NPORT-EX 2 edgar.htm
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ Destination Fund
Schedule of Investments in Affiliated Issuers–98.14%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–10.74%
Invesco Global Real Estate Income Fund, Class R6 6.90% $372,819 $110,607 $(69,892) $(102,253) $2,069 $6,632 41,836 $313,350
Invesco Multi-Asset Income Fund, Class R6 3.84% 201,619 48,193 (25,632) (46,840) (2,902) 9,531 23,196 174,438
Total Alternative Funds   574,438 158,800 (95,524) (149,093) (833) 16,163   487,788
Domestic Equity Funds–20.93%
Invesco PureBetaSM MSCI USA ETF 3.13% — 178,244 (2,780) (33,085) (519) 1,271 3,967 141,860
Invesco S&P 500® Enhanced Value ETF 7.98% 432,173 84,762 (77,221) (94,473) 16,912 7,515 10,007 362,153
Invesco S&P 500® High Dividend Low Volatility ETF 9.82% 544,492 108,848 (140,140) (87,404) 20,214 14,523 11,404 446,010
Total Domestic Equity Funds   976,665 371,854 (220,141) (214,962) 36,607 23,309   950,023
Fixed Income Funds–54.06%
Invesco Core Plus Bond Fund, Class R6 8.54% 424,429 129,013 (78,448) (78,539) (8,589) 9,104 43,338 387,866
Invesco Floating Rate ESG Fund, Class R6 6.30% 300,333 63,540 (55,071) (22,017) (748) 9,589 42,439 286,037
Invesco High Yield Bond Factor ETF 5.27% 336,808 68,164 (106,126) (51,407) (8,343) 11,405 11,632 239,096
Invesco Income Fund, Class R6 6.23% 300,088 69,833 (52,151) (33,115) (1,885) 7,490 40,454 282,770
Invesco Intermediate Bond Factor Fund, Class R6 3.94% 199,563 55,617 (41,289) (30,961) (3,843) 2,999 19,745 179,087
Invesco International Bond Fund, Class R6 5.55% 277,190 84,663 (40,155) (64,564) (5,307) 7,205 64,241 251,827
Invesco Short Duration Inflation Protected Fund, Class R6 4.56% 225,495 57,393 (51,505) (23,092) (1,183) 12,358 21,395 207,108
Invesco Taxable Municipal Bond ETF 10.92% 545,686 193,689 (110,240) (121,712) (11,609) 11,946 19,330 495,814
Invesco Variable Rate Preferred ETF 2.75% 225,763 40,305 (111,408) (27,067) (2,675) 6,481 5,704 124,918
Total Fixed Income Funds   2,835,355 762,217 (646,393) (452,474) (44,182) 78,577   2,454,523
Foreign Equity Funds–7.60%
Invesco S&P International Developed Low Volatility ETF 7.60% 404,075 90,239 (52,519) (96,941) 197 14,680 13,998 345,051
Money Market Funds–4.81%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(b) 2.26% 121,437 854,901 (873,966) — — 793 102,372 102,372
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(b) 2.55% 135,061 854,902 (873,966) 46 (58) 890 115,961 115,985
Total Money Market Funds   256,498 1,709,803 (1,747,932) 46 (58) 1,683   218,357
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $5,114,620) 		98.14% 5,047,031 3,092,913 (2,762,509) (913,424) (8,269) 134,412   4,455,742
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(b) — — 1,346,051 (1,346,051) — — 148(c) — —
Invesco Private Prime Fund, 3.11%(b) — — 3,140,056 (3,140,089) — 33 778(c) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 4,486,107 (4,486,140) — 33 926   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,114,620)  98.14% $5,047,031 $7,579,020 $(7,248,649) $(913,424) $(8,236) $135,338   $4,455,742
OTHER ASSETS LESS LIABILITIES 1.86%               84,618
NET ASSETS 100.00%               $4,540,360
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(c) 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.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2010 Fund
Schedule of Investments in Affiliated Issuers–100.28%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–9.59%
Invesco Global Real Estate Income Fund, Class R6 6.34% $34,489 $17,616 $(1,594) $(10,403) $(122) $747 5,339 $39,986
Invesco Multi-Asset Income Fund, Class R6 3.25% 16,259 10,099 (996) (4,783) (104) 965 2,723 20,475
Total Alternative Funds   50,748 27,715 (2,590) (15,186) (226) 1,712   60,461
Domestic Equity Funds–23.40%
Invesco Main Street Small Cap Fund, Class R6 0.78% 5,121 1,957 (976) (938) (227) — 298 4,937
Invesco PureBetaSM MSCI USA ETF 2.57% — 19,686 — (3,487) — 147 453 16,199
Invesco S&P 500® Enhanced Value ETF 9.00% 53,844 20,439 (6,263) (11,470) 196 1,073 1,568 56,746
Invesco S&P 500® High Dividend Low Volatility ETF 11.05% 65,249 24,706 (10,392) (10,204) 335 1,957 1,782 69,694
Total Domestic Equity Funds   124,214 66,788 (17,631) (26,099) 304 3,177   147,576
Fixed Income Funds–53.50%
Invesco Core Plus Bond Fund, Class R6 8.63% 47,477 20,218 (2,778) (10,167) (294) 1,139 6,083 54,456
Invesco Floating Rate ESG Fund, Class R6 6.25% 33,672 11,903 (3,320) (2,705) (96) 1,209 5,854 39,454
Invesco High Yield Bond Factor ETF 5.32% 36,478 11,689 (7,573) (6,351) (697) 1,378 1,632 33,546
Invesco Income Fund, Class R6 5.76% 30,889 11,529 (2,078) (3,886) (93) 870 5,202 36,361
Invesco Intermediate Bond Factor Fund, Class R6 4.09% 21,492 9,873 (1,394) (4,076) (105) 376 2,844 25,790
Invesco International Bond Fund, Class R6 5.15% 28,349 12,077 — (7,961) — 836 8,281 32,465
Invesco Short Duration Inflation Protected Fund, Class R6 4.56% 24,406 10,492 (3,011) (3,082) (58) 1,603 2,970 28,747
Invesco Taxable Municipal Bond ETF 11.05% 61,504 25,771 (1,628) (15,778) (178) 1,479 2,717 69,691
Invesco Variable Rate Preferred ETF 2.69% 22,628 5,915 (8,365) (2,447) (780) 745 774 16,951
Total Fixed Income Funds   306,895 119,467 (30,147) (56,453) (2,301) 9,635   337,461
Foreign Equity Funds–8.74%
Invesco Developing Markets Fund, Class R6 0.93% 6,304 1,841 — (2,276) — — 185 5,869
Invesco S&P International Developed Low Volatility ETF 7.81% 43,954 19,634 (2,359) (11,803) (175) 1,836 1,998 49,251
Total Foreign Equity Funds   50,258 21,475 (2,359) (14,079) (175) 1,836   55,120
Money Market Funds–5.05%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(b) 1.77% 10,297 81,036 (80,172) — — 62 11,161 11,161
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(b) 1.26% 7,353 57,884 (57,266) 3 (4) 56 7,969 7,970
Invesco Treasury Portfolio, Institutional Class, 2.87%(b) 2.02% 11,768 92,612 (91,625) — — 80 12,755 12,755
Total Money Market Funds   29,418 231,532 (229,063) 3 (4) 198   31,886
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $741,691) 		100.28% 561,533 466,977 (281,790) (111,814) (2,402) 16,558   632,504
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(b) — — 15,894 (15,894) — — 7(c) — —
Invesco Private Prime Fund, 3.11%(b) — — 38,124 (38,124) — — 17(c) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 54,018 (54,018) — — 24   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $741,691)  100.28% $561,533 $520,995 $(335,808) $(111,814) $(2,402) $16,582   $632,504
OTHER ASSETS LESS LIABILITIES (0.28)%               (1,757)
NET ASSETS 100.00%               $630,747
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(c) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2015 Fund
Schedule of Investments in Affiliated Issuers–100.76%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–6.89%
Invesco Global Real Estate Income Fund, Class R6 4.62% $74,415 $23,516 $(12,622) $(20,713) $(383) $1,417 8,573 $64,213
Invesco Multi-Asset Income Fund, Class R6 2.27% 32,671 9,497 (1,508) (8,776) (300) 1,741 4,200 31,584
Total Alternative Funds   107,086 33,013 (14,130) (29,489) (683) 3,158   95,797
Domestic Equity Funds–25.85%
Invesco Main Street Small Cap Fund, Class R6 2.80% 54,735 11,917 (16,460) (9,959) (1,229) — 2,352 39,004
Invesco PureBetaSM MSCI USA ETF 2.21% — 41,847 (3,673) (7,063) (429) 293 858 30,682
Invesco S&P 500® Enhanced Value ETF 9.36% 165,264 22,517 (28,184) (31,683) 2,334 2,837 3,599 130,248
Invesco S&P 500® High Dividend Low Volatility ETF 11.48% 203,307 22,720 (42,173) (28,215) 4,047 5,390 4,083 159,686
Total Domestic Equity Funds   423,306 99,001 (90,490) (76,920) 4,723 8,520   359,620
Fixed Income Funds–52.34%
Invesco Core Plus Bond Fund, Class R6 8.59% 139,327 23,629 (14,809) (25,814) (2,769) 3,009 13,360 119,564
Invesco Floating Rate ESG Fund, Class R6 6.17% 99,121 12,377 (18,352) (6,350) (927) 3,168 12,740 85,869
Invesco High Yield Bond Factor ETF 5.41% 102,530 16,268 (24,595) (16,379) (2,572) 3,644 3,661 75,252
Invesco Income Fund, Class R6 4.78% 73,977 11,794 (10,339) (8,094) (829) 1,942 9,515 66,509
Invesco Intermediate Bond Factor Fund, Class R6 4.16% 64,528 11,083 (6,280) (10,734) (745) 998 6,378 57,852
Invesco International Bond Fund, Class R6 4.56% 74,264 17,459 (9,177) (16,192) (2,861) 1,979 16,198 63,493
Invesco Short Duration Inflation Protected Fund, Class R6 4.77% 73,961 9,817 (9,437) (7,621) (324) 4,118 6,859 66,396
Invesco Taxable Municipal Bond ETF 11.39% 180,390 40,640 (18,724) (40,981) (2,936) 3,914 6,175 158,389
Invesco Variable Rate Preferred ETF 2.51% 57,594 9,389 (24,106) (7,082) (908) 1,767 1,593 34,887
Total Fixed Income Funds   865,692 152,456 (135,819) (139,247) (14,871) 24,539   728,211
Foreign Equity Funds–10.11%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 1.18% 24,681 3,137 (5,618) (4,684) (1,118) — 590 16,398
Invesco Developing Markets Fund, Class R6 1.40% 24,876 5,727 (2,259) (7,972) (868) — 615 19,504
Invesco S&P International Developed Low Volatility ETF 7.53% 124,520 22,180 (11,933) (28,872) (1,108) 4,492 4,251 104,787
Total Foreign Equity Funds   174,077 31,044 (19,810) (41,528) (3,094) 4,492   140,689
Money Market Funds–5.57%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 2.80% 43,354 226,184 (230,661) — — 277 38,877 38,877
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 2.77% 43,051 226,184 (230,661) 10 (16) 277 38,560 38,568
Total Money Market Funds   86,405 452,368 (461,322) 10 (16) 554   77,445
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $1,612,638) 		100.76% 1,656,566 767,882 (721,571) (287,174) (13,941) 41,263   1,401,762
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — — 95,128 (95,128) — — 27(d) — —
Invesco Private Prime Fund, 3.11%(c) — — 209,591 (209,593) — 2 78(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 304,719 (304,721) — 2 105   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,612,638)  100.76% $1,656,566 $1,072,601 $(1,026,292) $(287,174) $(13,939) $41,368   $1,401,762
OTHER ASSETS LESS LIABILITIES (0.76)%               (10,530)
NET ASSETS 100.00%               $1,391,232
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2020 Fund
Schedule of Investments in Affiliated Issuers–101.19%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–5.30%
Invesco Global Real Estate Income Fund, Class R6 3.15% $382,843 $62,002 $(56,316) $(100,399) $1,527 $6,491 38,673 $289,657
Invesco Macro Allocation Strategy Fund, Class R6 0.89% 123,136 — (30,577) (7,908) (3,121) — 10,728 81,530
Invesco Multi-Asset Income Fund, Class R6 1.26% 125,351 37,727 (13,170) (32,675) (1,628) 6,525 15,373 115,605
Total Alternative Funds   631,330 99,729 (100,063) (140,982) (3,222) 13,016   486,792
Domestic Equity Funds–30.65%
Invesco Main Street Small Cap Fund, Class R6 4.15% 586,764 86,156 (176,632) (99,498) (15,894) — 22,973 380,896
Invesco PureBetaSM MSCI USA ETF 6.44% 624,487 365,732 (212,307) (217,144) 31,060 7,222 16,550 591,828
Invesco Russell 1000 Dynamic Multifactor ETF 5.14% 821,239 55,777 (259,139) (192,271) 46,200 5,788 12,079 471,806
Invesco S&P 500® Enhanced Value ETF 4.21% 379,840 203,338 (102,221) (115,012) 20,709 8,442 10,684 386,654
Invesco S&P 500® High Dividend Low Volatility ETF 5.44% 514,109 248,589 (185,953) (105,486) 27,902 17,446 12,763 499,161
Invesco U.S. Managed Volatility Fund, Class R6 5.27% 820,799 59,148 (262,688) (163,124) 29,877 — 40,810 484,012
Total Domestic Equity Funds   3,747,238 1,018,740 (1,198,940) (892,535) 139,854 38,898   2,814,357
Fixed Income Funds–50.87%
Invesco Core Plus Bond Fund, Class R6 8.75% 1,060,678 147,485 (206,454) (167,202) (31,473) 20,469 89,724 803,034
Invesco Floating Rate ESG Fund, Class R6 5.73% 628,753 81,986 (141,526) (40,812) (2,391) 18,795 78,043 526,010
Invesco High Yield Bond Factor ETF 5.34% 749,467 56,079 (187,294) (111,536) (16,561) 24,511 23,846 490,155
Invesco Income Fund, Class R6 2.28% 186,630 98,078 (47,475) (27,444) (121) 5,952 29,995 209,668
Invesco Intermediate Bond Factor Fund, Class R6 4.16% 493,721 70,473 (101,990) (69,388) (10,781) 6,828 42,121 382,035
Invesco International Bond Fund, Class R6 3.41% 375,455 91,844 (59,581) (84,891) (9,721) 9,579 79,874 313,106
Invesco Short Duration Inflation Protected Fund, Class R6 4.76% 563,057 73,863 (146,537) (49,002) (4,598) 27,485 45,122 436,783
Invesco Taxable Municipal Bond ETF 11.13% 1,373,344 238,571 (282,830) (258,287) (48,620) 27,044 39,851 1,022,178
Invesco Variable Rate Investment Grade ETF 3.59% 499,346 23,041 (186,538) (5,905) (430) 3,967 13,384 329,514
Invesco Variable Rate Preferred ETF 1.72% 185,898 59,625 (54,242) (28,339) (4,977) 7,375 7,213 157,965
Total Fixed Income Funds   6,116,349 941,045 (1,414,467) (842,806) (129,673) 152,005   4,670,448
Foreign Equity Funds–9.74%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 2.16% 407,005 73,008 (198,414) (26,453) (57,011) — 7,125 198,135
Invesco Developing Markets Fund, Class R6 2.07% 409,798 64,493 (178,805) (41,821) (63,715) — 5,992 189,950
Invesco International Small-Mid Company Fund, Class R6 1.08% 194,395 26,538 (53,170) (68,616) 310 — 2,942 99,457
Invesco RAFI™ Strategic Developed ex-US ETF 1.82% 313,297 12,365 (108,327) (56,112) 5,826 6,126 7,188 167,049
Invesco S&P International Developed Low Volatility ETF 2.61% 187,338 174,434 (50,144) (72,262) (39) 10,709 9,709 239,327
Total Foreign Equity Funds   1,511,833 350,838 (588,860) (265,264) (114,629) 16,835   893,918
Money Market Funds–4.63%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 2.18% 319,469 2,170,711 (2,289,939) — — 1,452 200,241 200,241
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 2.45% 343,753 2,170,711 (2,289,939) 80 (125) 1,630 224,435 224,480
Total Money Market Funds   663,222 4,341,422 (4,579,878) 80 (125) 3,082   424,721
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $10,835,289) 		101.19% 12,669,972 6,751,774 (7,882,208) (2,141,507) (107,795) 223,836   9,290,236
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2020 Fund (continued)
Schedule of Investments in Affiliated Issuers–101.19%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — $— $969,001 $(969,001) $— $— $197(d) — $—
Invesco Private Prime Fund, 3.11%(c) — — 2,292,643 (2,292,713) — 70 552(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 3,261,644 (3,261,714) — 70 749   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $10,835,289)  101.19% $12,669,972 $10,013,418 $(11,143,922) $(2,141,507) $(107,725) $224,585   $9,290,236
OTHER ASSETS LESS LIABILITIES (1.19)%               (109,054)
NET ASSETS 100.00%               $9,181,182
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2025 Fund
Schedule of Investments in Affiliated Issuers–102.54%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–5.10%
Invesco Global Real Estate Income Fund, Class R6 2.95% $740,583 $118,784 $(29,688) $(202,758) $2,266 $13,419 84,004 $629,187
Invesco Macro Allocation Strategy Fund, Class R6 1.95% 492,821 23,268 (51,371) (45,983) (4,527) — 54,501 414,208
Invesco Multi-Asset Income Fund, Class R6 0.20% — 54,731 — (11,743) — 2,310 5,716 42,988
Total Alternative Funds   1,233,404 196,783 (81,059) (260,484) (2,261) 15,729   1,086,383
Domestic Equity Funds–38.59%
Invesco Discovery Mid Cap Growth Fund, Class R6 2.54% 736,567 154,845 (120,401) (248,705) 19,622 — 21,861 541,928
Invesco Main Street Small Cap Fund, Class R6 4.99% 1,289,724 266,665 (196,816) (273,465) (22,147) — 64,171 1,063,961
Invesco PureBetaSM MSCI USA ETF 8.48% 1,476,437 972,180 (114,136) (530,278) 2,857 21,180 50,533 1,807,060
Invesco Russell 1000 Dynamic Multifactor ETF 8.48% 2,150,998 378,560 (231,273) (518,050) 25,392 20,691 46,227 1,805,627
Invesco S&P 500® Enhanced Value ETF 0.55% — 149,618 — (33,448) — 2,477 3,210 116,170
Invesco S&P 500® High Dividend Low Volatility ETF 0.74% — 199,454 (14,391) (28,409) 725 5,304 4,024 157,379
Invesco U.S. Managed Volatility Fund, Class R6 12.81% 3,436,423 428,121 (466,825) (706,848) 36,932 — 230,000 2,727,803
Total Domestic Equity Funds   9,090,149 2,549,443 (1,143,842) (2,339,203) 63,381 49,652   8,219,928
Fixed Income Funds–46.13%
Invesco Core Plus Bond Fund, Class R6 7.66% 1,726,190 380,004 (109,205) (345,547) (20,740) 38,559 182,202 1,630,702
Invesco Floating Rate ESG Fund, Class R6 4.44% 991,922 100,074 (70,130) (72,990) (4,020) 33,278 140,186 944,856
Invesco High Yield Bond Factor ETF 5.16% 1,228,913 139,148 (14,029) (253,544) (1,268) 48,746 53,477 1,099,220
Invesco Income Fund, Class R6 2.06% 493,541 22,683 (24,296) (57,117) 3,246 11,667 62,669 438,057
Invesco Intermediate Bond Factor Fund, Class R6 3.67% 863,932 111,668 (40,446) (146,610) (5,865) 13,331 86,293 782,679
Invesco International Bond Fund, Class R6 2.37% 493,458 146,268 — (136,008) — 14,013 128,500 503,718
Invesco Short Duration Inflation Protected Fund, Class R6 4.44% 984,485 153,890 (80,924) (106,484) (5,319) 57,220 97,691 945,648
Invesco Taxable Municipal Bond ETF 11.41% 2,706,477 700,666 (318,251) (602,550) (55,851) 58,714 94,756 2,430,491
Invesco Variable Rate Investment Grade ETF 4.61% 1,107,752 65,307 (171,895) (16,759) (2,313) 12,109 39,890 982,092
Invesco Variable Rate Preferred ETF(b) 0.31% — 78,579 — (11,850) — 2,671 3,047 66,729
Total Fixed Income Funds   10,596,670 1,898,287 (829,176) (1,749,459) (92,130) 290,308   9,824,192
Foreign Equity Funds–11.77%
Invesco EQV Emerging Markets All Cap Fund, Class R6(c) 2.66% 985,018 131,786 (311,485) (133,560) (104,756) — 20,388 567,003
Invesco Developing Markets Fund, Class R6 2.38% 986,155 163,858 (355,416) (143,558) (143,648) — 16,006 507,391
Invesco International Small-Mid Company Fund, Class R6 1.46% 368,952 120,973 — (178,880) — — 9,200 311,045
Invesco PureBetaSM FTSE Developed ex-North America ETF 0.97% 245,879 86,960 (49,371) (83,910) 7,916 6,391 10,101 207,474
Invesco RAFI™ Strategic Developed ex-US ETF 2.88% 738,383 80,141 (32,487) (181,882) 8,823 20,214 26,376 612,978
Invesco S&P International Developed Low Volatility ETF 1.42% 369,187 20,521 — (87,943) — 13,176 12,242 301,765
Total Foreign Equity Funds   3,693,574 604,239 (748,759) (809,733) (231,665) 39,781   2,507,656
Money Market Funds–0.95%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(d) 0.33% 44 2,012,255 (1,941,811) — — 585 70,488 70,488
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(d) 0.24% — 1,437,325 (1,386,958) 9 (18) 422 50,348 50,358
Invesco Treasury Portfolio, Institutional Class, 2.87%(d) 0.38% 50 2,299,720 (2,219,213) — — 627 80,557 80,557
Total Money Market Funds   94 5,749,300 (5,547,982) 9 (18) 1,634   201,403
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $25,398,252) 		102.54% 24,613,891 10,998,052 (8,350,818) (5,158,870) (262,693) 397,104   21,839,562
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2025 Fund (continued)
Schedule of Investments in Affiliated Issuers–102.54%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.19%
Invesco Private Government Fund, 3.01%(d)(e) 0.05% $— $924,557 $(913,544) $— $— $118(f) 11,013 $11,013
Invesco Private Prime Fund, 3.11%(d)(e) 0.14% — 1,734,610 (1,705,170) — 48 330(f) 29,488 29,488
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $40,501) 		0.19% — 2,659,167 (2,618,714) — 48 448   40,501
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $25,438,753)  102.73% $24,613,891 $13,657,219 $(10,969,532) $(5,158,870) $(262,645) $397,552   $21,880,063
OTHER ASSETS LESS LIABILITIES (2.73)%               (580,963)
NET ASSETS 100.00%               $21,299,100
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at September 30, 2022.
(c) Effective February 28, 2022, the underlying fund’s name changed.
(d) The rate shown is the 7-day SEC standardized yield as of September 30, 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.  
(f) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2030 Fund
Schedule of Investments in Affiliated Issuers–100.19%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–4.92%
Invesco Global Real Estate Income Fund, Class R6 2.90% $1,205,879 $180,107 $— $(327,257) $— $21,423 141,352 $1,058,729
Invesco Macro Allocation Strategy Fund, Class R6 2.02% 750,559 78,818 — (88,722) — — 97,455 740,655
Total Alternative Funds   1,956,438 258,925 — (415,979) — 21,423   1,799,384
Domestic Equity Funds–45.17%
Invesco Discovery Mid Cap Growth Fund, Class R6 4.46% 2,075,781 521,117 (274,082) (664,438) (29,617) — 65,702 1,628,761
Invesco Main Street Small Cap Fund, Class R6 5.08% 2,074,596 410,558 (154,083) (452,928) (22,654) — 111,911 1,855,489
Invesco PureBetaSM MSCI USA ETF 8.71% 2,383,831 1,798,282 (101,930) (895,682) (1,754) 36,325 89,003 3,182,747
Invesco Russell 1000 Dynamic Multifactor ETF 11.20% 4,728,485 967,298 (526,421) (1,138,523) 63,508 46,483 104,822 4,094,347
Invesco S&P SmallCap Low Volatility ETF 0.72% 389,373 18,048 (72,803) (98,455) 26,244 6,984 6,468 262,407
Invesco U.S. Managed Volatility Fund, Class R6 15.00% 6,249,164 833,514 (283,084) (1,322,682) 5,170 — 462,233 5,482,082
Total Domestic Equity Funds   17,901,230 4,548,817 (1,412,403) (4,572,708) 40,897 89,792   16,505,833
Fixed Income Funds–35.77%
Invesco Core Plus Bond Fund, Class R6 4.32% 1,378,230 535,592 — (336,972) — 35,494 176,184 1,576,850
Invesco Floating Rate ESG Fund, Class R6 3.41% 1,146,365 232,066 (35,105) (95,583) (311) 40,595 185,079 1,247,432
Invesco High Yield Bond Factor ETF 4.25% 1,570,595 322,364 (1,010) (339,502) (92) 64,374 75,522 1,552,355
Invesco Income Fund, Class R6 2.01% 776,409 49,195 — (90,869) — 19,672 105,112 734,735
Invesco Intermediate Bond Factor Fund, Class R6 3.18% 1,188,787 186,635 — (211,873) — 18,515 128,285 1,163,549
Invesco International Bond Fund, Class R6 2.03% 777,511 159,650 — (195,189) — 20,433 189,279 741,972
Invesco Short Duration Inflation Protected Fund, Class R6 2.44% 759,760 254,458 (18,843) (103,603) (548) 53,675 92,069 891,224
Invesco Taxable Municipal Bond ETF 9.82% 3,814,823 963,222 (240,368) (898,803) (50,926) 85,000 139,881 3,587,948
Invesco Variable Rate Investment Grade ETF 4.31% 1,551,690 90,653 (40,280) (28,226) (4) 18,229 63,925 1,573,833
Total Fixed Income Funds   12,964,170 2,793,835 (335,606) (2,300,620) (51,881) 355,987   13,069,898
Foreign Equity Funds–13.80%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 3.15% 1,795,416 297,980 (499,113) (263,061) (179,785) — 41,404 1,151,437
Invesco Developing Markets Fund, Class R6 2.75% 1,698,746 358,287 (539,028) (287,591) (224,525) — 31,732 1,005,889
Invesco International Select Equity Fund, Class R6 0.68% 793,839 72,500 (443,862) 4,484 (177,862) — 29,514 249,099
Invesco International Small-Mid Company Fund, Class R6 1.36% 610,297 177,104 (6,333) (284,315) 22 — 14,693 496,775
Invesco PureBetaSM FTSE Developed ex-North America ETF 1.38% 384,122 292,154 — (171,033) — 14,241 24,598 505,243
Invesco RAFI™ Strategic Developed ex-US ETF 3.03% 1,165,228 237,925 — (295,674) — 33,787 47,654 1,107,479
Invesco S&P International Developed Low Volatility ETF 1.45% 581,902 91,518 — (145,614) — 21,345 21,412 527,806
Total Foreign Equity Funds   7,029,550 1,527,468 (1,488,336) (1,442,804) (582,150) 69,373   5,043,728
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.17% 133,179 2,763,215 (2,833,611) — — 557 62,783 62,783
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.16% 112,440 1,973,726 (2,028,323) 5 (45) 520 57,791 57,803
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.20% 152,204 3,157,960 (3,238,412) — — 595 71,752 71,752
Total Money Market Funds   397,823 7,894,901 (8,100,346) 5 (45) 1,672   192,338
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $42,465,041) 		100.19% 40,249,211 17,023,946 (11,336,691) (8,732,106) (593,179) 538,247   36,611,181
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2030 Fund (continued)
Schedule of Investments in Affiliated Issuers–100.19%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — $2,658 $777,905 $(780,563) $— $— $387(d) — $—
Invesco Private Prime Fund, 3.11%(c) — 6,341 1,798,258 (1,804,627) — 28 1,076(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% 8,999 2,576,163 (2,585,190) — 28 1,463   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $42,465,041)  100.19% $40,258,210 $19,600,109 $(13,921,881) $(8,732,106) $(593,151) $539,710   $36,611,181
OTHER ASSETS LESS LIABILITIES (0.19)%               (70,877)
NET ASSETS 100.00%               $36,540,304
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2035 Fund
Schedule of Investments in Affiliated Issuers–100.89%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–5.06%
Invesco Global Real Estate Income Fund, Class R6 3.04% $629,536 $234,379 $— $(185,392) $— $12,303 90,591 $678,523
Invesco Macro Allocation Strategy Fund, Class R6 2.02% 430,682 70,375 — (49,562) — — 59,407 451,495
Total Alternative Funds   1,060,218 304,754 — (234,954) — 12,303   1,130,018
Domestic Equity Funds–52.32%
Invesco Discovery Mid Cap Growth Fund, Class R6 5.96% 1,433,670 595,396 (200,038) (456,510) (39,740) — 53,763 1,332,778
Invesco Main Street Small Cap Fund, Class R6 4.39% 992,003 249,656 (11,722) (250,218) 1,172 — 59,161 980,891
Invesco PureBetaSM MSCI USA ETF 10.11% 1,503,774 1,584,293 (238,188) (600,243) 9,037 24,664 63,162 2,258,673
Invesco Russell 1000 Dynamic Multifactor ETF 11.97% 2,631,685 957,892 (235,696) (691,813) 11,941 29,466 68,459 2,674,009
Invesco S&P SmallCap Low Volatility ETF 2.47% 645,395 140,316 (93,823) (170,658) 31,173 14,086 13,616 552,403
Invesco U.S. Managed Volatility Fund, Class R6 17.42% 3,842,374 1,241,514 (337,413) (863,841) 9,588 — 328,181 3,892,222
Total Domestic Equity Funds   11,048,901 4,769,067 (1,116,880) (3,033,283) 23,171 68,216   11,690,976
Fixed Income Funds–25.43%
Invesco Core Plus Bond Fund, Class R6 3.16% 643,001 207,100 — (143,638) — 15,289 78,934 706,463
Invesco Floating Rate ESG Fund, Class R6 1.48% 204,005 150,284 — (24,307) — 10,069 48,959 329,982
Invesco High Yield Bond Factor ETF 3.20% 644,373 219,913 — (149,959) — 28,483 34,752 714,327
Invesco Income Fund, Class R6 1.69% 307,053 113,689 (1,908) (41,588) (113) 8,988 53,953 377,133
Invesco Intermediate Bond Factor Fund, Class R6 2.54% 539,239 129,495 — (100,811) — 8,920 62,616 567,923
Invesco International Bond Fund, Class R6 1.60% 310,686 137,125 — (90,166) — 9,377 91,236 357,645
Invesco Short Duration Inflation Protected Fund, Class R6 1.60% 305,491 92,841 — (40,175) — 20,558 37,000 358,157
Invesco Taxable Municipal Bond ETF 6.83% 1,285,374 618,338 (8,491) (367,308) (1,353) 33,809 59,515 1,526,560
Invesco Variable Rate Investment Grade ETF 3.33% 628,079 128,842 — (12,708) — 8,336 30,228 744,213
Total Fixed Income Funds   4,867,301 1,797,627 (10,399) (970,660) (1,466) 143,829   5,682,403
Foreign Equity Funds–16.42%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 3.61% 1,172,252 334,065 (397,822) (164,937) (137,730) — 28,976 805,828
Invesco Developing Markets Fund, Class R6 3.42% 1,137,371 387,161 (404,675) (196,358) (159,390) — 24,104 764,109
Invesco International Select Equity Fund, Class R6 0.90% 427,096 108,545 (210,547) (40,695) (82,957) — 23,868 201,442
Invesco International Small-Mid Company Fund, Class R6 1.83% 421,070 208,895 (11,054) (210,660) 14 — 12,075 408,265
Invesco PureBetaSM FTSE Developed ex-North America ETF 1.90% 212,280 337,800 — (126,114) — 10,719 20,641 423,966
Invesco RAFI™ Strategic Developed ex-US ETF 3.00% 630,201 216,071 — (175,449) — 19,519 28,865 670,823
Invesco S&P International Developed Low Volatility ETF 1.76% 417,450 94,372 (10,336) (107,756) 621 15,595 15,998 394,351
Total Foreign Equity Funds   4,417,720 1,686,909 (1,034,434) (1,021,969) (379,442) 45,833   3,668,784
Money Market Funds–1.66%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.58% 106,048 2,263,390 (2,240,431) — — 411 129,007 129,007
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.42% 80,014 1,616,708 (1,602,167) 5 (26) 318 94,515 94,534
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.66% 121,198 2,586,731 (2,560,493) — — 440 147,436 147,436
Total Money Market Funds   307,260 6,466,829 (6,403,091) 5 (26) 1,169   370,977
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $26,031,034) 		100.89% 21,701,400 15,025,186 (8,564,804) (5,260,861) (357,763) 271,350   22,543,158
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2035 Fund (continued)
Schedule of Investments in Affiliated Issuers–100.89%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — $— $1,955,517 $(1,955,517) $— $— $63(d) — $—
Invesco Private Prime Fund, 3.11%(c) — — 4,571,045 (4,571,051) — 6 169(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 6,526,562 (6,526,568) — 6 232   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $26,031,034)  100.89% $21,701,400 $21,551,748 $(15,091,372) $(5,260,861) $(357,757) $271,582   $22,543,158
OTHER ASSETS LESS LIABILITIES (0.89)%               (199,402)
NET ASSETS 100.00%               $22,343,756
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2040 Fund
Schedule of Investments in Affiliated Issuers–99.80%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–2.46%
Invesco Global Real Estate Income Fund, Class R6 2.08% $504,635 $150,495 $(1,744) $(153,071) $69 $10,061 66,807 $500,384
Invesco Macro Allocation Strategy Fund, Class R6 0.38% — 101,523 — (9,996) — — 12,043 91,527
Total Alternative Funds   504,635 252,018 (1,744) (163,067) 69 10,061   591,911
Domestic Equity Funds–61.07%
Invesco Discovery Mid Cap Growth Fund, Class R6 8.58% 2,314,564 896,551 (352,812) (682,629) (109,650) — 83,341 2,066,024
Invesco Main Street Small Cap Fund, Class R6 5.15% 1,405,895 381,630 (224,517) (317,801) (4,723) — 74,818 1,240,484
Invesco PureBetaSM MSCI USA ETF 13.48% 2,518,932 1,918,098 (301,566) (947,388) 58,753 35,959 90,795 3,246,829
Invesco Russell 1000 Dynamic Multifactor ETF 13.08% 3,410,082 1,031,148 (462,286) (864,618) 36,371 35,177 80,663 3,150,697
Invesco S&P SmallCap Low Volatility ETF 2.90% 746,189 180,723 (48,284) (185,471) 3,878 17,999 17,181 697,035
Invesco U.S. Managed Volatility Fund, Class R6 17.88% 4,575,979 904,749 (183,594) (998,125) 8,026 — 363,155 4,307,035
Total Domestic Equity Funds   14,971,641 5,312,899 (1,573,059) (3,996,032) (7,345) 89,135   14,708,104
Fixed Income Funds–16.97%
Invesco Core Plus Bond Fund, Class R6 1.45% 236,716 183,568 — (72,008) — 7,538 38,914 348,276
Invesco Floating Rate ESG Fund, Class R6 0.19% — 52,632 (2,213) (3,738) (25) 1,565 6,922 46,656
Invesco High Yield Bond Factor ETF 2.17% 485,844 150,867 — (114,388) — 21,751 25,411 522,323
Invesco Income Fund, Class R6 1.07% 235,490 56,166 (2,553) (31,499) (151) 6,830 36,832 257,453
Invesco Intermediate Bond Factor Fund, Class R6 2.51% 616,955 102,453 (3,533) (111,014) (95) 9,541 66,678 604,766
Invesco International Bond Fund, Class R6 1.11% 250,019 86,530 — (69,069) — 7,120 68,235 267,480
Invesco Short Duration Inflation Protected Fund, Class R6 0.29% — 80,540 (2,772) (7,898) (60) 4,221 7,212 69,810
Invesco Taxable Municipal Bond ETF 5.32% 1,251,557 426,291 (76,155) (316,665) (4,913) 28,954 49,907 1,280,115
Invesco Variable Rate Investment Grade ETF 2.86% 635,346 122,138 (56,267) (12,050) 291 7,603 28,004 689,458
Total Fixed Income Funds   3,711,927 1,261,185 (143,493) (738,329) (4,953) 95,123   4,086,337
Foreign Equity Funds–18.55%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.10% 1,472,347 340,233 (453,476) (218,062) (153,313) — 35,517 987,729
Invesco Developing Markets Fund, Class R6 3.68% 1,481,885 274,688 (430,285) (263,694) (177,040) — 27,935 885,554
Invesco International Select Equity Fund, Class R6 1.13% 627,575 109,517 (294,492) (30,000) (140,067) — 32,291 272,533
Invesco International Small-Mid Company Fund, Class R6 1.88% 509,130 191,489 — (247,867) — — 13,391 452,752
Invesco PureBetaSM FTSE Developed ex-North America ETF 2.83% 750,491 270,630 (90,285) (268,287) 18,640 20,849 33,164 681,189
Invesco RAFI™ Strategic Developed ex-US ETF 3.04% 751,329 217,594 (49,969) (189,593) 1,816 21,528 31,462 731,177
Invesco S&P International Developed Low Volatility ETF 1.89% 490,770 92,827 (6,794) (120,676) 95 17,745 18,508 456,222
Total Foreign Equity Funds   6,083,527 1,496,978 (1,325,301) (1,338,179) (449,869) 60,122   4,467,156
Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.27% 84,618 2,408,418 (2,428,877) — — 450 64,159 64,159
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.18% 43,739 1,720,299 (1,719,329) 6 (17) 317 44,689 44,698
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.30% 96,706 2,752,478 (2,775,859) — — 482 73,325 73,325
Total Money Market Funds   225,063 6,881,195 (6,924,065) 6 (17) 1,249   182,182
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $28,072,524) 		99.80% 25,496,793 15,204,275 (9,967,662) (6,235,601) (462,115) 255,690   24,035,690
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2040 Fund (continued)
Schedule of Investments in Affiliated Issuers–99.80%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — $— $1,050,554 $(1,050,554) $— $— $625(d) — $—
Invesco Private Prime Fund, 3.11%(c) — — 2,458,205 (2,458,238) — 33 1,720(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 3,508,759 (3,508,792) — 33 2,345   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $28,072,524)  99.80% $25,496,793 $18,713,034 $(13,476,454) $(6,235,601) $(462,082) $258,035   $24,035,690
OTHER ASSETS LESS LIABILITIES 0.20%               48,010
NET ASSETS 100.00%               $24,083,700
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2045 Fund
Schedule of Investments in Affiliated Issuers–100.79%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Alternative Funds–0.32%
Invesco Global Real Estate Income Fund, Class R6 0.32% $— $46,601 $— $(10,870) $— $743 4,770 $35,731
Domestic Equity Funds–67.58%
Invesco Discovery Mid Cap Growth Fund, Class R6 9.23% 946,495 522,729 (91,285) (329,254) (27,643) — 41,188 1,021,042
Invesco Main Street Small Cap Fund, Class R6 5.89% 630,619 226,006 (44,344) (162,521) 1,608 — 39,286 651,368
Invesco PureBetaSM MSCI USA ETF 16.12% 1,250,754 1,161,760 (150,638) (487,046) 7,877 19,426 49,852 1,782,707
Invesco Russell 1000 Dynamic Multifactor ETF 16.17% 1,770,140 722,013 (251,460) (481,941) 29,415 19,689 45,780 1,788,167
Invesco S&P SmallCap Low Volatility ETF 2.88% 309,988 92,290 (2,983) (81,244) 100 7,996 7,842 318,151
Invesco U.S. Managed Volatility Fund, Class R6 17.29% 1,767,488 623,661 (58,976) (418,978) (893) — 161,241 1,912,302
Total Domestic Equity Funds   6,675,484 3,348,459 (599,686) (1,960,984) 10,464 47,111   7,473,737
Fixed Income Funds–11.31%
Invesco Core Plus Bond Fund, Class R6 0.19% — 24,570 — (4,132) — 460 2,284 20,438
Invesco High Yield Bond Factor ETF 1.62% 149,695 68,535 (2,338) (37,056) (69) 6,973 8,697 178,767
Invesco Income Fund, Class R6 0.19% — 23,589 — (2,486) — 535 3,019 21,103
Invesco Intermediate Bond Factor Fund, Class R6 2.57% 260,448 82,925 (9,984) (47,945) (1,142) 4,259 31,345 284,302
Invesco International Bond Fund, Class R6 0.17% — 24,553 — (5,270) — 540 4,919 19,283
Invesco Taxable Municipal Bond ETF 4.30% 412,461 189,316 (11,474) (113,550) (1,484) 10,423 18,529 475,269
Invesco Variable Rate Investment Grade ETF 2.27% 198,626 60,632 (3,884) (4,327) 151 2,711 10,203 251,198
Total Fixed Income Funds   1,021,230 474,120 (27,680) (214,766) (2,544) 25,901   1,250,360
Foreign Equity Funds–20.83%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.43% 653,355 208,702 (196,461) (106,432) (69,181) — 17,619 489,983
Invesco Developing Markets Fund, Class R6 4.29% 645,975 227,610 (183,058) (138,739) (77,741) — 14,954 474,047
Invesco International Select Equity Fund, Class R6 1.23% 253,368 91,404 (133,468) (10,898) (64,521) — 16,100 135,885
Invesco International Small-Mid Company Fund, Class R6 1.97% 198,838 129,179 — (110,494) — — 6,434 217,523
Invesco PureBetaSM FTSE Developed ex-North America ETF 3.99% 404,840 201,412 (10,147) (155,437) 1,127 13,059 21,509 441,795
Invesco RAFI™ Strategic Developed ex-US ETF 2.93% 312,751 109,024 (10,311) (88,820) 1,089 9,447 13,930 323,733
Invesco S&P International Developed Low Volatility ETF 1.99% 198,702 82,097 (2,511) (58,210) 120 8,358 8,933 220,198
Total Foreign Equity Funds   2,667,829 1,049,428 (535,956) (669,030) (209,107) 30,864   2,303,164
Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.26% 50,583 1,250,281 (1,271,995) — — 222 28,869 28,869
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.19% 36,647 893,057 (909,070) 2 (14) 162 20,617 20,622
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.30% 57,809 1,428,893 (1,453,708) — — 238 32,994 32,994
Total Money Market Funds   145,039 3,572,231 (3,634,773) 2 (14) 622   82,485
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $12,819,575) 		100.79% 10,509,582 8,490,839 (4,798,095) (2,855,648) (201,201) 105,241   11,145,477
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2045 Fund (continued)
Schedule of Investments in Affiliated Issuers–100.79%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — $— $1,371,033 $(1,371,033) $— $— $108(d) — $—
Invesco Private Prime Fund, 3.11%(c) — — 3,333,153 (3,333,153) — — 288(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 4,704,186 (4,704,186) — — 396   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $12,819,575)  100.79% $10,509,582 $13,195,025 $(9,502,281) $(2,855,648) $(201,201) $105,637   $11,145,477
OTHER ASSETS LESS LIABILITIES (0.79)%               (87,231)
NET ASSETS 100.00%               $11,058,246
Investment Abbreviations:
ETF - Exchange-Traded Fund
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2050 Fund
Schedule of Investments in Affiliated Issuers–99.99%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Domestic Equity Funds–71.72%
Invesco Discovery Mid Cap Growth Fund, Class R6 8.31% $1,504,027 $598,772 $(36,335) $(552,928) $(15,746) $— 60,419 $1,497,790
Invesco Main Street Small Cap Fund, Class R6 6.09% 1,156,101 286,172 (55,985) (284,098) (4,253) — 66,221 1,097,937
Invesco PureBetaSM MSCI USA ETF 19.12% 2,784,369 1,803,656 (182,277) (978,229) 19,924 39,308 96,405 3,447,443
Invesco Russell 1000 Dynamic Multifactor ETF 18.60% 3,526,641 926,286 (232,948) (906,377) 38,488 37,347 85,819 3,352,090
Invesco S&P SmallCap Low Volatility ETF 3.29% 639,665 118,708 (11,695) (156,963) 3,866 15,098 14,631 593,581
Invesco U.S. Managed Volatility Fund, Class R6 16.31% 2,970,457 688,357 (45,043) (672,104) (2,212) — 247,846 2,939,455
Total Domestic Equity Funds   12,581,260 4,421,951 (564,283) (3,550,699) 40,067 91,753   12,928,296
Fixed Income Funds–6.13%
Invesco High Yield Bond Factor ETF 0.27% — 60,265 — (11,098) — 2,139 2,392 49,167
Invesco Intermediate Bond Factor Fund, Class R6 2.18% 362,234 98,861 — (68,723) — 6,002 43,260 392,372
Invesco Taxable Municipal Bond ETF 2.45% 362,197 228,332 (39,645) (103,865) (6,301) 9,936 17,182 440,718
Invesco Variable Rate Investment Grade ETF 1.23% 180,532 45,865 — (3,980) — 2,565 9,034 222,417
Total Fixed Income Funds   904,963 433,323 (39,645) (187,666) (6,301) 20,642   1,104,674
Foreign Equity Funds–21.78%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.57% 1,205,045 234,917 (304,545) (192,303) (119,158) — 29,628 823,956
Invesco Developing Markets Fund, Class R6 4.50% 1,200,482 353,149 (357,283) (219,734) (165,437) — 25,589 811,177
Invesco International Select Equity Fund, Class R6 1.44% 547,693 125,799 (263,045) (19,326) (132,630) — 30,627 258,491
Invesco International Small-Mid Company Fund, Class R6 2.08% 403,682 187,166 (7,388) (208,612) 133 — 11,091 374,981
Invesco PureBetaSM FTSE Developed ex-North America ETF 4.33% 743,859 356,384 (40,518) (268,880) (10,962) 23,060 37,969 779,883
Invesco RAFI™ Strategic Developed ex-US ETF 2.90% 558,464 112,838 (7,340) (142,304) 917 16,334 22,486 522,575
Invesco S&P International Developed Low Volatility ETF 1.96% 361,813 85,692 — (93,531) — 13,816 14,360 353,974
Total Foreign Equity Funds   5,021,038 1,455,945 (980,119) (1,144,690) (427,137) 53,210   3,925,037
Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.13% 73,058 1,840,428 (1,890,497) — — 365 22,989 22,989
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.09% 53,163 1,314,591 (1,351,305) 5 (19) 266 16,431 16,435
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.14% 83,494 2,103,348 (2,160,568) — — 392 26,274 26,274
Total Money Market Funds   209,715 5,258,367 (5,402,370) 5 (19) 1,023   65,698
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $20,913,189) 		99.99% 18,716,976 11,569,586 (6,986,417) (4,883,050) (393,390) 166,628   18,023,705
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — 23,637 629,047 (652,684) — — 409(d) — —
Invesco Private Prime Fund, 3.11%(c) — 55,153 1,466,376 (1,521,637) 5 103 1,130(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% 78,790 2,095,423 (2,174,321) 5 103 1,539   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $20,913,189)  99.99% $18,795,766 $13,665,009 $(9,160,738) $(4,883,045) $(393,287) $168,167   $18,023,705
OTHER ASSETS LESS LIABILITIES 0.01%               1,976
NET ASSETS 100.00%               $18,025,681
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2055 Fund
Schedule of Investments in Affiliated Issuers–100.59%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Domestic Equity Funds–72.62%
Invesco Discovery Mid Cap Growth Fund, Class R6 8.13% $477,566 $281,431 $(32,490) $(172,894) $(11,992) $— 21,848 $541,621
Invesco Main Street Small Cap Fund, Class R6 6.23% 374,943 142,174 (4,303) (97,622) (285) — 25,025 414,907
Invesco PureBetaSM MSCI USA ETF 19.45% 901,330 771,512 (26,534) (353,840) 2,759 14,365 36,220 1,295,227
Invesco Russell 1000 Dynamic Multifactor ETF 19.10% 1,140,598 495,386 (52,637) (317,476) 6,313 13,632 32,570 1,272,184
Invesco S&P SmallCap Low Volatility ETF 3.40% 207,839 74,625 — (55,961) — 5,542 5,583 226,503
Invesco U.S. Managed Volatility Fund, Class R6 16.31% 959,066 383,813 (24,549) (231,139) (908) — 91,593 1,086,283
Total Domestic Equity Funds   4,061,342 2,148,941 (140,513) (1,228,932) (4,113) 33,539   4,836,725
Fixed Income Funds–5.02%
Invesco Intermediate Bond Factor Fund, Class R6 2.01% 119,752 36,486 — (22,486) — 1,950 14,747 133,752
Invesco Taxable Municipal Bond ETF 2.06% 116,975 53,141 (1,103) (31,363) (38) 2,813 5,365 137,612
Invesco Variable Rate Investment Grade ETF 0.95% 56,084 8,177 — (1,111) — 720 2,565 63,150
Total Fixed Income Funds   292,811 97,804 (1,103) (54,960) (38) 5,483   334,514
Foreign Equity Funds–22.34%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.79% 385,532 144,589 (103,503) (68,913) (38,662) — 11,472 319,043
Invesco Developing Markets Fund, Class R6 4.39% 388,876 164,500 (129,691) (75,159) (55,714) — 9,237 292,812
Invesco International Select Equity Fund, Class R6 1.43% 179,510 59,744 (89,948) (20,528) (33,588) — 11,278 95,190
Invesco International Small-Mid Company Fund, Class R6 2.22% 132,839 89,354 — (74,262) — — 4,375 147,931
Invesco PureBetaSM FTSE Developed ex-North America ETF 4.43% 235,286 161,150 (1,454) (100,160) 112 8,356 14,359 294,934
Invesco RAFI™ Strategic Developed ex-US ETF 3.07% 177,978 78,950 — (52,509) — 5,653 8,796 204,419
Invesco S&P International Developed Low Volatility ETF 2.01% 119,413 48,904 — (34,443) — 4,870 5,431 133,874
Total Foreign Equity Funds   1,619,434 747,191 (324,596) (425,974) (127,852) 18,879   1,488,203
Money Market Funds–0.61%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.21% 33,196 772,166 (791,237) — — 142 14,125 14,125
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.15% 23,712 551,546 (565,161) 3 (10) 103 10,088 10,090
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.25% 37,939 882,474 (904,270) — — 152 16,143 16,143
Total Money Market Funds   94,847 2,206,186 (2,260,668) 3 (10) 397   40,358
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $7,635,078) 		100.59% 6,068,434 5,200,122 (2,726,880) (1,709,863) (132,013) 58,298   6,699,800
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — — 1,327,176 (1,327,176) — — 79(d) — —
Invesco Private Prime Fund, 3.11%(c) — — 3,278,531 (3,278,631) — 100 211(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 4,605,707 (4,605,807) — 100 290   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $7,635,078)  100.59% $6,068,434 $9,805,829 $(7,332,687) $(1,709,863) $(131,913) $58,588   $6,699,800
OTHER ASSETS LESS LIABILITIES (0.59)%               (39,466)
NET ASSETS 100.00%               $6,660,334
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2060 Fund
Schedule of Investments in Affiliated Issuers–100.51%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Domestic Equity Funds–72.44%
Invesco Discovery Mid Cap Growth Fund, Class R6 8.17% $653,657 $250,914 $(43,237) $(220,367) $(17,691) $— 25,142 $623,276
Invesco Main Street Small Cap Fund, Class R6 6.28% 501,079 109,433 (8,178) (125,779) 2,785 — 28,911 479,340
Invesco PureBetaSM MSCI USA ETF 19.77% 1,197,089 785,203 (46,142) (423,552) (4,027) 17,563 42,186 1,508,571
Invesco Russell 1000 Dynamic Multifactor ETF 18.99% 1,504,217 390,133 (60,641) (384,688) 418 16,295 37,108 1,449,439
Invesco S&P SmallCap Low Volatility ETF 3.37% 274,150 56,361 (4,730) (69,579) 850 6,655 6,336 257,052
Invesco U.S. Managed Volatility Fund, Class R6 15.86% 1,271,352 255,425 (32,000) (280,464) (4,328) — 102,024 1,209,985
Total Domestic Equity Funds   5,401,544 1,847,469 (194,928) (1,504,429) (21,993) 40,513   5,527,663
Fixed Income Funds–5.15%
Invesco Intermediate Bond Factor Fund, Class R6 2.02% 151,843 41,568 (10,784) (26,456) (1,791) 2,465 17,021 154,380
Invesco Taxable Municipal Bond ETF 2.08% 151,781 50,429 (4,284) (38,965) (726) 3,583 6,169 158,235
Invesco Variable Rate Investment Grade ETF 1.05% 75,857 7,302 (1,729) (1,418) 3 916 3,250 80,015
Total Fixed Income Funds   379,481 99,299 (16,797) (66,839) (2,514) 6,964   392,630
Foreign Equity Funds–22.35%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.78% 518,140 114,275 (133,395) (84,570) (49,851) — 13,110 364,599
Invesco Developing Markets Fund, Class R6 4.42% 513,027 137,943 (146,553) (102,342) (64,677) — 10,643 337,398
Invesco International Select Equity Fund, Class R6 1.39% 238,843 50,330 (115,219) (21,131) (46,674) — 12,577 106,149
Invesco International Small-Mid Company Fund, Class R6 2.24% 169,327 93,054 (1,720) (89,757) (86) — 5,052 170,818
Invesco PureBetaSM FTSE Developed ex-North America ETF 4.58% 310,760 164,597 (5,148) (120,784) 227 10,185 17,023 349,652
Invesco RAFI™ Strategic Developed ex-US ETF 2.95% 237,709 60,444 (11,974) (62,740) 1,222 6,866 9,667 224,661
Invesco S&P International Developed Low Volatility ETF 1.99% 151,652 43,164 (2,256) (40,527) 107 5,775 6,172 152,140
Total Foreign Equity Funds   2,139,458 663,807 (416,265) (521,851) (159,732) 22,826   1,705,417
Money Market Funds–0.57%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.16% 36,215 671,094 (694,863) — — 135 12,446 12,446
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.22% 23,461 479,353 (485,869) 4 (14) 135 16,931 16,935
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.19% 41,389 766,964 (794,129) — — 144 14,224 14,224
Total Money Market Funds   101,065 1,917,411 (1,974,861) 4 (14) 414   43,605
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $8,659,179) 		100.51% 8,021,548 4,527,986 (2,602,851) (2,093,115) (184,253) 70,717   7,669,315
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — — 726,077 (726,077) — — 6(d) — —
Invesco Private Prime Fund, 3.11%(c) — — 1,694,145 (1,694,145) — — 16(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 2,420,222 (2,420,222) — — 22   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $8,659,179)  100.51% $8,021,548 $6,948,208 $(5,023,073) $(2,093,115) $(184,253) $70,739   $7,669,315
OTHER ASSETS LESS LIABILITIES (0.51)%               (39,204)
NET ASSETS 100.00%               $7,630,111
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Schedule of Investments
September 30, 2022
(Unaudited)
Invesco Peak Retirement™ 2065 Fund
Schedule of Investments in Affiliated Issuers–100.42%(a)
  % of
Net
Assets
09/30/22 		Value
12/31/21 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
09/30/22 		Value
09/30/22
Domestic Equity Funds–72.66%
Invesco Discovery Mid Cap Growth Fund, Class R6 8.02% $468,662 $247,580 $(20,889) $(175,982) $(10,210) $— 20,539 $509,161
Invesco Main Street Small Cap Fund, Class R6 6.18% 366,309 140,965 (14,497) (97,869) (2,488) — 23,668 392,420
Invesco PureBetaSM MSCI USA ETF 19.87% 880,586 801,238 (73,583) (343,825) (2,410) 14,264 35,291 1,262,006
Invesco Russell 1000 Dynamic Multifactor ETF 19.11% 1,114,386 461,420 (57,457) (302,915) (1,527) 13,166 31,078 1,213,907
Invesco S&P SmallCap Low Volatility ETF 3.41% 205,547 72,230 (5,727) (54,989) (376) 5,485 5,341 216,685
Invesco U.S. Managed Volatility Fund, Class R6 16.07% 936,993 365,524 (52,532) (228,201) (855) — 86,082 1,020,929
Total Domestic Equity Funds   3,972,483 2,088,957 (224,685) (1,203,781) (17,866) 32,915   4,615,108
Fixed Income Funds–5.07%
Invesco Intermediate Bond Factor Fund, Class R6 1.98% 117,773 40,329 (9,901) (21,331) (1,292) 1,964 13,845 125,578
Invesco Taxable Municipal Bond ETF 1.98% 117,404 46,709 (7,006) (30,136) (1,337) 2,853 4,898 125,634
Invesco Variable Rate Investment Grade ETF 1.11% 58,716 17,321 (4,115) (1,133) (80) 758 2,872 70,709
Total Fixed Income Funds   293,893 104,359 (21,022) (52,600) (2,709) 5,575   321,921
Foreign Equity Funds–22.08%
Invesco EQV Emerging Markets All Cap Fund, Class R6(b) 4.74% 381,932 161,480 (134,356) (58,742) (49,198) — 10,828 301,116
Invesco Developing Markets Fund, Class R6 4.51% 382,309 191,232 (155,410) (63,842) (67,840) — 9,036 286,449
Invesco International Select Equity Fund, Class R6 1.38% 176,022 55,477 (90,792) (14,512) (38,370) — 10,406 87,825
Invesco International Small-Mid Company Fund, Class R6 2.11% 132,031 81,514 (6,912) (71,700) (1,073) — 3,959 133,860
Invesco PureBetaSM FTSE Developed ex-North America ETF 4.34% 234,640 142,309 (3,673) (96,727) (1,108) 8,438 13,410 275,441
Invesco RAFI™ Strategic Developed ex-US ETF 3.04% 176,159 69,570 (2,645) (49,188) (563) 5,668 8,319 193,333
Invesco S&P International Developed Low Volatility ETF 1.96% 117,466 39,949 — (32,760) — 4,711 5,057 124,655
Total Foreign Equity Funds   1,600,559 741,531 (393,788) (387,471) (158,152) 18,817   1,402,679
Money Market Funds–0.61%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(c) 0.19% — 811,147 (799,096) — — 115 12,051 12,051
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(c) 0.20% 9,691 579,390 (576,379) 4 (15) 119 12,689 12,691
Invesco Treasury Portfolio, Institutional Class, 2.87%(c) 0.22% — 927,025 (913,252) — — 124 13,773 13,773
Total Money Market Funds   9,691 2,317,562 (2,288,727) 4 (15) 358   38,515
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $7,284,130) 		100.42% 5,876,626 5,252,409 (2,928,222) (1,643,848) (178,742) 57,665   6,378,223
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–0.00%
Invesco Private Government Fund, 3.01%(c) — — 466,348 (466,348) — — 4(d) — —
Invesco Private Prime Fund, 3.11%(c) — — 1,088,121 (1,088,121) — — 10(d) — —
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $0) 		0.00% — 1,554,469 (1,554,469) — — 14   —
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $7,284,130)  100.42% $5,876,626 $6,806,878 $(4,482,691) $(1,643,848) $(178,742) $57,679   $6,378,223
OTHER ASSETS LESS LIABILITIES (0.42)%               (26,805)
NET ASSETS 100.00%               $6,351,418
Investment Abbreviations:
ETF - Exchange-Traded Fund
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
September 30, 2022
(Unaudited)
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) Effective February 28, 2022, the underlying fund’s name changed.
(c) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(d) 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.
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 Peak Retirement™ Funds
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 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 Invesco Advisers, Inc.’s 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.
Except for the Funds listed below, as of September 30, 2022, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.
Invesco Peak Retirement™ 2025 Fund Level 1 Level 2 Level 3 Total
Investments in Securities        
Affiliated Issuers $21,638,159 $— $— $21,638,159
Money Market Funds 201,403 40,501 — 241,904
Total Investments $21,839,562 $40,501 $— $21,880,063
Invesco Peak RetirementTM Funds