Schedule of Investments(a)
January 31, 2021
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–97.01% | |||
Aerospace & Defense–1.12% | |||
General Dynamics Corp. | 562,833 | $82,556,344 | |
Raytheon Technologies Corp. | 1,366,205 | 91,166,860 | |
173,723,204 | |||
Agricultural & Farm Machinery–1.00% | |||
Deere & Co. | 539,912 | 155,926,586 | |
Air Freight & Logistics–0.94% | |||
United Parcel Service, Inc., Class B | 942,212 | 146,042,860 | |
Apparel Retail–1.52% | |||
TJX Cos., Inc. (The) | 3,685,406 | 236,013,400 | |
Apparel, Accessories & Luxury Goods–0.53% | |||
Columbia Sportswear Co. | 941,211 | 82,318,314 | |
Brewers–3.80% | |||
Anheuser-Busch InBev S.A./N.V. (Belgium) | 3,632,377 | 228,117,079 | |
Heineken N.V. (Netherlands) | 3,470,245 | 361,489,290 | |
589,606,369 | |||
Construction Machinery & Heavy Trucks–1.15% | |||
Cummins, Inc. | 764,268 | 179,159,705 | |
Consumer Finance–1.26% | |||
American Express Co. | 1,688,700 | 196,328,262 | |
Data Processing & Outsourced Services–1.36% | |||
Automatic Data Processing, Inc. | 1,280,881 | 211,499,071 | |
Diversified Chemicals–1.13% | |||
BASF SE (Germany) | 2,254,647 | 174,908,529 | |
Electric Utilities–10.12% | |||
American Electric Power Co., Inc. | 1,866,734 | 151,037,448 | |
Duke Energy Corp. | 2,011,670 | 189,096,980 | |
Entergy Corp. | 4,383,545 | 417,883,345 | |
Exelon Corp. | 5,235,585 | 217,590,912 | |
PPL Corp. | 13,608,082 | 376,535,629 | |
SSE PLC (United Kingdom) | 10,871,950 | 220,727,635 | |
1,572,871,949 | |||
Electrical Components & Equipment–2.45% | |||
ABB Ltd. (Switzerland) | 8,784,001 | 259,248,299 | |
Emerson Electric Co. | 1,529,197 | 121,341,782 | |
380,590,081 | |||
Fertilizers & Agricultural Chemicals–0.51% | |||
Nutrien Ltd. (Canada) | 1,619,179 | 79,746,544 | |
Food Distributors–1.04% | |||
Sysco Corp. | 2,257,647 | 161,444,337 | |
General Merchandise Stores–1.98% | |||
Target Corp. | 1,697,778 | 307,586,440 | |
Household Products–4.71% | |||
Kimberly-Clark Corp. | 2,061,845 | 272,369,725 |
Shares | Value | ||
Household Products–(continued) | |||
Procter & Gamble Co. (The) | 3,578,920 | $458,853,333 | |
731,223,058 | |||
Industrial Conglomerates–2.32% | |||
3M Co. | 1,271,687 | 223,384,538 | |
Siemens AG (Germany) | 889,406 | 137,739,368 | |
361,123,906 | |||
Industrial Machinery–3.02% | |||
Flowserve Corp.(b) | 6,734,868 | 239,491,906 | |
Pentair PLC | 2,841,666 | 154,757,130 | |
Stanley Black & Decker, Inc. | 434,932 | 75,456,353 | |
469,705,389 | |||
Integrated Oil & Gas–2.62% | |||
Suncor Energy, Inc. (Canada) | 5,256,440 | 87,925,905 | |
TOTAL SE (France) | 7,553,459 | 318,877,795 | |
406,803,700 | |||
Integrated Telecommunication Services–2.84% | |||
AT&T, Inc. | 8,878,354 | 254,187,275 | |
Deutsche Telekom AG (Germany) | 10,458,531 | 186,511,144 | |
440,698,419 | |||
Investment Banking & Brokerage–0.70% | |||
Charles Schwab Corp. (The) | 2,097,202 | 108,089,791 | |
IT Consulting & Other Services–1.01% | |||
International Business Machines Corp. | 1,317,559 | 156,934,453 | |
Motorcycle Manufacturers–1.51% | |||
Harley-Davidson, Inc. | 5,867,161 | 235,214,485 | |
Movies & Entertainment–1.12% | |||
Walt Disney Co. (The) | 1,038,413 | 174,629,914 | |
Multi-line Insurance–2.83% | |||
Hartford Financial Services Group, Inc. (The) | 9,146,009 | 439,191,352 | |
Multi-Utilities–4.83% | |||
Consolidated Edison, Inc. | 1,678,959 | 118,836,718 | |
Dominion Energy, Inc. | 5,344,298 | 389,545,881 | |
Sempra Energy | 1,949,851 | 241,313,560 | |
749,696,159 | |||
Oil & Gas Equipment & Services–0.68% | |||
Baker Hughes Co., Class A | 5,238,064 | 105,232,706 | |
Oil & Gas Exploration & Production–1.34% | |||
ConocoPhillips | 5,215,693 | 208,784,191 | |
Packaged Foods & Meats–10.59% | |||
Campbell Soup Co. | 8,047,005 | 387,141,411 | |
General Mills, Inc. | 9,011,437 | 523,564,490 | |
Kraft Heinz Co. (The) | 4,710,122 | 157,836,188 | |
Mondelez International, Inc., Class A | 5,955,128 | 330,152,296 | |
Nestle S.A. (Switzerland) | 2,199,771 | 246,432,878 | |
1,645,127,263 |
See accompanying notes which are an integral part of this schedule.
Invesco Diversified Dividend Fund
Shares | Value | ||
Paper Packaging–2.80% | |||
Avery Dennison Corp. | 698,164 | $105,332,003 | |
International Paper Co. | 3,925,294 | 197,481,541 | |
Sonoco Products Co. | 2,270,402 | 131,478,980 | |
434,292,524 | |||
Personal Products–1.37% | |||
L’Oreal S.A. (France) | 606,653 | 212,646,572 | |
Pharmaceuticals–7.44% | |||
Bayer AG (Germany) | 2,243,611 | 135,931,993 | |
Bristol-Myers Squibb Co. | 2,976,702 | 182,858,804 | |
Eli Lilly and Co. | 1,409,433 | 293,119,781 | |
Johnson & Johnson | 1,810,373 | 295,326,148 | |
Merck & Co., Inc. | 3,232,834 | 249,154,516 | |
1,156,391,242 | |||
Property & Casualty Insurance–1.92% | |||
Travelers Cos., Inc. (The) | 2,193,662 | 298,996,131 | |
Regional Banks–8.80% | |||
Comerica, Inc. | 3,712,542 | 212,357,402 | |
Cullen/Frost Bankers, Inc. | 1,554,979 | 143,431,263 | |
Fifth Third Bancorp | 6,518,351 | 188,575,895 | |
KeyCorp | 3,783,641 | 63,792,187 | |
M&T Bank Corp. | 2,522,608 | 334,169,882 | |
PNC Financial Services Group, Inc. (The) | 1,032,576 | 148,195,307 | |
Zions Bancorporation N.A. | 6,249,065 | 275,833,729 | |
1,366,355,665 | |||
Restaurants–0.29% | |||
Darden Restaurants, Inc. | 382,596 | 44,721,646 | |
Soft Drinks–1.96% | |||
Coca-Cola Co. (The) | 6,314,569 | 304,046,497 | |
Specialized REITs–1.17% | |||
Weyerhaeuser Co. | 5,835,758 | 182,017,292 |
Shares | Value | ||
Specialty Chemicals–1.23% | |||
DuPont de Nemours, Inc.(c) | 2,414,553 | $191,836,236 | |
Total Common Stocks & Other Equity Interests (Cost $10,938,094,424) | 15,071,524,242 | ||
Money Market Funds–2.76% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(d) | 154,953,811 | 154,953,811 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.05%(b)(d) | 106,306,838 | 106,349,361 | |
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(d) | 167,721,126 | 167,721,126 | |
Total Money Market Funds (Cost $428,990,022) | 429,024,298 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $11,367,084,446) | 15,500,548,540 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.58% | |||
Invesco Private Government Fund, 0.01%(b)(d)(e) | 35,567,836 | 35,567,836 | |
Invesco Private Prime Fund, 0.11%(b)(d)(e) | 53,330,422 | 53,351,754 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $88,919,590) | 88,919,590 | ||
TOTAL INVESTMENTS IN SECURITIES–100.35% (Cost $11,456,004,036) | 15,589,468,130 | ||
OTHER ASSETS LESS LIABILITIES—(0.35)% | (53,614,101) | ||
NET ASSETS–100.00% | $15,535,854,029 |
Investment Abbreviations:
REIT | – Real Estate Investment Trust |
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value January 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $135,656,121 | $106,483,498 | $(87,185,808) | $- | $- | $154,953,811 | $8,241 |
Invesco Liquid Assets Portfolio, Institutional Class | 92,565,398 | 76,059,642 | (62,275,577) | 225 | (327) | 106,349,361 | 19,341 |
Invesco Treasury Portfolio, Institutional Class | 145,666,623 | 121,695,427 | (99,640,924) | - | - | 167,721,126 | 4,443 |
See accompanying notes which are an integral part of this schedule.
Invesco Diversified Dividend Fund
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value January 31, 2021 | Dividend Income | |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | $6,232 | $181,537,151 | $(145,975,547) | $- | $- | $35,567,836 | $1,038* |
Invesco Private Prime Fund | 9,410 | 270,617,115 | (217,296,073) | - | 21,302 | 53,351,754 | 11,425* |
Investments in Other Affiliates: | |||||||
Flowserve Corp. | 201,897,667 | 1,494,017 | (7,888,472) | 47,004,370 | (3,015,676) | 239,491,906 | 1,338,874 |
Total | $575,801,451 | $757,886,850 | $(620,262,401) | $47,004,595 | $(2,994,701) | $757,435,794 | $1,383,362 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | All or a portion of this security was out on loan at January 31, 2021. |
(d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation | |||
Deliver | Receive | |||||
Currency Risk | ||||||
03/11/2021 | J.P. Morgan Chase Bank, N.A. | EUR | 3,975,553 | USD | 4,841,600 | $13,127 |
03/11/2021 | Royal Bank of Canada | EUR | 501,831,749 | USD | 611,026,323 | 1,530,902 |
Total Forward Foreign Currency Contracts | $1,544,029 |
Abbreviations: | |
EUR | —Euro |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Diversified Dividend Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $12,588,893,660 | $2,482,630,582 | $— | $15,071,524,242 |
Money Market Funds | 429,024,298 | 88,919,590 | — | 517,943,888 |
Total Investments in Securities | 13,017,917,958 | 2,571,550,172 | — | 15,589,468,130 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 1,544,029 | — | 1,544,029 |
Total Investments | $13,017,917,958 | $2,573,094,201 | $— | $15,591,012,159 |
* | Unrealized appreciation. |
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco Diversified Dividend Fund