Schedule of Investments(a)
January 31, 2020
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–95.08% | |||
Aerospace & Defense–1.25% | |||
Textron, Inc. | 2,996,086 | $137,610,230 | |
Agricultural Products–1.46% | |||
Archer-Daniels-Midland Co. | 3,598,147 | 161,053,060 | |
Apparel Retail–0.45% | |||
Gap, Inc. (The) | 2,813,273 | 48,979,083 | |
Asset Management & Custody Banks–2.84% | |||
Bank of New York Mellon Corp. (The) | 3,222,174 | 144,288,952 | |
State Street Corp. | 2,219,334 | 167,848,230 | |
312,137,182 | |||
Automobile Manufacturers–1.88% | |||
General Motors Co. | 6,201,120 | 207,055,397 | |
Automotive Retail–0.22% | |||
Advance Auto Parts, Inc. | 185,625 | 24,456,094 | |
Biotechnology–1.15% | |||
Gilead Sciences, Inc. | 2,004,453 | 126,681,430 | |
Broadcasting–0.54% | |||
ViacomCBS, Inc., Class B | 1,728,852 | 59,005,719 | |
Building Products–1.54% | |||
Johnson Controls International PLC | 4,289,280 | 169,212,096 | |
Cable & Satellite–2.21% | |||
Charter Communications, Inc., Class A(b) | 222,756 | 115,267,320 | |
Comcast Corp., Class A | 2,973,066 | 128,406,720 | |
243,674,040 | |||
Communications Equipment–1.58% | |||
Cisco Systems, Inc. | 3,794,443 | 174,430,545 | |
Construction Machinery & Heavy Trucks–1.19% | |||
Caterpillar, Inc. | 993,475 | 130,492,941 | |
Consumer Finance–0.94% | |||
Ally Financial, Inc. | 3,241,978 | 103,840,555 | |
Diversified Banks–14.69% | |||
Bank of America Corp. | 16,639,812 | 546,285,028 | |
Citigroup, Inc. | 7,396,362 | 550,363,296 | |
JPMorgan Chase & Co. | 2,665,036 | 352,744,165 | |
Wells Fargo & Co. | 3,580,734 | 168,079,654 | |
1,617,472,143 | |||
Electrical Components & Equipment–3.16% | |||
Eaton Corp. PLC | 2,025,834 | 191,380,538 | |
Emerson Electric Co. | 2,184,337 | 156,464,059 | |
347,844,597 | |||
Fertilizers & Agricultural Chemicals–2.23% | |||
CF Industries Holdings, Inc. | 2,503,727 | 100,850,124 | |
Corteva, Inc. | 4,998,444 | 144,555,000 | |
245,405,124 |
Shares | Value | ||
Health Care Distributors–1.75% | |||
Cardinal Health, Inc. | 1,821,023 | $93,254,588 | |
McKesson Corp. | 694,365 | 99,023,392 | |
192,277,980 | |||
Health Care Services–0.93% | |||
CVS Health Corp. | 1,513,416 | 102,639,873 | |
Hotels, Resorts & Cruise Lines–1.72% | |||
Carnival Corp. | 4,359,453 | 189,766,989 | |
Household Products–2.34% | |||
Kimberly-Clark Corp. | 1,048,421 | 150,175,824 | |
Reckitt Benckiser Group PLC (United Kingdom) | 1,303,138 | 107,932,911 | |
258,108,735 | |||
Independent Power Producers & Energy Traders–0.68% | |||
Vistra Energy Corp. | 3,325,925 | 74,899,831 | |
Industrial Conglomerates–1.28% | |||
General Electric Co. | 11,329,430 | 141,051,403 | |
Industrial Machinery–0.94% | |||
Ingersoll-Rand PLC | 772,613 | 102,935,230 | |
Integrated Oil & Gas–8.12% | |||
BP PLC, ADR (United Kingdom) | 6,386,569 | 230,746,738 | |
Chevron Corp. | 2,124,251 | 227,592,252 | |
Exxon Mobil Corp. | 389,226 | 24,178,719 | |
Royal Dutch Shell PLC, Class A, ADR (United Kingdom) | 3,531,775 | 184,182,066 | |
Suncor Energy, Inc. (Canada) | 7,437,825 | 227,523,067 | |
894,222,842 | |||
Integrated Telecommunication Services–1.75% | |||
AT&T, Inc. | 5,126,611 | 192,863,106 | |
Internet & Direct Marketing Retail–1.27% | |||
eBay, Inc. | 4,178,402 | 140,227,171 | |
Investment Banking & Brokerage–3.71% | |||
Goldman Sachs Group, Inc. (The) | 710,389 | 168,894,985 | |
Morgan Stanley | 4,580,393 | 239,371,338 | |
408,266,323 | |||
IT Consulting & Other Services–1.01% | |||
Cognizant Technology Solutions Corp., Class A | 1,804,349 | 110,750,942 | |
Life & Health Insurance–1.07% | |||
MetLife, Inc. | 2,370,185 | 117,821,896 | |
Managed Health Care–1.91% | |||
Anthem, Inc. | 792,685 | 210,283,477 | |
Multi-line Insurance–2.24% | |||
American International Group, Inc. | 4,898,018 | 246,174,385 | |
Oil & Gas Exploration & Production–6.70% | |||
Canadian Natural Resources Ltd. (Canada) | 4,412,371 | 124,095,851 |
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
Shares | Value | ||
Oil & Gas Exploration & Production–(continued) | |||
Devon Energy Corp. | 5,641,560 | $122,534,683 | |
Hess Corp. | 2,561,215 | 144,887,933 | |
Marathon Oil Corp. | 13,837,695 | 157,334,592 | |
Noble Energy, Inc. | 5,018,000 | 99,205,860 | |
Ovintiv, Inc. | 3,449,993 | 53,923,387 | |
Pioneer Natural Resources Co. | 266,818 | 36,020,430 | |
738,002,736 | |||
Paper Packaging–1.14% | |||
International Paper Co. | 3,076,678 | 125,282,328 | |
Pharmaceuticals–4.23% | |||
Bristol-Myers Squibb Co. | 2,632,201 | 165,697,053 | |
Mylan N.V.(b) | 3,469,429 | 74,315,169 | |
Novartis AG (Switzerland) | 351,587 | 33,258,182 | |
Sanofi, ADR (France) | 3,992,821 | 192,733,470 | |
466,003,874 | |||
Property & Casualty Insurance–1.28% | |||
Allstate Corp. (The) | 1,187,344 | 140,747,758 | |
Regional Banks–3.57% | |||
Citizens Financial Group, Inc. | 3,824,825 | 142,589,476 | |
Fifth Third Bancorp | 5,252,449 | 149,432,174 | |
PNC Financial Services Group, Inc. (The) | 676,852 | 100,546,365 | |
392,568,015 | |||
Semiconductors–4.15% | |||
Intel Corp. | 3,451,177 | 220,633,746 | |
NXP Semiconductors N.V. (Netherlands) | 456,996 | 57,974,513 |
Shares | Value | ||
Semiconductors–(continued) | |||
QUALCOMM, Inc. | 2,083,153 | $177,713,782 | |
456,322,041 | |||
Systems Software–1.71% | |||
Microsoft Corp. | 1,108,584 | 188,714,254 | |
Tobacco–3.64% | |||
Altria Group, Inc. | 1,890,446 | 89,852,898 | |
Philip Morris International, Inc. | 3,758,398 | 310,819,515 | |
400,672,413 | |||
Wireless Telecommunication Services–0.61% | |||
Vodafone Group PLC (United Kingdom) | 34,291,345 | 67,470,390 | |
Total Common Stocks & Other Equity Interests (Cost $8,149,471,010) | 10,467,424,228 | ||
Money Market Funds–4.59% | |||
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c) | 176,304,534 | 176,304,534 | |
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c) | 127,181,735 | 127,232,608 | |
Invesco Treasury Portfolio, Institutional Class, 1.47%(c) | 201,490,897 | 201,490,897 | |
Total Money Market Funds (Cost $505,001,402) | 505,028,039 | ||
TOTAL INVESTMENTS IN SECURITIES–99.67% (Cost $8,654,472,412) | 10,972,452,267 | ||
OTHER ASSETS LESS LIABILITIES—0.33% | 35,777,474 | ||
NET ASSETS–100.00% | $11,008,229,741 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of January 31, 2020. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
02/14/2020 | Deutsche Bank AG | CAD | 256,481,147 | USD | 196,532,760 | $2,733,246 |
02/14/2020 | Goldman Sachs International | USD | 7,874,384 | CHF | 7,624,561 | 46,924 |
02/14/2020 | Royal Bank of Canada | CAD | 1,254,338 | USD | 961,364 | 13,575 |
02/14/2020 | Royal Bank of Canada | EUR | 186,267,396 | USD | 207,817,043 | 1,111,677 |
02/14/2020 | Royal Bank of Canada | USD | 6,146,259 | CHF | 5,920,249 | 4,405 |
02/14/2020 | Royal Bank of Canada | USD | 5,874,984 | EUR | 5,326,020 | 35,428 |
Subtotal—Appreciation | 3,945,255 | |||||
Currency Risk | ||||||
02/14/2020 | Canadian Imperial Bank of Commerce | USD | 8,817,596 | CAD | 11,603,446 | (49,925) |
02/14/2020 | Deutsche Bank AG | CHF | 663,552 | USD | 682,255 | (7,123) |
02/14/2020 | Deutsche Bank AG | GBP | 160,427,376 | USD | 208,408,402 | (3,491,478) |
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
Open Forward Foreign Currency Contracts—(continued) | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
02/14/2020 | Goldman Sachs International | USD | 5,647,926 | GBP | 4,275,001 | $(1,308) |
02/14/2020 | Royal Bank of Canada | CHF | 29,094,692 | USD | 30,036,734 | (190,318) |
02/14/2020 | Royal Bank of Canada | USD | 5,301,420 | CAD | 6,977,358 | (29,264) |
02/14/2020 | Royal Bank of Canada | USD | 4,779,569 | EUR | 4,302,879 | (4,562) |
Subtotal—Depreciation | (3,773,978) | |||||
Total Forward Foreign Currency Contracts | $171,277 |
Abbreviations: | |
CAD | —Canadian Dollar |
CHF | —Swiss Franc |
EUR | —Euro |
GBP | —British Pound Sterling |
USD | —U.S. Dollar |
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 Comstock Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 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 January 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 | $10,258,762,745 | $208,661,483 | $— | $10,467,424,228 |
Money Market Funds | 505,028,039 | — | — | 505,028,039 |
Total Investments in Securities | 10,763,790,784 | 208,661,483 | — | 10,972,452,267 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 3,945,255 | — | 3,945,255 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (3,773,978) | — | (3,773,978) |
Total Other Investments | — | 171,277 | — | 171,277 |
Total Investments | $10,763,790,784 | $208,832,760 | $— | $10,972,623,544 |
* | Unrealized appreciation (depreciation). |
NOTE 2—Subsequent Event
The World Health Organization has declared the coronavirus (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.
Invesco Comstock Fund