Data through February 29, 2016

Invesco Diversified Dividend A

Morningstar Analyst Rating 10-23-15

Ticker
LCEAX

Status
Open

Yield
1.7%

Total Assets
$12,590 mil

Mstar Category
Large Value
Investment Style
Equity
Stock %

Historical Profile
Return High
Risk
Below Avg
Rating
Highest

95%

95%

93%

93%

92%

92%

91%

90%

19.6

Morningstar Pillars

Process
Performance
People
Parent
Price

16.0 Growth of $10,000

Positive
Positive
Positive
Neutral
Positive

13.0
10.0

Performance Quartile
(within Category)

Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum

Pillar Spectrum

Positive

Negative

Neutral

Performance 02-29-16
2012
2013
2014
2015
2016
Trailing

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

4.91
10.08
12.76
3.67
2.06

1.03
-1.30
1.87
3.84
-0.13

-14.72
5.61
3.26
-1.46
-2.62

10.41
2.11
8.74
5.51
.

17.17
29.00
11.93
1.79
.

Total
Return%

+/-

3 Mo
-2.77
6 Mo
0.36
1 Yr
-0.99
3 Yr Avg 10.63
5 Yr Avg 10.07
10 Yr Avg 7.23
15 Yr Avg
.

3.82
1.28
5.20
-0.12
-0.06
0.79
.

Tax Analysis Tax-Adj Rtn%

3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)

7.22
7.73
5.55

+/- Russ
1000 Vl

%Rank
Cat

Growth of
$10,000

4.46
3.23
8.42
2.36
1.26
2.10
.

8
15
3
5
7
4
.

9,723
10,036
9,901
13,540
16,156
20,098
.

%Rank Cat Tax-Cost Rat %Rank Cat

19
17
7

Investment Values of
Fund
Investment Values of

7.0

Morningstar Analyst Rating

Manager Change
Partial Manager Change

1.24
1.01
1.00

37
40
46

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

02-16

History

12.41
5.23
0.32
-1.82
1.33
3.90
54
0.16
0.16
1.00
1.27
.
79

13.65
16.41
0.62
-5.84
1.54
14.87
72
0.19
0.59
1.00
1.27
22
223

12.56
0.36
-5.13
0.53
1.50
-1.14
60
0.20
0.94
1.00
1.43
9
271

8.97
-26.95
10.05
9.90
1.96
-28.91
3
0.24
0.00
1.00
1.45
17
220

10.87
23.66
-2.80
3.97
2.07
21.59
47
0.18
0.00
1.01
1.93
18
163

12.26
15.12
0.06
-0.39
2.19
12.93
26
0.24
0.00
1.11
2.17
24
202

11.89
-0.20
-2.31
-0.59
1.66
-1.86
43
0.20
0.14
1.01
2.23
13
465

13.47
17.17
1.17
-0.34
2.05
15.12
21
0.24
0.21
0.94
1.64
20
2,150

16.94
29.00
-3.39
-3.53
1.83
27.17
75
0.24
0.16
0.91
1.78
12
2,565

18.30
11.93
-1.76
-1.52
1.63
10.30
27
0.27
0.36
0.86
1.65
9
3,904

17.58
1.79
0.41
5.62
1.66
0.13
4
0.30
0.73
0.83
1.59
6
4,312

17.40
-1.02
4.07
4.17
0.00
-1.02
8
0.00
0.00
.
.
.
4,842

NAV
Total Return %
+/+/-Russ 1000 Vl
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil

Portfolio Analysis 12-31-15

Rating and Risk

Time
Period

Load-Adj
Return %

Morningstar
Rtn vs Cat

Morningstar
Risk vs Cat

-6.43
8.57
8.83
6.63
6.94

+Avg
+Avg
High

Low
Low
-Avg

1 Yr
3 Yr
5 Yr
10 Yr
Incept

Other Measures

Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio

Morningstar
Risk-Adj Rating

Standard Index

Best Fit Index

Russ 1000

2.5
0.74
85

2.7
0.74
86

8.79
10.63
1.19

Potential Capital Gain Exposure: 19% of assets

Morningstars Take by Susan Wasserman 10-23-15

stayed away from technology and healthcare--just 8%
of assets combined in those sectors, compared with
about 25% of assets for the Russell 1000 Value Index
and the typical fund in the category. Walsh likes
stocks that will perform well over a full market cycle.
So the team instead has focused on consumer
defensive and consumer cyclical stocks, stashing 42%
of assets there, more than double the category
average.
This prudent approach works. The fund has lagged
the Russell 1000 Value and racier peers in some
buoyant markets but has protected well on the
downside. Strong stock-picking has helped drive
results: consumer defensive picks have been
especially strong for the year to date, whereas most
sectors have had negative returns. The net result has
been a great long-term risk/reward profile. The fund
has handily outperformed the Russell 1000 Value
Index and its typical peer on a risk-adjusted return
basis since its inception. And performance during
recent market volatility confirms that it remains

Address:

Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distribution:

Web Address:
Inception:
Advisor:
Subadvisor:

AIM Equity Funds

Houston, TX 77046
800-959-4246
www.invesco.com/us
12-31-01
Invesco Advisers, Inc.
None

NTF Plans:

DATALynx NTF, Federated Tr NTF

$1000
Add: $50
IRA: $250
$50
Add: $50
5.50%L,
0.60% mx./0.35% mn.
Mgt:0.41%
Dist:0.25%
3Yr:$802
5Yr:$989
10Yr:$1529
Quarterly

2015 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.

Invesco Short Term Inv L

Invesco Treasurers Ser
General Mills Inc
Campbell Soup Co
Kraft Foods Group Inc
Heineken NV
Walgreens Boots Alliance
Coca-Cola Co
Target Corp
AT&T Inc
General Dynamics Corp
Eli Lilly and Co
Exelon Corp
Newell Rubbermaid Inc
Raytheon Co
Darden Restaurants Inc
KeyCorp
Sysco Corp
Zions Bancorp
PPL Corp
Current Investment Style
Value Blnd Growth
Market Cap
Large Mid Small

Successful execution of a prudent approach by a

cohesive team earns Invesco Diversified Dividend a
Morningstar Analyst Rating of Silver.
The fund believes in winning by not losing. Lead
manager Meggan Walsh, two comanagers, and three
analysts are each responsible for covering a subset of
sectors. They target firms with healthy balance sheets,
stable management and earnings power over a two- to
three-year investment horizon, and free cash flow
growth. Ideas are put through bear scenarios to test
their viability in down markets and the overall
risk/reward of the stock. A stocks base case must
have at least 3-to-1 upside from its bear case. On the
sell-side, the team places a holding under watch if
fundamentals deteriorate or the stock is priced below
cost basis over a protracted period of time. The result
is a fairly concentrated portfolio of 70-85 positions and
very low turnover relative to the large-value
Morningstar Category.
The fund sets itself apart in other ways. Walsh
doesn t like the concentrated sectors, and the team has

Share change since 09-15 Total Stocks:79 Sector

Giant
Large
Mid
Small
Micro
Avg $mil:
30,188

Value Measures

Price/Earnings
16.98
Price/Book
2.03
Price/Sales
1.37
Price/Cash Flow
8.86
Dividend Yield % 2.98
Growth Measures

Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability

8.45
4.61
1.88
3.71
-3.23
%

Return on Equity 16.13

Return on Assets 4.95
Net Margin
9.21

.
.
Cnsmr Def
Cnsmr Def
Cnsmr Def
Cnsmr Def
Cnsmr Def
Cnsmr Def
Cnsmr Def
Comm Svs
Industrl
Hlth care
Utilities
Cnsmr Def
Industrl
Cnsmr Cyc
Finan Svs
Cnsmr Def
Finan Svs
Utilities
%

31.6
37.4
27.8
3.1
0.2

Sector
Weightings

h
r
t
y
u

PE Tot Ret% % Assets

.
.
24.3
30.2
.
22.2
19.2
25.8
17.5
15.6
15.0
31.9
12.4
39.5
18.4
23.1
10.1
34.1
17.8
14.8
% of
Stocks

.
.
2.83
18.10
.
-7.56
-6.88
0.40
8.81
8.78
-0.29
-13.94
14.51
-13.34
-0.01
1.16
-19.45
8.39
-21.68
2.52

3.85
3.85
3.46
2.59
2.57
2.52
2.20
2.07
1.99
1.98
1.91
1.89
1.77
1.75
1.73
1.72
1.68
1.66
1.66
1.62

Rel

3 Year
High Low

Cyclical 26.24
BasicMat 1.60
CnsmrCyc 9.82
FinanSvs 14.82
Real Est 0.00

.
. 3 2
. 12 9
. 20 15
. 2 2

j Sensitive 22.77
.
i CommSrvs 4.09
. 4 1
Rel Category
6.40
o Energy
. 7 2
1.29 p Industrl 10.97
. 11 9
1.19 a Technlgy 1.31
. 4 1
1.18
Defensive51.01
k
.
1.46
. 31 27
1.08 s CnsmrDef31.00
d Hlthcare 5.84
. 8 6
Rel Category f Utilities 14.17
. 14 11
0.96
0.89
1.26 Composition - Net
Cash
10.2
0.67
Stocks 89.8
NMF
Bonds
0.0
Other
0.0
Rel Category
0.99
Foreign 12.8
(% of Stock)
0.82
0.77

Mutual Funds

EQ