N-Q

N-Q 1 d658972dnq.htm N-Q N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number		811-02699

AIM Growth Series (Invesco Growth Series)
(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)


Registrant’s telephone number, including area code:				(713) 626-1919

Date of fiscal year end: 12/31

Date of reporting period: 09/30/18

Item 1. Schedule of Investments.

Invesco Alternative Strategies Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

ALST-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)


Invesco Alternative Strategies Fund Schedule of Investments in Affiliated Issuers–99.58%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–28.19%
Invesco DB Base Metals Fund^(b)		2.53%	$	66,984	$	28,639	$	(13,942	)	$	(11,052)	$	970	$	—		4,308	$	71,599

Invesco DB Silver Fund		2.02%		53,518		18,640		(6,392	)		(8,295)		(350)		—		2,575		57,121

Invesco Global Targeted Returns Fund -Class R6^(b)		23.64%		511,755		260,414		(97,835	)		(3,991)		(1,156)		—		67,663		669,187

Total Alternative Funds				632,257		307,693		(118,169	)		(23,338)		(536)		—				797,907

Asset Allocation Funds–28.69%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		14.15%		407,737		117,780		(119,171	)		(4,026)		(1,940)		—		36,901		400,380

Invesco Balanced-Risk Commodity Strategy Fund-Class R6		2.40%		64,300		17,734		(10,976	)		(2,640)		(574)		—		9,977		67,844

Invesco Macro Allocation Strategy Fund Class R6^(b)		12.14%		347,980		93,160		(98,145	)		1,791		(1,193)		—		36,206		343,593

Total Asset Allocation Funds				820,017		228,674		(228,292	)		(4,875)		(3,707)		—				811,817

Domestic Equity Funds–17.66%
Invesco All Cap Market Neutral Fund -Class R6^(b)		13.62%		336,860		131,705		(89,148	)		25,956		(20,031)		—		44,964		385,342

Invesco Long/Short Equity Fund -Class R6		4.04%		105,513		34,016		(26,365	)		1,479		(295)		—		9,473		114,348

Total Domestic Equity Funds				442,373		165,721		(115,513	)		27,435		(20,326)		—				499,690

Fixed-Income Funds–1.96%
Invesco Floating Rate Fund-Class R6		1.96%		51,580		7,211		(3,573	)		276		(71)		1,729		7,302		55,423

Foreign Equity Funds–18.84%
Invesco Global Infrastructure Fund -Class R6		3.62%		97,359		24,280		(17,271	)		(1,208)		(531)		1,198		9,935		102,629

Invesco Global Market Neutral Fund -Class R6^(b)		15.22%		457,902		116,989		(141,110	)		9,014		(12,119)		—		46,762		430,676

Total Foreign Equity Funds				555,261		141,269		(158,381	)		7,806		(12,650)		1,198				533,305

Real Estate Funds–3.78%
Invesco Global Real Estate Fund -Class R6		3.78%		102,269		27,100		(19,612	)		(2,495)		(148)		1,919		8,170		107,114

Money Market Funds–0.46%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(c)		0.16%		4,509		326,562		(326,514	)		—		—		73		4,557		4,557

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.12%		3,220		233,259		(233,228	)		—		3		56		3,254		3,254

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.18%		5,153		365,344		(365,289	)		—		—		79		5,208		5,208

Total Money Market Funds				12,882		925,165		(925,031	)		—		3		208				13,019

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $2,837,684)		99.58%	$	2,616,639	$	1,802,833	$	(1,568,571	)	$	4,809	$	(37,435)	$	5,054			$	2,818,275

OTHER ASSETS LESS LIABILITIES		0.42%																	11,832

NET ASSETS		100.00%																$	2,830,107

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Alternative Strategies Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), formerly Invesco PowerShares Capital Management LLC, an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value

Invesco Alternative Strategies Fund

A.	Security Valuations – (continued)

and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

NOTE 2 — 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.

Invesco Alternative Strategies Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended September 30, 2018, there were no material transfers between valuation levels.

Invesco Alternative Strategies Fund

Invesco Allocation Funds

Invesco Conservative Allocation Fund

Invesco Growth Allocation Fund

Invesco Moderate Allocation Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

AAS-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)

Invesco Conservative Allocation Fund


Schedule of Investments in Affiliated Issuers–100.14%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–3.49%
Invesco Global Targeted Returns Fund–Class R6^(b)		3.49%	$	8,001,974	$	3,011,437	$	(467,465	)	$	(68,785	)	$	(803	)	$	—		1,059,288	$	10,476,358

Asset Allocation Funds–3.47%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		3.47%		8,157,296		3,085,618		(688,828	)		(154,440	)		8,605			—		959,286		10,408,251

Domestic Equity Funds–22.96%
Invesco All Cap Market Neutral Fund–Class R6^(b)		0.00%		6,416,736		226,269		(6,642,361	)		1,257,688			(1,258,332	)		—		—		—

Invesco American Franchise Fund–Class R6^(b)		2.56%		7,969,999		453,700		(2,131,071	)		936,444			440,470			—		319,298		7,669,542

Invesco Diversified Dividend Fund–Class R6		6.89%		24,145,843		1,536,604		(4,946,522	)		(210,718	)		152,737			385,697		1,016,615		20,677,944

Invesco Equally-Weighted S&P 500 Fund–Class R6		5.45%		18,538,980		1,238,167		(4,650,164	)		433,744			786,066			—		251,838		16,346,793

Invesco Growth and Income Fund–Class R6		4.52%		15,392,638		1,525,016		(3,676,518	)		71,447			249,423			189,227		492,985		13,562,006

Invesco Russell Top 200 Pure Growth ETF		3.54%		11,184,296		1,137,010		(3,783,383	)		988,856			1,091,139			52,684		194,717		10,617,918

Total Domestic Equity Funds				83,648,492		6,116,766		(25,830,019	)		3,477,461			1,461,503			627,608				68,874,203

Fixed-Income Funds–59.80%
Invesco 1-30 Laddered Treasury ETF		4.17%		17,608,992		1,149,501		(5,356,265	)		(1,154,550	)		259,924			242,326		403,016		12,507,602

Invesco Core Plus Bond Fund–Class R6		17.94%		57,987,955		3,046,764		(4,769,608	)		(2,378,478	)		(59,143	)		1,503,143		5,150,956		53,827,490

Invesco Emerging Market Flexible Bond Fund–Class R6		2.98%		16,048,596		572,187		(6,352,756	)		742,237			(2,070,511	)		366,012		1,515,212		8,939,753

Invesco Emerging Markets Sovereign Debt ETF		1.52%		—		4,640,945		—			(91,065	)		—			91,908		168,639		4,549,880

Invesco Floating Rate Fund–Class R6		4.00%		17,816,373		668,246		(6,531,277	)		88,227			(26,432	)		501,814		1,583,022		12,015,137

Invesco High Yield Fund–Class R6		7.49%		19,471,234		5,758,875		(2,325,648	)		(372,339	)		(45,927	)		863,923		5,497,847		22,486,195

Invesco LadderRite 0-5 Year Corporate Bond ETF		0.00%		8,020,945		94,553		(7,960,616	)		(51,337	)		(103,545	)		52,846		—		—

Invesco Quality Income Fund–Class R5		7.00%		29,780,928		1,494,643		(9,056,926	)		(688,574	)		(522,683	)		777,687		1,829,912		21,007,388

Invesco Short Duration Inflation Protected Fund–Class R6		5.23%		15,247,781		2,058,363		(1,434,837	)		(182,130	)		(11,855	)		258,418		1,532,485		15,677,322

Invesco Short Term Bond Fund–Class R6		6.00%		11,251,700		8,092,992		(1,225,831	)		(124,248	)		(2,267	)		281,184		2,119,240		17,992,346

Invesco Variable Rate Investment Grade ETF		3.47%		—		10,831,853		(379,937	)		(24,932	)		(935	)		128,217		415,546		10,426,049

Total Fixed-Income Funds				193,234,504		38,408,922		(45,393,701	)		(4,237,189	)		(2,583,374	)		5,067,478				179,429,162

Foreign Equity Funds–7.07%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.52%		9,771,170		2,854,219		(1,591,998	)		(661,360	)		190,167			227,139		244,084		10,562,198

Invesco International Growth Fund–Class R6		3.55%		9,733,143		2,330,297		(1,008,065	)		(534,264	)		124,116			—		302,249		10,645,227

Total Foreign Equity Funds				19,504,313		5,184,516		(2,600,063	)		(1,195,624	)		314,283			227,139				21,207,425

Real Estate Funds–2.97%
Invesco Global Real Estate Income Fund–Class R6		2.97%		9,671,426		599,910		(1,148,628	)		(241,437	)		30,726			242,923		1,002,474		8,911,997

Money Market Funds–0.38%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(c)		0.15%		404,778		8,461,839		(8,406,508	)		—			—			4,996		460,109		460,109

Invesco Liquid Assets Portfolio–Institutional Class, 2.15%^(c)		0.11%		289,119		6,044,171		(6,004,643	)		12			(30	)		4,051		328,530		328,629

Invesco Treasury Portfolio–Institutional Class, 1.97%^(c)		0.12%		462,604		9,690,156		(9,803,980	)		—			—			4,564		348,780		348,780

Total Money Market Funds				1,156,501		24,196,166		(24,215,131	)		12			(30	)		13,611				1,137,518

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $269,601,242)		100.14%	$	323,374,506	$	80,603,335	$	(100,343,835	)	$	(2,420,002	)	$	(769,090	)	$	6,178,759			$	300,444,914

OTHER ASSETS LESS LIABILITIES		(0.14)%																			(413,239)

NET ASSETS		100.00%																		$	300,031,675

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Growth Allocation Fund


Schedule of Investments in Affiliated Issuers–100.10%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18


Asset Allocation Funds–4.42%
Invesco Balanced-Risk Allocation Fund-Class R6^(b)		4.42%	$	47,621,767	$	2,266,167	$	(4,243,175	)	$	(1,013,446	)	$	284,295		$	—		4,139,687	$	44,915,608

Domestic Equity Funds–56.19%
Invesco All Cap Market Neutral Fund–Class R6^(b)		4.01%		42,160,997		4,551,953		(6,627,357	)		788,898			(137,526	)		—		4,753,438		40,736,965

Invesco American Franchise Fund–Class R6^(b)		5.84%		60,221,585		2,051,553		(13,449,061	)		5,537,789			4,933,171			—		2,468,569		59,295,037

Invesco Comstock Fund–Class R6		7.04%		84,364,014		4,855,952		(20,597,146	)		(4,504,009	)		7,391,894			951,873		2,564,027		71,510,705

Invesco Diversified Dividend Fund–Class R6		11.47%		121,631,398		5,596,772		(10,566,774	)		(2,048,473	)		1,856,562			2,097,447		5,726,130		116,469,485

Invesco Equally-Weighted S&P 500 Fund–Class R6		8.55%		105,486,236		2,266,091		(27,017,041	)		64,718			6,032,031			—		1,337,730		86,832,035

Invesco Long/Short Equity Fund–Class R6		3.03%		31,535,069		2,284,135		(3,386,215	)		(7,971	)		308,478			—		2,546,272		30,733,496

Invesco Russell Top 200 Pure Growth ETF		7.10%		73,486,341		2,542,082		(17,451,204	)		7,143,772			6,387,245			356,237		1,322,359		72,108,236

Invesco S&P Midcap Low Volatility ETF		3.96%		42,310,633		1,173,909		(6,089,965	)		1,804,153			950,209			557,136		827,131		40,148,939

Invesco S&P Smallcap Low Volatility ETF		2.93%		26,358,430		5,749,501		(4,559,431	)		1,603,026			547,626			397,736		600,711		29,699,152

Invesco Small Cap Equity Fund–Class R6^(b)		2.26%		23,705,536		627,750		(3,148,211	)		1,060,204			710,610			—		1,255,106		22,955,889

Total Domestic Equity Funds				611,260,239		31,699,698		(112,892,405	)		11,442,107			28,980,300			4,360,429				570,489,939

Fixed-Income Funds–12.99%
Invesco 1-30 Laddered Treasury ETF		2.47%		26,489,072		3,135,562		(3,180,110	)		(1,464,841	)		43,372			420,105		806,285		25,023,055

Invesco Core Plus Bond Fund–Class R6		5.27%		55,809,914		6,842,176		(6,793,335	)		(2,385,848	)		14,591			1,463,705		5,118,421		53,487,498

Invesco Emerging Markets Flexible Bond Fund–Class R6		0.99%		10,618,585		1,446,471		(781,655	)		(1,250,517	)		44,935			333,410		1,708,105		10,077,819

Invesco Quality Income Fund–Class R5		2.50%		26,564,905		2,828,323		(2,812,125	)		(1,134,903	)		(27,019	)		813,140		2,214,214		25,419,181

Invesco Short Term Bond Fund–Class R6		1.76%		18,607,355		1,343,965		(1,923,898	)		(202,967	)		8,962			372,223		2,100,520		17,833,417

Total Fixed-Income Funds				138,089,831		15,596,497		(15,491,123	)		(6,439,076	)		84,841			3,402,583				131,840,970

Foreign Equity Funds–23.68%
Invesco Developing Markets Fund–Class R6		2.17%		24,006,917		3,168,006		(1,718,603	)		(3,728,792	)		333,614			—		685,981		22,061,142

Invesco FTSE RAFI Developed Markets ex- U.S. ETF		6.97%		66,139,492		13,061,377		(5,157,615	)		(4,063,224	)		776,623			1,532,464		1,635,130		70,756,653

Invesco International Companies Fund–Class R6		5.85%		50,677,563		14,419,352		(3,432,445	)		(3,006,062	)		759,012			—		5,074,075		59,417,420

Invesco International Growth Fund–Class R6		6.77%		71,920,377		2,595,185		(2,915,772	)		(3,917,036	)		987,381			—		1,949,748		68,670,135

Invesco Low Volatility Emerging Markets Fund–Class R6		1.92%		21,413,991		2,175,433		(1,388,256	)		(3,051,446	)		304,729			—		2,543,066		19,454,451

Total Foreign Equity Funds				234,158,340		35,419,353		(14,612,691	)		(17,766,560	)		3,161,359			1,532,464				240,359,801

Real Estate Funds–2.49%
Invesco Global Real Estate Income Fund–Class R6		2.49%		26,477,450		1,422,097		(1,998,841	)		(684,260	)		48,873			679,807		2,841,993		25,265,319

Money Market Funds–0.33%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.05%		1,009,220		22,229,954		(22,720,011	)		—			—			10,655		519,163		519,163

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.04%		720,739		15,878,538		(16,228,657	)		49			132			8,717		370,689		370,801

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.24%		1,153,394		29,207,743		(27,877,939	)		—			—			23,525		2,483,198		2,483,198

Total Money Market Funds				2,883,353		67,316,235		(66,826,607	)		49			132			42,897				3,373,162

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $828,171,371)		100.10%	$	1,060,490,980	$	153,720,047	$	(216,064,842	)	$	(14,461,186	)	$	32,559,800		$	10,018,180			$	1,016,244,799

OTHER ASSETS LESS LIABILITIES		(0.10)%																			(1,024,312)

NET ASSETS		100.00%																		$	1,015,220,487

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Moderate Allocation Fund


Schedule of Investments in Affiliated Issuers–100.07%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–4.45%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		4.45%	$	35,029,402	$	595,816	$	(2,456,082	)	$	(525,669	)	$	23,005		$	—		3,010,735	$	32,666,472

Domestic Equity Funds–42.61%
Invesco All Cap Market Neutral Fund–Class R6^(b)		3.06%		23,058,231		1,142,727		(2,123,960	)		683,086			(344,806	)		—		2,615,552		22,415,278

Invesco American Franchise Fund–Class R6^(b)		4.34%		32,458,395		1,873,792		(8,121,083	)		4,175,718			1,486,486			—		1,326,949		31,873,308

Invesco Comstock Fund–Class R6		4.99%		50,556,486		3,464,411		(18,946,760	)		(467,076	)		2,019,365			519,362		1,313,246		36,626,426

Invesco Diversified Dividend Fund–Class R6		9.94%		77,126,143		4,611,919		(8,826,712	)		(174,920	)		151,494			1,316,103		3,583,477		72,887,924

Invesco Equally-Weighted S&P 500 Fund–Class R6		6.26%		61,791,248		3,179,839		(22,353,361	)		(1,631,813	)		4,964,528			—		707,910		45,950,441

Invesco Long/Short Equity Fund–Class R6		2.00%		15,566,893		1,110,887		(2,170,346	)		(49,448	)		242,841			—		1,217,964		14,700,827

Invesco Russell Top 200 Pure Growth ETF		6.09%		45,931,791		2,494,483		(12,237,176	)		5,098,184			3,411,504			222,401		819,710		44,698,786

Invesco S&P Midcap Low Volatility ETF		2.22%		17,228,971		494,668		(2,577,923	)		907,460			220,587			228,436		335,265		16,273,763

Invesco S&P Smallcap Low Volatility ETF		1.71%		—		13,001,010		(1,538,024	)		963,111			104,471			142,649		253,450		12,530,568

Invesco Small Cap Equity Fund–Class R6^(b)		2.00%		15,481,355		143,099		(2,117,101	)		816,280			323,327			—		800,818		14,646,960

Total Domestic Equity Funds				339,199,513		31,516,835		(81,012,446	)		10,320,582			12,579,797			2,428,951				312,604,281

Fixed-Income Funds–33.76%
Invesco 1-30 Laddered Treasury ETF		3.40%		38,587,101		2,900,492		(14,547,961	)		(2,378,481	)		411,844			509,011		804,672		24,972,995

Invesco Core Plus Bond Fund–Class R6		10.18%		79,456,842		6,523,420		(7,969,374	)		(3,192,097	)		(174,257	)		2,068,079		7,143,018		74,644,534

Invesco Emerging Markets Flexible Bond Fund–Class R6		2.01%		23,229,597		1,868,839		(8,353,001	)		769,422			(2,802,280	)		564,199		2,493,657		14,712,577

Invesco Emerging Markets Sovereign Debt ETF		1.24%		—		9,304,815		—			(182,580	)		—			184,271		338,111		9,122,235

Invesco Floating Rate Fund–Class R6		2.01%		17,403,695		1,236,127		(3,967,686	)		76,903			(11,598	)		551,890		1,941,692		14,737,441

Invesco High Yield Fund–Class R6		2.77%		23,353,929		1,706,090		(4,233,662	)		(495,688	)		(18,013	)		878,308		4,966,420		20,312,656

Invesco Quality Income Fund–Class R5		6.19%		46,492,741		6,127,437		(5,145,462	)		(1,805,396	)		(241,989	)		1,455,072		3,957,085		45,427,331

Invesco Short Duration Inflation Protected Fund–Class R6		3.22%		19,385,026		6,581,055		(2,045,072	)		(258,112	)		(15,645	)		370,784		2,311,559		23,647,252

Invesco Short Term Bond Fund–Class R6		2.74%		15,507,454		6,546,015		(1,790,730	)		(160,049	)		(7,677	)		336,088		2,366,904		20,095,013

Total Fixed-Income Funds				263,416,385		42,794,290		(48,052,948	)		(7,626,078	)		(2,859,615	)		6,917,702				247,672,034

Foreign Equity Funds–16.50%
Invesco Developing Markets Fund–Class R6		1.01%		11,740,198		980,888		(4,077,804	)		(1,939,807	)		727,881			—		231,074		7,431,356

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		5.46%		36,979,026		9,558,029		(4,642,852	)		(2,360,842	)		492,162			866,690		924,958		40,025,523

Invesco International Companies Fund–Class R6		3.97%		23,619,554		9,030,035		(2,497,520	)		(1,343,703	)		319,720			—		2,487,454		29,128,086

Invesco International Growth Fund–Class R6		5.06%		34,940,947		5,731,253		(2,159,283	)		(1,793,759	)		352,968			—		1,052,587		37,072,126

Invesco Low Volatility Emerging Markets Fund–Class R6		1.00%		9,959,025		920,708		(2,543,718	)		(1,418,492	)		442,886			—		962,145		7,360,409

Total Foreign Equity Funds				117,238,750		26,220,913		(15,921,177	)		(8,856,603	)		2,335,617			866,690				121,017,500

Real Estate Funds–2.47%
Invesco Global Real Estate Income Fund–Class R6		2.47%		19,307,677		996,700		(1,760,766	)		(448,667	)		421			491,915		2,035,474		18,095,365

Money Market Funds–0.28%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(c)		0.14%		846,392		17,535,279		(17,357,638	)		—			—			12,830		1,024,033		1,024,033

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.10%		604,539		12,525,217		(12,398,313	)		82			132			10,453		731,437		731,657

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.04%		967,306		19,522,072		(20,203,020	)		—			—			8,928		286,358		286,358

Total Money Market Funds				2,418,237		49,582,568		(49,958,971	)		82			132			32,211				2,042,048

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $607,014,141)		100.07%	$	776,609,964	$	151,707,122	$	(199,162,390	)	$	(7,136,353	)	$	12,079,357		$	10,737,469			$	734,097,700

OTHER ASSETS LESS LIABILITIES		(0.07)%																			(516,296	)

NET ASSETS		100.00%																		$	733,581,404

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

Each Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), formerly Invesco PowerShares Capital Management LLC, an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Invesco Allocation Funds

A.	Security Valuations – (continued)

events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Funds may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

Each Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Treasury Inflation-Protected Securities - The Fund or underlying funds may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

Invesco Allocation Funds

NOTE 2 — Additional Valuation Information


		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.

As of September 30, 2018, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedule 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended September 30, 2018, there were no material transfers between valuation levels.

Invesco Allocation Funds

Invesco Balanced-Risk Retirement Now Fund

Invesco Balanced-Risk Retirement 2020 Fund

Invesco Balanced-Risk Retirement 2030 Fund

Invesco Balanced-Risk Retirement 2040 Fund

Invesco Balanced-Risk Retirement 2050 Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

IBRR-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)


Invesco Balanced-Risk Retirement Now Fund
Schedule of Investments in Affiliated Issuers–100.07%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–60.08%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		60.08%	$	15,040,728	$	56,822	$	(2,401,652	)	$	(232,788	)	$	49,213	$	—		1,153,210	$	12,512,323

Money Market Funds–39.99%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		23.99%		5,848,441		1,848,872		(2,700,757	)		—			—		65,632		4,996,556		4,996,556

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		16.00%		3,898,960		4,912,334		(5,480,256	)		—			—		43,513		3,331,037		3,331,038

Total Money Market Funds				9,747,401		6,761,206		(8,181,013	)		—			—		109,145				8,327,594

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $20,690,491)		100.07%	$	24,788,129	$	6,818,028	$	(10,582,665	)	$	(232,788	)	$	49,213	$	109,145			$	20,839,917

OTHER ASSETS LESS LIABILITIES		(0.07)%																		(13,627)

NET ASSETS		100.00%																	$	20,826,290

Invesco Balanced-Risk Retirement 2020 Fund


Schedule of Investments in Affiliated Issuers–100.84%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–66.88%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		66.88%	$	46,601,141	$	—	$	(11,853,300	)	$	(828,480	)	$	265,398	$	—		3,150,669	$	34,184,759

Money Market Funds–33.96%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		20.38%		11,006,717		8,130,682		(8,721,842	)		—			—		131,807		10,415,557		10,415,557

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		13.58%		7,337,811		12,720,778		(13,114,885	)		—			—		87,352		6,943,704		6,943,704

Total Money Market Funds				18,344,528		20,851,460		(21,836,727	)		—			—		219,159				17,359,261

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $51,191,533)		100.84%	$	64,945,669	$	20,851,460	$	(33,690,027	)	$	(828,480	)	$	265,398	$	219,159			$	51,544,020

OTHER ASSETS LESS LIABILITIES		(0.84)%																		(426,889)

NET ASSETS		100.00%																	$	51,117,131

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Balanced-Risk Retirement Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Balanced-Risk Retirement 2030 Fund


Schedule of Investments in Affiliated Issuers–100.08%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–99.51%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		94.75%	$	67,696,154	$	1,243,563	$	(13,608,078	)	$	(1,236,329	)	$	405,801		$	—		5,023,144	$	54,501,111

Invesco Balanced-Risk Aggressive Allocation Fund^(b)		4.76%		5,381,921		40,537		(2,591,392	)		136,248			(229,582	)		—		330,644		2,737,732

Total Asset Allocation Funds				73,078,075		1,284,100		(16,199,470	)		(1,100,081	)		176,219			—				57,238,843

Money Market Funds–0.57%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(c)		0.34%		294,743		5,204,661		(5,300,880	)		—			—			2,149		198,524		198,524

Invesco Treasury Portfolio–Institutional Class, 1.97%^(c)		0.23%		196,495		3,576,995		(3,641,141	)		—			—			1,439		132,349		132,349

Total Money Market Funds				491,238		8,781,656		(8,942,021	)		—			—			3,588				330,873

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $59,120,418)		100.08%	$	73,569,313	$	10,065,756	$	(25,141,491	)	$	(1,100,081	)	$	176,219		$	3,588			$	57,569,716

OTHER ASSETS LESS LIABILITIES		(0.08)%																			(48,356)

NET ASSETS		100.00%																		$	57,521,360

Invesco Balanced-Risk Retirement 2040 Fund


Schedule of Investments in Affiliated Issuers–100.08%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–99.48%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		60.68%	$	31,154,838	$	1,634,514	$	(6,567,523	)	$	(613,019	)	$	215,242		$	—		2,380,097	$	25,824,052

Invesco Balanced-Risk Aggressive Allocation Fund^(b)		38.80%		22,366,385		561,007		(5,960,159	)		(381,852	)		(74,977	)		—		1,994,010		16,510,404

Total Asset Allocation Funds				53,521,223		2,195,521		(12,527,682	)		(994,871	)		140,265			—				42,334,456

Money Market Funds–0.60%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(c)		0.36%		255,193		3,266,874		(3,369,593	)		—			—			1,745		152,474		152,474

Invesco Treasury Portfolio–Institutional Class, 1.97%^(c)		0.24%		170,129		2,311,421		(2,379,900	)		—			—			1,157		101,650		101,650

Total Money Market Funds				425,322		5,578,295		(5,749,493	)		—			—			2,902				254,124

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $47,949,232)		100.08%	$	53,946,545	$	7,773,816	$	(18,277,175	)	$	(994,871	)	$	140,265		$	2,902			$	42,588,580

OTHER ASSETS LESS LIABILITIES		(0.08)%																			(33,584)

NET ASSETS		100.00%																		$	42,554,996

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Balanced-Risk Retirement Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Balanced-Risk Retirement 2050 Fund


Schedule of Investments in Affiliated Issuers–100.08%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Dividend Income		Shares 09/30/18		Value 09/30/18

Asset Allocation Funds–99.69%
Invesco Balanced-Risk Allocation Fund–Class R6^(b)		28.44%	$	10,000,511	$	1,010,848	$	(2,299,679	)	$	113,864	$	(246,071)	$	—		790,735	$	8,579,473

Invesco Balanced-Risk Aggressive Allocation Fund^(b)		71.25%		28,181,038		540,474		(6,634,773	)		340,845		(935,974)		—		2,595,605		21,491,610

Total Asset Allocation Funds				38,181,549		1,551,322		(8,934,452	)		454,709		(1,182,045)		—				30,071,083

Money Market Funds–0.39%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.23%		—		3,030,333		(2,959,930	)		—		—		1,307		70,403		70,403

Invesco Treasury Portfolio–Institutional Class, 1.97%^(c)		0.16%		—		2,136,771		(2,089,835	)		—		—		864		46,936		46,936

Total Money Market Funds				—		5,167,104		(5,049,765	)		—		—		2,171				117,339

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $32,692,403)		100.08%	$	38,181,549	$	6,718,426	$	(13,984,217	)	$	454,709	$	(1,182,045)	$	2,171			$	30,188,422

OTHER ASSETS LESS LIABILITIES		(0.08)%																	(23,025)

NET ASSETS		100.00%																$	30,165,397

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)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Balanced-Risk Retirement Funds

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

Each Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

Invesco Balanced-Risk Retirement Funds

A.	Security Valuations – (continued)

at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Each Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Other Risks – The Funds and certain of the underlying funds are non-diversified and may invest in securities of fewer

issuers than if they were diversified. Thus, the value of each Fund’s shares may vary more widely and the Funds may be

subject to greater market and credit risk than if the Funds invested more broadly.

Invesco Balanced-Risk Retirement Funds

NOTE 2 — Additional Valuation Information


		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.

Invesco Balanced-Risk Retirement Funds

Invesco Convertible Securities Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018




		invesco.com/us MS-CSEC-QTR-1 11/18		Invesco Advisers, Inc.

Schedule of Investments^(a)

September 30, 2018

(Unaudited)


	Principal Amount		Value

Bonds & Notes–77.03%

Aerospace & Defense–0.66%

Aerojet Rocketdyne Holdings, Inc., Sr. Unsec. Conv. Notes, 2.25%, 12/15/2023	$	6,160,000	$	8,807,537

Air Freight & Logistics–2.18%

Air Transport Services Group, Inc., Sr. Unsec. Conv. Notes, 1.13%, 10/15/2024		12,000,000		11,503,200
Atlas Air Worldwide Holdings, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/01/2022		10,000,000		11,579,740
Echo Global Logistics, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/01/2020		5,500,000		5,844,141
				28,927,081

Application Software–11.96%

Atlassian, Inc., Sr. Unsec. Gtd. Conv. Notes, 0.63%, 05/01/2023^(b)		10,000,000		13,110,610
Citrix Systems, Inc., Sr. Unsec. Conv. Notes, 0.50%, 04/15/2019		6,000,000		9,230,364
Coupa Software Inc., Sr. Unsec. Conv. Notes, 0.38%, 01/15/2023^(b)		4,500,000		8,221,892
Guidewire Software, Inc., Sr. Unsec. Conv. Notes, 1.25%, 03/15/2025		9,000,000		9,662,382
HubSpot, Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/2022		3,500,000		5,761,207
New Relic, Inc., Sr. Unsec. Conv. Notes, 0.50%, 05/01/2023^(b)		7,600,000		8,119,194
NICE Systems Inc. (Israel), Sr. Unsec. Gtd. Conv. Bonds, 1.25%, 01/15/2024		9,000,000		12,909,375
Nuance Communications, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/15/2022^(c)		5,129,000		4,851,567
Nutanix, Inc., Sr. Unsec. Conv. Notes, 0.00%, 01/15/2023^(b)(d)		8,000,000		8,872,656
Q2 Holdings, Inc., Sr. Unsec. Conv. Notes, 0.75%, 02/15/2023^(b)		10,617,000		12,573,979
RealPage, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 11/15/2022		9,320,000		15,273,280
RingCentral, Inc., Sr. Unsec. Conv. Notes, 0.00% , 03/15/2023^(b)(d)		10,836,000		13,641,635
Splunk Inc., Sr. Unsec. Conv. Notes, 0.50%, 09/15/2023^(b)		6,000,000		6,223,464
Workday, Inc., Sr. Unsec. Conv. Notes, 0.25%, 10/01/2022^(b)		12,500,000		14,489,650


	Principal Amount		Value

Application Software–(continued)

Zendesk, Inc., Sr. Unsec. Conv. Notes, 0.25%, 03/15/2023^(b)	$	12,500,000	$	15,777,025
				158,718,280

Asset Management & Custody Banks–0.38%

Ares Capital Corp., Sr. Unsec. Conv. Notes, 3.75%, 02/01/2022		5,000,000		5,065,790

Biotechnology–5.41%

BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/2020		5,500,000		6,625,317
Exact Sciences Corp., Sr. Unsec. Conv. Notes, 1.00%, 01/15/2025		12,000,000		14,857,500
Ionis Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 11/15/2021		4,000,000		4,210,000
Ligand Pharmaceuticals, Inc., Sr. Unsec. Conv. Notes, 0.75%, 05/15/2023^(b)		7,982,000		9,736,188
Neurocrine Biosciences, Inc., Sr. Unsec. Conv. Notes, 2.25%, 05/15/2024		12,000,000		20,484,960
Retrophin, Inc., Sr. Unsec. Conv. Notes, 2.50%, 09/15/2025		2,000,000		2,058,790
Sarepta Therapeutics, Inc., Sr. Unsec. Conv. Notes, 1.50%, 11/15/2024^(b)		6,000,000		13,845,000
				71,817,755

Broadcasting–0.43%

Liberty Media Corp., Liberty Formula One, Sr. Unsec. Conv. Bonds, 1.00%, 01/30/2023		4,900,000		5,738,351

Cable & Satellite–1.73%

DISH Network Corp., Sr. Unsec. Conv. Bonds, 3.38%, 08/15/2026		7,300,000		6,980,742
GCI Liberty, Inc., Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023^(b)(c)		14,487,000		15,994,329
				22,975,071

Casinos & Gaming–0.45%

Caesars Entertainment Corp., Sr. Unsec. Conv. Global Notes, 5.00%, 10/01/2024		3,700,000		6,035,022

Communications Equipment–3.23%

CalAmp Corp., Sr. Unsec. Conv. Notes, 2.00%, 08/01/2025^(b)		3,680,000		3,724,723
Lumentum Holdings Inc., Sr. Unsec. Conv. Bonds, 0.25%, 03/15/2024		5,000,000		6,010,135
Palo Alto Networks, Inc., Sr. Unsec. Conv. Notes, 0.75%, 07/01/2023^(b)		19,100,000		20,058,724
Viavi Solutions Inc., Sr. Unsec. Conv. Notes, 1.75%, 10/10/2018^(b)(c)		12,123,000		13,062,533
				42,856,115

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Construction & Engineering–0.70%

Dycom Industries, Inc., Sr. Unsec. Conv. Notes, 0.75%, 09/15/2021	$	8,333,000	$	9,283,695

Construction Machinery & Heavy Trucks–1.65%

Greenbrier Cos., Inc. (The), Sr. Unsec. Conv. Notes, 2.88%, 02/01/2024		11,000,000		13,062,962
Meritor Inc., Sr.Unsec. Conv. Gtd. Notes, 3.25%, 10/15/2037		9,258,000		8,858,369
				21,921,331

Consumer Finance–0.84%

PRA Group, Inc., Sr. Unsec. Conv. Bonds, 3.50%, 06/01/2023		8,943,000		9,177,754
Sr. Unsec. Conv. Notes, 3.00%, 08/01/2020		2,000,000		1,933,692
				11,111,446

Data Processing & Outsourced Services–2.62%

Square, Inc., Sr. Unsec. Conv. Notes, 0.38%, 03/01/2022		3,512,000		15,201,843
0.50%, 05/15/2023^(b)		13,785,000		19,561,136
				34,762,979

Education Services–0.42%

Chegg, Inc., Sr. Unsec. Conv. Notes, 0.25%, 05/15/2023^(b)		4,575,000		5,522,025

Electric Utilities–0.48%

NextEra Energy, Inc., Series I, Conv. Investment Units, 6.12%, 09/01/2019		111,600		6,355,620

Environmental & Facilities Services–0.45%

Team, Inc., Sr. Unsec. Conv. Notes, 5.00%, 08/01/2023		4,750,000		5,996,875

Health Care Equipment–4.40%

DexCom, Inc., Sr. Unsec. Conv. Notes, 0.75%, 05/15/2022		8,333,000		12,822,404
Insulet Corp., Sr. Unsec. Conv. Notes, 1.38%, 11/15/2024^(b)		15,000,000		19,001,340
NuVasive, Inc., Sr. Unsec. Conv. Notes, 2.25%, 03/15/2021		9,500,000		12,059,053
Wright Medical Group N.V., Sr. Unsec. Conv. Bonds, 2.25%, 11/15/2021		3,500,000		5,064,560
Wright Medical Group, Inc., Sr. Unsec. Gtd. Conv. Notes, 1.63%, 06/15/2023^(b)		8,940,000		9,493,162
				58,440,519


	Principal Amount		Value

Health Care Technology–1.57%

Allscripts Healthcare Solutions, Inc., Sr. Unsec. Conv. Bonds, 1.25%, 07/01/2020	$	7,000,000	$	7,385,112
Teladoc Health, Inc., Sr. Unsec. Conv. Notes, 1.38%, 05/15/2025^(b)		7,786,000		13,405,148
				20,790,260

Homefurnishing Retail–0.39%

RH, Sr. Unsec. Conv. Notes, 0.00%, 06/15/2023^(b)(d)		5,506,000		5,208,103

Independent Power Producers & Energy Traders–0.99%

NRG Energy, Inc., Sr. Unsec. Gtd. Conv. Notes, 2.75%, 09/01/2025^(b)(c)		12,465,000		13,153,542

Interactive Home Entertainment–0.34%

Sea Ltd. (Thailand), Sr. Unsec. Conv. Notes, 2.25%, 07/01/2023^(b)		4,588,000		4,551,034

Interactive Media & Services–1.04%

Twitter, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 09/15/2021		8,805,000		8,128,221
Sr. Unsec. Conv. Notes, 0.25%, 06/15/2024^(b)		6,500,000		5,708,489
				13,836,710

Internet & Direct Marketing Retail–3.75%

Altaba Inc., Sr. Unsec. Conv. Notes, 0.00%, 12/01/2018^(d)		6,000,000		7,639,422
Booking Holdings Inc., Sr. Unsec. Conv. Notes, 0.35%, 06/15/2020		8,000,000		12,160,784
0.90%, 09/15/2021		6,000,000		7,133,688
Ctrip.com International, Ltd. (China), Sr. Unsec. Conv. Bonds, 1.25%, 09/15/2019^(c)		9,166,000		8,988,179
Liberty Expedia Holdings, Inc., Sr. Unsec. Conv. Deb., 1.00%, 07/05/2022^(b)(c)		6,000,000		6,041,400
Wayfair, Inc., Sr. Unsec. Conv. Notes, 0.38%, 09/01/2022		5,150,000		7,789,231
				49,752,704

Internet Services & Infrastructure–2.49%

Akamai Technologies, Inc., Sr. Unsec. Conv. Notes, 0.13%, 05/01/2025^(b)		7,900,000		7,788,792
Okta, Inc., Sr. Unsec. Conv. Notes, 0.25%, 02/15/2023^(b)		8,400,000		13,021,722
Twilio Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/2023^(b)		5,497,000		7,417,415
Wix.com Ltd. (Israel), Sr. Unsec. Conv. Notes, 0.00%, 07/01/2023^(b)(d)		4,587,000		4,895,545
				33,123,474

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Internet Software & Services–1.35%

IAC FinanceCo, Inc., Sr. Unsec. Gtd. Conv. Bonds, 0.88%, 10/01/2022^(b)	$	12,000,000	$	17,865,216

Life Sciences Tools & Services–1.62%

Fluidigm Corp., Sr. Unsec. Conv. Notes, 2.75%, 02/06/2023^(c)		5,864,000		6,121,629
Illumina, Inc., Sr. Unsec. Conv. Notes, 0.00%, 08/15/2023^(b)(d)		13,840,000		15,343,771
				21,465,400

Mortgage REITs–0.35%

Blackstone Mortgage Trust, Inc., Sr. Unsec. Conv. Notes, 5.25%, 12/01/2018		3,711,000		4,584,313

Movies & Entertainment–1.06%

Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes, 2.50%, 03/15/2023^(b)		13,000,000		14,078,857

Multi-Line Insurance–0.92%

AXA S.A. (France), Sr. Unsec. Conv. Bonds, 7.25%, 05/15/2021^(b)		11,352,000		12,195,771

Multi-Utilities–0.78%

Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Conv. Investment Units, 6.75%, 08/15/2019^(e)		137,600		6,508,480
DTE Energy Co., Series C, Sr. Unsec. Conv. Investment Units, 6.50%, 10/01/2019		74,100		3,832,452
				10,340,932

Oil & Gas Drilling–1.21%

Transocean Inc., Sr. Unsec. Gtd. Conv. Global Bonds, 0.50%, 01/30/2023		10,829,000		16,081,195

Oil & Gas Equipment & Services–1.90%

Ensco Jersey Finance Ltd., Sr. Unsec. Gtd. Conv. Bonds, 3.00%, 01/31/2024		10,582,000		10,562,444
Oil States International, Inc., Sr. Unsec. Conv. Notes, 1.50%, 02/15/2023^(b)		13,846,000		14,711,154
				25,273,598

Oil & Gas Exploration & Production–1.87%

Oasis Petroleum Inc., Sr. Unsec. Gtd. Conv. Notes, 2.63%, 09/15/2023		11,000,000		14,797,134
SM Energy Co., Sr. Unsec. Conv. Notes, 1.50%, 07/01/2021		3,500,000		3,848,572
Whiting Petroleum Corp., Sr. Unsec. Gtd. Conv. Notes, 1.25%, 04/01/2020		6,500,000		6,250,082
				24,895,788


	Principal Amount		Value

Oil & Gas Storage & Transportation–1.14%

Cheniere Energy, Inc., Sr. Unsec. Conv. Notes, 4.25%, 03/15/2045	$	7,832,000	$	6,321,395
Golar LNG Ltd. (Bermuda), Sr. Unsec. Conv. Notes, 2.75%, 02/15/2022		8,350,000		8,752,821
				15,074,216

Packaged Foods & Meats–0.53%

Post Holdings Inc., Series C, Conv. Amortizing Notes, 2.50% ^(f)		38,800		7,071,719

Pharmaceuticals–3.20%

Avadel Finance Cayman Ltd., Sr. Unsec. Gtd. Conv. Notes, 4.50%, 02/01/2023^(b)		3,000,000		2,517,000
Horizon Pharma Investment Ltd., Sr. Unsec. Gtd. Conv. Bonds, 2.50%, 03/15/2022		8,500,000		8,582,050
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		10,000,000		10,737,190
Sr. Unsec. Gtd. Conv. Notes, 1.50%, 08/15/2024		4,400,000		4,485,532
Medicines Co. (The), Sr. Unsec. Conv. Bonds, 2.50%, 01/15/2022		3,500,000		3,769,826
2.75%, 07/15/2023		3,800,000		3,465,258
Supernus Pharmaceuticals, Inc., Sr. Unsec. Conv. Notes, 0.63%, 04/01/2023^(b)		7,900,000		8,873,398
				42,430,254

Property & Casualty Insurance–0.57%

AmTrust Financial Services, Inc., Sr. Unsec. Conv. Notes, 2.75%, 12/15/2024^(c)		8,000,000		7,593,600

Semiconductors–6.20%

Inphi Corp., Sr. Unsec. Conv. Bonds, 0.75%, 09/01/2021		5,500,000		5,432,020
Integrated Device Technology, Inc., Sr. Unsec. Conv. Bonds, 0.88%, 11/15/2022		9,000,000		13,547,637
Intel Corp., Jr. Unsec. Sub. Conv. Global Deb., 3.25%, 08/01/2039		2,308,000		5,304,073
Microchip Technology Inc., Sr. Unsec. Sub. Conv. Bonds, 1.63%, 02/15/2025		2,482,000		3,762,717
Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/2027		9,375,000		10,014,600
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028^(c)		9,700,000		15,056,485
NXP Semiconductors N.V. (Netherlands), Sr. Unsec. Conv. Notes, 1.00%, 12/01/2019		9,794,000		10,222,282
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Bonds, 1.00%, 12/01/2020		5,600,000		6,510,403

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Semiconductors–(continued)

Silicon Laboratories Inc., Sr. Unsec. Conv. Bonds, 1.38%, 03/01/2022	$	6,688,000	$	7,658,823
Synaptics Inc., Sr. Unsec. Conv. Notes, 0.50%, 06/15/2022		5,000,000		4,795,115
				82,304,155

Steel–1.11%

Cleveland-Cliffs, Inc., Sr. Unsec. Conv. Notes, 1.50%, 01/15/2025		9,000,000		14,790,006

Systems Software–2.96%

FireEye, Inc., Sr. Unsec. Conv. Notes, 0.88%, 06/01/2024^(b)		8,333,000		8,311,234
Series B, Sr. Unsec. Conv. Bonds, 1.63%, 06/01/2022^(c)		5,900,000		5,426,619
Rapid7 Inc., Sr. Unsec. Conv. Notes,1.25%, 08/01/2023^(b)		3,670,000		4,057,185
ServiceNow, Inc., Sr. Unsec. Conv. Notes, 0.00% , 06/01/2022^(d)		14,400,000		21,540,125
				39,335,163

Technology Hardware, Storage & Peripherals–1.70%

Electronics for Imaging, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 09/01/2019		8,000,000		7,903,864
Pure Storage, Inc., Sr. Unsec. Conv. Notes, 0.13%, 04/15/2023^(b)		5,000,000		5,804,260
Western Digital Corp., Sr. Unsec. Gtd. Conv. Notes, 1.50%, 02/01/2024^(b)		9,500,000		8,814,775
				22,522,899
Total Bonds & Notes (Cost $884,270,175)				1,022,654,401

	Shares

Preferred Stocks–17.95%

Agricultural Products–0.41%

Bunge Ltd., $4.88 Conv. Pfd.		50,000		5,425,000

Asset Management & Custody Banks–0.87%

AMG Capital Trust II, $2.58 Conv. Pfd.		200,200		11,540,369

Diversified Banks–3.52%

Bank of America Corp., Series L, $72.50 Conv. Pfd.		17,800		23,037,650
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		18,300		23,623,104
				46,660,754

Gas Utilities–0.77%

South Jersey Industries Inc, $3.63 Conv. Pfd.		183,600		10,246,716


	Shares		Value

Health Care Equipment–1.82%

Becton, Dickinson and Co., Series A, $3.06 Conv. Pfd.		370,000	$	24,183,200

Industrial Machinery–2.79%

Fortive Corp., Series A, $50.00 Conv. Pfd.		12,203		13,164,718
Rexnord Corp., Series A, $2.88 Conv. Pfd.		151,600		9,854,000
Stanley Black & Decker Inc., Series C, $5.38 Conv. Investment Units		128,100		14,041,041
				37,059,759

Internet Software & Services–1.02%

Mandatory Exchangeable Trust (China), $5.75 Conv. Pfd.^(b)		73,100		13,550,912

Multi-Line Insurance–0.99%

Assurant Inc., Series D, $6.50 Conv. Pfd.		116,100		13,068,216

Multi-Utilities–0.91%

CenterPoint Energy Inc., Series B, $3.50 Conv.Pfd.		109,242		5,515,629
Sempra Energy, Series A, $6.00 Conv. Pfd.		65,400		6,594,936
				12,110,565

Oil & Gas Drilling–0.91%

Nabors Industries Ltd., Series A, $3.00 Conv. Pfd.		274,600		12,120,844

Oil & Gas Exploration & Production–1.06%

Hess Corp., Series A, $4.00 Conv. Pfd.		176,200		14,004,376

Other Diversified Financial Services–0.53%

2017 Mandatory Exchangeable Trust, $5.19 Conv. Pfd.^(b)		60,000		7,067,634

Specialized REITs–1.16%

Crown Castle International Corp., Series A, $68.75 Conv. Pfd.		14,204		15,425,544

Specialty Chemicals–1.19%

International Flavors & Fragrances Inc., $3.00 Conv. Pfd.		275,232		15,825,840
Total Preferred Stocks (Cost $209,525,807)				238,289,729

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Shares		Value

Money Market Funds–4.79%

Invesco Government & Agency Portfolio–Institutional Class, 1.97% ^(g)		23,914,357	$	23,914,357
Invesco Liquid Assets Portfolio–Institutional Class, 2.15% ^(g)		17,079,715		17,084,839
Invesco Treasury Portfolio–Institutional Class, 1.97% ^(g)		22,583,671		22,583,671
Total Money Market Funds (Cost $63,580,130)				63,582,867
TOTAL INVESTMENTS IN SECURITIES–99.77% (Cost $1,157,376,112)				1,324,526,997
OTHER ASSETS LESS LIABILITIES–0.23%				3,018,572

NET ASSETS-100.00%			$	1,327,545,569


Investment Abbreviations:


Conv.		—Convertible
Deb.		—Debentures
Gtd.		—Guaranteed
Jr.		—Junior
Pfd.		—Preferred
REIT		—Real Estate Investment Trust
Sr.		—Senior
Sub.		—Subordinated
Unsec.		—Unsecured

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)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2018 was $445,411,622, which represented 33.55% of the Fund’s Net Assets.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)	Each corporate unit consists of purchase contract for issuer’s common stock & 1/40^th undivided beneficial ownership interest in the issuer’s Series A, 1.50% Subordinated notes due 2020.

^(f)	Perpetual bond with no specified maturity date.

^(g)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Convertible Securities Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Invesco Convertible Securities Fund

NOTE 2 — Additional Valuation Information


		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 September 30, 2018. 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
Bonds & Notes	$	—	$	1,022,654,401	$	—	$	1,022,654,401
Preferred Stocks		217,671,183		20,618,546		—		238,289,729
Money Market Funds		63,582,867		—		—		63,582,867
Total Investments	$	281,254,050	$	1,043,272,947	$	—	$	1,324,526,997

Invesco Convertible Securities Fund

Invesco Global Low Volatility Equity Yield Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

GLVEY-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.28%

Australia–7.42%

CSR Ltd.		368,115	$	1,000,163
Northern Star Resources Ltd.		256,368		1,538,119
Qantas Airways Ltd.		289,205		1,227,985
Regis Resources Ltd.		420,830		1,129,456
St. Barbara Ltd.		347,544		876,765
Wesfarmers Ltd.		6,037		217,538
Whitehaven Coal Ltd.		346,886		1,359,314
				7,349,340

Canada–13.51%

Canfor Corp. ^(a)		53,308		993,812
Capital Power Corp.		67,015		1,479,191
Empire Co. Ltd. -Class A		78,295		1,426,907
Kinross Gold Corp. ^(a)		328,419		895,006
Kirkland Lake Gold Ltd.		50,637		959,698
Quebecor Inc. –Class B		74,025		1,484,340
Superior Plus Corp.		130,193		1,278,092
TFI International Inc.		38,711		1,405,003
Toronto-Dominion Bank (The)		18,616		1,131,243
Transcontinental Inc. –Class A		65,790		1,166,408
West Fraser Timber Co., Ltd.		20,605		1,172,666
				13,392,366

China–0.34%

Yangzijiang Shipbuilding Holdings Ltd.		373,500		337,566

Denmark–1.54%

Royal Unibrew A/S		18,480		1,522,041

Finland–1.67%

UPM-Kymmene Oyj		42,072		1,651,053

France–1.36%

Peugeot S.A.		50,183		1,349,947

Germany–1.64%

Covestro AG-REGS^(b)		12,332		1,000,261
TUI AG		32,711		626,893
				1,627,154

Hong Kong–3.47%

CLP Holdings Ltd.		118,500		1,387,333
Kerry Properties Ltd.		292,000		990,324
NWS Holdings Ltd.		539,000		1,065,834
				3,443,491

Israel–0.33%

Plus500 Ltd.		19,048		330,946

Japan–5.36%

Aoyama Trading Co. Ltd.		36,900		1,133,436
Astellas Pharma Inc.		27,200		474,480


	Shares		Value

Japan–(continued)

Brother Industries, Ltd.		11,600	$	229,100
Dai Nippon Printing Co., Ltd.		28,500		662,709
Haseko Corp.		87,200		1,127,430
Mitsui & Co. Ltd.		79,000		1,404,854
Nishimatsu Construction Co., Ltd.		10,900		275,906
				5,307,915

Jordan–0.65%

Hikma Pharmaceuticals PLC		26,734		644,634

Netherlands–1.36%

Koninklijke Ahold Delhaize N.V.		58,914		1,350,942

New Zealand–2.36%

Contact Energy Ltd.		179,123		692,206
Mercury NZ Ltd.		95,116		212,155
Spark New Zealand Ltd.		535,899		1,438,644
				2,343,005

Norway–4.12%

Salmar A.S.A		27,821		1,388,529
Telenor A.S.A		67,822		1,325,815
TGS NOPEC Geophysical Co. A.S.A		33,622		1,366,555
				4,080,899

Russia–1.64%

Evraz PLC		220,313		1,623,991

Sweden–6.60%

Axfood AB		63,934		1,197,045
Loomis AB-Class B		38,461		1,238,556
Sandvik AB		78,968		1,401,670
Svenska Cellulosa AB SCA-Class B		127,221		1,441,496
Swedish Match AB		24,724		1,265,772
				6,544,539

United Kingdom–7.70%

Barratt Developments PLC		46,028		340,160
Bovis Homes Group PLC		84,208		1,177,141
Next PLC		18,525		1,326,553
PageGroup PLC		182,436		1,358,555
Persimmon PLC		34,871		1,073,925
Royal Mail PLC		168,452		1,046,431
Vodafone Group PLC		609,524		1,306,876
				7,629,641

United States–35.21%

AbbVie Inc.		14,414		1,363,276
Amgen Inc.		6,856		1,421,180
Biogen Inc. ^(a)		4,663		1,647,485
BRP Inc.		31,458		1,475,663
CF Industries Holdings, Inc.		31,604		1,720,522
CubeSmart		34,915		996,125
Domtar Corp.		26,438		1,379,271

See accompanying notes which are an integral part of this schedule.

Invesco Global Low Volatility Equity Yield Fund


	Shares		Value

United States–(continued)

EastGroup Properties, Inc.		3,119	$	298,239
Encompass Health Corp.		17,280		1,346,976
Entergy Corp.		16,521		1,340,349
FirstEnergy Corp.		36,820		1,368,599
Gaming and Leisure Properties, Inc.		39,902		1,406,546
Gilead Sciences, Inc.		17,456		1,347,778
Herbalife Nutrition Ltd. ^(a)		16,420		895,711
HollyFrontier Corp.		19,317		1,350,258
HP Inc.		55,635		1,433,714
Huntsman Corp.		43,236		1,177,316
Hyatt Hotels Corp. -Class A		17,927		1,426,810
John Wiley & Sons, Inc. -Class A		21,532		1,304,839
Kohl’s Corp.		19,588		1,460,285
Macy’s, Inc.		38,383		1,333,042
National Health Investors, Inc.		18,234		1,378,308
NetApp, Inc.		4,370		375,339
Newmont Mining Corp.		35,049		1,058,480
ResMed Inc.		124,995		1,428,979
Seagate Technology PLC		25,452		1,205,152
Target Corp.		15,797		1,393,453
Xenia Hotels & Resorts, Inc.		23,540		557,898
				34,891,593
Total Common Stocks & Other Equity Interests (Cost $94,835,130)				95,421,063

Investment Abbreviations:


REGS		—Regulation S

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at September 30, 2018 represented 1.01% of the Fund’s Net Assets.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.


	Shares	Value

Money Market Funds–3.31%

Invesco Government & Agency Portfolio – Institutional Class, 1.97% ^(c)	367,607	$	367,607
Invesco Liquid Assets Portfolio –Institutional Class, 2.15% ^(c)	262,499		262,578
Invesco Treasury Portfolio –Institutional Class, 1.97% ^(c)	2,648,248		2,648,248
Total Money Market Funds (Cost $3,278,438)			3,278,433
TOTAL INVESTMENTS IN SECURITIES–99.59% (Cost $98,113,568)			98,699,496
OTHER ASSETS LESS LIABILITIES–0.41%			409,826

NET ASSETS–100.00%		$	99,109,322


Open Futures Contracts
Long Futures Contracts	Number of Contracts	Expiration Month		Notional Value		Value		Unrealized Appreciation
Dow Jones EURO STOXX 50 Index	10		December-2018	$	393,248	$	7,414	$	7,414
E-Mini S&P 500 Index	12		December-2018		1,751,400		13,716		13,716
FTSE 100 Index	2		December-2018		195,158		5,745		5,745
SGX NIKKEI 225 Index	2		December-2018		319,926		24,757		24,757
Total Futures Contracts—Equity Risk						$	51,632	$	51,632

See accompanying notes which are an integral part of this schedule.

Invesco Global Low Volatility Equity Yield Fund


Open Forward Foreign Currency Contracts
							Unrealized Appreciation (Depreciation	)
Settlement		Contract to
Date	Counterparty	Deliver		Receive
10/12/2018	State Street Bank and Trust Co.	CHF	45,790	USD	47,131	$	432
10/12/2018	State Street Bank and Trust Co.	JPY	563,000,000	USD	5,062,713		103,988
Subtotal							104,420
10/12/2018	State Street Bank and Trust Co.	AUD	11,900,000	USD	8,475,057		(127,114	)
10/12/2018	State Street Bank and Trust Co.	CAD	18,980,000	USD	14,444,861		(253,203	)
10/12/2018	State Street Bank and Trust Co.	DKK	16,500,000	USD	2,568,205		(2,856	)
10/12/2018	State Street Bank and Trust Co.	EUR	5,000,000	USD	5,804,755		(5,051	)
10/12/2018	State Street Bank and Trust Co.	GBP	9,540,000	USD	12,435,896		(4,015	)
10/12/2018	State Street Bank and Trust Co.	NOK	32,200,000	USD	3,861,577		(96,459	)
10/12/2018	State Street Bank and Trust Co.	NZD	5,225,000	USD	3,438,479		(25,127	)
10/12/2018	State Street Bank and Trust Co.	SEK	56,900,000	USD	6,297,421		(110,103	)
10/12/2018	State Street Bank and Trust Co.	SGD	323,052	USD	234,615		(1,760	)
10/12/2018	State Street Bank and Trust Co.	USD	1,096,236	DKK	7,000,000		(5,482	)
10/12/2018	State Street Bank and Trust Co.	USD	537,058	EUR	460,000		(2,556	)
10/12/2018	State Street Bank and Trust Co.	USD	1,952,575	GBP	1,490,000		(9,654	)
10/12/2018	State Street Bank and Trust Co.	USD	1,215,331	NZD	1,825,000		(5,555	)
Subtotal							(648,935	)
Total Forward Foreign Currency Contracts—Currency Risk						$	(544,515	)

Abbreviations:

AUD

— Australian Dollar

EUR

— Euro

NZD

— New Zealand Dollar

CAD

— Canadian Dollar

GBP

— British Pound Sterling

SEK

— Swedish Krona

CHF

— Swiss Franc

JPY

— Japanese Yen

SGD

— Singapore Dollar

DKK

— Danish Krone

NOK

— Norwegian Krone

USD

— U.S. Dollar

See accompanying notes which are an integral part of this schedule.

Invesco Global Low Volatility Equity Yield Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Global Low Volatility Equity Yield Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco Global Low Volatility Equity Yield Fund

E.	Forward Foreign Currency Contracts –(continued)

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Collateral – To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2 — Additional Valuation Information

Invesco Global Low Volatility Equity Yield Fund


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 Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended September 30, 2018, there were transfers from Level 1 to Level 2 of $337,566 and from Level 2 to Level 1 of $4,235,918, due to foreign fair value adjustments.


		Level 1		Level 2			Level 3		Total
Investments in Securities
Australia	$	2,632,422	$	4,716,918		$	—	$	7,349,340
Canada		13,392,366		—			—		13,392,366
China		—		337,566			—		337,566
Denmark		1,522,041		—			—		1,522,041
Finland		1,651,053		—			—		1,651,053
France		—		1,349,947			—		1,349,947
Germany		1,000,261		626,893			—		1,627,154
Hong Kong		3,443,491		—			—		3,443,491
Israel		330,946		—			—		330,946
Japan		4,180,485		1,127,430			—		5,307,915
Jordan		644,634		—			—		644,634
Netherlands		1,350,942		—			—		1,350,942
New Zealand		2,343,005		—			—		2,343,005
Norway		2,714,344		1,366,555			—		4,080,899
Russia		—		1,623,991			—		1,623,991
Sweden		6,544,539		—			—		6,544,539
United Kingdom		4,150,730		3,478,911			—		7,629,641
United States		33,462,614		1,428,979			—		34,891,593
Money Market Funds		3,278,433		—			—		3,278,433
Total Investments in Securities		82,642,306		16,057,190			—		98,699,496
Other Investments – Assets^*
Forward Foreign Currency Contracts		—		104,420			—		104,420
Futures Contracts		51,632		—			—		51,632
	51,632		104,420			—		156,052
Other Investments – Liabilities^*
Forward Foreign Currency Contracts		—		(648,935	)		—		(648,935	)
Total Other Investments		51,632		(544,515	)		—		(492,883	)
Total Investments	$	82,693,938	$	15,512,675		$	—	$	98,206,613

* Unrealized appreciation (depreciation).

Invesco Global Low Volatility Equity Yield Fund

NOTE 3 — Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of September 30, 2018:


	Value
Derivative Assets	Currency Risk			Equity Risk			Total
Unrealized appreciation on futures contracts—Exchange-Traded	$	—		$	51,632		$	51,632
Unrealized appreciation on forward foreign currency contracts outstanding		104,420			—			104,420
Total Derivative Assets		104,420			51,632			156,052
Derivatives not subject to master netting agreements		—			(51,632	)		(51,632	)
Total Derivative Assets subject to master netting agreements	$	104,420		$	—		$	104,420

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(648,935	)	$	—		$	(648,935	)
Derivatives not subject to master netting agreements		—			—			—
Total Derivative Liabilities subject to master netting agreements	$	(648,935	)	$	—		$	(648,935	)

Effect of Derivative Investments for the nine months ended September 30, 2018

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain on Statement of Operations
	Currency Risk		Equity Risk		Total
Realized Gain:
Forward foreign currency contracts	$	2,009,653	$	—	$	2,009,653
Futures contracts		—		17,722		17,722
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		95,751		—		95,751
Futures contracts		—		38,203		38,203
Total	$	2,105,404	$	55,925	$	2,161,329

The table below summarizes the nine months average notional value of forward foreign currency contracts and futures contracts outstanding during the period.


	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$ 67,065,097	$	2,727,249

Invesco Global Low Volatility Equity Yield Fund

Invesco Income Allocation Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

INCAL-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–100.13%^(a)


	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Domestic Equity Funds–20.65%
Invesco Dividend Income Fund-Class R6		10.90%	$	78,908,362	$	5,402,406	$	(22,986,455	)	$	(2,065,135	)	$	(161,195	)	$	1,375,156		2,464,470	$	59,097,983

Invesco Russell Top 200 Pure Value ETF		5.84%		43,416,876		2,878,232		(14,823,097	)		(1,948,297	)		2,153,461			704,885		813,065		31,677,175

Invesco S&P High Income Infrastructure ETF		3.91%		—		23,386,184		(1,610,409	)		(595,007	)		11,260			599,126		815,078		21,192,028

Total Domestic Equity Funds				122,325,238		31,666,822		(39,419,961	)		(4,608,439	)		2,003,526			2,679,167				111,967,186

Fixed-Income Funds–68.53%
Invesco 1-30 Laddered Treasury ETF		0.00%		21,875,089		499,602		(21,423,698	)		482,192			(1,433,185	)		152,082		—		—

Invesco Core Plus Bond Fund-Class R6		14.51%		83,949,334		8,582,497		(10,293,826	)		(2,856,682	)		(693,219	)		2,215,460		7,529,962		78,688,104

Invesco Corporate Bond Fund-Class R6		3.77%		29,623,352		898,877		(8,660,400	)		(1,096,131	)		(340,857	)		804,775		2,897,140		20,424,841

Invesco Emerging Markets Sovereign Debt ETF		3.49%		32,633,074		852,628		(11,885,920	)		(2,137,511	)		(564,076	)		857,505		700,452		18,898,195

Invesco Floating Rate Fund-Class R6		8.75%		45,056,197		10,914,073		(8,709,858	)		585,662			(409,629	)		1,634,006		6,249,861		47,436,445

Invesco High Yield Fund-Class R6		6.76%		45,068,460		2,434,358		(9,837,817	)		(151,110	)		(850,650	)		1,680,172		8,964,118		36,663,241

Invesco Multi-Asset Income Fund-Class R6		10.00%		62,283,018		8,683,469		(14,856,072	)		(1,452,755	)		(415,824	)		2,113,628		5,117,154		54,241,836

Invesco Quality Income Fund-Class R5		11.76%		73,007,642		3,237,686		(9,367,046	)		(2,517,017	)		(582,944	)		2,167,058		5,555,603		63,778,321

Invesco Taxable Municipal Bond ETF		3.51%		—		20,718,056		(1,328,739	)		(372,613	)		(6,934	)		347,993		653,706		19,009,770

Invesco Variable Rate Preferred ETF		5.98%		32,462,594		4,848,403		(3,881,895	)		(838,223	)		(136,111	)		1,161,484		1,303,928		32,454,768

Total Fixed-Income Funds				425,958,760		61,669,649		(100,245,271	)		(10,354,188	)		(5,433,429	)		13,134,163				371,595,521

Foreign Equity Funds–5.43%
Invesco S&P International Developed Low Volatility ETF		5.43%		34,250,632		886,479		(4,590,420	)		(1,334,887	)		234,726			797,756		906,605		29,446,530

Real Estate Funds–4.97%
Invesco Global Real Estate Income Fund-Class R6		4.97%		39,066,558		1,596,115		(12,880,495	)		(1,064,929	)		205,656			814,002		3,028,448		26,922,905

Money Market Funds–0.55%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%(b)		0.19%		1,336,068		27,025,266		(27,307,116	)		—			—			8,194		1,054,218		1,054,218

Invesco Liquid Assets Portfolio–Institutional Class, 2.15%^(b)		0.14%		954,226		19,303,762		(19,510,436	)		3			86			6,740		747,417		747,641

Invesco Treasury Portfolio–Institutional Class, 1.97%^(b)		0.22%		1,526,934		30,180,843		(30,502,956	)		—			—			8,174		1,204,821		1,204,821

Total Money Market Funds				3,817,228		76,509,871		(77,320,508	)		3			86			23,108				3,006,680

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $518,647,511)		100.13%	$	625,418,416	$	172,328,936	$	(234,456,655	)		$(17,362,440)			$(2,989,435)			$17,448,196			$	542,938,822

OTHER ASSETS LESS LIABILITIES		(0.13)%																			(691,317)

NET ASSETS		100.00%																		$	542,247,505

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, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Income Allocation Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

Invesco Income Allocation Fund

A.	Security Valuations – (continued)

security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco Income Allocation Fund

NOTE 2 — Additional Valuation Information


		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.

As of September 30, 2018, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule 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 Income Allocation Fund

Invesco International Allocation Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

INTAL-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)

Invesco International Allocation Fund


Schedule of Investments in Affiliated Issuers–100.09%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Foreign Equity Funds–99.62%
Invesco Developing Markets Fund-Class R6		5.01%	$	7,954,496	$	841,353	$	(567,283	)	$	(1,347,384	)	$	195,669	$	—		220,051	$	7,076,851

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		8.90%		28,507,296		47,499		(1,250,985	)		(15,111,954	)		369,546		191,217		385,674		12,561,402

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		16.80%		14,180,533		1,200,070		(4,504,581	)		11,632,006			1,203,173		553,851		547,947		23,711,201

Invesco FTSE RAFI Emerging Markets ETF		6.02%		9,608,934		663,851		(1,348,990	)		(995,771	)		572,941		228,360		402,127		8,500,965

Invesco International Companies Fund- Class R6		13.95%		19,063,742		3,492,379		(2,052,916	)		(1,288,282	)		466,387		—		1,680,727		19,681,310

Invesco International Core Equity Fund- Class R6		9.08%		15,873,099		321,749		(2,367,953	)		(1,553,432	)		535,113		—		1,099,449		12,808,576

Invesco International Growth Fund- Class R6		18.19%		28,572,194		366,534		(2,042,880	)		(2,014,362	)		791,969		—		728,945		25,673,455

Invesco International Small Company Fund- Class R6		6.87%		11,160,107		343,212		(1,063,322	)		(1,314,782	)		572,078		—		543,570		9,697,293

Invesco Low Volatility Emerging Markets Fund- Class R6		3.93%		6,392,705		471,443		(495,056	)		(832,488	)		14,008		—		725,570		5,550,612

Invesco S&P International Developed Low Volatility ETF		10.87%		17,394,848		485,993		(1,932,640	)		(913,862	)		303,432		420,342		472,222		15,337,771

Total Foreign Equity Funds				158,707,954		8,234,083		(17,626,606	)		(13,740,311	)		5,024,316		1,393,770				140,599,436

Money Market Funds–0.47%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(b)		0.13%		576,845		4,212,218		(4,608,551	)		—			—		1,920		180,512		180,512

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(b)		0.09%		412,030		3,008,727		(3,291,874	)		—			54		1,582		128,898		128,937

Invesco Treasury Portfolio–Institutional Class, 1.97%^(b)		0.25%		659,252		5,241,510		(5,543,310	)		—			—		3,301		357,452		357,452

Total Money Market Funds				1,648,127		12,462,455		(13,443,735	)		—			54		6,803				666,901

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $123,260,031)		100.09%	$	160,356,081	$	20,696,538	$	(31,070,341	)	$	(13,740,311	)	$	5,024,370	$	1,400,573			$	141,266,337

OTHER ASSETS LESS LIABILITIES		(0.09)%																		(133,915)

NET ASSETS		100.00%																	$	141,132,422

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, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco International Allocation Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

Invesco International Allocation Fund

A.	Security Valuations – (continued)

inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

NOTE 2 — Additional Valuation Information


		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.

Invesco International Allocation Fund

Invesco Mid Cap Core Equity Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018




		invesco.com/us MCCE-QTR-1 11/18		Invesco Advisers, Inc.

Schedule of Investments^(a)

September 30, 2018

(Unaudited)


	Shares		Value

Common Stocks–83.73%

Apparel, Accessories & Luxury Goods–1.28%

Samsonite International S.A. ^(b)		3,767,700	$	13,957,386

Application Software–1.21%

Synopsys, Inc. ^(c)		134,569		13,269,849

Asset Management & Custody Banks–1.61%

St James’s Place PLC (United Kingdom)		1,177,630		17,534,763

Biotechnology–1.28%

BioMarin Pharmaceutical Inc. ^(c)		143,644		13,929,159

Building Products–0.58%

Allegion PLC		69,668		6,309,831

Commodity Chemicals–2.01%

Orion Engineered Carbons S.A. (Luxembourg)		176,294		5,659,037
Valvoline, Inc.		758,029		16,305,204
				21,964,241

Communications Equipment–3.51%

CommScope Holding Co., Inc. ^(c)		557,659		17,153,591
Motorola Solutions, Inc.		162,365		21,130,181
				38,283,772

Data Processing & Outsourced Services–2.67%

Jack Henry & Associates, Inc.		141,659		22,676,773
PagSeguro Digital Ltd. -Class A (Brazil)^(c)		235,218		6,508,482
				29,185,255

Department Stores–1.12%

Nordstrom, Inc.		205,183		12,271,995

Electronic Components–1.06%

Amphenol Corp. -Class A		123,018		11,566,152

Electronic Equipment & Instruments–1.54%

Keysight Technologies, Inc. ^(c)		254,502		16,868,392

Electronic Manufacturing Services–0.63%

IPG Photonics Corp. ^(c)		43,853		6,844,138

Environmental & Facilities Services–2.44%

Republic Services, Inc.		221,725		16,110,539
Tetra Tech, Inc.		154,858		10,576,801
				26,687,340

Financial Exchanges & Data–1.98%

Moody’s Corp.		129,153		21,594,382

General Merchandise Stores–2.35%

Dollar General Corp.		234,843		25,668,340


	Shares		Value

Health Care Equipment–6.00%

Hill-Rom Holdings, Inc.		121,127	$	11,434,389
ResMed Inc.		115,916		13,369,752
Wright Medical Group N.V. ^(c)		547,213		15,880,121
Zimmer Biomet Holdings, Inc.		188,822		24,824,428
				65,508,690

Health Care Supplies–0.69%

DENTSPLY SIRONA Inc.		201,028		7,586,797

Homebuilding–1.85%

D.R. Horton, Inc.		478,521		20,184,016

Industrial Machinery–12.10%

Altra Industrial Motion Corp.		65,566		2,707,869
Colfax Corp. ^(c)		354,022		12,766,033
Crane Co.		69,425		6,827,949
Fortive Corp.		225,671		19,001,498
Gates Industrial Corp. PLC ^(c)		328,665		6,408,967
Ingersoll-Rand PLC		120,832		12,361,114
ITT Inc.		374,115		22,918,285
Lincoln Electric Holdings, Inc.		62,011		5,794,308
Nordson Corp.		102,818		14,281,420
Parker-Hannifin Corp.		63,753		11,726,089
Stanley Black & Decker Inc.		77,145		11,297,114
Timken Co. (The)		122,802		6,121,680
				132,212,326

Internet & Direct Marketing Retail–0.89%

Just Eat PLC (United Kingdom)^(c)		1,111,177		9,706,563

IT Consulting & Other Services–1.97%

EPAM Systems, Inc. ^(c)		156,667		21,573,046

Life & Health Insurance–1.34%

Torchmark Corp.		169,256		14,672,803

Life Sciences Tools & Services–1.74%

Agilent Technologies, Inc.		269,015		18,976,318

Marine–0.97%

Kirby Corp. ^(c)		128,789		10,592,895

Movies & Entertainment–1.94%

Viacom Inc. -Class B		626,429		21,148,243

Multi-Utilities–1.38%

CMS Energy Corp.		307,430		15,064,070

Office Services & Supplies–0.66%

Societe BIC S.A. (France)		79,044		7,236,386

Oil & Gas Equipment & Services–2.56%

Apergy Corp. ^(c)		114,890		5,004,608
Cactus, Inc. -Class A ^(c)		158,285		6,059,150

See accompanying notes which are an integral part of this schedule.

Invesco Mid Cap Core Equity Fund


	Shares		Value

Oil & Gas Equipment & Services–(continued)

Core Laboratories N.V.		145,678	$	16,873,883
				27,937,641

Oil & Gas Exploration & Production–2.80%

Concho Resources Inc. ^(c)		140,951		21,530,265
Seven Generations Energy Ltd. -Class A (Canada) ^(c)		755,423		9,006,708
				30,536,973

Packaged Foods & Meats–3.71%

JM Smucker Co. (The)		99,833		10,243,864
Kellogg Co.		154,990		10,852,400
McCormick & Co., Inc.		93,651		12,338,519
Nomad Foods Ltd. (United Kingdom)^(c)		348,083		7,052,162
				40,486,945

Paper Packaging–0.99%
Packaging Corp. of America		98,442		10,798,103

Property & Casualty Insurance–3.17%

Arch Capital Group Ltd. ^(c)		426,729		12,720,791
Progressive Corp. (The)		309,067		21,956,120
				34,676,911

Railroads–1.11%

Genesee & Wyoming Inc. -Class A ^(c)		133,622		12,158,266

Regional Banks–2.71%

Comerica Inc.		117,710		10,617,442
First Republic Bank		198,228		19,029,888
				29,647,330

Semiconductor Equipment–2.37%

KLA-Tencor Corp.		157,177		15,986,472
Teradyne, Inc.		267,157		9,879,466
				25,865,938


	Shares	Value

Semiconductors–4.66%
Analog Devices, Inc.	166,993	$	15,440,173
MACOM Technology Solutions Holdings, Inc. ^(c)	611,597		12,598,898
Microchip Technology Inc.	126,005		9,943,054
Xilinx, Inc.	161,045		12,910,978
			50,893,103

Specialty Chemicals–1.04%
International Flavors & Fragrances Inc.	81,753		11,373,477

Specialty Stores–0.68%
Ulta Beauty, Inc. ^(c)	26,287		7,416,088

Steel–1.13%
Reliance Steel & Aluminum Co.	73,802		6,294,572
Steel Dynamics, Inc.	132,820		6,002,136
			12,296,708
Total Common Stocks (Cost $659,369,067)			914,484,631

Money Market Funds–16.44%
Invesco Government & Agency Portfolio– Institutional Class, 1.97% ^(d)	60,608,880		60,608,880
Invesco Liquid Assets Portfolio –Institutional Class, 2.15% ^(d)	43,284,546		43,297,531
Invesco Treasury Portfolio –Institutional Class, 1.97% ^(d)	75,656,152		75,656,152
Total Money Market Funds (Cost $179,556,050)			179,562,563
TOTAL INVESTMENTS IN SECURITIES–100.17% (Cost $838,925,117)			1,094,047,194
OTHER ASSETS LESS LIABILITIES–(0.17)%			(1,863,717	)

NET ASSETS—100.00%		$	1,092,183,477

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)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at September 30, 2018 represents 1.28% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Mid Cap Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Mid Cap Core Equity Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco Mid Cap Core Equity Fund

E. Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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.


		Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	896,949,868	$	17,534,763	$	—	$	914,484,631
Money Market Funds		179,562,563		—		—		179,562,563
Total Investments	$	1,076,512,431	$	17,534,763	$	—	$	1,094,047,194

Invesco Mid Cap Core Equity Fund

Invesco Multi-Asset Inflation Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

MAI-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)


Invesco Multi-Asset Inflation Fund Schedule of Investments in Affiliated and Unaffiliated Issuers–100.02%^(a)
	% of Net Assets 09/30/18		Value 12/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–7.95%
Invesco DB Oil Fund^(b)		7.95%	$	109,488	$	44,831	$	(55,117	)	$	28,352		$	7,071		$	—		9,987	$	134,625

Asset Allocation Funds–9.37%
Invesco Balanced-Risk Commodity Strategy Fund-Class R6		9.37%		133,402		48,953		(14,998	)		(7,211	)		(1,410	)		—		23,344		158,736

Domestic Equity Funds–26.50%
Energy Select Sector SPDR Fund (The)-ETF^(c)		5.79%		81,293		31,614		(19,156	)		3,725			607			1,950		1,295		98,083

Invesco Energy Fund-Class R5		5.78%		81,354		33,404		(21,211	)		7,930			(3,635	)		—		3,632		97,842

iShares U.S. Consumer Goods-ETF^(c)		7.09%		98,723		45,500		(18,147	)		(5,538	)		(360	)		2,200		1,011		120,178

iShares U.S. Health Care-ETF^(c)		7.84%		107,500		45,431		(41,096	)		18,537			2,528			1,009		655		132,900

Total Domestic Equity Funds				368,870		155,949		(99,610	)		24,654			(860	)		5,159		6,593		449,003

Fixed-Income Funds–34.50%
Invesco Emerging Market Flexible Bond Fund-Class R6		1.97%		27,505		12,247		(2,784	)		(2,966	)		(592	)		1,062		5,663		33,410

Invesco Floating Rate Fund-Class R6		4.94%		68,517		26,700		(11,856	)		552			(232	)		2,645		11,025		83,681

Invesco High Yield Fund-Class R6		4.51%		62,560		23,932		(8,681	)		(963	)		(417	)		2,850		18,687		76,431

Invesco Income Fund-Class R5^(d)		6.24%		87,660		35,379		(15,341	)		(1,421	)		(566	)		1,681		12,263		105,711

Invesco Quality Income Fund-Class R5		1.98%		27,381		10,110		(2,692	)		(1,147	)		(154	)		966		2,918		33,498

Invesco Short Duration Inflation Protected Fund-Class R6		14.86%		207,549		85,596		(38,171	)		(2,055	)		(1,110	)		4,052		24,615		251,809

Total Fixed-Income Funds				481,172		193,964		(79,525	)		(8,000	)		(3,071	)		13,256		75,171		584,540

Foreign Equity Funds–14.51%
Invesco Global Infrastructure Fund -Class R6		6.57%		93,033		33,837		(13,990	)		(1,237	)		(359	)		1,259		10,773		111,284

Invesco Gold & Precious Metals Fund -Class Y		5.98%		84,709		56,920		(14,747	)		(22,470	)		(3,203	)		—		31,237		101,209

Invesco International Growth Fund -Class R6		1.96%		27,904		9,701		(3,128	)		(1,136	)		(77	)		—		944		33,264

Total Foreign Equity Funds				205,646		100,458		(31,865	)		(24,843	)		(3,639	)		1,259		42,954		245,757

Real Estate Funds–6.65%
Invesco Global Real Estate Income Fund - Class R6		6.65%		94,339		31,935		(10,948	)		(2,295	)		(271	)		2,920		12,684		112,760

Money Market Funds–0.54%
Invesco Government & Agency Portfolio–Institutional Class, 1.97%^(e)		0.19%		2,466		194,137		(193,386	)		—			—			52		3,217		3,217

Invesco Liquid Assets Portfolio–Institutional Class, 2.15%^(e)		0.13%		1,761		138,669		(138,130	)		—			(3	)		42		2,297		2,297

Invesco Treasury Portfolio–Institutional Class, 1.97%^(e)		0.22%		2,818		252,026		(251,168	)		—			—			61		3,676		3,676

Total Money Market Funds				7,045		584,832		(582,684	)		—			(3	)		155		9,190		9,190

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFLIATED ISSUERS (Cost $1,619,528)		100.02%	$	1,399,962	$	1,160,922	$	(874,747	)	$	10,657		$	(2,183	)	$	22,749			$	1,694,611

OTHER ASSETS LESS LIABILITIES		(0.02)%																			(404)

NET ASSETS		100.00%																		$	1,694,207

Investment Abbreviations:

ETF — Exchange Traded Fund

SPDR— Standard & Poor’s Depositary Receipts

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	Effective July 26, 2018, Invesco U.S. Government Fund was renamed as Invesco Income Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Multi-Asset Inflation Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”), exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), formerly Invesco PowerShares Capital Management LLC, an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Invesco Multi-Asset Inflation Fund

A.	Security Valuations – (continued)

service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

NOTE 2 — Additional Valuation Information


		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.

Invesco Multi-Asset Inflation Fund

Invesco Peak Retirement^™ Now Fund

Invesco Peak Retirement^™ 2015 Fund

Invesco Peak Retirement^™ 2020 Fund

Invesco Peak Retirement^™ 2025 Fund

Invesco Peak Retirement^™ 2030 Fund

Invesco Peak Retirement^™ 2035 Fund

Invesco Peak Retirement^™ 2040 Fund

Invesco Peak Retirement^™ 2045 Fund

Invesco Peak Retirement^™ 2050 Fund

Invesco Peak Retirement^™ 2055 Fund

Invesco Peak Retirement^™ 2060 Fund

Invesco Peak Retirement^™ 2065 Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018

LOGO

invesco.com/us

PR-QTR-1 11/18

Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)

Invesco Peak Retirement^™ Now Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.01%^(a)
	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Domestic Equity Funds–16.59%
Invesco Dividend Income Fund–Class R6		6.03%	$	—	$	31,327	$	(1,237	)	$	(536	)	$	(12	)	$	587		1,232	$	29,542

Invesco Russell Top 200 Pure Value ETF		7.93%		—		40,194		(1,501	)		199			(10	)		788		998		38,882

iShares Core S&P 500 ETF^(b)		2.63%		—		12,487		(546	)		935			4			169		44		12,880

Total Domestic Equity Funds				—		84,008		(3,284	)		598			(18	)		1,544				81,304

Fixed-Income Funds–65.74%
Invesco Core Plus Bond Fund–Class R6		6.03%		—		30,820		—			(1,248	)		—			790		2,830		29,572

Invesco Corporate Bond Fund–Class R6		7.04%		—		36,163		—			(1,670	)		—			1,110		4,893		34,493

Invesco Emerging Markets Sovereign Debt ETF		4.97%		—		26,560		—			(2,224	)		—			835		902		24,336

Invesco Floating Rate Fund–Class R6		4.55%		—		23,307		(1,069	)		59			1			771		2,938		22,298

Invesco High Yield Fund–Class R6		4.16%		—		20,905		—			(526	)		—			808		4,982		20,379

Invesco Multi-Asset Income Fund–Class R6		8.07%		—		41,562		(718	)		(1,287	)		(17	)		1,416		3,730		39,540

Invesco Quality Income Fund–Class R6		15.11%		—		77,265		—			(3,217	)		—			2,316		6,450		74,048

Invesco Short Duration Inflation Protected Fund –Class R6		2.97%		—		15,241		(505	)		(168	)		(3	)		244		1,424		14,565

Invesco Variable Rate Preferred ETF		4.96%		—		25,040		—			(722	)		—			864		977		24,318

iShares Core Total USD Bond Market ETF^(b)		7.88%		—		39,992		—			(1,352	)		—			773		786		38,640

Total Fixed-Income Funds				—		336,855		(2,292	)		(12,355	)		(19	)		9,927				322,189

Foreign Equity Funds–5.87%
Invesco S&P International Developed Low Volatility ETF		4.89%		—		24,974		—			(1,004	)		—			628		738		23,970

iShares Core MSCI EAFE ETF^(b)		0.98%		—		5,003		—			(197	)		—			86		75		4,806

Total Foreign Equity Funds				—		29,977		—			(1,201	)		—			714				28,776

Real Estate Funds–5.99%
Invesco Global Real Estate Income Fund–Class R6		5.99%		—		30,819		(764	)		(708	)		(1	)		783		3,301		29,346

Money Market Funds–5.82%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		2.91%		—		75,760		(61,483	)		—			—			218		14,277		14,277

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		2.91%		—		66,215		(51,938	)		3			—			190		14,275		14,280

Total Money Market Funds				—		141,975		(113,421	)		3			—			408				28,557

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $503,835)		100.01%	$	—	$	623,634	$	(119,761	)	$	(13,663	)	$	(38	)	$	13,376			$	490,172

OTHER ASSETS LESS LIABILITIES		(0.01)%																			(71)

NET ASSETS		100.00%																		$	490,101

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2015 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–103.30%^(a)
	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–1.50%
Invesco Global Targeted Returns Fund –Class R6^(b)		1.50%	$	—	$	8,869	$	—		$	(126	)	$	—		$	—		884	$	8,743

Asset Allocation Funds–0.90%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		0.90%		—		5,255		—			(17	)		—			—		552		5,238

Domestic Equity Funds–19.74%
Invesco All Cap Market Neutral Fund–Class R6^(b)		0.91%		—		5,165		—			123			—			—		617		5,288

Invesco Diversified Dividend Fund–Class R6		0.52%		—		3,043		—			1			—			53		150		3,044

Invesco Dividend Income Fund–Class R6		3.31%		—		19,640		—			(319	)		—			346		806		19,321

Invesco Equally-Weighted S&P 500 Fund–Class R6		2.70%		—		14,950		—			823			—			—		243		15,773

Invesco Growth and Income Fund–Class R6		1.19%		—		6,937		—			25			—			82		253		6,962

Invesco Russell Top 200 Pure Growth ETF		1.83%		—		9,043		—			1,645			—			51		196		10,688

Invesco Russell Top 200 Pure Value ETF		3.18%		—		18,492		—			92			—			341		477		18,584

Invesco U.S. Managed Volatility Fund–Class R6		3.91%		—		21,107		—			1,685			—			—		2,091		22,792

iShares Core S&P 500 ETF^(c)		1.91%		—		10,381		—			743			—			133		38		11,124

iShares Core S&P Mid-Cap ETF^(c)		0.28%		—		1,535		—			75			—			19		8		1,610

Total Domestic Equity Funds				—		110,293		—			4,893			—			1,025				115,186

Fixed-Income Funds–61.93%
Invesco 1-30 Laddered Treasury ETF		2.69%		—		16,399		—			(695	)		—			233		506		15,704

Invesco Core Plus Bond Fund–Class R6		6.31%		—		38,243		—			(1,406	)		—			898		3,525		36,837

Invesco Corporate Bond Fund–Class R6		2.81%		—		17,098		—			(719	)		—			479		2,323		16,379

Invesco Emerging Markets Sovereign Debt ETF		5.58%		—		35,247		—			(2,709	)		—			1,005		1,206		32,538

Invesco Floating Rate Fund–Class R6		5.42%		—		32,688		(1,136	)		72			(6	)		998		4,166		31,618

Invesco High Yield Fund–Class R6		5.21%		—		31,168		—			(733	)		—			1,126		7,441		30,435

Invesco LadderRite 0-5 Year Corporate Bond ETF		1.80%		—		10,638		—			(126	)		—			150		428		10,512

Invesco Multi-Asset Income Fund–Class R6		4.11%		—		24,721		—			(707	)		—			776		2,266		24,014

Invesco Quality Income Fund–Class R6		10.22%		—		63,268		(1,301	)		(2,273	)		(42	)		1,699		5,196		59,652

Invesco Short Duration Inflation Protected Fund –Class R6		3.00%		—		18,179		(506	)		(181	)		(1	)		265		1,710		17,491

Invesco Short Term Bond Fund–Class R6		2.10%		—		12,381		—			(118	)		—			207		1,444		12,263

Invesco Variable Rate Preferred ETF		4.09%		—		24,503		—			(634	)		—			762		959		23,869

iShares Core Total USD Bond Market ETF^(c)		6.80%		—		40,899		—			(1,227	)		—			718		807		39,672

iShares Core U.S. Aggregate Bond ETF^(c)		1.79%		—		10,774		—			(328	)		—			173		99		10,446

Total Fixed-Income Funds				—		376,206		(2,943	)		(11,784	)		(49	)		9,489				361,430

Foreign Equity Funds–6.55%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.08%		—		12,747		—			(631	)		—			236		280		12,116

Invesco S&P International Developed Low Volatility ETF		3.78%		—		22,945		—			(859	)		—			512		680		22,086

iShares Core MSCI EAFE ETF^(c)		0.69%		—		4,183		—			(146	)		—			61		63		4,037

Total Foreign Equity Funds				—		39,875		—			(1,636	)		—			809				38,239

Real Estate Funds–4.21%
Invesco Global Real Estate Income Fund–Class R6		4.21%		—		25,101		—			(540	)		—			593		2,763		24,561

Money Market Funds–8.47%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(d)		4.02%		—		103,733		(80,267	)		—			—			210		23,466		23,466

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(d)		4.45%		—		91,436		(65,479	)		3			—			188		25,952		25,960

Total Money Market Funds				—		195,169		(145,746	)		3			—			398				49,426

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $612,030)		103.30%	$	—	$	760,768	$	(148,689	)	$	(9,207	)	$	(49	)	$	12,314			$	602,823

OTHER ASSETS LESS LIABILITIES		(3.30)%																			(19,269)

NET ASSETS		100.00%																		$	583,554

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2020 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.07%^(a)
	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–2.82%
Invesco Global Targeted Returns Fund –Class R6^(b)		2.82%	$	—	$	18,988	$	—		$	(227	)	$	—		$	—		1,897	$	18,761

Asset Allocation Funds–1.76%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		1.76%		—		11,721		—			28			—			—		1,238		11,749

Domestic Equity Funds–24.66%
Invesco All Cap Market Neutral Fund–Class R6^(b)		1.84%		—		12,005		—			267			—			—		1,432		12,272

Invesco Diversified Dividend Fund–Class R6		1.02%		—		6,705		—			66			—			117		333		6,771

Invesco Dividend Income Fund–Class R6		0.62%		—		4,124		—			(17	)		—			77		171		4,107

Invesco Equally-Weighted S&P 500 Fund–Class R6		3.29%		—		21,590		(1,159	)		1,391			53			—		337		21,875

Invesco Growth and Income Fund–Class R6		2.00%		—		13,194		—			139			—			179		485		13,333

Invesco Russell Top 200 Pure Growth ETF		3.06%		—		18,834		(1,669	)		3,096			133			102		374		20,394

Invesco S&P MidCap Low Volatility ETF		0.58%		—		3,567		—			268			—			50		79		3,835

Invesco U.S. Managed Volatility Fund–Class R6		8.74%		—		55,388		(2,010	)		4,738			123			—		5,343		58,239

iShares Core S&P 500 ETF^(c)		3.03%		—		19,507		(870	)		1,512			49			269		69		20,198

iShares Core S&P Mid-Cap ETF^(c)		0.48%		—		3,057		—			164			—			38		16		3,221

Total Domestic Equity Funds				—		157,971		(5,708	)		11,624			358			832				164,245

Fixed-Income Funds–59.57%
Invesco 1-30 Laddered Treasury ETF		6.15%		—		44,251		(1,636	)		(1,588	)		(61	)		640		1,320		40,966

Invesco Core Plus Bond Fund–Class R6		6.79%		—		47,631		(715	)		(1,635	)		(15	)		1,136		4,332		45,266

Invesco Emerging Markets Sovereign Debt ETF		6.10%		—		43,805		—			(3,173	)		—			1,289		1,506		40,632

Invesco Floating Rate Fund–Class R6		5.75%		—		38,889		(667	)		88			(1	)		1,229		5,047		38,309

Invesco High Yield Fund–Class R6		5.72%		—		39,438		(586	)		(758	)		(20	)		1,443		9,309		38,074

Invesco LadderRite 0-5 Year Corporate Bond ETF		4.19%		—		28,206		—			(306	)		—			413		1,136		27,900

Invesco Multi-Asset Income Fund–Class R6		0.53%		—		3,647		—			(89	)		—			123		336		3,558

Invesco Quality Income Fund–Class R6		6.92%		—		49,446		(1,618	)		(1,689	)		(49	)		1,369		4,015		46,090

Invesco Short Duration Inflation Protected Fund –Class R6		4.21%		—		28,376		—			(301	)		—			455		2,744		28,075

Invesco Short Term Bond Fund–Class R6		4.40%		—		29,576		—			(267	)		—			503		3,452		29,309

Invesco Variable Rate Preferred ETF		1.34%		—		9,144		—			(233	)		—			303		358		8,911

iShares Core Total USD Bond Market ETF^(c)		2.37%		—		16,231		—			(451	)		—			295		321		15,780

iShares Core U.S. Aggregate Bond ETF^(c)		5.10%		—		35,584		(641	)		(952	)		(14	)		569		322		33,977

Total Fixed-Income Funds				—		414,224		(5,863	)		(11,354	)		(160	)		9,767				396,847

Foreign Equity Funds–6.43%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.31%		—		23,077		—			(1,051	)		—			455		509		22,026

Invesco International Growth Fund–Class R6		0.84%		—		5,872		—			(272	)		—			—		159		5,600

Invesco S&P International Developed Low Volatility ETF		1.15%		—		7,899		—			(266	)		—			200		235		7,633

iShares Core MSCI EAFE ETF^(c)		1.13%		—		7,795		—			(234	)		—			124		118		7,561

Total Foreign Equity Funds				—		44,643		—			(1,823	)		—			779				42,820

Real Estate Funds–2.95%
Invesco Global Real Estate Income Fund–Class R6		2.95%		—		20,411		(495	)		(226	)		(7	)		525		2,214		19,683

Money Market Funds–1.88%
Invesco Government & Agency Portfolio – Institutional Class, 1.97%^(d)		0.94%		—		154,708		(148,433	)		—			—			104		6,275		6,275

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(d)		0.94%		—		148,760		(142,484	)		1			(2	)		86		6,273		6,275

Total Money Market Funds				—		303,468		(290,917	)		1			(2	)		190				12,550

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $668,632)		100.07%	$	—	$	971,426	$	(302,983	)	$	(1,977	)	$	189		$	12,093			$	666,655

OTHER ASSETS LESS LIABILITIES		(0.07)%																			(470)

NET ASSETS		100.00%																		$	666,185

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2025 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.03%^(a)


	% of Net Assets 09/30/18		Value 01/03/2018 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–2.95%
Invesco Global Targeted Returns Fund–Class R6^(b)		2.95%	$	—	$	24,119	$	—		$	(274	)	$	—		$	—		2,411	$	23,845

Asset Allocation Funds–1.94%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		1.94%		—		15,799		—			(74	)		—			—		1,657		15,725

Domestic Equity Funds–30.49%
Invesco All Cap Market Neutral Fund–Class R6^(b)		1.98%		—		15,710		—			325			—			—		1,871		16,035

Invesco Diversified Dividend Fund–Class R6		1.24%		—		9,906		—			114			—			152		493		10,020

Invesco Equally-Weighted S&P 500 Fund–Class R6		3.01%		—		24,699		(1,672	)		1,394			(15	)		—		376		24,406

Invesco Growth and Income Fund–Class R6		2.58%		—		21,647		(1,026	)		247			(19	)		238		758		20,849

Invesco Russell Top 200 Pure Growth ETF		3.03%		—		23,179		(2,065	)		3,346			79			106		450		24,539

Invesco S&P MidCap Low Volatility ETF		1.85%		—		14,407		(369	)		907			5			174		308		14,950

Invesco U.S. Managed Volatility Fund–Class R6		12.93%		—		108,256		(11,536	)		7,998			(2	)		—		9,607		104,716

iShares Core S&P 500 ETF^(c)		3.07%		—		24,419		(1,378	)		1,824			17			279		85		24,882

iShares Core S&P Mid-Cap ETF^(c)		0.80%		—		6,188		—			253			—			66		32		6,441

Total Domestic Equity Funds				—		248,411		(18,046	)		16,408			65			1,015				246,838

Fixed-Income Funds–52.14%
Invesco 1-30 Laddered Treasury ETF		7.18%		—		62,861		(2,740	)		(1,894	)		(98	)		751		1,873		58,129

Invesco Core Plus Bond Fund–Class R6		6.68%		—		58,281		(2,681	)		(1,436	)		(99	)		1,147		5,174		54,065

Invesco Emerging Markets Sovereign Debt ETF		4.73%		—		42,515		(1,858	)		(2,157	)		(188	)		1,063		1,420		38,312

Invesco Floating Rate Fund–Class R6		4.56%		—		37,547		(703	)		94			(4	)		1,008		4,866		36,934

Invesco High Yield Fund–Class R6		4.59%		—		38,393		(639	)		(554	)		(22	)		1,180		9,090		37,178

Invesco LadderRite 0-5 Year Corporate Bond ETF		3.76%		—		31,272		(563	)		(246	)		(9	)		383		1,240		30,454

Invesco Quality Income Fund–Class R6		6.39%		—		56,764		(3,459	)		(1,460	)		(114	)		1,279		4,506		51,731

Invesco Short Duration Inflation Protected Fund –Class R6		3.73%		—		30,517		—			(299	)		—			429		2,954		30,218

Invesco Short Term Bond Fund–Class R6		4.05%		—		33,572		(577	)		(223	)		(6	)		479		3,859		32,766

iShares Core U.S. Aggregate Bond ETF^(c)		6.47%		—		55,658		(2,120	)		(1,135	)		(65	)		744		496		52,338

Total Fixed-Income Funds				—		447,380		(15,340	)		(9,310	)		(605	)		8,463				422,125

Foreign Equity Funds–8.52%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.25%		—		28,188		(605	)		(1,273	)		—			498		608		26,310

Invesco FTSE RAFI Emerging Markets ETF		0.29%		—		2,456		—			(131	)		—			56		110		2,325

Invesco International Companies Fund–Class R6		1.15%		—		9,752		—			(443	)		—			—		795		9,309

Invesco International Growth Fund–Class R6		2.38%		—		20,015		—			(714	)		—			—		548		19,301

iShares Core MSCI EAFE ETF^(c)		1.45%		—		12,114		—			(387	)		—			180		183		11,727

Total Foreign Equity Funds				—		72,525		(605	)		(2,948	)		—			734				68,972

Real Estate Funds–2.92%
Invesco Global Real Estate Income Fund–Class R6		2.92%		—		24,492		(476	)		(337	)		(6	)		542		2,663		23,673

Money Market Funds–1.07%
Invesco Government & Agency Portfolio – Institutional Class, 1.97%^(d)		0.37%		—		262,662		(259,626	)		—			—			47		3,036		3,036

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(d)		0.27%		—		161,390		(159,222	)		—			1			40		2,169		2,169

Invesco Treasury Portfolio –Institutional Class, 1.97%^(d)		0.43%		—		259,742		(256,272	)		—			—			42		3,470		3,470

Total Money Market Funds				—		683,794		(675,120	)		—			1			129				8,675

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $806,388)		100.03%	$	—	$	1,516,520	$	(709,587	)	$	3,465		$	(545	)	$	10,883			$	809,853

OTHER ASSETS LESS LIABILITIES		(0.03)%																			(214)

NET ASSETS		100.00%																		$	809,639

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2030 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–99.95%^(a)


	% of Net Assets 09/30/18		Value 01/03/2018 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–2.94%
Invesco Global Targeted Returns Fund–Class R6^(b)		2.94%	$	—	$	24,702	$	—		$	(303	)	$	—	$	—		2,467	$	24,399

Asset Allocation Funds–1.97%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		1.97%		—		16,474		—			(104	)		—		—		1,725		16,370

Domestic Equity Funds–38.30%
Invesco All Cap Market Neutral Fund–Class R6^(b)		2.00%		—		16,255		—			345			—		—		1,937		16,600

Invesco Comstock Fund–Class R6		0.86%		—		7,004		—			123			—		68		256		7,127

Invesco Diversified Dividend Fund–Class R6		1.76%		—		14,631		—			(19	)		—		188		719		14,612

Invesco Equally-Weighted S&P 500 Fund–Class R6		3.42%		—		27,267		—			1,164			—		—		438		28,431

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		1.75%		—		13,822		—			693			—		82		102		14,515

Invesco Growth and Income Fund–Class R6		2.38%		—		19,684		—			104			—		197		719		19,788

Invesco Russell Top 200 Pure Growth ETF		4.19%		—		32,320		(1,486	)		3,867			144		134		639		34,845

Invesco S&P MidCap Low Volatility ETF		2.13%		—		16,949		—			720			—		182		364		17,669

Invesco U.S. Managed Volatility Fund–Class R6		17.88%		—		141,501		(1,533	)		8,517			28		—		13,625		148,513

iShares Core S&P 500 ETF^(c)		0.99%		—		7,758		—			438			—		81		28		8,196

iShares Core S&P Mid-Cap ETF^(c)		0.94%		—		7,607		—			243			—		73		39		7,850

Total Domestic Equity Funds				—		304,798		(3,019	)		16,195			172		1,005				318,146

Fixed-Income Funds–39.56%
Invesco 1-30 Laddered Treasury ETF		5.76%		—		49,591		—			(1,766	)		—		524		1,541		47,825

Invesco Core Plus Bond Fund–Class R6		5.86%		—		50,048		—			(1,354	)		—		873		4,660		48,694

Invesco Emerging Markets Sovereign Debt ETF		3.06%		—		26,736		—			(1,321	)		—		587		942		25,415

Invesco Floating Rate Fund–Class R6		3.06%		—		25,322		—			78			—		587		3,347		25,400

Invesco High Yield Fund–Class R6		3.05%		—		25,736		—			(377	)		—		684		6,200		25,359

Invesco LadderRite 0-5 Year Corporate Bond ETF		1.13%		—		9,502		—			(96	)		—		104		383		9,406

Invesco Quality Income Fund–Class R6		5.97%		—		51,071		—			(1,474	)		—		1,037		4,320		49,597

Invesco Short Duration Inflation Protected Fund –Class R6		2.66%		—		22,325		—			(218	)		—		267		2,161		22,107

Invesco Short Term Bond Fund–Class R6		3.15%		—		26,289		—			(175	)		—		322		3,076		26,114

iShares Core U.S. Aggregate Bond ETF^(c)		5.86%		—		49,794		—			(1,149	)		—		570		461		48,645

Total Fixed-Income Funds				—		336,414		—			(7,852	)		—		5,555				328,562

Foreign Equity Funds–13.08%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		4.08%		—		34,924		—			(1,041	)		—		495		783		33,883

Invesco FTSE RAFI Emerging Markets ETF		1.05%		—		9,068		—			(379	)		—		198		411		8,689

Invesco International Companies Fund–Class R6		2.27%		—		19,614		—			(726	)		—		—		1,613		18,888

Invesco International Growth Fund–Class R6		3.59%		—		30,675		—			(808	)		—		—		848		29,867

Invesco S&P Emerging Markets Low Volatility ETF		0.30%		—		2,547		—			(61	)		—		66		100		2,486

iShares Core MSCI EAFE ETF^(c)		1.79%		—		15,143		—			(276	)		—		153		232		14,867

Total Foreign Equity Funds				—		111,971		—			(3,291	)		—		912				108,680

Real Estate Funds–2.94%
Invesco Global Real Estate Income Fund–Class R6		2.94%		—		24,900		—			(498	)		—		480		2,745		24,402

Money Market Funds–1.16%
Invesco Government & Agency Portfolio – Institutional Class, 1.97%^(d)		0.40%		—		220,045		(216,750	)		—			—		46		3,295		3,295

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(d)		0.29%		—		154,869		(152,452	)		—			—		41		2,416		2,417

Invesco Treasury Portfolio –Institutional Class, 1.97%^(d)		0.47%		—		251,852		(247,899	)		—			—		51		3,953		3,953

Total Money Market Funds				—		626,766		(617,101	)		—			—		138				9,665

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $826,077)		99.95%	$	—	$	1,446,025	$	(620,120	)	$	4,147		$	172	$	8,090			$	830,224

OTHER ASSETS LESS LIABILITIES		0.05%																		417

NET ASSETS		100.00%																	$	830,641

1See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2035 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.05%^(a)
	% of Net Assets 09/30/18		Value 01/03/2018 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–2.37%
Invesco Global Targeted Returns Fund–Class R6^(b)		2.37%	$	—	$	15,037	$	—		$	(202	)	$	—	$	—		1,500	$	14,835

Asset Allocation Funds–1.66%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		1.66%		—		10,409		—			(36	)		—		—		1,093		10,373

Domestic Equity Funds–45.20%
Invesco All Cap Market Neutral Fund–Class R6^(b)		0.74%		—		4,520		—			116			—		—		541		4,636

Invesco Comstock Fund–Class R6		2.06%		—		12,574		—			290			—		141		461		12,864

Invesco Diversified Dividend Fund–Class R6		3.18%		—		19,864		—			29			—		299		978		19,893

Invesco Equally-Weighted S&P 500 Fund–Class R6		4.38%		—		25,982		—			1,410			—		—		422		27,392

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		2.98%		—		17,309		—			1,332			—		126		131		18,641

Invesco Growth and Income Fund–Class R6		1.96%		—		12,173		—			80			—		144		445		12,253

Invesco Long/Short Equity Fund–Class R6		1.14%		—		7,169		—			(36	)		—		—		591		7,133

Invesco Russell Top 200 Pure Growth ETF		6.23%		—		34,676		(1,366	)		5,464			160		174		714		38,934

Invesco S&P MidCap Low Volatility ETF		2.00%		—		11,798		—			725			—		152		258		12,523

Invesco S&P SmallCap Low Volatility ETF		1.19%		—		7,077		—			388			—		87		151		7,465

Invesco U.S. Managed Volatility Fund–Class R6		18.41%		—		111,068		(4,242	)		8,139			194		—		10,565		115,159

iShares Core S&P Mid-Cap ETF^(c)		0.93%		—		5,583		—			254			—		65		29		5,837

Total Domestic Equity Funds				—		269,793		(5,608	)		18,191			354		1,188				282,730

Fixed-Income Funds–29.97%
Invesco 1-30 Laddered Treasury ETF		4.66%		—		30,411		—			(1,238	)		—		402		940		29,173

Invesco Core Plus Bond Fund–Class R6		4.31%		—		27,862		—			(931	)		—		603		2,577		26,931

Invesco Emerging Markets Sovereign Debt ETF		1.86%		—		12,524		—			(869	)		—		338		432		11,655

Invesco Floating Rate Fund–Class R6		1.86%		—		11,594		—			32			—		339		1,532		11,626

Invesco High Yield Fund–Class R6		1.86%		—		11,852		—			(243	)		—		398		2,838		11,609

Invesco Quality Income Fund–Class R6		5.41%		—		35,056		—			(1,219	)		—		889		2,948		33,837

Invesco Short Duration Inflation Protected Fund–Class R6		2.14%		—		13,537		—			(137	)		—		193		1,310		13,400

Invesco Short Term Bond Fund–Class R6		2.98%		—		18,775		—			(159	)		—		287		2,193		18,616

iShares Core U.S. Aggregate Bond ETF^(c)		4.89%		—		31,483		—			(882	)		—		460		290		30,601

Total Fixed-Income Funds				—		193,094		—			(5,646	)		—		3,909				187,448

Foreign Equity Funds–17.41%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		5.30%		—		34,626		—			(1,479	)		—		616		766		33,147

Invesco FTSE RAFI Emerging Markets ETF		1.80%		—		11,941		—			(673	)		—		266		533		11,268

Invesco International Companies Fund–Class R6		3.03%		—		19,865		—			(918	)		—		—		1,618		18,947

Invesco International Growth Fund–Class R6		4.25%		—		27,706		—			(1,115	)		—		—		755		26,591

Invesco S&P Emerging Markets Low Volatility ETF		1.11%		—		7,164		—			(203	)		—		182		280		6,961

iShares Core MSCI EAFE ETF^(c)		1.92%		—		12,355		—			(372	)		—		180		187		11,983

Total Foreign Equity Funds				—		113,657		—			(4,760	)		—		1,244				108,897

Real Estate Funds–2.32%
Invesco Global Real Estate Income Fund–Class R6		2.32%		—		14,796		—			(299	)		—		336		1,631		14,497

Money Market Funds–1.12%
Invesco Government & Agency Portfolio – Institutional Class, 1.97%^(d)		0.39%		—		148,430		(145,966	)		—			—		33		2,464		2,464

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(d)		0.28%		—		104,188		(102,428	)		1			—		30		1,760		1,761

Invesco Treasury Portfolio –Institutional Class, 1.97%^(d)		0.45%		—		169,631		(166,815	)		—			—		34		2,816		2,816

Total Money Market Funds				—		422,249		(415,209	)		1			—		97				7,041

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $618,572)		100.05%	$	—	$	1,039,035	$	(420,817	)	$	7,249		$	354	$	6,774			$	625,821

OTHER ASSETS LESS LIABILITIES		(0.05)%																		(301)

NET ASSETS		100.00%																	$	625,520

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2040 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.03%^(a)
	% of Net Assets 09/30/18		Value 01/03/2018 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Alternative Funds–0.76%
Invesco Global Targeted Returns Fund–Class R6^(b)		0.76%	$	—	$	4,629	$	—		$	(60	)	$	—		$	—		462	$	4,569

Asset Allocation Funds–0.57%
Invesco Macro Allocation Strategy Fund–Class R6^(b)		0.57%		—		3,442		—			(7	)		—			—		362		3,435

Domestic Equity Funds–50.90%
Invesco Comstock Fund–Class R6		2.68%		—		15,859		—			344			—			187		581		16,203

Invesco Diversified Dividend Fund–Class R6		5.11%		—		30,805		—			38			—			484		1,516		30,843

Invesco Equally-Weighted S&P 500 Fund–Class R6		4.62%		—		26,508		—			1,403			—			—		430		27,911

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		3.27%		—		19,129		(700	)		1,308			43			132		139		19,780

Invesco Growth and Income Fund–Class R6		1.91%		—		11,455		—			54			—			144		418		11,509

Invesco Long/Short Equity Fund–Class R6		2.02%		—		12,259		—			(56	)		—			—		1,011		12,203

Invesco Russell Top 200 Pure Growth ETF		8.30%		—		46,670		(3,727	)		6,820			350			225		919		50,113

Invesco S&P MidCap Low Volatility ETF		2.57%		—		14,680		—			853			—			185		320		15,533

Invesco S&P SmallCap Low Volatility ETF		2.18%		—		12,432		—			769			—			167		267		13,201

Invesco U.S. Managed Volatility Fund–Class R6		15.87%		—		92,241		(3,161	)		6,623			152			—		8,794		95,855

iShares Core S&P 500 ETF^(c)		0.87%		—		4,924		—			345			—			63		18		5,269

iShares Core S&P Mid-Cap ETF^(c)		1.50%		—		8,672		—			386			—			103		45		9,058

Total Domestic Equity Funds				—		295,634		(7,588	)		18,887			545			1,690				307,478

Fixed-Income Funds–22.06%
Invesco 1-30 Laddered Treasury ETF		4.20%		—		26,413		—			(1,057	)		—			347		817		25,356

Invesco Core Plus Bond Fund–Class R6		2.89%		—		18,093		—			(606	)		—			395		1,673		17,487

Invesco Emerging Markets Sovereign Debt ETF		1.44%		—		9,352		—			(664	)		—			256		322		8,688

Invesco Floating Rate Fund–Class R6		0.60%		—		3,618		—			8			—			104		478		3,626

Invesco High Yield Fund–Class R6		0.60%		—		3,701		—			(76	)		—			120		886		3,625

Invesco Quality Income Fund–Class R6		4.70%		—		29,412		—			(1,021	)		—			745		2,473		28,391

Invesco Short Duration Inflation Protected Fund –Class R6		0.75%		—		4,611		—			(51	)		—			69		446		4,560

Invesco Short Term Bond Fund–Class R6		2.70%		—		16,437		—			(139	)		—			252		1,920		16,298

iShares Core U.S. Aggregate Bond ETF^(c)		4.18%		—		25,944		—			(725	)		—			382		239		25,219

Total Fixed-Income Funds				—		137,581		—			(4,331	)		—			2,670				133,250

Foreign Equity Funds–21.82%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		6.76%		—		42,639		—			(1,833	)		—			765		943		40,806

Invesco FTSE RAFI Emerging Markets ETF		1.94%		—		12,416		—			(683	)		—			288		555		11,733

Invesco International Companies Fund–Class R6		3.68%		—		23,306		—			(1,104	)		—			—		1,896		22,202

Invesco International Growth Fund–Class R6		5.64%		—		35,544		—			(1,451	)		—			—		968		34,093

Invesco S&P Emerging Markets Low Volatility ETF		1.84%		—		11,394		—			(306	)		—			297		446		11,088

iShares Core MSCI EAFE ETF^(c)		1.96%		—		12,189		—			(334	)		—			170		185		11,855

Total Foreign Equity Funds				—		137,488		—			(5,711	)		—			1,520				131,777

Real Estate Funds–2.57%
Invesco Global Real Estate Income Fund–Class R6		2.57%		—		15,849		—			(331	)		—			361		1,746		15,518

Money Market Funds–1.35%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(d)		0.47%		—		145,619		(142,752	)		—			—			30		2,867		2,867

Invesco Liquid Assets Portfolio –Institutional Class, 2.12%^(d)		0.34%		—		102,676		(100,628	)		—			(1	)		27		2,047		2,047

Invesco Treasury Portfolio –Institutional Class, 1.97%^(d)		0.54%		—		166,419		(163,142	)		—			—			31		3,277		3,277

Total Money Market Funds				—		414,714		(406,522	)		—			(1	)		88				8,191

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $595,771)		100.03%	$	—	$	1,009,337	$	(414,110	)	$	8,447		$	544		$	6,329			$	604,218

OTHER ASSETS LESS LIABILITIES		(0.03)%																			(184)

NET ASSETS		100.00%																		$	604,034

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

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, unless otherwise noted.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security had not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisers, Inc.

^(d)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2045 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.63%^(a)
	% of Net Assets 09/30/18			Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18


Domestic Equity Funds–56.01%
Invesco Comstock Fund–Class R6		3.56	%	$	—	$	20,340	$	—		$	594		$	—	$	258		751	$	20,934

Invesco Diversified Dividend Fund–Class R6		7.14	%		—		41,712		—			252			—		717		2,063		41,964

Invesco Equally-Weighted S&P 500 Fund–Class R6		5.35	%		—		30,246		(714	)		1,913			37		—		485		31,482

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		3.78	%		—		21,547		(1,276	)		1,834			94		171		156		22,199

Invesco Growth and Income Fund–Class R6		1.34	%		—		7,827		—			67			—		106		287		7,894

Invesco Long/Short Equity Fund–Class R6		1.40	%		—		8,251		—			(31	)		—		—		681		8,220

Invesco Russell Top 200 Pure Growth ETF		10.71	%		—		58,443		(5,987	)		9,676			850		327		1,155		62,982

Invesco S&P MidCap Low Volatility ETF		3.00	%		—		17,223		(868	)		1,216			49		243		363		17,620

Invesco S&P SmallCap Low Volatility ETF		2.79	%		—		16,169		(982	)		1,171			56		229		332		16,414

Invesco U.S. Managed Volatility Fund–Class R6		13.66	%		—		76,566		(2,932	)		6,473			215		—		7,369		80,322

iShares Core S&P 500 ETF^(b)		1.84	%		—		10,033		—			798			—		140		37		10,831

iShares Core S&P Mid-Cap ETF^(b)		1.44	%		—		8,017		—			437			—		100		42		8,454

Total Domestic Equity Funds					—		316,374		(12,759	)		24,400			1,301		2,291				329,316

Fixed-Income Funds–16.40%
Invesco 1-30 Laddered Treasury ETF		3.95	%		—		24,244		—			(999	)		—		359		749		23,245

Invesco Core Plus Bond Fund–Class R6		2.48	%		—		15,146		—			(554	)		—		363		1,396		14,592

Invesco Emerging Markets Sovereign Debt ETF		1.19	%		—		7,569		—			(581	)		—		218		259		6,988

Invesco Quality Income Fund –Class R6		4.47	%		—		27,315		—			(1,022	)		—		771		2,290		26,293

Invesco Short Term Bond Fund–Class R6		0.95	%		—		5,632		—			(56	)		—		100		657		5,576

iShares Core U.S. Aggregate Bond ETF^(b)		3.36	%		—		20,339		—			(607	)		—		333		187		19,732

Total Fixed-Income Funds					—		100,245		—			(3,819	)		—		2,144				96,426

Foreign Equity Funds–24.31%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		7.45	%		—		46,075		—			(2,283	)		—		894		1,012		43,792

Invesco FTSE RAFI Emerging Markets ETF		1.98	%		—		12,495		—			(847	)		—		285		551		11,648

Invesco International Companies Fund–Class R6		4.24	%		—		26,235		—			(1,293	)		—		—		2,130		24,942

Invesco International Growth Fund–Class R6		6.68	%		—		41,138		—			(1,868	)		—		—		1,115		39,270

Invesco S&P Emerging Markets Low Volatility ETF		1.99	%		—		12,098		—			(439	)		—		313		469		11,659

iShares Core MSCI EAFE ETF^(b)		1.97	%		—		12,020		—			(421	)		—		193		181		11,599

Total Foreign Equity Funds					—		150,061		—			(7,151	)		—		1,685				142,910

Real Estate Funds–2.35%
Invesco Global Real Estate Income Fund–Class R6		2.35	%		—		14,036		—			(232	)		—		362		1,553		13,804

Money Market Funds–1.56%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.55	%		—		142,730		(139,499	)		—			—		36		3,231		3,231

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.39	%		—		100,073		(97,765	)		—			—		33		2,307		2,308

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.62	%		—		163,039		(159,385	)		—			—		36		3,654		3,654

Total Money Market Funds					—		405,842		(396,649	)		—			—		105				9,193

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $578,451)		100.63%		$	—	$	986,558	$	(409,408	)	$	13,198		$	1,301	$	6,587			$	591,649

OTHER ASSETS LESS LIABILITIES		(0.63)%																			(3,700)

NET ASSETS		100.00%																		$	587,949

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2050 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.43%^(a)


	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18


Domestic Equity Funds–59.23%
Invesco Comstock Fund–Class R6		4.45%	$	—	$	30,102	$	(2,030	)	$	634		$	6		$	309		1,030	$	28,712

Invesco Diversified Dividend Fund–Class R6		8.94%		—		60,643		(3,134	)		130			(48	)		863		2,831		57,591

Invesco Equally-Weighted S&P 500 Fund–Class R6		6.42%		—		42,003		(2,652	)		1,970			27			—		637		41,348

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		3.91%		—		25,683		(2,132	)		1,542			94			161		177		25,187

Invesco Growth and Income Fund–Class R6		0.38%		—		2,468		—			8			—			27		90		2,476

Invesco Long/Short Equity Fund–Class R6		0.62%		—		4,016		—			(9	)		—			—		332		4,007

Invesco Russell Top 200 Pure Growth ETF		12.25%		—		78,552		(10,708	)		10,668			447			348		1,448		78,959

Invesco S&P MidCap Low Volatility ETF		2.94%		—		18,835		(910	)		990			16			218		390		18,931

Invesco S&P SmallCap Low Volatility ETF		3.51%		—		23,551		(2,071	)		1,120			43			265		458		22,643

Invesco U.S. Managed Volatility Fund–Class R6		11.74%		—		75,434		(5,002	)		5,169			78			—		6,943		75,679

iShares Core S&P 500 ETF^(b)		3.13%		—		20,295		(1,403	)		1,284			22			230		69		20,198

iShares Core S&P Mid-Cap ETF^(b)		0.94%		—		5,805		—			234			—			66		30		6,039

Total Domestic Equity Funds				—		387,387		(30,042	)		23,740			685			2,487				381,770

Fixed-Income Funds–11.22%
Invesco 1-30 Laddered Treasury ETF		3.51%		—		25,458		(1,841	)		(910	)		(51	)		315		730		22,656

Invesco Core Plus Bond Fund–Class R6		2.43%		—		17,020		(797	)		(500	)		(31	)		345		1,502		15,692

Invesco Emerging Markets Sovereign Debt ETF		0.38%		—		2,599		—			(171	)		—			66		90		2,428

Invesco Quality Income Fund–Class R6		3.80%		—		26,568		(1,206	)		(831	)		(40	)		631		2,133		24,491

iShares Core U.S. Aggregate Bond ETF^(b)		1.10%		—		7,282		—			(212	)		—			107		67		7,070

Total Fixed-Income Funds				—		78,927		(3,844	)		(2,624	)		(122	)		1,464				72,337

Foreign Equity Funds–24.97%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		7.59%		—		53,874		(2,880	)		(1,886	)		(166	)		862		1,131		48,942

Invesco FTSE RAFI Emerging Markets ETF		2.20%		—		16,056		(1,098	)		(698	)		(96	)		346		670		14,164

Invesco International Companies Fund–Class R6		4.35%		—		31,332		(1,926	)		(1,303	)		(58	)		—		2,395		28,045

Invesco International Growth Fund–Class R6		6.74%		—		47,978		(2,825	)		(1,566	)		(161	)		—		1,233		43,426

Invesco S&P Emerging Markets Low Volatility ETF		1.89%		—		13,314		(811	)		(301	)		(45	)		342		489		12,157

iShares Core MSCI EAFE ETF^(b)		2.20%		—		15,460		(900	)		(358	)		(40	)		197		221		14,162

Total Foreign Equity Funds				—		178,014		(10,440	)		(6,112	)		(566	)		1,747				160,896

Real Estate Funds–1.37%
Invesco Global Real Estate Income Fund–Class R6		1.37%		—		9,483		(500	)		(191	)		(1	)		195		989		8,791

Money Market Funds–3.64%
Invesco Government & Agency Portfolio –Institutional Class, 1.97^(c)		1.27%		—		175,147		(166,934	)		—			—			38		8,213		8,213

Invesco Liquid Assets Portfolio –Institutional Class, 2.15^(c)		0.91%		—		123,795		(117,930	)		—			1			34		5,864		5,866

Invesco Treasury Portfolio –Institutional Class, 1.97^(c)		1.46%		—		200,165		(190,779	)		—			—			40		9,386		9,386

Total Money Market Funds				—		499,107		(475,643	)		—			1			112				23,465

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $632,446)		100.43%	$	—	$	1,152,918	$	(520,469	)	$	14,813		$	(3	)	$	6,005			$	647,259

OTHER ASSETS LESS LIABILITIES		(0.43)%																			(2,744)

NET ASSETS		100.00%																		$	644,515

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^TM Funds

Schedule of Investments-(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2055 Fund


Schedule of Investments in Affiliated and Unaffiliated Issuers–100.02%^(a)
	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Domestic Equity Funds–64.92%
Invesco Comstock Fund–Class R6		6.16%	$	—	$	32,406	$	—		$	758		$	—		$	406		1,189	$	33,164

Invesco Diversified Dividend Fund–Class R6		9.83%		—		52,867		—			48			—			903		2,601		52,915

Invesco Equally-Weighted S&P 500 Fund–Class R6		7.80%		—		40,441		(741	)		2,299			(2	)		—		647		41,997

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		4.70%		—		24,801		(1,541	)		1,972			97			192		178		25,329

Invesco Long/Short Equity Fund–Class R6		0.18%		—		988		—			(10	)		—			—		81		978

Invesco Russell Top 200 Pure Growth ETF		14.39%		—		69,871		(4,639	)		11,923			332			377		1,421		77,487

Invesco S&P MidCap Low Volatility ETF		2.66%		—		13,420		—			899			—			188		295		14,319

Invesco S&P SmallCap Low Volatility ETF		3.53%		—		19,179		(1,514	)		1,240			80			262		384		18,985

Invesco U.S. Managed Volatility Fund–Class R6		10.68%		—		54,087		(992	)		4,390			2			—		5,274		57,487

iShares Core S&P 500 ETF^(b)		4.02%		—		20,083		—			1,579			—			278		74		21,662

iShares Core S&P Mid-Cap ETF^(b)		0.97%		—		4,990		—			244			—			62		26		5,234

Total Domestic Equity Funds				—		333,133		(9,427	)		25,342			509			2,668				349,557

Fixed-Income Funds–6.36%
Invesco 1-30 Laddered Treasury ETF		2.70%		—		15,803		(539	)		(694	)		(15	)		236		469		14,555

Invesco Core Plus Bond Fund–Class R6		0.91%		—		5,079		—			(206	)		—			130		466		4,873

Invesco Quality Income Fund–Class R6		2.75%		—		15,431		—			(627	)		—			459		1,290		14,804

Total Fixed-Income Funds				—		36,313		(539	)		(1,527	)		(15	)		825				34,232

Foreign Equity Funds–27.08%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		8.02%		—		45,380		—			(2,194	)		—			864		998		43,186

Invesco FTSE RAFI Emerging Markets ETF		2.43%		—		14,524		(561	)		(885	)		29			332		620		13,107

Invesco International Companies Fund–Class R6		4.73%		—		26,957		—			(1,476	)		—			—		2,176		25,481

Invesco International Growth Fund–Class R6		7.18%		—		40,552		—			(1,916	)		—			—		1,097		38,636

Invesco S&P Emerging Markets Low Volatility ETF		2.22%		—		12,396		—			(438	)		—			348		481		11,958

iShares Core MSCI EAFE ETF^(b)		2.50%		—		13,924		—			(467	)		—			213		210		13,457

Total Foreign Equity Funds				—		153,733		(561	)		(7,376	)		29			1,757				145,825

Real Estate Funds–0.37%
Invesco Global Real Estate Income Fund–Class R6		0.37%		—		2,029		—			(48	)		—			52		223		1,981

Money Market Funds–1.29%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.45%		—		121,714		(119,282	)		—			—			29		2,432		2,432

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.32%		—		84,973		(83,235	)		—			—			26		1,737		1,738

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.52%		—		139,099		(136,320	)		—			—			29		2,780		2,779

Total Money Market Funds				—		345,786		(338,837	)		—			—			84				6,949

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $522,153)		100.02%	$	—	$	870,994	$	(349,364	)	$	16,391		$	523		$	5,386			$	538,544

OTHER ASSETS LESS LIABILITIES		(0.02)%																			(122)

NET ASSETS		100.00%																		$	538,422

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2060 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.03%^(a)


	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 09/30/18		Value 09/30/18

Domestic Equity Funds–66.78%
Invesco Comstock Fund–Class R6		6.96%	$	—	$	35,887	$	—		$	836		$	—	$	449		1,317	$	36,723

Invesco Diversified Dividend Fund–Class R6		9.91%		—		52,231		—			64			—		894		2,571		52,295

Invesco Equally-Weighted S&P 500 Fund–Class R6		8.45%		—		43,375		(1,256	)		2,449			25		—		687		44,593

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		5.31%		—		27,298		(1,556	)		2,180			111		205		197		28,033

Invesco Russell Top 200 Pure Growth ETF		15.12%		—		73,794		(6,847	)		12,283			602		386		1,464		79,832

Invesco S&P MidCap Low Volatility ETF		2.52%		—		12,465		—			835			—		175		274		13,300

Invesco S&P SmallCap Low Volatility ETF		3.40%		—		17,400		(636	)		1,148			35		238		363		17,947

Invesco U.S. Managed Volatility Fund–Class R6		10.13%		—		51,404		(2,103	)		4,089			53		—		4,903		53,443

iShares Core S&P 500 ETF^(b)		3.99%		—		20,350		(842	)		1,546			23		273		72		21,077

iShares Core S&P Mid-Cap ETF^(b)		0.99%		—		4,990		—			243			—		62		26		5,233

Total Domestic Equity Funds				—		339,194		(13,240	)		25,673			849		2,682				352,476

Fixed-Income Funds–4.78%
Invesco 1-30 Laddered Treasury ETF		2.38%		—		13,142		—			(604	)		—		203		404		12,538

Invesco Quality Income Fund–Class R6		2.40%		—		13,216		—			(535	)		—		391		1,104		12,681

Total Fixed-Income Funds				—		26,358		—			(1,139	)		—		594				25,219

Foreign Equity Funds–27.13%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		7.76%		—		43,241		—			(2,262	)		—		868		947		40,979

Invesco FTSE RAFI Emerging Markets ETF		2.42%		—		13,748		—			(958	)		—		333		605		12,790

Invesco International Companies Fund–Class R6		4.81%		—		26,878		—			(1,502	)		—		—		2,167		25,376

Invesco International Growth Fund–Class R6		7.35%		—		40,827		—			(2,015	)		—		—		1,102		38,812

Invesco S&P Emerging Markets Low Volatility ETF		2.42%		—		13,253		—			(475	)		—		373		514		12,778

iShares Core MSCI EAFE ETF^(b)		2.37%		—		12,985		—			(489	)		—		214		195		12,496

Total Foreign Equity Funds				—		150,932		—			(7,701	)		—		1,788				143,231

Money Market Funds–1.34%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.47%		—		121,093		(118,611	)		—			—		26		2,482		2,482

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.34%		—		85,012		(83,239	)		—			—		24		1,773		1,773

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.53%		—		138,359		(135,538	)		—			—		27		2,821		2,821

Total Money Market Funds				—		344,464		(337,388	)		—			—		77				7,076

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $511,169)		100.03%	$	—	$	860,948	$		(350,628)	$	16,833		$	849	$	5,141			$	528,002

OTHER ASSETS LESS LIABILITIES		(0.03)%																		(169)

NET ASSETS		100.00%																	$	527,833

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

September 30, 2018

(Unaudited)

Invesco Peak Retirement™ 2065 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.02%^(a)


	% of Net Assets 09/30/18		Value 01/03/18 (Commencement Date)		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 09/30/18		Value 09/30/18

Domestic Equity Funds–67.54%
Invesco Comstock Fund–Class R6		7.05%	$	—	$	97,747	$	(59,685	)	$	821		$	(1,450	)	$	461		1,342	$	37,433

Invesco Diversified Dividend Fund–Class R6		9.84%		—		142,273		(88,759	)		16			(1,266	)		903		2,570		52,264

Invesco Equally-Weighted S&P 500 Fund–Class R6		8.58%		—		119,538		(75,053	)		2,495			(1,413	)		—		702		45,567

Invesco FTSE RAFI U.S. 1500 Small-Mid ETF		5.28%		—		78,463		(52,104	)		2,194			(520	)		216		197		28,033

Invesco Russell Top 200 Pure Growth ETF		15.26%		—		209,995		(141,309	)		12,468			(122	)		396		1,486		81,032

Invesco S&P MidCap Low Volatility ETF		2.62%		—		35,056		(21,836	)		866			(204	)		183		286		13,882

Invesco S&P SmallCap Low Volatility ETF		3.57%		—		49,561		(31,447	)		1,235			(413	)		252		383		18,936

Invesco U.S. Managed Volatility Fund–Class R6		10.18%		—		139,946		(88,588	)		4,121			(1,437	)		—		4,958		54,042

iShares Core S&P 500 ETF^(b)		4.14%		—		55,393		(34,763	)		1,574			(249	)		284		75		21,955

iShares Core S&P Mid-Cap ETF^(b)		1.02%		—		13,322		(8,045	)		246			(88	)		65		27		5,435

Total Domestic Equity Funds				—		941,294		(601,589	)		26,036			(7,162	)		2,760				358,579

Fixed-Income Funds–4.75%
Invesco 1-30 Laddered Treasury ETF		2.39%		—		35,431		(21,949	)		(427	)		(362	)		209		409		12,693

Invesco Quality Income Fund–Class R6		2.36%		—		35,752		(22,609	)		(383	)		(219	)		400		1,092		12,541

Total Fixed-Income Funds				—		71,183		(44,558	)		(810	)		(581	)		609				25,234

Foreign Equity Funds–26.91%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		7.70%		—		116,735		(72,537	)		(2,246	)		(1,059	)		851		945		40,893

Invesco FTSE RAFI Emerging Markets ETF		2.43%		—		36,173		(22,080	)		(967	)		(252	)		329		609		12,874

Invesco International Companies Fund–Class R6		4.71%		—		72,015		(44,816	)		(1,548	)		(638	)		—		2,136		25,013

Invesco International Growth Fund–Class R6		7.27%		—		108,565		(67,188	)		(2,035	)		(741	)		—		1,096		38,601

Invesco S&P Emerging Markets Low Volatility ETF		2.45%		—		35,751		(21,996	)		(498	)		(255	)		378		523		13,002

iShares Core MSCI EAFE ETF^(b)		2.35%		—		35,197		(21,911	)		(523	)		(267	)		225		195		12,496

Total Foreign Equity Funds				—		404,436		(250,528	)		(7,817	)		(3,212	)		1,783				142,879

Money Market Funds–0.82%
Invesco Government & Agency Portfolio –Institutional Class, 1.97%^(c)		0.29%		—		437,633		(436,101	)		—			—			67		1,532		1,532

Invesco Liquid Assets Portfolio –Institutional Class, 2.15%^(c)		0.21%		—		311,283		(310,211	)		—			23			58		1,095		1,095

Invesco Treasury Portfolio –Institutional Class, 1.97%^(c)		0.32%		—		499,871		(498,159	)		—			—			72		1,712		1,712

Total Money Market Funds				—		1,248,787		(1,244,471	)		—			23			197				4,339

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $513,622)		100.02%	$	—	$	2,665,700	$		(2,141,146)	$	17,409		$	(10,932	)	$	5,349			$	531,031

OTHER ASSETS LESS LIABILITIES		(0.02)%																			(95)

NET ASSETS		100.00%																		$	530,936

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, unless otherwise noted.

^(b)	Not affiliated with Invesco Advisers, Inc.

^(c)	The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

See accompanying notes which are an integral part of this schedule.

Invesco Peak Retirement^™ Funds

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

Each Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”), exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), formerly Invesco PowerShares Capital Management LLC, an affiliate of Invesco. Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

Invesco Peak Retirement^™ Funds

A.	Security Valuations – (continued)

Each Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of its assets in the

obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the

value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a

diversified fund.

Invesco Peak Retirement^™ Funds

NOTE 2 — Additional Valuation Information


		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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period January 3, 2018 (commencement date) through September 30, 2018, there were no material transfers between valuation levels.

Invesco Peak Retirement^™ Funds

Invesco Quality Income Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018




		invesco.com/us VK-QINC-QTR-1 11/18		Invesco Advisers, Inc.

Schedule of Investments

September 30, 2018

(Unaudited)


	Principal Amount		Value

U.S. Government Sponsored Agency Mortgage-Backed Securities–96.06%

Collateralized Mortgage Obligations–8.69%
Fannie Mae ACES,2.75% (1 mo. USD LIBOR + 0.59%), 09/25/2023 ^(a)	$	3,854,788	$	3,865,723
Fannie Mae Grantor Trust,7.50%, 01/19/2039^(b)		263,878		282,729
Fannie Mae Interest STRIPS, IO, 6.50%, 10/25/2024		113,828		12,754
8.00%, 05/25/2030		611,208		167,443
7.50%, 01/25/2032		196,812		30,425
Fannie Mae REMICs, 2.00%, 06/25/2019		1,184		1,178
7.00%, 09/25/2032		220,481		247,017
6.59%, 06/25/2039^(b)		803,426		889,382
3.00%, 05/25/2045		2,196,174		1,986,700
2.72% (1 mo. USD LIBOR + 0.50%), 06/25/2046^(a)		720,675		727,526
Fannie Mae REMICs, IO, 3.00%, 10/25/2026 to 02/25/2028		15,401,852		1,312,719
8.00%, 08/18/2027 to 09/18/2027		640,069		129,235
6.00%, 05/25/2033		35,330		8,469
7.00%, 05/25/2033		641,833		147,794
4.43% (1 mo. USD LIBOR + 6.65%), 03/25/2039 ^(a)		7,801,650		546,728
3.50%, 08/25/2042		1,242,526		153,345
1.41%, 02/25/2056^(b)		16,106,519		674,807
Freddie Mac Multifamily Structured Pass Through Securities, 2.58% (12 mo. MTA Rate + 0.74%), 10/25/2021 ^(a)		1,599,384		1,601,265
Freddie Mac REMICs, 3.00%, 10/15/2018 to 03/15/2035		2,392,153		2,262,154
1.50%, 01/15/2027		4,080,437		3,893,909
2.73% (1 mo. USD LIBOR + 0.45%), 10/15/2036^(a)		1,180,970		1,188,565
2.83% (1 mo. USD LIBOR + 0.55%), 10/15/2036^(a)		864,115		866,903
2.60% (1 mo. USD LIBOR + 0.50%), 03/15/2042^(a)		358,147		357,909
2.58% (1 mo. USD LIBOR + 0.30%), 10/15/2043^(a)		4,225,642		4,217,293
Freddie Mac REMICs, IO, 3.00%, 09/15/2025		2,221,156		75,937
2.50%, 09/15/2027		2,318,792		157,878
1.54%, 02/15/2039^(b)		5,482,682		260,312
4.00%, 12/15/2041		1,339,306		128,392
Freddie Mac STRIPS, IO,8.00%, 06/15/2031		927,140		245,649


	Principal Amount		Value

Collateralized Mortgage Obligations–(continued)
Freddie Mac Structured Pass Through Securities, 6.50%, 02/25/2043	$	1,800,263	$	2,018,145
Freddie Mac Whole Loan Securities Trust,3.00%, 09/25/2045		1,736,632		1,654,456
Ginnie Mae REMICs, 5.88%, 01/20/2039^(b)		1,646,276		1,775,944
4.49%, 07/20/2041^(b)		2,470,965		2,514,561
3.20%, 09/20/2041^(b)		1,823,204		1,912,044
2.50%, 10/20/2043		1,130,646		910,638
3.00%, 10/20/2045 to 01/20/2046		8,988,024		7,832,455
				45,058,383

Federal Home Loan Mortgage Corp. (FHLMC)–25.43%

Pass Through Ctfs., 5.00%, 10/01/2018 to 06/01/2040		5,612,756		5,959,629
8.50%, 08/01/2019 to 08/01/2031		221,544		260,429
3.50%, 08/01/2026 to 09/01/2045		7,417,923		7,334,820
6.50%, 05/01/2028 to 08/01/2033		336,034		371,950
6.00%, 03/01/2029		3,182		3,522
2.50%, 02/01/2031		3,531,874		3,409,243
3.00%, 02/01/2032		11,152,431		10,998,315
8.00%, 08/01/2032		192,616		221,792
7.50%, 05/01/2035		302,303		344,733
5.50%, 12/01/2036		200,802		217,293
4.50%, 05/01/2038 to 02/01/2042		15,536,876		16,197,507
5.35%, 07/01/2038 to 10/17/2038		1,809,764		1,907,415
5.80%, 10/01/2038 to 01/20/2039		900,375		959,953
5.45%, 11/25/2038		2,390,830		2,537,614
4.00%, 06/01/2042		4,582,648		4,670,071
Pass Through Ctfs., ARM, 4.25% (1 yr. USD LIBOR + 1.87%), 07/01/2036^(a)		1,423,151		1,496,686
4.03% (1 yr. USD LIBOR + 2.08%), 02/01/2037^(a)		114,744		121,801
4.15% (1 yr. USD LIBOR + 2.18%), 03/01/2037^(a)		440,146		467,951
4.38% (1 yr. USD LIBOR + 1.88%), 05/01/2037^(a)		455,691		479,778
3.76% (1 yr. USD LIBOR + 1.97%), 11/01/2037^(a)		961,402		1,012,499
3.89% (1 yr. USD LIBOR + 2.05%), 01/01/2038^(a)		274,688		289,154
3.98% (1 yr. USD LIBOR + 1.85%), 03/01/2041^(a)		77,051		80,818
Pass Through Ctfs., TBA, 3.00%, 10/11/2048^(c)		26,450,000		25,304,695
3.50%, 10/11/2048^(c)		30,000,000		29,520,703
4.00%, 10/11/2048^(c)		17,500,000		17,671,437
				131,839,808

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund


	Principal Amount		Value

Federal National Mortgage Association (FNMA)–44.02%

Pass Through Ctfs.,
4.50%, 05/01/2019 to 07/01/2044	$	12,388,618	$	12,883,399
8.00%, 07/01/2020 to 04/01/2033		416,822		480,826
6.50%, 06/01/2022 to 11/01/2038		2,284,029		2,519,071
5.50%, 11/01/2022 to 04/01/2038		6,727,135		7,218,494
7.00%, 07/01/2023 to 12/01/2033		265,846		275,208
4.00%, 06/01/2024 to 05/01/2045		24,984,193		25,369,987
5.00%, 06/01/2027 to 01/01/2041		5,283,776		5,610,657
3.00%, 02/01/2028 to 11/01/2045		16,683,966		16,323,106
9.50%, 04/01/2030		35,967		39,979
3.50%, 11/01/2030 to 04/01/2046		39,401,873		39,076,790
2.50%, 02/01/2032		6,599,244		6,375,189
5.63%, 08/01/2032		350,274		367,370
8.50%, 10/01/2032		389,890		462,388
6.00%, 12/01/2035 to 05/01/2040		2,275,800		2,478,597
7.50%, 08/01/2037		460,974		530,628
5.45%, 01/01/2038		373,527		392,077
Pass Through Ctfs., ARM, 3.82% (1 yr. USD LIBOR + 1.73%), 03/01/2038^(a)		182,245		190,908
3.48% (1 yr. USD LIBOR + 1.30%), 02/01/2039^(a)		1,829,426		1,888,080
3.05% (1 yr. USD LIBOR + 1.67%), 08/01/2042^(a)		812,423		811,800
2.76% (1 yr. USD LIBOR + 1.61%), 03/01/2046^(a)		3,831,081		3,804,302
Pass Through Ctfs., TBA, 2.50%, 10/16/2033^(c)		17,000,000		16,404,006
3.00%, 10/16/2033 to 10/11/2048^(c)		48,250,000		46,675,764
3.50%, 10/11/2048^(c)		18,400,000		18,108,381
4.00%, 10/11/2048^(c)		19,700,000		19,893,417
				228,180,424

Government National Mortgage Association (GNMA)–17.92%

Pass Through Ctfs., 9.50%, 01/15/2019 to 06/15/2022		40,542		40,826
9.00%, 04/15/2019 to 08/15/2024		58,908		59,182
8.00%, 03/15/2020 to 12/15/2021		45,371		45,509
7.00%, 11/15/2022 to 01/15/2029		211,386		218,024
6.50%, 04/15/2026 to 11/15/2028		108,461		119,054
6.00%, 01/15/2028 to 04/20/2029		266,431		288,717
5.50%, 05/15/2033 to 10/15/2034		661,598		717,180
5.00%, 11/20/2037		741,372		767,092
3.50%, 07/20/2046		7,310,522		7,296,947
4.00%, 02/20/2048		4,125,724		4,251,520
Pass Through Ctfs., ARM, 2.50% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 10/20/2047^(a)		4,489,187		4,413,238
Pass Through Ctfs., TBA, 3.00%, 10/18/2048^(c)		26,100,000		25,279,787
3.50%, 10/18/2048^(c)		32,500,000		32,319,093
4.00%, 10/18/2048^(c)		16,800,000		17,085,140
				92,901,309
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $514,636,749)				497,979,924

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund


	Principal Amount		Value

Asset-Backed Securities–39.90%

Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, Variable Rate Pass Through Ctfs., 3.80%, 10/25/2035^(b)	$	527,087	$	486,701
Agate Bay Mortgage Trust, Series 2015-2, Class B1, Variable Rate Pass Through Ctfs., 3.73%, 03/25/2045^(b)(d)		3,506,407		3,416,761
American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, Floating Rate Pass Through Ctfs., 4.52% (6 mo. USD LIBOR + 2.00%), 06/25/2045^(a)		240,323		241,738
Angel Oak Mortgage Trust LLC, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.81%, 01/25/2047^(b)(d)		457,425		454,824
Banc of America Funding Trust, Series 2006-3, Class 5A5, Pass Through Ctfs., 5.50%, 03/25/2036		81,075		77,837
Series 2006-A, Class 1A1, Variable Rate Pass Through Ctfs., 4.03%, 02/20/2036^(b)		845,374		842,604
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, Variable Rate Pass Through Ctfs., 3.77%, 03/25/2035^(b)		1,567,467		1,536,432
BX Commercial Mortgage Trust, Series 2018-BIOA, Class C, Floating Rate Pass Through Ctfs., 3.40% (1 mo. USD LIBOR + 1.12%), 03/15/2037^(a)(d)		6,500,000		6,513,646
CAL Funding III Ltd, Series 2018-2A, Class A, Pass Through Ctfs., 4.34%, 09/25/2043^(d)		3,500,000		3,508,461
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B, Floating Rate Pass Through Ctfs., 3.25% (1 mo. USD LIBOR + 0.97%), 07/15/2032^(a)(d)		3,000,000		3,004,520
Series 2017-BIOC, Class C, Floating Rate Pass Through Ctfs., 3.33% (1 mo. USD LIBOR + 1.05%), 07/15/2032^(a)(d)		2,954,000		2,956,615
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, Variable Rate Pass Through Ctfs., 3.43%, 12/25/2035^(b)		38,246		36,893
Series 2007-A2, Class 2A1, Variable Rate Pass Through Ctfs., 4.12%, 07/25/2037^(b)		759,496		776,479
Series 2007-A2, Class 2A4, Variable Rate Pass Through Ctfs., 4.12%, 07/25/2037^(b)		701,613		705,832


	Principal Amount		Value
Chase Mortgage Trust, Series 2016-1, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 04/25/2045^(b)(d)	$	3,009,450	$	2,935,072
Series 2016-2, Class M4, Variable Rate Pass Through Ctfs., 3.75%, 12/25/2045^(b)(d)		2,967,241		2,816,938
CHL Mortgage Pass Through Trust, Series 2004-29, Class 1A1, Floating Rate Pass Through Ctfs., 2.76% (1 mo. USD LIBOR + 0.54%), 02/25/2035^(a)		362,740		347,861
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB3, Class 2A, Variable Rate Pass Through Ctfs., 3.93%, 09/25/2034^(b)		1,645,868		1,597,927
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 4.05%, 08/25/2034^(b)		226,196		221,413
Series 2005-11, Class A2A, Floating Rate Pass Through Ctfs., 4.82% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(a)		1,699,523		1,726,730
Series 2006-AR2, Class 1A2, Variable Rate Pass Through Ctfs., 3.86%, 03/25/2036^(b)		60,726		60,169
Series 2012-6, Class 2A1, Variable Rate Pass Through Ctfs., 3.78%, 08/25/2036^(b)(d)		27,316		27,317
COLT Mortgage Loan Trust, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.61%, 05/27/2047^(b)(d)		1,207,576		1,201,410
Series 2017-1, Class A3, Variable Rate Pass Through Ctfs., 3.07%, 05/27/2047^(b)(d)		1,408,839		1,400,291
Series 2017-2, Class A2A, Variable Rate Pass Through Ctfs., 2.57%, 10/25/2047^(b)(d)		2,297,105		2,288,267
Commercial Mortgage Trust, Series 2013-LC13, Class XA, IO, Variable Rate Pass Through Ctfs., 1.17%, 08/10/2046^(b)		30,905,293		1,311,933
Series 2014-FL5, Class B, Floating Rate Pass Through Ctfs., 4.31% (1 mo. USD LIBOR + 2.15%), 10/15/2031^(a)(d)		115,042		114,924
Series 2015-CR24, Class XA, IO, Variable Rate Pass Through Ctfs., 0.94%, 08/10/2048^(b)		43,098,798		1,878,530
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 5A1, Variable Rate Pass Through Ctfs., 4.15%, 06/25/2034^(b)		1,268,753		1,271,515

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund


	Principal Amount		Value
Credit Suisse Mortgage Capital Trust, Series 2013-6, Class 2A1, Variable Rate Pass Through Ctfs., 3.50%, 08/25/2043^(b)(d)	$	1,426,503	$	1,397,472
Series 2013-7, Class B1, Variable Rate Pass Through Ctfs., 3.57%, 08/25/2043^(b)(d)		4,889,017		4,832,308
Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, Variable Rate Pass Through Ctfs., 3.50%, 05/25/2045^(b)(d)		2,513,294		2,453,899
DBGS Mortgage Trust, Series 2018-BIOD, Class A, Floating Rate Pass Through Ctfs., 3.08% (1 mo. USD LIBOR + 0.80%), 05/15/2035^(a)(d)		4,733,253		4,742,001
DBUBS Mortgage Trust, Series 2011-LC3A, Class C, Variable Rate Pass Through Ctfs., 5.52%, 08/10/2044^(b)(d)		5,000,000		5,206,357
Deephaven Residential Mortgage Trust, Series 2017-3A, Class A1, Variable Rate Pass Through Ctfs., 2.58%, 10/25/2047^(b)(d)		1,772,380		1,761,165
Deutsche Mortgage Securities Inc. Re-REMIC Trust Certificates, Series 2007-WM1, Class A1, Variable Rate Pass Through Ctfs., 3.66%, 06/27/2037^(b)(d)		3,273,700		3,311,479
Ford Credit Auto Owner Trust, Series 2016-1, Class A, Pass Through Ctfs., 2.31%, 08/15/2027^(d)		6,109,000		5,982,213
FREMF Mortgage Trust, Series 2017-KF41, Class B, Floating Rate Pass Through Ctfs., 4.61% (1 mo. USD LIBOR + 2.50%), 11/25/2024^(a)(d)		930,368		942,943
Galton Funding Mortgage Trust, Series 2018-1, Class A33, Variable Rate Pass Through Ctfs., 3.50%, 11/25/2057^(b)(d)		4,097,453		4,008,995
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, Variable Rate Pass Through Ctfs., 3.97%, 06/19/2035^(b)		1,561,354		1,536,799
GSAA Home Equity Trust, Series 2007-7, Class A4, Floating Rate Pass Through Ctfs., 2.49% (1 mo. USD LIBOR + 0.27%), 07/25/2037^(a)		119,667		115,150
GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, Variable Rate Pass Through Ctfs., 4.43%, 09/25/2034^(b)		185,118		186,263
Series 2004-12, Class 3A6, Variable Rate Pass Through Ctfs., 4.40%, 12/25/2034^(b)		840,769		849,747


	Principal Amount		Value
Hertz Vehicle Financing II LP, Series 2015-1A, Class A, Pass Through Ctfs., 2.73%, 03/25/2021^(d)	$	6,000,000	$	5,949,919
Home Partners of America Trust, Series 2017-1, Class C, Floating Rate Pass Through Ctfs., 3.71% (1 mo. USD LIBOR + 1.55%), 07/17/2034^(a)(d)		3,000,000		3,008,178
Series 2017-1, Class D, Floating Rate Pass Through Ctfs., 4.06% (1 mo. USD LIBOR + 1.90%), 07/17/2034^(a)(d)		6,620,000		6,649,933
Hyatt Hotel Portfolio Trust, Series 2017-HYT2, Class E, Floating Rate Pass Through Ctfs., 4.51% (1 mo. USD LIBOR + 2.35%), 08/09/2032^(a)(d)		2,000,000		2,009,140
Invitation Homes Trust, Series 2017-SFR2, Class C, Floating Rate Pass Through Ctfs., 3.61% (1 mo. USD LIBOR + 1.45%), 12/17/2036^(a)(d)		3,208,000		3,225,843
Series 2017-SFR2, Class D, Floating Rate Pass Through Ctfs., 3.96% (1 mo. USD LIBOR + 1.80%), 12/17/2036^(a)(d)		7,916,000		7,981,567
Series 2018-SFR3, Class B, Floating Rate Pass Through Ctfs., 3.31% (1 mo. USD LIBOR + 1.15%), 07/17/2037^(a)(d)		5,000,000		5,030,734
JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, Variable Rate Pass Through Ctfs., 4.17%, 02/25/2035^(b)		1,553,529		1,590,945
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 3.86%, 06/25/2035^(b)		1,046,255		1,055,299
Series 2005-A6, Class 7A1, Variable Rate Pass Through Ctfs., 4.38%, 08/25/2035^(b)		680,086		667,124
Series 2014-1, Class 1A17, Variable Rate Pass Through Ctfs., 4.00%, 01/25/2044^(b)(d)		2,972,555		2,950,489
Series 2015-3, Class A3, Variable Rate Pass Through Ctfs., 3.50%, 05/25/2045^(b)(d)		4,381,957		4,278,400
Series 2015-5, Class A2, Variable Rate Pass Through Ctfs., 3.08%, 05/25/2045^(b)(d)		2,081,293		2,079,413
Series 2016-5, Class A1, Variable Rate Pass Through Ctfs., 2.64%, 12/25/2046^(b)(d)		2,651,883		2,619,629
Series 2017-5, Class A1, Variable Rate Pass Through Ctfs., 3.17%, 10/26/2048^(b)(d)		4,323,724		4,292,048
Series 2018-7FRB, Class A2, Floating Rate Pass Through Ctfs., 2.81% (1 mo. USD LIBOR + 0.75%), 04/25/2046^(a)(d)		6,126,479		6,158,209

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund


	Principal Amount		Value
La Hipotecaria El Salvadorian Mortgage Trust (El Salvador), Series 2013-1A, Class A, Pass Through Ctfs., 3.50%, 10/25/2041 (Acquired 04/22/2013; Cost $3,677,180)^(d)	$	3,552,831	$	3,518,701
La Hipotecaria Panamanian Mortgage Trust (El Salvador), Series 2010-1GA, Class A, Floating Rate Pass Through Ctfs., 2.50% (PNMR - 3.00%), 09/08/2039 (Acquired 11/05/2010-06/25/2012; Cost $5,049,053)^(a)(d)		4,880,197		4,810,044
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/2041^(d)		107,922		107,625
Luminent Mortgage Trust, Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 2.46% (1 mo. USD LIBOR + 0.24%), 04/25/2036^(a)		65,301		57,021
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, Variable Rate Pass Through Ctfs., 3.97%, 11/25/2035^(b)		608,482		614,404
Series 2005-A, Class A1, Floating Rate Pass Through Ctfs., 2.68% (1 mo. USD LIBOR + 0.46%), 03/25/2030^(a)		755,176		735,353
Mill City Mortgage Loan Trust, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.75%, 11/25/2058^(b)(d)		2,845,726		2,798,280
Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AJ, Variable Rate Pass Through Ctfs., 5.39%, 11/12/2041^(b)		1,649,667		1,644,776
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, Floating Rate Pass Through Ctfs., 2.96% (1 mo. USD LIBOR + 0.68%), 10/17/2022^(a)(d)		3,800,000		3,819,907
Onslow Bay Financial LLC, Series 2018-EXP1, Class 2A1, Floating Rate Pass Through Ctfs., 3.07% (1 mo. USD LIBOR + 0.85%), 04/25/2048^(a)(d)		4,452,259		4,464,663
RALI Trust, Series 2006-QO2, Class A2, Floating Rate Pass Through Ctfs., 2.49% (1 mo. USD LIBOR + 0.27%), 02/25/2046^(a)		52,610		24,794
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, Variable Rate Pass Through Ctfs., 4.18%, 07/26/2045 (Acquired 01/31/2011-02/23/2016; Cost $1,059,094)^(b)(d)		1,065,941		1,093,540
Sequoia Mortgage Trust, Series 2013-4, Class A3, Variable Rate Pass Through Ctfs., 1.55%, 04/25/2043^(b)		1,263,296		1,201,874
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Variable Rate Pass Through Ctfs., 3.75%, 07/25/2043^(b)(d)		2,155,057		2,128,951


	Principal Amount		Value
Starwood Waypoint Homes Trust, Series 2017-1, Class D, Floating Rate Pass Through Ctfs., 4.11% (1 mo. USD LIBOR + 1.95%), 01/17/2035^(a)(d)	$	5,750,000	$	5,790,418
Stonemont Portfolio Trust, Series 2017-MONT, Class F, Floating Rate Pass Through Ctfs., 5.77% (1 mo. USD LIBOR + 3.60%), 08/20/2030^(a)(d)		1,988,203		2,003,430
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, Floating Rate Pass Through Ctfs., 0.49% (1 mo. USD LIBOR + 0.30%), 09/25/2034^(a)		413,401		389,271
Series 2004-20, Class 3A1, Variable Rate Pass Through Ctfs., 3.91%, 01/25/2035^(b)		246,190		244,835
Structured Asset Mortgage Investments, II Trust, Series 2005-AR2, Class 2A1, Floating Rate Pass Through Ctfs., 2.68% (1 mo. USD LIBOR + 0.46%), 05/25/2045^(a)		1,045,105		1,024,312
Structured Asset Securities Corp., Series 2002-21A, Class B1II, Variable Rate Pass Through Ctfs., 4.13%, 11/25/2032^(b)		181,705		174,421
Thornburg Mortgage Securities Trust, Series 2005-2, Class A1, Variable Rate Pass Through Ctfs., 3.61%, 07/25/2045^(b)		2,821,966		2,764,948
Towd Point Mortgage Trust, Series 2015-4, Class A1, Variable Rate Pass Through Ctfs., 3.50%, 04/25/2055^(b)(d)		854,862		853,853
Series 2017-2, Class A1, Variable Rate Pass Through Ctfs., 2.75%, 04/25/2057^(b)(d)		4,764,414		4,681,630
Verus Securitization Trust, Series 2017-2A, Class A2, Variable Rate Pass Through Ctfs., 2.64%, 07/25/2047^(b)(d)		3,327,434		3,267,970
Series 2017-2A, Class A3, Variable Rate Pass Through Ctfs., 2.85%, 07/25/2047^(b)(d)		3,262,190		3,209,056
Series 2018-1, Class A3, Variable Rate Pass Through Ctfs., 3.21%, 02/25/2048^(b)(d)		3,725,369		3,733,778
Series 2018-INV1, Class A3, Variable Rate Pass Through Ctfs., 4.05%, 03/25/2058^(b)(d)		1,307,414		1,310,588
WaMu Mortgage Pass-Through Trust, Series 2007-HY2, Class 2A1, Variable Rate Pass Through Ctfs., 4.08%, 11/25/2036^(b)		164,578		156,240
Wells Fargo Commercial Mortgage Trust, Series 2018- BXI, Class C, Floating Rate Pass Through Ctfs., 3.44% (1 mo. USD LIBOR + 1.16%), 12/15/2036^(a)(d)		1,500,000		1,506,098


	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR2, Class 2A2, Variable Rate Pass Through Ctfs., 3.93%, 03/25/2035^(b)	$	142,705	$	146,443
Series 2005-AR12, Class 1A1, Variable Rate Pass Through Ctfs., 4.11%, 05/25/2035^(b)		548,213		562,106
Series 2006-AR6, Class 3A1, Variable Rate Pass Through Ctfs., 3.84%, 03/25/2036^(b)		1,958,178		1,905,014
Series 2006-AR6, Class 7A2, Variable Rate Pass Through Ctfs., 4.38%, 03/25/2036^(b)		1,139,894		1,155,505
Series 2006-AR7, Class 2A5, Variable Rate Pass Through Ctfs., 4.32%, 05/25/2036^(b)		1,148,286		1,178,635
Series 2006-AR8, Class 2A3, Variable Rate Pass Through Ctfs., 4.39%, 04/25/2036^(b)		638,345		646,991
WFRBS Commercial Mortgage Trust, Series 2013-C17, Class D, Variable Rate Pass Through Ctfs., 5.23%, 12/15/2046^(b)(d)		2,600,000		2,481,378
Total Asset-Backed Securities (Cost $206,853,136)				206,840,154

Agency Credit Risk Transfer Notes–8.16%

Fannie Mae Connecticut Avenue Securities, 5.12% (1 mo. USD LIBOR + 2.90%), 07/25/2024 ^(a)		4,361,933		4,665,041
Freddie Mac, Series 2014-DN1, Class M2, Floating Rate STACR^®Debt Notes, 4.42% (1 mo. USD LIBOR + 2.20%), 02/25/2024^(a)		1,473,607		1,514,788
Series 2015-DNA1, Class M2, Floating Rate STACR^® Debt Notes, 4.07% (1 mo. USD LIBOR + 1.85%), 10/25/2027^(a)		5,552,100		5,653,253
Series 2015-HQ1, Class M3, Floating Rate STACR^® Debt Notes, 6.02% (1 mo. USD LIBOR + 3.80%), 03/25/2025^(a)		5,000,000		5,348,582
Series 2016-DNA1, Class M2, Floating Rate STACR^® Debt Notes, 5.12% (1 mo. USD LIBOR + 2.90%), 07/25/2028^(a)		4,209,675		4,313,730
Series 2016-HQA1, Class M2, Floating Rate STACR^® Debt Notes, 4.97% (1 mo. USD LIBOR + 2.75%), 09/25/2028^(a)		2,908,566		2,969,325
Series 2016-HQA2, Class M2, Floating Rate STACR^® Debt Notes, 4.47% (1 mo. USD LIBOR + 2.25%), 11/25/2028^(a)		3,886,955		3,969,978
Series 2016-HQA4, Class M2, Floating Rate STACR^® Debt Notes, 3.52% (1 mo. USD LIBOR + 1.30%), 04/25/2029^(a)		3,500,000		3,547,881

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund


	Principal Amount		Value
Series 2017-DNA2, Class M1, Floating Rate STACR^®Debt Notes, 3.42% (1 mo. USD LIBOR + 1.20%), 10/25/2029^(a)	$	5,253,305	$	5,313,940
Series 2018-DNA2, Class M1, Floating Rate STACR^® Debt Notes, 3.02% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(a)(d)		5,000,000		5,017,687
Total Agency Credit Risk Transfer Notes (Cost $42,488,489)				42,314,205

Certificate of Deposit–1.93%

Wells Fargo Bank, N.A., 2.76% (1 mo. USD LIBOR + 0.52%), 03/27/2019 (Cost $10,000,000)^(a)		10,000,000		10,019,340

U.S. Treasury Bills–0.15%

2.12-2.15%, 01/24/2019 (Cost $794,438)^(e)(f)		800,000		794,358

		Shares

Money Market Funds–1.88%

Invesco Government & Agency Portfolio –Institutional Class, 1.97% ^(g)		3,401,716		3,401,716
Invesco Liquid Assets Portfolio –Institutional Class, 2.15% ^(g)		2,428,813		2,429,541
Invesco Treasury Portfolio –Institutional Class, 1.97% ^(g)		3,887,675		3,887,675
Total Money Market Funds (Cost $9,718,932)				9,718,932
TOTAL INVESTMENTS IN SECURITIES–148.08% (Cost $784,491,744)				767,666,913
OTHER ASSETS LESS LIABILITIES–(48.08)%				(249,253,855	)
NET ASSETS–100.00%			$	518,413,058


Investment Abbreviations:

ACES	—	Automatically Convertible Extendable Security
ARM	—	Adjustable Rate Mortgage
Ctfs.	—	Certificates
IO	—	Interest Only
LIBOR	—	London Interbank Offered Rate
MTA	—	Moving Treasury Average
PNMR	—	Panamanian Mortgage Reference Rate
REMICs	—	Real Estate Mortgage Investment Conduits
STACR^®	—	Structured Agency Credit Risk
STRIPS	—	Separately Traded Registered Interest and Principal Security
TBA	—	To Be Announced
USD	—	U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2018.

^(b)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2018.

^(c)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1C.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2018 was $178,108,977, which represented 34.36% of the Fund’s Net Assets.

^(e)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(f)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D.

^(g)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.


Open Futures Contracts
	Number of Contracts	Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Long Futures Contracts
U.S. Treasury 10 Year Notes	21		December-2018	$	2,494,406		$	(30,402	)	$	(30,402	)
U.S. Treasury Long Bonds	31		December-2018		4,355,500			(134,730	)		(134,730	)
Subtotal—Long Futures Contracts								(165,132	)		(165,132	)
Short Futures Contracts
U.S. Treasury 2 Year Notes	227		December-2018		(47,836,703	)		127,202			127,202
U.S. Treasury 5 Year Notes	365		December-2018		(41,053,946	)		327,061			327,061
U.S. Treasury Ultra Bonds	10		December-2018		(1,542,812	)		54,117			54,117
Subtotal—Short Futures Contracts								508,380			508,380
Total Futures Contracts—Interest Rate Risk							$	343,248		$	343,248

See accompanying notes which are an integral part of this schedule.

Invesco Quality Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Quality Income Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions may be considered borrowings under the 1940 Act.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk

Invesco Quality Income Fund

D.	Futures Contracts – (continued)

with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

F.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 — Additional Valuation Information


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.


		Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Government Sponsored Agency Mortgage- Backed Securities	$	—		$	497,979,924	$	—	$	497,979,924
Asset-Backed Securities		—			206,840,154		—		206,840,154
Agency Credit Risk Transfer Notes		—			42,314,205		—		42,314,205
Certificates of Deposit		—			10,019,340		—		10,019,340
U.S. Treasury Bills		—			794,358		—		794,358
Money Market Funds		9,718,932			—		—		9,718,932
Total Investments in Securities		9,718,932			757,947,981		—		767,666,913
Other Investments – Assets^*
Futures Contracts		508,380			—		—		508,380
Other Investments – Liabilities^*
Futures Contracts		(165,132	)		—		—		(165,132	)
Total Other Investments		343,248			—		—		343,248
Total Investments	$	10,062,180		$	757,947,981	$	—	$	768,010,161

* Unrealized appreciation (depreciation).

Invesco Quality Income Fund

Invesco Small Cap Growth Fund

Quarterly Schedule of Portfolio Holdings

September 30, 2018




		invesco.com/us SCG-QTR-1 11/18		Invesco Advisers, Inc.

Schedule of Investments^(a)

September 30, 2018

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.58%

Aerospace & Defense–1.52%

BWX Technologies, Inc.		339,204	$	21,213,818
TransDigm Group, Inc. ^(b)		80,337		29,909,465
				51,123,283

Alternative Carriers–0.78%

Cogent Communications Holdings, Inc.		468,482		26,141,296

Apparel Retail–0.60%

Urban Outfitters, Inc. ^(b)		491,799		20,114,579

Apparel, Accessories & Luxury Goods–1.25%

Carter’s, Inc.		186,955		18,433,763
G-III Apparel Group, Ltd. ^(b)		487,907		23,512,238
				41,946,001

Application Software–10.76%

2U, Inc. ^(b)		343,011		25,790,997
Apptio, Inc. -Class A ^(b)		662,169		24,473,766
Aspen Technology, Inc. ^(b)		486,062		55,367,322
BlackLine, Inc. ^(b)		544,801		30,764,913
Fair Isaac Corp. ^(b)		207,371		47,394,642
Guidewire Software Inc. ^(b)		392,403		39,636,627
Pegasystems Inc.		449,643		28,147,652
Q2 Holdings, Inc. ^(b)		613,624		37,154,933
RealPage, Inc. ^(b)		593,011		39,079,425
Ultimate Software Group, Inc. (The) ^(b)		106,482		34,307,436
				362,117,713

Asset Management & Custody Banks–0.26%

WisdomTree Investments, Inc.		1,023,230		8,676,990

Auto Parts & Equipment–1.15%

Cooper-Standard Holdings Inc. ^(b)		186,153		22,334,637
Visteon Corp. ^(b)		177,653		16,503,964
				38,838,601

Biotechnology–7.50%
Adamas Pharmaceuticals, Inc. ^(b)(c)		968,330		19,385,967
Agios Pharmaceuticals, Inc. ^(b)		379,235		29,246,603
Amicus Therapeutics, Inc. ^(b)		2,078,821		25,132,946
Halozyme Therapeutics, Inc. ^(b)		1,708,350		31,040,720
Neurocrine Biosciences, Inc. ^(b)		409,361		50,330,935
Repligen Corp. ^(b)		597,678		33,147,222
Sage Therapeutics, Inc. ^(b)		182,413		25,765,836
Sarepta Therapeutics, Inc. ^(b)		236,095		38,131,703
				252,181,932


	Shares		Value

Brewers–0.68%

Boston Beer Co., Inc. (The) -Class A ^(b)		79,585	$	22,880,688

Building Products–0.53%

Masonite International Corp.^(b)		277,647		17,797,173

Casinos & Gaming–1.08%

Penn National Gaming, Inc. ^(b)		1,101,650		36,266,318

Commercial Printing–0.52%

Deluxe Corp.		308,352		17,557,563

Construction Machinery & Heavy Trucks–1.91%

Oshkosh Corp.		286,143		20,384,827
WABCO Holdings Inc. ^(b)		155,288		18,314,667
Wabtec Corp.		244,778		25,672,317
				64,371,811

Construction Materials–0.78%

Martin Marietta Materials, Inc.		144,390		26,271,761

Distributors–1.05%

Pool Corp.		210,934		35,200,666

Education Services–0.67%

Adtalem Global Education Inc. ^(b)		468,511		22,582,230

Electronic Components–1.52%

II-VI Inc. ^(b)		491,043		23,226,334
Littelfuse, Inc.		141,415		27,984,614
				51,210,948

Electronic Equipment & Instruments–3.48%

Cognex Corp.		596,830		33,315,051
National Instruments Corp.		493,329		23,842,590
Trimble Inc. ^(b)		616,017		26,772,099
Zebra Technologies Corp. -Class A ^(b)		187,940		33,233,430
				117,163,170

Financial Exchanges & Data–0.66%

MarketAxess Holdings, Inc.		124,319		22,189,698

Footwear–0.84%

Steven Madden, Ltd.		535,045		28,303,881

Health Care Equipment–3.70%

Cantel Medical Corp.		248,396		22,867,336
DexCom Inc. ^(b)		256,275		36,657,576
Hill-Rom Holdings, Inc.		264,988		25,014,867
Integra LifeSciences Holdings Corp. ^(b)		420,092		27,671,460
Nevro Corp. ^(b)		212,997		12,140,829
				124,352,068

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund


	Shares		Value

Health Care Facilities–1.68%

Encompass Health Corp.		429,667	$	33,492,542
Select Medical Holdings Corp. ^(b)		1,252,842		23,052,293
				56,544,835

Health Care Services–1.75%

BioTelemetry, Inc. ^(b)		409,408		26,386,346
Chemed Corp.		101,385		32,400,618
				58,786,964

Health Care Supplies–2.96%

Align Technology, Inc. ^(b)		84,019		32,869,913
Avanos Medical, Inc. ^(b)		523,149		35,835,707
ICU Medical, Inc. ^(b)		109,315		30,908,816
				99,614,436

Health Care Technology–0.58%

Medidata Solutions, Inc. ^(b)		266,188		19,514,242

Industrial Machinery–3.68%

Hillenbrand, Inc.		22,019		1,151,594
ITT Inc.		493,425		30,227,215
John Bean Technologies Corp.		241,325		28,790,073
Kennametal Inc.		484,448		21,102,555
Lincoln Electric Holdings, Inc.		227,542		21,261,524
Timken Co. (The)		427,951		21,333,357
				123,866,318

Interactive Home Entertainment–1.02%

Take-Two Interactive Software, Inc. ^(b)		249,413		34,416,500

Investment Banking & Brokerage–1.67%

Evercore Inc. -Class A		319,883		32,164,235
LPL Financial Holdings, Inc.		370,431		23,896,504
				56,060,739

IT Consulting & Other Services–1.73%

Booz Allen Hamilton Holding Corp.		635,364		31,533,115
EPAM Systems, Inc. ^(b)		193,830		26,690,391
				58,223,506

Leisure Facilities–0.73%

Six Flags Entertainment Corp.		350,180		24,449,568

Leisure Products–0.75%

Brunswick Corp.		373,783		25,050,937

Life & Health Insurance–0.80%

American Equity Investment Life Holding Co.		758,295		26,813,311

Life Sciences Tools & Services–2.29%

Bio-Techne Corp.		194,457		39,690,618
PerkinElmer, Inc.		383,542		37,307,131
				76,997,749

Managed Health Care–1.66%

HealthEquity, Inc. ^(b)		590,225		55,723,142


	Shares		Value

Metal & Glass Containers–0.75%

Berry Global Group, Inc. ^(b)		522,861	$	25,301,244

Movies & Entertainment–0.38%

IMAX Corp. ^(b)		497,044		12,823,735

Multi-Line Insurance–0.73%

American Financial Group, Inc.		221,961		24,631,012

Office Services & Supplies–0.35%

MSA Safety Inc.		109,554		11,660,928

Oil & Gas Drilling–0.46%
Patterson-UTI Energy, Inc.		906,295		15,506,707

Oil & Gas Equipment & Services–0.61%

Oil States International, Inc. ^(b)		621,379		20,629,783

Oil & Gas Exploration & Production–1.72%

Centennial Resource Development, Inc. -Class A ^(b)		1,199,226		26,203,088
Laredo Petroleum, Inc. ^(b)		1,276,652		10,430,247
Parsley Energy, Inc. -Class A ^(b)		726,662		21,254,863
				57,888,198

Oil & Gas Refining & Marketing–0.80%

PBF Energy Inc. -Class A		542,226		27,062,500

Packaged Foods & Meats–0.69%

Lancaster Colony Corp.		155,239		23,163,211

Pharmaceuticals–3.09%

Aerie Pharmaceuticals, Inc. ^(b)		421,272		25,929,292
Catalent, Inc. ^(b)		626,842		28,552,653
GW Pharmaceuticals PLC -ADR (United Kingdom)^(b)		163,768		28,289,284
Intersect ENT, Inc. ^(b)		741,998		21,332,443
				104,103,672

Property & Casualty Insurance–1.35%

Hanover Insurance Group Inc. (The)		207,909		25,649,733
RLI Corp.		250,262		19,665,588
				45,315,321

Regional Banks–3.21%

BankUnited, Inc.		457,012		16,178,225
Cathay General Bancorp		593,454		24,592,734
Cullen/Frost Bankers, Inc.		252,396		26,360,238
MB Financial, Inc.		499,904		23,050,573
Sterling Bancorp		809,518		17,809,396
				107,991,166

Research & Consulting Services–1.44%

CoStar Group Inc. ^(b)		115,473		48,595,657

Restaurants–2.88%

Dunkin’ Brands Group, Inc.		368,969		27,200,395
Jack in the Box Inc.		189,857		15,915,712
Texas Roadhouse, Inc.		451,300		31,270,577

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund


	Shares		Value

Restaurants-(continued)

Wendy’s Co. (The)		1,306,718	$	22,397,147
				96,783,831

Security & Alarm Services–0.76%

Brink’s Co. (The)		364,107		25,396,463

Semiconductor Equipment–0.52%

MKS Instruments, Inc.		217,388		17,423,648

Semiconductors–4.05%

Integrated Device Technology, Inc. ^(b)		758,269		35,646,226
Monolithic Power Systems, Inc.		177,194		22,243,163
Power Integrations, Inc.		257,933		16,301,366
Semtech Corp. ^(b)		588,349		32,712,204
Silicon Laboratories Inc. ^(b)		317,773		29,171,561
				136,074,520

Specialized REITs–0.49%

CubeSmart		580,656		16,566,116

Specialty Chemicals–1.64%

Ingevity Corp. ^(b)		290,529		29,599,095
PolyOne Corp.		581,903		25,440,799
				55,039,894

Specialty Stores–1.19%

Five Below, Inc. ^(b)		308,378		40,107,643

Systems Software–3.50%

CommVault Systems, Inc. ^(b)		437,253		30,607,710
Proofpoint, Inc. ^(b)		238,526		25,362,470
Qualys, Inc. ^(b)		365,003		32,521,767
SailPoint Technologies Holdings, Inc. ^(b)		862,322		29,336,194
				117,828,141

Trading Companies & Distributors–1.27%

Univar Inc. ^(b)		696,976		21,369,284
Watsco, Inc.		120,533		21,466,927
				42,836,211

Trucking–2.16%

Knight-Swift Transportation Holdings Inc.		580,012		19,998,814
Landstar System, Inc.		209,711		25,584,742
Old Dominion Freight Line, Inc.		168,389		27,154,410
				72,737,966
Total Common Stocks & Other Equity Interests (Cost $1,972,295,704)				3,248,818,184


	Shares	Value

Money Market Funds–3.62%

Invesco Government & Agency Portfolio – Institutional Class, 1.97% ^(d)	59,244,397	$	59,244,397
Invesco Liquid Assets Portfolio –Institutional Class, 2.15% ^(d)	45,287,859		45,301,445
Invesco Treasury Portfolio –Institutional Class, 1.97% ^(d)	17,321,673		17,321,673
Total Money Market Funds (Cost $121,862,144)			121,867,515
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.20% (Cost $2,094,157,847)			3,370,685,699

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.21%

Invesco Government & Agency Portfolio –Institutional Class, 1.97% (Cost $7,157,267)^(d)(e)	7,157,267		7,157,267
TOTAL INVESTMENTS IN SECURITIES–100.41% (Cost $2,101,315,115)			3,377,842,966
OTHER ASSETS LESS LIABILITIES–(0.41)%			(13,840,351	)

NET ASSETS–100.00%		$	3,364,002,615

Investment Abbreviations:

ADR — American Depositary Receipt

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)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at September 30, 2018.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

^(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. See Note 1D.

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

September 30, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Small Cap Growth Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to

Invesco Small Cap Growth Fund

D.	Securities Lending – (continued)

counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

NOTE 2 — Additional Valuation Information


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.

Invesco Small Cap Growth Fund

Item 2. Controls and Procedures.

(a)

As of November 16, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 16, 2018, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Growth Series (Invesco Growth Series)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		November 29, 2018

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		November 29, 2018


By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		November 29, 2018

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.