|  |  | &nbsp;&nbsp; 118969487 |

---

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

**2**

**Invesco Rising Dividends Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investment Banking & Brokerage–1.35%** | **Investment Banking & Brokerage–1.35%** | **Investment Banking & Brokerage–1.35%** |
| Charles Schwab Corp. (The) | 495571 | &nbsp;&nbsp; $40339479 |
| **IT Consulting & Other Services–1.21%** | **IT Consulting & Other Services–1.21%** | **IT Consulting & Other Services–1.21%** |
| Accenture PLC, Class A (Ireland) | 120552 | &nbsp;&nbsp; 36063131 |
| **Life Sciences Tools & Services–0.83%** | **Life Sciences Tools & Services–0.83%** | **Life Sciences Tools & Services–0.83%** |
| Lonza Group AG (Switzerland) | 34645 | &nbsp;&nbsp; 24892751 |
| **Managed Health Care–1.71%** | **Managed Health Care–1.71%** | **Managed Health Care–1.71%** |
| UnitedHealth Group, Inc. | 124370 | &nbsp;&nbsp; 51170793 |
| **Multi-line Insurance–1.72%** | **Multi-line Insurance–1.72%** | **Multi-line Insurance–1.72%** |
| American International Group, Inc. | 632796 | &nbsp;&nbsp; 51585530 |
| **Multi-Utilities–0.83%** | **Multi-Utilities–0.83%** | **Multi-Utilities–0.83%** |
| Ameren Corp. | 251641 | &nbsp;&nbsp; 24972853 |
| **Oil & Gas Exploration & Production–1.37%** | **Oil & Gas Exploration & Production–1.37%** | **Oil & Gas Exploration & Production–1.37%** |
| ConocoPhillips | 460694 | &nbsp;&nbsp; 41057049 |
| **Oil & Gas Storage & Transportation–0.79%** | **Oil & Gas Storage & Transportation–0.79%** | **Oil & Gas Storage & Transportation–0.79%** |
| Cheniere Energy, Inc. | 102888 | &nbsp;&nbsp; 23778446 |
| **Paper & Plastic Packaging Products & Materials–0.61%** | **Paper & Plastic Packaging Products & Materials–0.61%** | **Paper & Plastic Packaging Products & Materials–0.61%** |
| Smurfit WestRock PLC<sup>(b)</sup>  | 431856 | &nbsp;&nbsp; 18146589 |
| **Pharmaceuticals–4.32%** | **Pharmaceuticals–4.32%** | **Pharmaceuticals–4.32%** |
| Bristol-Myers Squibb Co. | 493018 | &nbsp;&nbsp; 24749503 |
| Eli Lilly and Co. | 63423 | &nbsp;&nbsp; 57014106 |
| Johnson & Johnson | 183925 | &nbsp;&nbsp; 28749317 |
| Sanofi S.A., ADR | 338906 | &nbsp;&nbsp; 18622885 |
|  |  | &nbsp;&nbsp; 129135811 |
| **Property & Casualty Insurance–0.93%** | **Property & Casualty Insurance–0.93%** | **Property & Casualty Insurance–0.93%** |
| Hartford Insurance Group, Inc. (The) | 228100 | &nbsp;&nbsp; 27981027 |
| **Rail Transportation–1.50%** | **Rail Transportation–1.50%** | **Rail Transportation–1.50%** |
| Union Pacific Corp. | 208817 | &nbsp;&nbsp; 45033474 |
| **Restaurants–1.90%** | **Restaurants–1.90%** | **Restaurants–1.90%** |
| McDonald's Corp. | 177916 | &nbsp;&nbsp; 56870849 |
| **Semiconductor Materials & Equipment–0.63%** | **Semiconductor Materials & Equipment–0.63%** | **Semiconductor Materials & Equipment–0.63%** |
| ASML Holding N.V., New York Shares <br> (Netherlands)<sup>(b)</sup>  | 28283 | &nbsp;&nbsp; 18895307 |
| **Semiconductors–7.03%** | **Semiconductors–7.03%** | **Semiconductors–7.03%** |
| Broadcom, Inc. | 362846 | &nbsp;&nbsp; 69836970 |
| NVIDIA Corp. | 1037960 | &nbsp;&nbsp; 113054603 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 172183 | &nbsp;&nbsp; $27557889 |
|  |  |  | &nbsp;&nbsp; 210449462 |
| **Soft Drinks & Non-alcoholic Beverages–0.48%** | **Soft Drinks & Non-alcoholic Beverages–0.48%** | **Soft Drinks & Non-alcoholic Beverages–0.48%** | **Soft Drinks & Non-alcoholic Beverages–0.48%** |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 418720 | &nbsp;&nbsp; 14483525 |
| **Systems Software–7.00%** | **Systems Software–7.00%** | **Systems Software–7.00%** | **Systems Software–7.00%** |
| Microsoft Corp. | Microsoft Corp. | 530062 | &nbsp;&nbsp; 209512306 |
| **Technology Hardware, Storage & Peripherals–4.81%** | **Technology Hardware, Storage & Peripherals–4.81%** | **Technology Hardware, Storage & Peripherals–4.81%** | **Technology Hardware, Storage & Peripherals–4.81%** |
| Apple, Inc. | Apple, Inc. | 677046 | &nbsp;&nbsp; 143872275 |
| **Telecom Tower REITs–1.28%** | **Telecom Tower REITs–1.28%** | **Telecom Tower REITs–1.28%** | **Telecom Tower REITs–1.28%** |
| American Tower Corp. | American Tower Corp. | 170292 | &nbsp;&nbsp; 38385520 |
| **Tobacco–2.06%** | **Tobacco–2.06%** | **Tobacco–2.06%** | **Tobacco–2.06%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 360537 | &nbsp;&nbsp; 61781620 |
| **Transaction & Payment Processing Services–2.26%** | **Transaction & Payment Processing Services–2.26%** | **Transaction & Payment Processing Services–2.26%** | **Transaction & Payment Processing Services–2.26%** |
| Visa, Inc., Class A | Visa, Inc., Class A | 195646 | &nbsp;&nbsp; 67595693 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,917,724,184) | Total Common Stocks & Other Equity Interests <br> (Cost $1,917,724,184) | Total Common Stocks & Other Equity Interests <br> (Cost $1,917,724,184) | &nbsp;&nbsp; 2950260834 |
| **Money Market Funds–1.27%** | **Money Market Funds–1.27%** | **Money Market Funds–1.27%** | **Money Market Funds–1.27%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 13202661 | &nbsp;&nbsp; 13202661 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 24649133 | &nbsp;&nbsp; 24649133 |
| Total Money Market Funds (Cost $37,851,794) | Total Money Market Funds (Cost $37,851,794) | Total Money Market Funds (Cost $37,851,794) | &nbsp;&nbsp; 37851794 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.87% <br> (Cost $1,955,575,978)<br>|  |  | &nbsp;&nbsp; 2988112628 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.80%** | **Money Market Funds–0.80%** | **Money Market Funds–0.80%** | **Money Market Funds–0.80%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | 6701385 | &nbsp;&nbsp; 6701385 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 17267037 | &nbsp;&nbsp; 17270490 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,972,129) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,972,129) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,972,129) | &nbsp;&nbsp; 23971875 |
| TOTAL INVESTMENTS IN SECURITIES–100.67% <br> (Cost $1,979,548,107) | TOTAL INVESTMENTS IN SECURITIES–100.67% <br> (Cost $1,979,548,107) | TOTAL INVESTMENTS IN SECURITIES–100.67% <br> (Cost $1,979,548,107) | &nbsp;&nbsp; 3012084503 |
| OTHER ASSETS LESS LIABILITIES—(0.67)% | OTHER ASSETS LESS LIABILITIES—(0.67)% | OTHER ASSETS LESS LIABILITIES—(0.67)% | &nbsp;&nbsp; (20012785)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2992071718 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco Rising Dividends Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $11117766 | &nbsp;&nbsp; $82327512 | &nbsp;&nbsp; $(80242617) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13202661 | &nbsp;&nbsp; $297837 |
| Invesco Treasury Portfolio, Institutional Class | 20777186 | &nbsp;&nbsp; 152893950 | &nbsp;&nbsp; (149022003) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24649133 | &nbsp;&nbsp; 551031 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2825955 | &nbsp;&nbsp; 27032642 | &nbsp;&nbsp; (23157212) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6701385 | &nbsp;&nbsp; 19,513\* |
| Invesco Private Prime Fund | 7326238 | &nbsp;&nbsp; 44569764 | &nbsp;&nbsp; (34625232) | (254) | (26) | &nbsp;&nbsp; 17270490 | &nbsp;&nbsp; 41,713\* |
| Total | $42047145 | &nbsp;&nbsp; $306823868 | &nbsp;&nbsp; $(287047064) | &nbsp;&nbsp; $(254) | &nbsp;&nbsp; $(26) | &nbsp;&nbsp; $61823669 | &nbsp;&nbsp; $910094 |

---

\* 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. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(e)</sup> 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.

**4**

**Invesco Rising Dividends Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,917,724,184)\*<br>| &nbsp;&nbsp; $2950260834 |
| Investments in affiliated money market funds, at value <br> (Cost $61,823,923)<br>| &nbsp;&nbsp; 61823669 |
| Cash | &nbsp;&nbsp; 3000000 |
| Foreign currencies, at value (Cost $149) | &nbsp;&nbsp; 145 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 623946 |
| Dividends | &nbsp;&nbsp; 2855089 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 169392 |
| Other assets | &nbsp;&nbsp; 84707 |
| Total assets | &nbsp;&nbsp; 3018817782 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1239739 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 23972129 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1182634 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2159 |
| Accrued other operating expenses | &nbsp;&nbsp; 82349 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 267054 |
| Total liabilities | &nbsp;&nbsp; 26746064 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2992071718 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1821099205 |
| Distributable earnings | &nbsp;&nbsp; 1170972513 |
|  | &nbsp;&nbsp; $2992071718 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2397041223 |
| Class C | &nbsp;&nbsp; $111456616 |
| Class R | &nbsp;&nbsp; $116784067 |
| Class Y | &nbsp;&nbsp; $312790845 |
| Class R5 | &nbsp;&nbsp; $12716 |
| Class R6 | &nbsp;&nbsp; $53986251 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 100951429 |
| Class C | &nbsp;&nbsp; 6246648 |
| Class R | &nbsp;&nbsp; 4969712 |
| Class Y | &nbsp;&nbsp; 12444936 |
| Class R5 | &nbsp;&nbsp; 536 |
| Class R6 | &nbsp;&nbsp; 2155983 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $23.74 |
| Maximum offering price per share <br>(Net asset value of $23.74 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.12 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.84 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.50 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.13 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.72 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.04 |

---

\* At April 30, 2025, securities with an aggregate value of $23,556,536 were on loan to brokers. 

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

**5**

**Invesco Rising Dividends Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $117,650) | &nbsp;&nbsp; $25899333 |
| Dividends from affiliated money market funds (includes net securities lending income of $2,850) | &nbsp;&nbsp; 851718 |
| Total investment income | &nbsp;&nbsp; 26751051 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9177948 |
| Administrative services fees | &nbsp;&nbsp; 225371 |
| Custodian fees | &nbsp;&nbsp; 12579 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3141429 |
| Class C | &nbsp;&nbsp; 612356 |
| Class R | &nbsp;&nbsp; 307344 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1691188 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 8117 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 21000 |
| Registration and filing fees | &nbsp;&nbsp; 64019 |
| Reports to shareholders | &nbsp;&nbsp; 63809 |
| Professional services fees | &nbsp;&nbsp; 37217 |
| Other | &nbsp;&nbsp; 25331 |
| Total expenses | &nbsp;&nbsp; 15387710 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (84179)<br>|
| Net expenses | &nbsp;&nbsp; 15303531 |
| Net investment income | &nbsp;&nbsp; 11447520 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 135403155 |
| Affiliated investment securities | &nbsp;&nbsp; (26)<br>|
| Foreign currencies | &nbsp;&nbsp; 12164 |
|  | &nbsp;&nbsp; 135415293 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (194287359)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (254)<br>|
| Foreign currencies | &nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp; (194287465)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (58872172)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(47424652)<br>|

---

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

**6**

**Invesco Rising Dividends Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $11447520 | &nbsp;&nbsp; $27256011 |
| Net realized gain | &nbsp;&nbsp; 135415293 | &nbsp;&nbsp; 367958781 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (194287465)<br>| &nbsp;&nbsp; 419028531 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (47424652)<br>| &nbsp;&nbsp; 814243323 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (283070251)<br>| &nbsp;&nbsp; (166964811)<br>|
| Class C | &nbsp;&nbsp; (17454971)<br>| &nbsp;&nbsp; (10649949)<br>|
| Class R | &nbsp;&nbsp; (13908843)<br>| &nbsp;&nbsp; (8009022)<br>|
| Class Y | &nbsp;&nbsp; (36406804)<br>| &nbsp;&nbsp; (22041428)<br>|
| Class R5 | &nbsp;&nbsp; (1642)<br>| &nbsp;&nbsp; (993)<br>|
| Class R6 | &nbsp;&nbsp; (5994914)<br>| &nbsp;&nbsp; (3260208)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (356837425)<br>| &nbsp;&nbsp; (210926411)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 167189374 | &nbsp;&nbsp; (32511046)<br>|
| Class C | &nbsp;&nbsp; 3343664 | &nbsp;&nbsp; (16292285)<br>|
| Class R | &nbsp;&nbsp; 6985440 | &nbsp;&nbsp; (2027979)<br>|
| Class Y | &nbsp;&nbsp; 15371038 | &nbsp;&nbsp; (5072399)<br>|
| Class R6 | &nbsp;&nbsp; 5922004 | &nbsp;&nbsp; 6099298 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 198811520 | &nbsp;&nbsp; (49804411)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (205450557)<br>| &nbsp;&nbsp; 553512501 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3197522275 | &nbsp;&nbsp; 2644009774 |
| End of period | &nbsp;&nbsp; $2992071718 | &nbsp;&nbsp; $3197522275 |

---

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

**7**

**Invesco Rising Dividends Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $27.04 | $0.09 | $(0.37)<br>| $(0.28)<br>| $(0.13)<br>| $(2.89)<br>| $(3.02)<br>| $23.74 | (1.65)%<br>| &nbsp;&nbsp; $2397041 | 0.97 %<sup>(d)</sup><br>| 0.97 %<sup>(d)</sup><br>| 0.73 %<sup>(d)</sup><br>| 21<br> %<br>|
| Year ended 10/31/24 | 22.10 | 0.23 | 6.47 | 6.70 | (0.22)<br>| (1.54)<br>| (1.76)<br>| 27.04 | 31.76 | &nbsp;&nbsp; 2551130 | 0.98 | 0.98 | 0.90 | 31 |
| Year ended 10/31/23 | 21.76 | 0.22 | 1.45 | 1.67 | (0.26)<br>| (1.07)<br>| (1.33)<br>| 22.10 | 7.74 | &nbsp;&nbsp; 2102472 | 0.99 | 0.99 | 0.99 | 29 |
| Year ended 10/31/22 | 27.44 | 0.20 | (2.67)<br>| (2.47)<br>| (0.12)<br>| (3.09)<br>| (3.21)<br>| 21.76 | (10.33)<br>| &nbsp;&nbsp; 2085512 | 0.96 | 0.96 | 0.87 | 38 |
| Year ended 10/31/21 | 20.52 | 0.15 | 7.30 | 7.45 | (0.15)<br>| (0.38)<br>| (0.53)<br>| 27.44 | 36.83 | &nbsp;&nbsp; 2497385 | 1.00 | 1.00 | 0.62 | 30 |
| Year ended 10/31/20 | 20.21 | 0.20 | 0.99 | 1.19 | (0.23)<br>| (0.65)<br>| (0.88)<br>| 20.52 | 6.05 | &nbsp;&nbsp; 1944346 | 1.04 | 1.04 | 0.99 | 28 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 21.01 | (0.00)<br>| (0.26)<br>| (0.26)<br>| (0.02)<br>| (2.89)<br>| (2.91)<br>| 17.84 | (2.03)<br>| &nbsp;&nbsp; 111457 | 1.72 <br><sup>(d)</sup><br>| 1.72 <br><sup>(d)</sup><br>| (0.02 )<sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 17.48 | 0.03 | 5.07 | 5.10 | (0.03)<br>| (1.54)<br>| (1.57)<br>| 21.01 | 30.81 | &nbsp;&nbsp; 127577 | 1.73 | 1.73 | 0.15 | 31 |
| Year ended 10/31/23 | 17.37 | 0.04 | 1.15 | 1.19 | (0.01)<br>| (1.07)<br>| (1.08)<br>| 17.48 | 6.90 | &nbsp;&nbsp; 119923 | 1.74 | 1.74 | 0.24 | 29 |
| Year ended 10/31/22 | 22.56 | 0.02 | (2.12)<br>| (2.10)<br>|  | (3.09)<br>| (3.09)<br>| 17.37 | (11.00)<br>| &nbsp;&nbsp; 138325 | 1.71 | 1.71 | 0.12 | 38 |
| Year ended 10/31/21 | 16.95 | (0.03)<br>| 6.02 | 5.99 | (0.00)<br>| (0.38)<br>| (0.38)<br>| 22.56 | 35.83 | &nbsp;&nbsp; 195831 | 1.75 | 1.75 | (0.13)<br>| 30 |
| Year ended 10/31/20 | 16.77 | 0.04 | 0.82 | 0.86 | (0.03)<br>| (0.65)<br>| (0.68)<br>| 16.95 | 5.23 | &nbsp;&nbsp; 238458 | 1.79 | 1.79 | 0.24 | 28 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 26.78 | 0.06 | (0.36)<br>| (0.30)<br>| (0.09)<br>| (2.89)<br>| (2.98)<br>| 23.50 | (1.72)<br>| &nbsp;&nbsp; 116784 | 1.22 <br><sup>(d)</sup><br>| 1.22 <br><sup>(d)</sup><br>| 0.48 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 21.90 | 0.16 | 6.42 | 6.58 | (0.16)<br>| (1.54)<br>| (1.70)<br>| 26.78 | 31.44 | &nbsp;&nbsp; 125636 | 1.23 | 1.23 | 0.65 | 31 |
| Year ended 10/31/23 | 21.57 | 0.17 | 1.43 | 1.60 | (0.20)<br>| (1.07)<br>| (1.27)<br>| 21.90 | 7.48 | &nbsp;&nbsp; 103799 | 1.24 | 1.24 | 0.74 | 29 |
| Year ended 10/31/22 | 27.23 | 0.14 | (2.65)<br>| (2.51)<br>| (0.06)<br>| (3.09)<br>| (3.15)<br>| 21.57 | (10.58)<br>| &nbsp;&nbsp; 98241 | 1.21 | 1.21 | 0.62 | 38 |
| Year ended 10/31/21 | 20.36 | 0.09 | 7.25 | 7.34 | (0.09)<br>| (0.38)<br>| (0.47)<br>| 27.23 | 36.53 | &nbsp;&nbsp; 115326 | 1.25 | 1.25 | 0.37 | 30 |
| Year ended 10/31/20 | 20.06 | 0.15 | 0.97 | 1.12 | (0.17)<br>| (0.65)<br>| (0.82)<br>| 20.36 | 5.75 | &nbsp;&nbsp; 94605 | 1.29 | 1.29 | 0.74 | 28 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 28.46 | 0.13 | (0.40)<br>| (0.27)<br>| (0.17)<br>| (2.89)<br>| (3.06)<br>| 25.13 | (1.52)<br>| &nbsp;&nbsp; 312791 | 0.72 <br><sup>(d)</sup><br>| 0.72 <br><sup>(d)</sup><br>| 0.98 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 23.18 | 0.30 | 6.82 | 7.12 | (0.30)<br>| (1.54)<br>| (1.84)<br>| 28.46 | 32.13 | &nbsp;&nbsp; 338207 | 0.73 | 0.73 | 1.15 | 31 |
| Year ended 10/31/23 | 22.78 | 0.30 | 1.50 | 1.80 | (0.33)<br>| (1.07)<br>| (1.40)<br>| 23.18 | 7.98 | &nbsp;&nbsp; 278381 | 0.74 | 0.74 | 1.24 | 29 |
| Year ended 10/31/22 | 28.59 | 0.27 | (2.80)<br>| (2.53)<br>| (0.19)<br>| (3.09)<br>| (3.28)<br>| 22.78 | (10.12)<br>| &nbsp;&nbsp; 281984 | 0.71 | 0.71 | 1.12 | 38 |
| Year ended 10/31/21 | 21.36 | 0.22 | 7.61 | 7.83 | (0.22)<br>| (0.38)<br>| (0.60)<br>| 28.59 | 37.21 | &nbsp;&nbsp; 324469 | 0.75 | 0.75 | 0.87 | 30 |
| Year ended 10/31/20 | 21.02 | 0.26 | 1.02 | 1.28 | (0.29)<br>| (0.65)<br>| (0.94)<br>| 21.36 | 6.29 | &nbsp;&nbsp; 255399 | 0.79 | 0.79 | 1.24 | 28 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 27.02 | 0.13 | (0.37)<br>| (0.24)<br>| (0.17)<br>| (2.89)<br>| (3.06)<br>| 23.72 | (1.48)<br>| &nbsp;&nbsp; 13 | 0.64 <br><sup>(d)</sup><br>| 0.64 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 22.08 | 0.31 | 6.48 | 6.79 | (0.31)<br>| (1.54)<br>| (1.85)<br>| 27.02 | 32.23 | &nbsp;&nbsp; 14 | 0.65 | 0.65 | 1.23 | 31 |
| Year ended 10/31/23 | 21.74 | 0.30 | 1.44 | 1.74 | (0.33)<br>| (1.07)<br>| (1.40)<br>| 22.08 | 8.11 | &nbsp;&nbsp; 12 | 0.65 | 0.65 | 1.33 | 29 |
| Year ended 10/31/22 | 27.43 | 0.28 | (2.68)<br>| (2.40)<br>| (0.20)<br>| (3.09)<br>| (3.29)<br>| 21.74 | (10.06)<br>| &nbsp;&nbsp; 12 | 0.63 | 0.63 | 1.20 | 38 |
| Year ended 10/31/21 | 20.51 | 0.24 | 7.30 | 7.54 | (0.24)<br>| (0.38)<br>| (0.62)<br>| 27.43 | 37.33 | &nbsp;&nbsp; 15 | 0.65 | 0.65 | 0.97 | 30 |
| Year ended 10/31/20 | 20.21 | 0.27 | 0.98 | 1.25 | (0.30)<br>| (0.65)<br>| (0.95)<br>| 20.51 | 6.41 | &nbsp;&nbsp; 11 | 0.67 | 0.67 | 1.36 | 28 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 28.36 | 0.14 | (0.39)<br>| (0.25)<br>| (0.18)<br>| (2.89)<br>| (3.07)<br>| 25.04 | (1.45)<br>| &nbsp;&nbsp; 53986 | 0.64 <br><sup>(d)</sup><br>| 0.64 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/24 | 23.11 | 0.32 | 6.79 | 7.11 | (0.32)<br>| (1.54)<br>| (1.86)<br>| 28.36 | 32.20 | &nbsp;&nbsp; 54958 | 0.65 | 0.65 | 1.23 | 31 |
| Year ended 10/31/23 | 22.71 | 0.31 | 1.51 | 1.82 | (0.35)<br>| (1.07)<br>| (1.42)<br>| 23.11 | 8.09 | &nbsp;&nbsp; 39423 | 0.65 | 0.65 | 1.33 | 29 |
| Year ended 10/31/22 | 28.51 | 0.29 | (2.79)<br>| (2.50)<br>| (0.21)<br>| (3.09)<br>| (3.30)<br>| 22.71 | (10.04)<br>| &nbsp;&nbsp; 35224 | 0.63 | 0.63 | 1.20 | 38 |
| Year ended 10/31/21 | 21.31 | 0.25 | 7.58 | 7.83 | (0.25)<br>| (0.38)<br>| (0.63)<br>| 28.51 | 37.30 | &nbsp;&nbsp; 40929 | 0.65 | 0.65 | 0.97 | 30 |
| Year ended 10/31/20 | 20.97 | 0.29 | 1.02 | 1.31 | (0.32)<br>| (0.65)<br>| (0.97)<br>| 21.31 | 6.47 | &nbsp;&nbsp; 28537 | 0.64 | 0.67 | 1.39 | 28 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

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

**8**

**Invesco Rising Dividends Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to seek total return.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**9**

**Invesco Rising Dividends Fund**

------

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

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

**10**

**Invesco Rising Dividends Fund**

------

the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $668 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $800 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $700 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.540% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

---

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

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.58%.

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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**11**

**Invesco Rising Dividends Fund**

------

the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $21,569.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $136,978 in front-end sales commissions from the sale of Class A shares and $813 and $1,007 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $2891195131 | &nbsp;&nbsp;&nbsp;&nbsp; $59065703 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2950260834 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 37851794 | &nbsp;&nbsp;&nbsp;&nbsp; 23971875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61823669 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2929046925 | &nbsp;&nbsp;&nbsp;&nbsp; $83037578 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3012084503 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $62,610.

**12**

**Invesco Rising Dividends Fund**

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**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $661,786,949 and $814,439,655, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1101615100 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (69463849)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1032151251 |

---

Cost of investments for tax purposes is $1,979,933,252.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3005242 | &nbsp;&nbsp;&nbsp; $76023741 | &nbsp;&nbsp;&nbsp; 5388609 | &nbsp;&nbsp;&nbsp; $134030385 |
| Class C | &nbsp;&nbsp;&nbsp; 430377 | &nbsp;&nbsp;&nbsp; 8203920 | &nbsp;&nbsp;&nbsp; 817962 | &nbsp;&nbsp;&nbsp; 15827445 |
| Class R | &nbsp;&nbsp;&nbsp; 315003 | &nbsp;&nbsp;&nbsp; 7788204 | &nbsp;&nbsp;&nbsp; 722562 | &nbsp;&nbsp;&nbsp; 17858354 |
| Class Y | &nbsp;&nbsp;&nbsp; 826719 | &nbsp;&nbsp;&nbsp; 22200233 | &nbsp;&nbsp;&nbsp; 1662600 | &nbsp;&nbsp;&nbsp; 43081167 |
| Class R6 | &nbsp;&nbsp;&nbsp; 252457 | &nbsp;&nbsp;&nbsp; 6740945 | &nbsp;&nbsp;&nbsp; 588659 | &nbsp;&nbsp;&nbsp; 15553673 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10509332 | &nbsp;&nbsp;&nbsp; 264331447 | &nbsp;&nbsp;&nbsp; 6920812 | &nbsp;&nbsp;&nbsp; 159814931 |
| Class C | &nbsp;&nbsp;&nbsp; 905041 | &nbsp;&nbsp;&nbsp; 17132285 | &nbsp;&nbsp;&nbsp; 591723 | &nbsp;&nbsp;&nbsp; 10522080 |
| Class R | &nbsp;&nbsp;&nbsp; 556675 | &nbsp;&nbsp;&nbsp; 13860174 | &nbsp;&nbsp;&nbsp; 349594 | &nbsp;&nbsp;&nbsp; 7976286 |
| Class Y | &nbsp;&nbsp;&nbsp; 1149087 | &nbsp;&nbsp;&nbsp; 30584824 | &nbsp;&nbsp;&nbsp; 731035 | &nbsp;&nbsp;&nbsp; 17809004 |
| Class R6 | &nbsp;&nbsp;&nbsp; 214493 | &nbsp;&nbsp;&nbsp; 5686885 | &nbsp;&nbsp;&nbsp; 119303 | &nbsp;&nbsp;&nbsp; 2903599 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 404090 | &nbsp;&nbsp;&nbsp; 10115228 | &nbsp;&nbsp;&nbsp; 816605 | &nbsp;&nbsp;&nbsp; 20330594 |
| Class C | &nbsp;&nbsp;&nbsp; (535846)<br>| &nbsp;&nbsp;&nbsp; (10115228)<br>| &nbsp;&nbsp;&nbsp; (1050322)<br>| &nbsp;&nbsp;&nbsp; (20330594)<br>|

---

**13**

**Invesco Rising Dividends Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7318173)<br>| &nbsp;&nbsp;&nbsp; $(183281042)<br>| &nbsp;&nbsp;&nbsp; (13920667)<br>| &nbsp;&nbsp;&nbsp; $(346686956)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (626358)<br>| &nbsp;&nbsp;&nbsp; (11877313)<br>| &nbsp;&nbsp;&nbsp; (1146678)<br>| &nbsp;&nbsp;&nbsp; (22311216)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (593655)<br>| &nbsp;&nbsp;&nbsp; (14662938)<br>| &nbsp;&nbsp;&nbsp; (1120504)<br>| &nbsp;&nbsp;&nbsp; (27862619)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1414551)<br>| &nbsp;&nbsp;&nbsp; (37414019)<br>| &nbsp;&nbsp;&nbsp; (2517188)<br>| &nbsp;&nbsp;&nbsp; (65962570)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (248543)<br>| &nbsp;&nbsp;&nbsp; (6505826)<br>| &nbsp;&nbsp;&nbsp; (476101)<br>| &nbsp;&nbsp;&nbsp; (12357974)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 7831390 | &nbsp;&nbsp;&nbsp; $198811520 | &nbsp;&nbsp;&nbsp; (1521996)<br>| &nbsp;&nbsp;&nbsp; $(49804411)<br>|

---

<sup>(a)</sup> 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.

**14**

**Invesco Rising Dividends Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**15**

**Invesco Rising Dividends Fund**

------

![](img76c0f5841.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

O-RISD-NCSRS

------

![](imgd9050ec71.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Summit Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_1cc65d4a-6872-44a0-9e73-516b45df97b7_SOI-Continued-31_1) | Schedule of Investments |
| [4](#xx_1cc65d4a-6872-44a0-9e73-516b45df97b7_FS-Continued-31_1) | Financial Statements |
| [7](#xx_1cc65d4a-6872-44a0-9e73-516b45df97b7_FS-Continued-31_4) | Financial Highlights |
| [8](#xx_1cc65d4a-6872-44a0-9e73-516b45df97b7_NTF-Continued-31_1) | Notes to Financial Statements |
| [14](#xx_1cc65d4a-6872-44a0-9e73-516b45df97b7_OIRSR-Continued-31_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** |
| **Aerospace & Defense–2.62%** | **Aerospace & Defense–2.62%** | **Aerospace & Defense–2.62%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 81000 | &nbsp;&nbsp; $12273120 |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 27000 | &nbsp;&nbsp; 16559100 |
| BAE Systems PLC (United Kingdom) | 2207700 | &nbsp;&nbsp; 51180309 |
|  |  | &nbsp;&nbsp; 80012529 |
| **Application Software–4.27%** | **Application Software–4.27%** | **Application Software–4.27%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 135630 | &nbsp;&nbsp; 36526515 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 125910 | &nbsp;&nbsp; 12862966 |
| HubSpot, Inc.<sup>(b)</sup>  | 59940 | &nbsp;&nbsp; 36653310 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 577800 | &nbsp;&nbsp; 22915548 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 39413 | &nbsp;&nbsp; 21413083 |
|  |  | &nbsp;&nbsp; 130371422 |
| **Asset Management & Custody Banks–2.65%** | **Asset Management & Custody Banks–2.65%** | **Asset Management & Custody Banks–2.65%** |
| Blackstone, Inc., Class A | 239129 | &nbsp;&nbsp; 31495681 |
| Blue Owl Capital, Inc. | 674100 | &nbsp;&nbsp; 12491073 |
| KKR & Co., Inc., Class A | 322153 | &nbsp;&nbsp; 36812423 |
|  |  | &nbsp;&nbsp; 80799177 |
| **Automobile Manufacturers–2.05%** | **Automobile Manufacturers–2.05%** | **Automobile Manufacturers–2.05%** |
| Tesla, Inc.<sup>(b)</sup>  | 221940 | &nbsp;&nbsp; 62622590 |
| **Biotechnology–4.00%** | **Biotechnology–4.00%** | **Biotechnology–4.00%** |
| AbbVie, Inc. | 207900 | &nbsp;&nbsp; 40561290 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 122910 | &nbsp;&nbsp; 32354828 |
| Natera, Inc.<sup>(b)</sup>  | 324900 | &nbsp;&nbsp; 49037157 |
|  |  | &nbsp;&nbsp; 121953275 |
| **Broadline Retail–8.68%** | **Broadline Retail–8.68%** | **Broadline Retail–8.68%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 1245600 | &nbsp;&nbsp; 229713552 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 15030 | &nbsp;&nbsp; 35032675 |
|  |  | &nbsp;&nbsp; 264746227 |
| **Building Products–1.24%** | **Building Products–1.24%** | **Building Products–1.24%** |
| Johnson Controls International PLC | 451530 | &nbsp;&nbsp; 37883367 |
| **Communications Equipment–1.27%** | **Communications Equipment–1.27%** | **Communications Equipment–1.27%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 469296 | &nbsp;&nbsp; 38608982 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** |
| Wabtec Corp. | 143460 | &nbsp;&nbsp; 26502800 |
| **Construction Materials–0.54%** | **Construction Materials–0.54%** | **Construction Materials–0.54%** |
| Vulcan Materials Co. | 62820 | &nbsp;&nbsp; 16479571 |
| **Consumer Staples Merchandise Retail–0.24%** | **Consumer Staples Merchandise Retail–0.24%** | **Consumer Staples Merchandise Retail–0.24%** |
| Walmart, Inc. | 75360 | &nbsp;&nbsp; 7328760 |
| **Diversified Support Services–0.67%** | **Diversified Support Services–0.67%** | **Diversified Support Services–0.67%** |
| Cintas Corp. | 97020 | &nbsp;&nbsp; 20537194 |
| **Electrical Components & Equipment–1.83%** | **Electrical Components & Equipment–1.83%** | **Electrical Components & Equipment–1.83%** |
| AMETEK, Inc. | 39420 | &nbsp;&nbsp; 6684844 |
| Eaton Corp. PLC | 99180 | &nbsp;&nbsp; 29195616 |
| Vertiv Holdings Co., Class A | 233744 | &nbsp;&nbsp; 19957063 |
|  |  | &nbsp;&nbsp; 55837523 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–2.01%** | **Financial Exchanges & Data–2.01%** | **Financial Exchanges & Data–2.01%** |
| CME Group, Inc., Class A | 160273 | &nbsp;&nbsp; $44408443 |
| Moody's Corp. | 37170 | &nbsp;&nbsp; 16842470 |
|  |  | &nbsp;&nbsp; 61250913 |
| **Food Distributors–0.95%** | **Food Distributors–0.95%** | **Food Distributors–0.95%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 442440 | &nbsp;&nbsp; 29050610 |
| **Food Retail–0.23%** | **Food Retail–0.23%** | **Food Retail–0.23%** |
| Casey's General Stores, Inc. | 15300 | &nbsp;&nbsp; 7077627 |
| **Health Care Distributors–1.26%** | **Health Care Distributors–1.26%** | **Health Care Distributors–1.26%** |
| McKesson Corp. | 53725 | &nbsp;&nbsp; 38294643 |
| **Health Care Equipment–4.28%** | **Health Care Equipment–4.28%** | **Health Care Equipment–4.28%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 502290 | &nbsp;&nbsp; 51670572 |
| DexCom, Inc.<sup>(b)</sup>  | 124740 | &nbsp;&nbsp; 8903941 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 135577 | &nbsp;&nbsp; 69930617 |
|  |  | &nbsp;&nbsp; 130505130 |
| **Home Improvement Retail–0.45%** | **Home Improvement Retail–0.45%** | **Home Improvement Retail–0.45%** |
| Home Depot, Inc. (The) | 37800 | &nbsp;&nbsp; 13626522 |
| **Hotels, Resorts & Cruise Lines–1.37%** | **Hotels, Resorts & Cruise Lines–1.37%** | **Hotels, Resorts & Cruise Lines–1.37%** |
| Booking Holdings, Inc. | 8199 | &nbsp;&nbsp; 41808997 |
| **Industrial Machinery & Supplies & Components–0.61%** | **Industrial Machinery & Supplies & Components–0.61%** | **Industrial Machinery & Supplies & Components–0.61%** |
| Parker-Hannifin Corp. | 30915 | &nbsp;&nbsp; 18705430 |
| **Integrated Oil & Gas–0.57%** | **Integrated Oil & Gas–0.57%** | **Integrated Oil & Gas–0.57%** |
| Suncor Energy, Inc. (Canada) | 491400 | &nbsp;&nbsp; 17355481 |
| **Interactive Home Entertainment–2.47%** | **Interactive Home Entertainment–2.47%** | **Interactive Home Entertainment–2.47%** |
| Nintendo Co. Ltd. (Japan) | 322200 | &nbsp;&nbsp; 26749041 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 208608 | &nbsp;&nbsp; 48672419 |
|  |  | &nbsp;&nbsp; 75421460 |
| **Interactive Media & Services–9.11%** | **Interactive Media & Services–9.11%** | **Interactive Media & Services–9.11%** |
| Alphabet, Inc., Class A | 8280 | &nbsp;&nbsp; 1314864 |
| Alphabet, Inc., Class C | 643410 | &nbsp;&nbsp; 103518235 |
| Meta Platforms, Inc., Class A | 315360 | &nbsp;&nbsp; 173132640 |
|  |  | &nbsp;&nbsp; 277965739 |
| **Internet Services & Infrastructure–1.79%** | **Internet Services & Infrastructure–1.79%** | **Internet Services & Infrastructure–1.79%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 240300 | &nbsp;&nbsp; 22828500 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 199350 | &nbsp;&nbsp; 31794331 |
|  |  | &nbsp;&nbsp; 54622831 |
| **Leisure Facilities–0.77%** | **Leisure Facilities–0.77%** | **Leisure Facilities–0.77%** |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup>  | 766165 | &nbsp;&nbsp; 23490619 |
| **Managed Health Care–0.33%** | **Managed Health Care–0.33%** | **Managed Health Care–0.33%** |
| UnitedHealth Group, Inc. | 24300 | &nbsp;&nbsp; 9997992 |
| **Movies & Entertainment–5.28%** | **Movies & Entertainment–5.28%** | **Movies & Entertainment–5.28%** |
| Netflix, Inc.<sup>(b)</sup>  | 95310 | &nbsp;&nbsp; 107864233 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 86533 | &nbsp;&nbsp; 53129532 |
|  |  | &nbsp;&nbsp; 160993765 |
| **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** |
| TechnipFMC PLC (United Kingdom) | 223200 | &nbsp;&nbsp; 6287544 |

---

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

**2**

**Invesco Summit Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Pharmaceuticals–0.91%** | **Pharmaceuticals–0.91%** | **Pharmaceuticals–0.91%** |
| Eli Lilly and Co. | 30832 | &nbsp;&nbsp; $27716426 |
| **Real Estate Services–1.06%** | **Real Estate Services–1.06%** | **Real Estate Services–1.06%** |
| Jones Lang LaSalle, Inc.<sup>(b)</sup>  | 141831 | &nbsp;&nbsp; 32253788 |
| **Restaurants–0.83%** | **Restaurants–0.83%** | **Restaurants–0.83%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 131400 | &nbsp;&nbsp; 25345746 |
| **Semiconductors–13.59%** | **Semiconductors–13.59%** | **Semiconductors–13.59%** |
| Astera Labs, Inc.<sup>(b)</sup>  | 381447 | &nbsp;&nbsp; 24912304 |
| Broadcom, Inc. | 543653 | &nbsp;&nbsp; 104636893 |
| Monolithic Power Systems, Inc. | 33300 | &nbsp;&nbsp; 19750230 |
| NVIDIA Corp. | 2362911 | &nbsp;&nbsp; 257368266 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 47942 | &nbsp;&nbsp; 7991452 |
|  |  | &nbsp;&nbsp; 414659145 |
| **Systems Software–10.22%** | **Systems Software–10.22%** | **Systems Software–10.22%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | 103500 | &nbsp;&nbsp; 22724460 |
| GitLab, Inc., Class A<sup>(b)</sup>  | 261000 | &nbsp;&nbsp; 12180870 |
| Microsoft Corp. | 522620 | &nbsp;&nbsp; 206570781 |
| ServiceNow, Inc.<sup>(b)</sup>  | 73629 | &nbsp;&nbsp; 70316431 |
|  |  | &nbsp;&nbsp; 311792542 |
| **Technology Hardware, Storage & Peripherals–5.34%** | **Technology Hardware, Storage & Peripherals–5.34%** | **Technology Hardware, Storage & Peripherals–5.34%** |
| Apple, Inc. | 765855 | &nbsp;&nbsp; 162744187 |
| **Trading Companies & Distributors–0.36%** | **Trading Companies & Distributors–0.36%** | **Trading Companies & Distributors–0.36%** |
| United Rentals, Inc. | 17370 | &nbsp;&nbsp; 10968287 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Transaction & Payment Processing Services–3.56%** | **Transaction & Payment Processing Services–3.56%** | **Transaction & Payment Processing Services–3.56%** | **Transaction & Payment Processing Services–3.56%** |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 198396 | &nbsp;&nbsp; $108732912 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,456,312,850) | Total Common Stocks & Other Equity Interests <br> (Cost $1,456,312,850) | Total Common Stocks & Other Equity Interests <br> (Cost $1,456,312,850) | &nbsp;&nbsp; 3004351753 |
| **Money Market Funds–1.50%** | **Money Market Funds–1.50%** | **Money Market Funds–1.50%** | **Money Market Funds–1.50%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 15982356 | &nbsp;&nbsp; 15982356 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 29681255 | &nbsp;&nbsp; 29681255 |
| Total Money Market Funds (Cost $45,663,611) | Total Money Market Funds (Cost $45,663,611) | Total Money Market Funds (Cost $45,663,611) | &nbsp;&nbsp; 45663611 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.99% <br> (Cost $1,501,976,461)<br>|  |  | &nbsp;&nbsp; 3050015364 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 2935901 | &nbsp;&nbsp; 2935901 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 3282799 | &nbsp;&nbsp; 3283456 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,219,357) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,219,357) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,219,357) | &nbsp;&nbsp; 6219357 |
| TOTAL INVESTMENTS IN SECURITIES–100.19% <br> (Cost $1,508,195,818) | TOTAL INVESTMENTS IN SECURITIES–100.19% <br> (Cost $1,508,195,818) | TOTAL INVESTMENTS IN SECURITIES–100.19% <br> (Cost $1,508,195,818) | &nbsp;&nbsp; 3056234721 |
| OTHER ASSETS LESS LIABILITIES—(0.19)% | OTHER ASSETS LESS LIABILITIES—(0.19)% | OTHER ASSETS LESS LIABILITIES—(0.19)% | &nbsp;&nbsp; (5653602)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3050581119 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $2734015 | &nbsp;&nbsp; $82878288 | &nbsp;&nbsp; $(69629947) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15982356 | &nbsp;&nbsp; $115071 |
| Invesco Treasury Portfolio, Institutional Class | 5077192 | &nbsp;&nbsp; 153916820 | &nbsp;&nbsp; (129312757) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29681255 | &nbsp;&nbsp; 211707 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 147899841 | &nbsp;&nbsp; (144963940) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2935901 | &nbsp;&nbsp; 180,379\* |
| Invesco Private Prime Fund | 41620044 | &nbsp;&nbsp; 277942549 | &nbsp;&nbsp; (316278977) | &nbsp;&nbsp; 2082 | &nbsp;&nbsp; (2242) | &nbsp;&nbsp; 3283456 | &nbsp;&nbsp; 492,020\* |
| Total | $49431251 | &nbsp;&nbsp; $662637498 | &nbsp;&nbsp; $(660185621) | &nbsp;&nbsp; $2082 | &nbsp;&nbsp; $(2242) | &nbsp;&nbsp; $51882968 | &nbsp;&nbsp; $999177 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> 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.

**3**

**Invesco Summit Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,456,312,850)\*<br>| &nbsp;&nbsp; $3004351753 |
| Investments in affiliated money market funds, at value <br> (Cost $51,882,968)<br>| &nbsp;&nbsp; 51882968 |
| Foreign currencies, at value (Cost $105,021) | &nbsp;&nbsp; 110747 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 291791 |
| Dividends | &nbsp;&nbsp; 1932666 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 342734 |
| Other assets | &nbsp;&nbsp; 101924 |
| Total assets | &nbsp;&nbsp; 3059014583 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1157791 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6219357 |
| Accrued fees to affiliates | &nbsp;&nbsp; 626303 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 119 |
| Accrued other operating expenses | &nbsp;&nbsp; 66713 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 363181 |
| Total liabilities | &nbsp;&nbsp; 8433464 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3050581119 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1364995562 |
| Distributable earnings | &nbsp;&nbsp; 1685585557 |
|  | &nbsp;&nbsp; $3050581119 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $437009608 |
| Class C | &nbsp;&nbsp; $20737783 |
| Class P | &nbsp;&nbsp; $2554811573 |
| Class S | &nbsp;&nbsp; $4641168 |
| Class Y | &nbsp;&nbsp; $17036258 |
| Class R5 | &nbsp;&nbsp; $14390 |
| Class R6 | &nbsp;&nbsp; $16330339 |

---

---

| | |
|:---|:---|
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 17385860 |
| Class C | &nbsp;&nbsp; 1059989 |
| Class P | &nbsp;&nbsp; 97879203 |
| Class S | &nbsp;&nbsp; 180978 |
| Class Y | &nbsp;&nbsp; 650394 |
| Class R5 | &nbsp;&nbsp; 546 |
| Class R6 | &nbsp;&nbsp; 616427 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $25.14 |
| Maximum offering price per share <br>(Net asset value of $25.14 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.60 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.56 |
| Class P: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.10 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.64 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.19 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.36 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.49 |

---

\* At April 30, 2025, securities with an aggregate value of $5,980,165 were on loan to brokers. 

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

**4**

**Invesco Summit Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $122,433) | &nbsp;&nbsp; $7619995 |
| Dividends from affiliated money market funds (includes net securities lending income of $27,291) | &nbsp;&nbsp; 354069 |
| Total investment income | &nbsp;&nbsp; 7974064 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 10775126 |
| Administrative services fees | &nbsp;&nbsp; 248965 |
| Custodian fees | &nbsp;&nbsp; 11794 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 600809 |
| Class C | &nbsp;&nbsp; 120680 |
| Class P | &nbsp;&nbsp; 1433605 |
| Class S | &nbsp;&nbsp; 3804 |
| Transfer agent fees — A, C, P, S and Y | &nbsp;&nbsp; 1111249 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2551 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 21878 |
| Registration and filing fees | &nbsp;&nbsp; 60557 |
| Reports to shareholders | &nbsp;&nbsp; 30277 |
| Professional services fees | &nbsp;&nbsp; 36760 |
| Other | &nbsp;&nbsp; 27359 |
| Total expenses | &nbsp;&nbsp; 14485416 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (58370)<br>|
| Net expenses | &nbsp;&nbsp; 14427046 |
| Net investment income (loss) | &nbsp;&nbsp; (6452982)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 152322720 |
| Affiliated investment securities | &nbsp;&nbsp; (2242)<br>|
| Foreign currencies | &nbsp;&nbsp; (11077)<br>|
|  | &nbsp;&nbsp; 152309401 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (361092633)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 2082 |
| Foreign currencies | &nbsp;&nbsp; 30434 |
|  | &nbsp;&nbsp; (361060117)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (208750716)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(215203698)<br>|

---

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

**5**

**Invesco Summit Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(6452982)<br>| &nbsp;&nbsp; $(10422103)<br>|
| Net realized gain | &nbsp;&nbsp; 152309401 | &nbsp;&nbsp; 254397873 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (361060117)<br>| &nbsp;&nbsp; 911038081 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (215203698)<br>| &nbsp;&nbsp; 1155013851 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (10334888)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (674083)<br>| &nbsp;&nbsp; — |
| Class P | &nbsp;&nbsp; (59950901)<br>| &nbsp;&nbsp; — |
| Class S | &nbsp;&nbsp; (107215)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (421133)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (308)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (352178)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (71840706)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 5692322 | &nbsp;&nbsp; (6303521)<br>|
| Class C | &nbsp;&nbsp; (1346917)<br>| &nbsp;&nbsp; (4000638)<br>|
| Class P | &nbsp;&nbsp; (91248714)<br>| &nbsp;&nbsp; (282919949)<br>|
| Class S | &nbsp;&nbsp; 34805 | &nbsp;&nbsp; (270872)<br>|
| Class Y | &nbsp;&nbsp; (991771)<br>| &nbsp;&nbsp; (12389303)<br>|
| Class R5 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 3771 |
| Class R6 | &nbsp;&nbsp; 520486 | &nbsp;&nbsp; (2283220)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (87338738)<br>| &nbsp;&nbsp; (308163732)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (374383142)<br>| &nbsp;&nbsp; 846850119 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3424964261 | &nbsp;&nbsp; 2578114142 |
| End of period | &nbsp;&nbsp; $3050581119 | &nbsp;&nbsp; $3424964261 |

---

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

**6**

**Invesco Summit Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $27.48 | $(0.07)<br>| $(1.67)<br>| $(1.74)<br>| $(0.60)<br>| $25.14 | (6.70)%<br>| $437010 | 0.98 %<sup>(d)</sup><br>| 0.98 %<sup>(d)</sup><br>| (0.51 )%<sup>(d)</sup><br>| 27<br> %<br>|
| Year ended 10/31/24 | 18.82 | (0.11)<br>| 8.77 | 8.66 |  | 27.48 | 46.01 | 473669 | 0.98 | 0.98 | (0.46)<br>| 57 |
| Year ended 10/31/23 | 18.33 | (0.05)<br>| 2.20 | 2.15 | (1.66)<br>| 18.82 | 13.19 | 328711 | 1.00 | 1.00 | (0.26)<br>| 62 |
| Year ended 10/31/22 | 33.40 | (0.03)<br>| (9.58)<br>| (9.61)<br>| (5.46)<br>| 18.33 | (33.39)<br>| 293295 | 0.99 | 0.99 | (0.15)<br>| 78 |
| Year ended 10/31/21 | 26.25 | (0.16)<br>| 9.21 | 9.05 | (1.90)<br>| 33.40 | 35.85 | 476470 | 0.99 | 0.99 | (0.53)<br>| 47 |
| Year ended 10/31/20 | 21.77 | (0.07)<br>| 6.42 | 6.35 | (1.87)<br>| 26.25 | 31.23 | 299616 | 0.99 | 0.99 | (0.30)<br>| 38 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 21.59 | (0.13)<br>| (1.30)<br>| (1.43)<br>| (0.60)<br>| 19.56 | (7.10)<br>| 20738 | 1.73 <br><sup>(d)</sup><br>| 1.73 <br><sup>(d)</sup><br>| (1.26 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 14.90 | (0.23)<br>| 6.92 | 6.69 |  | 21.59 | 44.90 | 24385 | 1.73 | 1.73 | (1.21)<br>| 57 |
| Year ended 10/31/23 | 14.96 | (0.15)<br>| 1.75 | 1.60 | (1.66)<br>| 14.90 | 12.41 | 19676 | 1.75 | 1.75 | (1.01)<br>| 62 |
| Year ended 10/31/22 | 28.53 | (0.17)<br>| (7.94)<br>| (8.11)<br>| (5.46)<br>| 14.96 | (33.93)<br>| 16613 | 1.74 | 1.74 | (0.90)<br>| 78 |
| Year ended 10/31/21 | 22.82 | (0.34)<br>| 7.95 | 7.61 | (1.90)<br>| 28.53 | 34.86 | 31198 | 1.74 | 1.74 | (1.28)<br>| 47 |
| Year ended 10/31/20 | 19.29 | (0.22)<br>| 5.62 | 5.40 | (1.87)<br>| 22.82 | 30.25 | 24427 | 1.74 | 1.74 | (1.05)<br>| 38 |
| **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** |
| Six months ended 04/30/25 | 28.49 | (0.05)<br>| (1.74)<br>| (1.79)<br>| (0.60)<br>| 26.10 | (6.64)<br>| 2554812 | 0.83 <br><sup>(d)</sup><br>| 0.83 <br><sup>(d)</sup><br>| (0.36 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 19.49 | (0.08)<br>| 9.08 | 9.00 |  | 28.49 | 46.18 | 2884941 | 0.83 | 0.83 | (0.31)<br>| 57 |
| Year ended 10/31/23 | 18.89 | (0.02)<br>| 2.28 | 2.26 | (1.66)<br>| 19.49 | 13.40 | 2189443 | 0.85 | 0.85 | (0.11)<br>| 62 |
| Year ended 10/31/22 | 34.21 | 0.00 | (9.86)<br>| (9.86)<br>| (5.46)<br>| 18.89 | (33.32)<br>| 2086384 | 0.84 | 0.84 | 0.00 | 78 |
| Year ended 10/31/21 | 26.80 | (0.12)<br>| 9.43 | 9.31 | (1.90)<br>| 34.21 | 36.09 | 3369237 | 0.84 | 0.84 | (0.38)<br>| 47 |
| Year ended 10/31/20 | 22.16 | (0.04)<br>| 6.55 | 6.51 | (1.87)<br>| 26.80 | 31.42 | 2675601 | 0.84 | 0.84 | (0.15)<br>| 38 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six months ended 04/30/25 | 28.01 | (0.06)<br>| (1.71)<br>| (1.77)<br>| (0.60)<br>| 25.64 | (6.68)<br>| 4641 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| (0.41 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 19.17 | (0.09)<br>| 8.93 | 8.84 |  | 28.01 | 46.11 | 5040 | 0.88 | 0.88 | (0.36)<br>| 57 |
| Year ended 10/31/23 | 18.62 | (0.03)<br>| 2.24 | 2.21 | (1.66)<br>| 19.17 | 13.32 | 3647 | 0.90 | 0.90 | (0.16)<br>| 62 |
| Year ended 10/31/22 | 33.81 | (0.01)<br>| (9.72)<br>| (9.73)<br>| (5.46)<br>| 18.62 | (33.33)<br>| 3631 | 0.89 | 0.89 | (0.05)<br>| 78 |
| Year ended 10/31/21 | 26.52 | (0.13)<br>| 9.32 | 9.19 | (1.90)<br>| 33.81 | 36.02 | 5626 | 0.89 | 0.89 | (0.43)<br>| 47 |
| Year ended 10/31/20 | 21.95 | (0.05)<br>| 6.49 | 6.44 | (1.87)<br>| 26.52 | 31.40 | 4435 | 0.89 | 0.89 | (0.20)<br>| 38 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 28.58 | (0.04)<br>| (1.75)<br>| (1.79)<br>| (0.60)<br>| 26.19 | (6.62)<br>| 17036 | 0.73 <br><sup>(d)</sup><br>| 0.73 <br><sup>(d)</sup><br>| (0.26 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 19.52 | (0.05)<br>| 9.11 | 9.06 |  | 28.58 | 46.42 | 19651 | 0.73 | 0.73 | (0.21)<br>| 57 |
| Year ended 10/31/23 | 18.90 | 0.00 | 2.28 | 2.28 | (1.66)<br>| 19.52 | 13.50 | 22986 | 0.75 | 0.75 | (0.01)<br>| 62 |
| Year ended 10/31/22 | 34.20 | 0.02 | (9.86)<br>| (9.84)<br>| (5.46)<br>| 18.90 | (33.26)<br>| 61282 | 0.74 | 0.74 | 0.10 | 78 |
| Year ended 10/31/21 | 26.77 | (0.09)<br>| 9.42 | 9.33 | (1.90)<br>| 34.20 | 36.22 | 85356 | 0.74 | 0.74 | (0.28)<br>| 47 |
| Year ended 10/31/20 | 22.12 | (0.01)<br>| 6.53 | 6.52 | (1.87)<br>| 26.77 | 31.53 | 47894 | 0.74 | 0.74 | (0.05)<br>| 38 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 28.75 | (0.03)<br>| (1.76)<br>| (1.79)<br>| (0.60)<br>| 26.36 | (6.58)<br>| 14 | 0.69 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| (0.22 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 19.64 | (0.04)<br>| 9.15 | 9.11 |  | 28.75 | 46.38 | 15 | 0.69 | 0.69 | (0.17)<br>| 57 |
| Year ended 10/31/23 | 19.01 | (0.00)<br>| 2.29 | 2.29 | (1.66)<br>| 19.64 | 13.48 | 7 | 0.77 | 0.77 | (0.03)<br>| 62 |
| Year ended 10/31/22 | 34.37 | 0.02 | (9.92)<br>| (9.90)<br>| (5.46)<br>| 19.01 | (33.27)<br>| 801 | 0.77 | 0.77 | 0.07 | 78 |
| Year ended 10/31/21 | 26.91 | (0.10)<br>| 9.46 | 9.36 | (1.90)<br>| 34.37 | 36.14 | 1848 | 0.77 | 0.77 | (0.31)<br>| 47 |
| Year ended 10/31/20 | 22.22 | (0.02)<br>| 6.58 | 6.56 | (1.87)<br>| 26.91 | 31.57 | 1002 | 0.76 | 0.76 | (0.07)<br>| 38 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 28.89 | (0.03)<br>| (1.77)<br>| (1.80)<br>| (0.60)<br>| 26.49 | (6.58)<br>| 16330 | 0.69 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| (0.22 )<sup>(d)</sup><br>| 27 |
| Year ended 10/31/24 | 19.73 | (0.04)<br>| 9.20 | 9.16 |  | 28.89 | 46.43 | 17264 | 0.69 | 0.69 | (0.17)<br>| 57 |
| Year ended 10/31/23 | 19.08 | 0.01 | 2.30 | 2.31 | (1.66)<br>| 19.73 | 13.54 | 13643 | 0.70 | 0.70 | 0.04 | 62 |
| Year ended 10/31/22 | 34.45 | 0.03 | (9.94)<br>| (9.91)<br>| (5.46)<br>| 19.08 | (33.22)<br>| 14329 | 0.70 | 0.70 | 0.14 | 78 |
| Year ended 10/31/21 | 26.95 | (0.07)<br>| 9.47 | 9.40 | (1.90)<br>| 34.45 | 36.24 | 23732 | 0.70 | 0.70 | (0.24)<br>| 47 |
| Year ended 10/31/20 | 22.24 | (0.00)<br>| 6.58 | 6.58 | (1.87)<br>| 26.95 | 31.64 | 16436 | 0.70 | 0.70 | (0.01)<br>| 38 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Annualized.

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

**7**

**Invesco Summit Fund**

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6. Class P shares are not sold to members of the general public. Only shareholders who had accounts in the AIM Summit Investors Plans I and AIM Summit Investors Plans II at the close of business on December 8, 2006, may continue to purchase Class P shares as described in the Fund's prospectus. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waiver shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class P, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**8**

**Invesco Summit Fund**

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

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

**9**

**Invesco Summit Fund**

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $3,565 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**M.** **Other Risks** - The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $10 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $140 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Over $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% |

---

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

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

**10**

**Invesco Summit Fund**

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.85%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $8,144.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Fund has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class P, Class S, Class Y, Class R5 and Class R6 shares. The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C shares, Class P shares and Class S shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A and Class C shares, 0.10% of the average daily net assets of Class P shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $83,745 in front-end sales commissions from the sale of Class A shares and $3,410 and $78 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $23,667 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $2926422403 | &nbsp;&nbsp;&nbsp;&nbsp; $77929350 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3004351753 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 45663611 | &nbsp;&nbsp;&nbsp;&nbsp; 6219357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51882968 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2972086014 | &nbsp;&nbsp;&nbsp;&nbsp; $84148707 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3056234721 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $50,226.

**11**

**Invesco Summit Fund**

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**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $899,469,320 and $1,101,645,708, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1600232512 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (59994899)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1540237613 |

---

Cost of investments for tax purposes is $1,515,997,108.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025** | **Six months ended** <br>**April 30, 2025** | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1632193 | &nbsp;&nbsp;&nbsp; $45063905 | &nbsp;&nbsp;&nbsp; 2943468 | &nbsp;&nbsp;&nbsp; $71063859 |
| Class C | &nbsp;&nbsp;&nbsp; 105970 | &nbsp;&nbsp;&nbsp; 2292499 | &nbsp;&nbsp;&nbsp; 273580 | &nbsp;&nbsp;&nbsp; 5165850 |
| Class P | &nbsp;&nbsp;&nbsp; 274239 | &nbsp;&nbsp;&nbsp; 7795373 | &nbsp;&nbsp;&nbsp; 654321 | &nbsp;&nbsp;&nbsp; 16273788 |
| Class S | &nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 22371 | &nbsp;&nbsp;&nbsp; 4026 | &nbsp;&nbsp;&nbsp; 97041 |
| Class Y | &nbsp;&nbsp;&nbsp; 125254 | &nbsp;&nbsp;&nbsp; 3559686 | &nbsp;&nbsp;&nbsp; 372492 | &nbsp;&nbsp;&nbsp; 9478555 |
| Class R5 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 3771 |
| Class R6 | &nbsp;&nbsp;&nbsp; 71523 | &nbsp;&nbsp;&nbsp; 2014367 | &nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp; 2713988 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 327183 | &nbsp;&nbsp;&nbsp; 9903820 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 27858 | &nbsp;&nbsp;&nbsp; 658285 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class P | &nbsp;&nbsp;&nbsp; 1838500 | &nbsp;&nbsp;&nbsp; 57765684 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class S | &nbsp;&nbsp;&nbsp; 3369 | &nbsp;&nbsp;&nbsp; 103993 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 9723 | &nbsp;&nbsp;&nbsp; 306384 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 10491 | &nbsp;&nbsp;&nbsp; 334349 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 73341 | &nbsp;&nbsp;&nbsp; 2025073 | &nbsp;&nbsp;&nbsp; 115374 | &nbsp;&nbsp;&nbsp; 2887371 |
| Class C | &nbsp;&nbsp;&nbsp; (94005)<br>| &nbsp;&nbsp;&nbsp; (2025073)<br>| &nbsp;&nbsp;&nbsp; (146382)<br>| &nbsp;&nbsp;&nbsp; (2887371)<br>|

---

**12**

**Invesco Summit Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025** | **Six months ended**<br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1885130)<br>| &nbsp;&nbsp;&nbsp; $(51300476)<br>| &nbsp;&nbsp;&nbsp; (3287007)<br>| &nbsp;&nbsp;&nbsp; $(80254751)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (109471)<br>| &nbsp;&nbsp;&nbsp; (2272628)<br>| &nbsp;&nbsp;&nbsp; (318359)<br>| &nbsp;&nbsp;&nbsp; (6279117)<br>|
| Class P | &nbsp;&nbsp;&nbsp; (5485474)<br>| &nbsp;&nbsp;&nbsp; (156809771)<br>| &nbsp;&nbsp;&nbsp; (11759520)<br>| &nbsp;&nbsp;&nbsp; (299193737)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (3095)<br>| &nbsp;&nbsp;&nbsp; (91559)<br>| &nbsp;&nbsp;&nbsp; (14387)<br>| &nbsp;&nbsp;&nbsp; (367913)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (172228)<br>| &nbsp;&nbsp;&nbsp; (4857841)<br>| &nbsp;&nbsp;&nbsp; (862182)<br>| &nbsp;&nbsp;&nbsp; (21867858)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (63113)<br>| &nbsp;&nbsp;&nbsp; (1828230)<br>| &nbsp;&nbsp;&nbsp; (197878)<br>| &nbsp;&nbsp;&nbsp; (4997208)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3312069)<br>| &nbsp;&nbsp;&nbsp; $(87338738)<br>| &nbsp;&nbsp;&nbsp; (12118321)<br>| &nbsp;&nbsp;&nbsp; $(308163732)<br>|

---

**13**

**Invesco Summit Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco Summit Fund**

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![](imgd9050ec71.jpg)

SEC file number(s): 811-01424 and 002-25469

Invesco Distributors, Inc.

SUM-NCSRS

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that 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 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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) <u>AIM Equity Funds (Invesco Equity Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title:Principal Executive Officer

Date: July 2, 2025

Pursuant to the requirements of the Securities 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: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Glenn Brightman

Title:Principal Executive Officer

Date: July 2, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Adrien Deberghes

Title:Principal Financial Officer

Date:July 2, 2025

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## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, 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; and

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 directors (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:&nbsp;&nbsp;&nbsp;&nbsp; <u>July 2, 2025</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

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#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, 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; and

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 directors (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:<u>July 2, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

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## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 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.

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| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

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#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Equity Funds (Invesco Equity Funds) on Form N-CSR for the period ended April 30, 2025, 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. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

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