Schedule of Investments(a)
July 31, 2022
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–96.58% | |||
| Aerospace & Defense–3.67% | |||
| Lockheed Martin Corp. | 157,090 | $65,005,413 | |
| Raytheon Technologies Corp. | 784,312 | 73,105,721 | |
| 138,111,134 | |||
| Air Freight & Logistics–1.43% | |||
| United Parcel Service, Inc., Class B(b) | 276,532 | 53,893,321 | |
| Asset Management & Custody Banks–1.34% | |||
| State Street Corp. | 710,992 | 50,508,872 | |
| Automobile Manufacturers–0.60% | |||
| Bayerische Motoren Werke AG (Germany) | 278,094 | 22,609,996 | |
| Biotechnology–1.29% | |||
| AbbVie, Inc. | 337,682 | 48,460,744 | |
| Cable & Satellite–2.04% | |||
| Comcast Corp., Class A | 2,046,059 | 76,768,134 | |
| Construction Machinery & Heavy Trucks–1.00% | |||
| Caterpillar, Inc. | 190,831 | 37,832,246 | |
| Diversified Banks–4.25% | |||
| Bank of America Corp. | 2,611,337 | 88,289,304 | |
| JPMorgan Chase & Co. | 623,229 | 71,895,697 | |
| 160,185,001 | |||
| Electric Utilities–2.79% | |||
| Entergy Corp.(b) | 335,914 | 38,673,779 | |
| Exelon Corp. | 930,066 | 43,238,768 | |
| Portland General Electric Co.(b) | 449,023 | 23,052,841 | |
| 104,965,388 | |||
| Electrical Components & Equipment–2.28% | |||
| ABB Ltd. (Switzerland) | 1,598,685 | 48,644,515 | |
| Emerson Electric Co. | 413,137 | 37,211,250 | |
| 85,855,765 | |||
| Electronic Manufacturing Services–0.86% | |||
| TE Connectivity Ltd. (Switzerland) | 242,367 | 32,411,739 | |
| Food Distributors–0.57% | |||
| Sysco Corp. | 253,511 | 21,523,084 | |
| Gas Utilities–1.26% | |||
| National Fuel Gas Co.(b) | 656,904 | 47,520,435 | |
| General Merchandise Stores–1.33% | |||
| Target Corp. | 306,623 | 50,096,066 | |
| Gold–0.65% | |||
| Newmont Corp. | 541,643 | 24,525,595 | |
| Health Care Equipment–3.23% | |||
| Becton, Dickinson and Co. | 220,787 | 53,940,472 | |
| Medtronic PLC | 733,238 | 67,839,180 | |
| 121,779,652 | |||
| Shares | Value | ||
| Health Care Services–1.99% | |||
| CVS Health Corp. | 782,246 | $74,845,297 | |
| Home Improvement Retail–1.07% | |||
| Lowe’s Cos., Inc. | 210,368 | 40,291,783 | |
| Hypermarkets & Super Centers–2.13% | |||
| Walmart, Inc. | 606,101 | 80,035,637 | |
| Industrial Machinery–2.29% | |||
| Parker-Hannifin Corp. | 141,660 | 40,952,490 | |
| Snap-on, Inc.(b) | 135,877 | 30,443,242 | |
| Stanley Black & Decker, Inc.(b) | 152,580 | 14,850,611 | |
| 86,246,343 | |||
| Integrated Oil & Gas–5.81% | |||
| Chevron Corp. | 582,420 | 95,388,748 | |
| Exxon Mobil Corp. | 1,272,925 | 123,384,620 | |
| 218,773,368 | |||
| Integrated Telecommunication Services–3.77% | |||
| AT&T, Inc. | 2,061,697 | 38,718,669 | |
| Deutsche Telekom AG (Germany) | 2,539,844 | 48,046,907 | |
| Verizon Communications, Inc. | 1,194,022 | 55,151,876 | |
| 141,917,452 | |||
| Investment Banking & Brokerage–1.24% | |||
| Morgan Stanley | 554,290 | 46,726,647 | |
| IT Consulting & Other Services–2.53% | |||
| Cognizant Technology Solutions Corp., Class A | 827,180 | 56,215,153 | |
| International Business Machines Corp. | 297,984 | 38,973,327 | |
| 95,188,480 | |||
| Managed Health Care–3.45% | |||
| UnitedHealth Group, Inc. | 239,215 | 129,735,863 | |
| Multi-line Insurance–1.75% | |||
| Hartford Financial Services Group, Inc. (The) | 1,024,327 | 66,038,362 | |
| Multi-Utilities–3.46% | |||
| Dominion Energy, Inc.(b) | 866,848 | 71,064,199 | |
| Public Service Enterprise Group, Inc. | 901,720 | 59,215,952 | |
| 130,280,151 | |||
| Oil & Gas Exploration & Production–1.43% | |||
| ConocoPhillips | 552,638 | 53,843,520 | |
| Oil & Gas Storage & Transportation–1.56% | |||
| Enbridge, Inc. (Canada) | 1,309,497 | 58,810,021 | |
| Packaged Foods & Meats–3.10% | |||
| Kraft Heinz Co. (The) | 1,588,058 | 58,488,176 | |
| Nestle S.A. | 474,158 | 58,236,670 | |
| 116,724,846 | |||
| Paper Packaging–0.69% | |||
| Sonoco Products Co.(b) | 410,222 | 26,044,995 | |
See accompanying notes which are an integral part of this schedule.
Invesco Dividend Income Fund
| Shares | Value | ||
| Pharmaceuticals–10.43% | |||
| AstraZeneca PLC (United Kingdom) | 249,868 | $32,845,137 | |
| Bristol-Myers Squibb Co. | 664,440 | 49,022,383 | |
| Eli Lilly and Co. | 138,923 | 45,801,524 | |
| Johnson & Johnson | 801,940 | 139,954,569 | |
| Merck & Co., Inc. | 1,397,934 | 124,891,424 | |
| 392,515,037 | |||
| Property & Casualty Insurance–3.63% | |||
| Chubb Ltd. | 374,968 | 70,733,964 | |
| Travelers Cos., Inc. (The) | 415,306 | 65,909,062 | |
| 136,643,026 | |||
| Regional Banks–5.60% | |||
| Cullen/Frost Bankers, Inc.(b) | 394,740 | 51,474,096 | |
| Fifth Third Bancorp | 1,456,349 | 49,690,628 | |
| M&T Bank Corp.(b) | 395,280 | 70,142,436 | |
| Regions Financial Corp. | 1,866,283 | 39,527,874 | |
| 210,835,034 | |||
| Restaurants–3.25% | |||
| McDonald’s Corp. | 363,912 | 95,843,504 | |
| Starbucks Corp. | 313,195 | 26,552,672 | |
| 122,396,176 | |||
| Semiconductor Equipment–0.74% | |||
| Lam Research Corp. | 55,356 | 27,706,232 | |
| Semiconductors–2.89% | |||
| Analog Devices, Inc.(b) | 297,218 | 51,109,607 | |
| Broadcom, Inc. | 40,915 | 21,909,164 | |
| Microchip Technology, Inc.(b) | 518,968 | 35,736,137 | |
| 108,754,908 | |||
| Soft Drinks–1.79% | |||
| Coca-Cola Co. (The) | 1,052,141 | 67,515,888 | |
| Specialized REITs–2.58% | |||
| Crown Castle, Inc. | 288,889 | 52,190,687 | |
| Shares | Value | ||
| Specialized REITs–(continued) | |||
| Weyerhaeuser Co. | 1,233,317 | $44,794,073 | |
| 96,984,760 | |||
| Specialty Chemicals–0.81% | |||
| DuPont de Nemours, Inc. | 498,745 | 30,538,156 | |
| Total Common Stocks & Other Equity Interests (Cost $2,867,926,689) | 3,636,439,154 | ||
| Money Market Funds–3.32% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(d) | 35,778,563 | 35,778,563 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 1.67%(c)(d) | 48,091,814 | 48,091,814 | |
| Invesco Treasury Portfolio, Institutional Class, 1.66%(c)(d) | 40,889,786 | 40,889,786 | |
| Total Money Market Funds (Cost $124,752,161) | 124,760,163 | ||
| TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $2,992,678,850) | 3,761,199,317 | ||
| Investments Purchased with Cash Collateral from Securities on Loan | |||
| Money Market Funds–3.82% | |||
| Invesco Private Government Fund, 1.77%(c)(d)(e) | 40,289,550 | 40,289,550 | |
| Invesco Private Prime Fund, 1.89%(c)(d)(e) | 103,601,700 | 103,601,700 | |
| Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $143,891,250) | 143,891,250 | ||
| TOTAL INVESTMENTS IN SECURITIES–103.72% (Cost $3,136,570,100) | 3,905,090,567 | ||
| OTHER ASSETS LESS LIABILITIES—(3.72)% | (140,007,878) | ||
| NET ASSETS–100.00% | $3,765,082,689 | ||
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, 2022. |
| (c) | 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, 2022. |
| Value April 30, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value July 31, 2022 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $31,903,201 | $25,490,348 | $(21,614,986) | $- | $- | $35,778,563 | $152,634 |
| Invesco Liquid Assets Portfolio, Institutional Class | 45,313,620 | 18,207,391 | (15,439,275) | 11,470 | (1,392) | 48,091,814 | 135,352 |
| Invesco Treasury Portfolio, Institutional Class | 36,460,801 | 29,131,827 | (24,702,842) | - | - | 40,889,786 | 108,493 |
See accompanying notes which are an integral part of this schedule.
Invesco Dividend Income Fund
| Value April 30, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value July 31, 2022 | Dividend Income | |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | $10,993,699 | $133,886,905 | $(104,591,054) | $- | $- | $40,289,550 | $88,884* |
| Invesco Private Prime Fund | 25,651,965 | 291,397,189 | (213,445,192) | - | (2,262) | 103,601,700 | 264,509* |
| Total | $150,323,286 | $498,113,660 | $(379,793,349) | $11,470 | $(3,654) | $268,651,413 | $749,872 |
| * | 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. |
| (d) | The rate shown is the 7-day SEC standardized yield as of July 31, 2022. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
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, 2022
(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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| Level 1 | Level 2 | Level 3 | Total | |
| Investments in Securities | ||||
| Common Stocks & Other Equity Interests | $3,426,055,929 | $210,383,225 | $— | $3,636,439,154 |
| Money Market Funds | 124,760,163 | 143,891,250 | — | 268,651,413 |
| Total Investments | $3,550,816,092 | $354,274,475 | $— | $3,905,090,567 |
Invesco Dividend Income Fund