NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2020
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–93.69%
Aerospace & Defense–3.26%
General Dynamics Corp.    161,593    $23,712,157
Lockheed Martin Corp.    252,963    95,865,388
      119,577,545
Asset Management & Custody Banks–0.74%
Waddell & Reed Financial, Inc., Class A  1,860,401    27,143,251
Automobile Manufacturers–1.10%
Bayerische Motoren Werke AG (Germany)    623,515    40,364,770
Brewers–1.66%
Molson Coors Beverage Co., Class B  1,618,966    60,743,604
Communications Equipment–1.45%
Cisco Systems, Inc.  1,128,200    53,138,220
Construction Machinery & Heavy Trucks–0.84%
Caterpillar, Inc.    231,707    30,789,226
Diversified Banks–1.21%
Bank of America Corp.  1,786,858    44,457,027
Electric Utilities–5.51%
Duke Energy Corp.    483,873    41,003,398
Entergy Corp.    337,660    35,498,196
Exelon Corp.  1,264,326    48,815,627
Pinnacle West Capital Corp.    377,125    31,331,545
Portland General Electric Co.  1,027,486    45,342,957
      201,991,723
Electrical Components & Equipment–3.67%
ABB Ltd. (Switzerland)  2,691,996    67,433,862
Emerson Electric Co.  1,081,064    67,036,779
      134,470,641
Food Distributors–0.77%
Sysco Corp.    537,216    28,391,866
Gas Utilities–3.01%
National Fuel Gas Co.  1,608,470    65,255,628
Southwest Gas Holdings, Inc.    647,422    45,086,468
      110,342,096
General Merchandise Stores–1.96%
Target Corp.    570,877    71,861,997
Health Care Equipment–0.74%
Medtronic PLC    280,126    27,026,556
Home Improvement Retail–1.91%
Lowe’s Cos., Inc.    470,885    70,119,485
Household Products–5.22%
Kimberly-Clark Corp.    399,711    60,772,060
Procter & Gamble Co. (The)    995,525   130,533,238
      191,305,298
  Shares Value
Hypermarkets & Super Centers–1.14%
Walmart, Inc.    321,804    $41,641,438
Industrial Machinery–2.08%
Kennametal, Inc.  1,349,750    36,389,260
Snap-on, Inc.    273,236    39,856,935
      76,246,195
Integrated Oil & Gas–3.23%
Chevron Corp.    354,308    29,740,614
Exxon Mobil Corp.    630,581    26,534,848
TOTAL S.A. (France)(b)  1,676,615    62,250,009
      118,525,471
Integrated Telecommunication Services–5.16%
AT&T, Inc.  2,304,643    68,171,340
Deutsche Telekom AG (Germany)  1,514,434    25,358,826
Verizon Communications, Inc.  1,665,471    95,731,273
      189,261,439
IT Consulting & Other Services–1.05%
International Business Machines Corp.    313,478    38,538,985
Motorcycle Manufacturers–1.02%
Harley-Davidson, Inc.  1,433,808    37,322,022
Multi-line Insurance–1.06%
Hartford Financial Services Group, Inc. (The)    922,416    39,036,645
Multi-Utilities–5.94%
Dominion Energy, Inc.  1,168,978    94,722,287
National Grid PLC (United Kingdom)  6,031,360    71,331,134
Public Service Enterprise Group, Inc.    445,715    24,933,297
Sempra Energy    215,395    26,808,062
      217,794,780
Oil & Gas Storage & Transportation–1.27%
Enbridge, Inc. (Canada)  1,461,345    46,771,332
Packaged Foods & Meats–10.22%
Campbell Soup Co.  1,958,425    97,079,127
Conagra Brands, Inc.  1,227,020    45,951,899
General Mills, Inc.  1,728,299   109,349,478
Kraft Heinz Co. (The)  1,504,774    51,734,130
Nestle S.A. (Switzerland)    598,021    70,850,693
      374,965,327
Paper Packaging–1.71%
International Paper Co.    809,788    28,172,525
Sonoco Products Co.    668,260    34,575,772
      62,748,297
Pharmaceuticals–9.82%
AstraZeneca PLC (United Kingdom)    374,414    41,527,480
Bayer AG (Germany)    742,975    49,470,361
Eli Lilly and Co.    349,251    52,488,933
GlaxoSmithKline PLC (United Kingdom)  2,048,995    41,147,244
Johnson & Johnson    756,925   110,329,388
 
See accompanying notes which are an integral part of this schedule.
Invesco Dividend Income Fund
  Shares Value
Pharmaceuticals–(continued)
Merck & Co., Inc.    811,067    $65,080,016
      360,043,422
Property & Casualty Insurance–2.64%
Chubb Ltd.    372,095    47,345,368
Travelers Cos., Inc. (The)    433,629    49,615,830
      96,961,198
Regional Banks–5.16%
Cullen/Frost Bankers, Inc.    476,741    34,353,957
Fifth Third Bancorp  2,122,804    42,158,887
M&T Bank Corp.    652,130    69,093,174
Regions Financial Corp.  4,029,940    43,765,148
      189,371,166
Restaurants–2.05%
McDonald’s Corp.    386,352    75,060,467
Semiconductors–0.63%
Microchip Technology, Inc.    227,302    23,123,432
Soft Drinks–2.33%
Coca-Cola Co. (The)  1,807,642    85,393,008
Specialized REITs–2.81%
Crown Castle International Corp.    319,497    53,260,150
Weyerhaeuser Co.  1,788,369    49,734,542
      102,994,692
Specialty Chemicals–1.32%
DuPont de Nemours, Inc.    907,632    48,540,159
Total Common Stocks & Other Equity Interests (Cost $3,102,524,265) 3,436,062,780
  Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–0.01%
Tobacco–0.01%
Reynolds American, Inc. (United Kingdom), 7.00%, 08/04/2041
(Cost $358,643)(c) 		     $354,000       $469,114
  Shares  
Money Market Funds–5.94%
Invesco Government & Agency Portfolio, Institutional Class, 0.07%(d)(e) 68,299,270    68,299,270
Invesco Liquid Assets Portfolio, Institutional Class, 0.22%(d)(e) 71,637,439    71,680,421
Invesco Treasury Portfolio, Institutional Class, 0.07%(d)(e) 78,056,309    78,056,309
Total Money Market Funds (Cost $218,005,090) 218,036,000
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64% (Cost $3,320,887,998)     3,654,567,894
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.06%(d)(e)(f)     17,757        17,757
Invesco Private Prime Fund, 0.15%(d)(e)(f)      6,048         6,049
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,806) 23,806
TOTAL INVESTMENTS IN SECURITIES–99.64% (Cost $3,320,911,804) 3,654,591,700
OTHER ASSETS LESS LIABILITIES—0.36% 13,054,531
NET ASSETS–100.00% $3,667,646,231
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) All or a portion of this security was out on loan at July 31, 2020.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at July 31, 2020 represented less than 1% of the Fund’s Net Assets.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2020.
    
  Value
April 30, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
July 31, 2020 		Dividend
Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $113,108,843 $30,200,204 $(75,009,777) $- $- $68,299,270 $19,053
Invesco Liquid Assets Portfolio, Institutional Class 103,684,370 21,571,576 (53,578,413) (12,398) 15,286 71,680,421 76,497
Invesco Treasury Portfolio, Institutional Class 129,267,249 34,514,520 (85,725,460) - - 78,056,309 19,260
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 49,661,768 (49,644,011) - - 17,757 923
Invesco Private Prime Fund - 16,553,971 (16,547,922) - - 6,049 652
Total $346,060,462 $152,502,039 $(280,505,583) $(12,398) $15,286 $218,059,806 $116,385
    
See accompanying notes which are an integral part of this schedule.
Invesco Dividend Income Fund
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2020.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.
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 Dividend Income Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2020
(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 July 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Common Stocks & Other Equity Interests $2,966,328,401 $469,734,379 $— $3,436,062,780
U.S. Dollar Denominated Bonds & Notes — 469,114 — 469,114
Money Market Funds 218,036,000 23,806 — 218,059,806
Total Investments $3,184,364,401 $470,227,299 $— $3,654,591,700
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 Dividend Income Fund