NPORT-EX 2 edgar.htm
Schedule of Investments
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ Now Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.14%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–16.93%
Invesco Dividend Income Fund, Class R6 4.96% $52,632 $42,050 $(27,512) $(10,675) $(1,834) $373 2,937 $54,661
Invesco PureBetaSM MSCI USA ETF 1.48% 15,778 10,861 (7,045) (3,237) (50) 96 626 16,307
Invesco S&P 500® Enhanced Value ETF 8.55% 94,727 88,760 (43,009) (46,511) 192 980 3,978 94,159
Invesco S&P 500® High Dividend Low Volatility ETF 1.94% 20,474 17,474 (8,404) (7,825) (322) 257 713 21,397
Invesco S&P High Income Infrastructure ETF — 40,796 18,044 (59,140) (2,523) 2,823 — — —
Total Domestic Equity Funds   224,407 177,189 (145,110) (70,771) 809 1,706   186,524
Exchange-Traded Funds–1.11%
Alerian MLP ETF (b) 1.11% — 21,797 — (9,523) — 298 3,568 12,274
Fixed Income Funds–62.13%
Invesco Core Plus Bond Fund, Class R6 5.63% 56,949 34,873 (27,806) (2,583) 592 350 5,797 62,025
Invesco Corporate Bond Fund, Class R6 4.62% 46,596 30,193 (22,107) (4,595) 795 470 7,176 50,882
Invesco Emerging Markets Sovereign Debt ETF 3.41% 35,644 27,079 (17,317) (7,316) (456) 492 1,574 37,634
Invesco Floating Rate Fund, Class R6 7.68% 77,843 54,896 (36,158) (10,428) (1,548) 1,110 13,282 84,605
Invesco High Yield Fund, Class R6 5.12% 52,071 39,129 (24,137) (9,513) (1,151) 906 16,686 56,399
Invesco Multi-Asset Income Fund, Class R6 6.90% 72,435 53,876 (32,327) (17,407) (520) 1,103 8,875 76,057
Invesco PureBetaSM US Aggregate Bond ETF 6.03% 62,020 37,754 (34,828) 1,766 (237) 428 2,518 66,475
Invesco Quality Income Fund, Class R6 12.19% 124,566 81,777 (71,175) 247 (1,102) 1,383 11,460 134,313
Invesco Short Duration Inflation Protected Fund, Class R6 0.94% 9,722 5,057 (4,309) (130) 3 58 1,012 10,343
Invesco Taxable Municipal Bond ETF 2.55% 25,051 16,338 (12,793) (97) (411) 243 909 28,088
Invesco Variable Rate Preferred ETF 7.06% 72,505 57,376 (39,966) (10,511) (1,654) 884 3,623 77,750
Total Fixed Income Funds   635,402 438,348 (322,923) (60,567) (5,689) 7,427   684,571
Foreign Equity Funds–7.75%
Invesco S&P International Developed Low Volatility ETF 4.96% 52,545 41,373 (25,689) (13,264) (282) 493 2,080 54,683
iShares Global Infrastructure ETF (b) 2.79% — 41,298 — (10,563) — — 900 30,735
Total Foreign Equity Funds   52,545 82,671 (25,689) (23,827) (282) 493   85,418
Real Estate Funds–6.03%
Invesco Global Real Estate Income Fund, Class R6 6.03% 62,705 47,653 (27,355) (17,340) 800 669 9,441 66,463
Money Market Funds–6.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.003.32(c) 3.32% 34,534 387,109 (385,063) — — 131 36,580 36,580
Invesco Liquid Assets Portfolio, Institutional Class, 0.002.87(c) 2.87% 34,589 387,109 (390,064) 8 (29) 156 31,625 31,613
Total Money Market Funds                 68,193
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $1,270,436) 		100.14% $1,044,182 $1,541,876 $(1,296,204) $(182,020) $(4,391) $10,880 $165,360 $1,103,443
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,270,436)  100.14%               $1,103,443
OTHER ASSETS LESS LIABILITIES (0.14)%               (1,571)
NET ASSETS 100.00%               $1,101,872
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 March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2015 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.10%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–0.00%
Invesco Global Targeted Returns Fund, Class R6 — $3,017 $— $(3,018) $94 $(84) $— 1 $9
Asset Allocation Funds–0.00%
Invesco Macro Allocation Strategy Fund, Class R6 — 1,716 — (1,718) 106 (100) — 1 4
Domestic Equity Funds–17.63%
Invesco All Cap Market Neutral Fund, Class R6(b) — 1,793 — (1,788) 279 (279) — 1 5
Invesco Diversified Dividend Fund, Class R6 — 11 — — (3) — — 0 8
Invesco Dividend Income Fund, Class R6 5.14% 29,470 9,553 — (7,429) — 228 1,698 31,594
Invesco Equally-Weighted S&P 500 Fund, Class R6 — 3,939 — (3,931) (415) 420 — 0 13
Invesco Growth and Income Fund, Class R6 — 3,243 — (3,247) (94) 106 — 0 8
Invesco PureBetaSM MSCI USA ETF 1.54% 7,857 3,642 — (2,017) — 56 364 9,482
Invesco S&P 500® Enhanced Value ETF 9.12% 50,013 32,454 — (26,440) — 583 2,367 56,027
Invesco S&P 500® High Dividend Low Volatility ETF 1.83% 14,530 2,909 (1,440) (4,777) 32 152 375 11,254
Invesco S&P 500® Pure Growth ETF — 3,169 — (3,181) (186) 198 — — —
Invesco S&P High Income Infrastructure ETF — 20,670 5,491 (26,324) (1,354) 1,517 — — —
Invesco U.S. Managed Volatility Fund, Class R6 — 9,867 — (9,948) (960) 1,048 — 1 7
Total Domestic Equity Funds   144,562 54,049 (49,859) (43,396) 3,042 1,019   108,398
Exchange-Traded Funds–1.20%
Alerian MLP ETF (c) 1.20% — 12,638 — (5,266) — 186 2,143 7,372
Fixed Income Funds–61.31%
Invesco Core Plus Bond Fund, Class R6 5.28% 36,718 3,194 (6,181) (1,007) (239) 94 3,036 32,485
Invesco Corporate Bond Fund, Class R6 4.45% 23,504 8,614 (2,334) (2,316) (113) 277 3,858 27,355
Invesco Emerging Markets Sovereign Debt ETF 3.51% 26,888 5,305 (5,869) (4,145) (588) 306 903 21,591
Invesco Floating Rate Fund, Class R6 7.44% 45,343 10,104 (2,428) (6,634) (669) 648 7,177 45,716
Invesco High Yield Fund, Class R6 5.06% 32,969 4,592 — (6,428) — 529 9,211 31,133
Invesco Multi-Asset Income Fund, Class R6 7.46% 38,658 17,719 — (10,533) — 658 5,349 45,844
Invesco PureBetaSM US Aggregate Bond ETF 5.63% 36,642 5,953 (8,900) 965 (76) 265 1,310 34,584
Invesco Quality Income Fund, Class R6 11.31% 72,291 14,662 (16,560) (149) (734) 808 5,931 69,510
Invesco Short Duration Inflation Protected Fund, Class R6 0.93% 11,157 685 (6,063) (98) 8 37 557 5,689
Invesco Short Term Bond Fund, Class R6 — 6,618 — (6,612) (63) 62 (1) 0 5
Invesco Taxable Municipal Bond ETF 2.51% 20,617 1,929 (6,669) (227) (231) 150 499 15,419
Invesco Variable Rate Investment Grade ETF — 4,792 — (4,794) (16) 18 — — —
Invesco Variable Rate Preferred ETF 7.73% 41,302 18,574 (4,868) (5,849) (1,668) 543 2,213 47,491
Total Fixed Income Funds   397,499 91,331 (71,278) (36,500) (4,230) 4,314   376,822
Foreign Equity Funds–7.83%
Invesco RAFI™ Strategic Developed ex-US ETF — 8,048 — (8,098) (332) 382 — — —
Invesco S&P International Developed Low Volatility ETF 5.04% 25,590 13,604 — (8,224) — 277 1,178 30,970
iShares Global Infrastructure ETF (c) 2.79% — 23,343 — (6,200) — — 502 17,143
Total Foreign Equity Funds   33,638 36,947 (8,098) (14,756) 382 277   48,113
Real Estate Funds–6.38%
Invesco Global Real Estate Income Fund, Class R6 6.38% 35,729 13,259 — (9,795) — 380 5,567 39,193
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2015 Fund (continued)
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.10%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Money Market Funds–5.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.004.48(d) 4.48% $19,852 $78,096 $(70,425) $— $— $77 27,524 $27,523
Invesco Liquid Assets Portfolio, Institutional Class, 0.001.27(d) 1.27% 19,607 78,096 (89,879) 2 (7) 88 7,822 7,819
Total Money Market Funds                 35,342
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $708,815) 		100.10% $655,620 $364,416 $(294,275) $(109,511) $(997) $6,341 $89,588 $615,253
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $708,815)  100.10%               $615,253
OTHER ASSETS LESS LIABILITIES (0.10)%               (604)
NET ASSETS 100.00%               $614,649
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 has not declared a distribution in more than one year from March 31, 2020.
(c) Not affiliated with Invesco Advisers, Inc.
(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2020 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–106.79%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–2.51%
Invesco Global Targeted Returns Fund, Class R6 2.51% $50,086 $18,750 $(10,844) $(201) $(728) $— 6,064 $57,063
Asset Allocation Funds–1.49%
Invesco Macro Allocation Strategy Fund, Class R6 1.49% 30,755 11,380 (5,311) (2,024) (848) — 4,223 33,952
Domestic Equity Funds–24.68%
Invesco All Cap Market Neutral Fund, Class R6(b) 1.49% 30,456 11,007 (6,999) 846 (1,345) — 4,824 33,965
Invesco Diversified Dividend Fund, Class R6 0.95% 19,700 8,368 (186) (6,214) 2 184 1,389 21,670
Invesco Dividend Income Fund, Class R6 1.48% 23,601 17,710 — (7,650) — 217 1,809 33,661
Invesco Equally-Weighted S&P 500 Fund, Class R6 2.95% 61,256 30,442 (4,733) (20,108) 270 — 1,426 67,127
Invesco Growth and Income Fund, Class R6 2.47% 48,557 28,626 (1,147) (19,628) (169) 419 3,502 56,239
Invesco S&P 500® Enhanced Value ETF 2.45% 39,299 41,446 (154) (24,966) (1) 556 2,350 55,624
Invesco S&P 500® High Dividend Low Volatility ETF 2.95% 47,112 44,253 — (24,353) — 761 2,233 67,012
Invesco S&P 500® Pure Growth ETF 2.44% 52,994 21,540 (6,533) (12,679) 156 155 554 55,478
Invesco S&P MidCap Low Volatility ETF — 5,596 — (5,537) (336) 277 — — —
Invesco U.S. Managed Volatility Fund, Class R6 7.50% 171,178 68,540 (58,694) (16,643) 6,131 — 16,056 170,512
Total Domestic Equity Funds   499,749 271,932 (83,983) (131,731) 5,321 2,292   561,288
Fixed Income Funds–57.99%
Invesco Core Plus Bond Fund, Class R6 6.07% 117,209 40,233 (14,588) (4,514) (291) 722 12,902 138,049
Invesco Emerging Markets Sovereign Debt ETF 6.56% 128,732 58,020 (7,103) (29,881) (569) 1,784 6,240 149,199
Invesco Floating Rate Fund, Class R6 4.59% 87,416 32,414 (1,251) (14,189) (39) 1,225 16,382 104,351
Invesco High Yield Fund, Class R6 5.05% 99,962 40,964 (4,505) (21,339) (106) 1,667 34,017 114,976
Invesco Multi-Asset Income Fund, Class R6 1.51% 23,408 18,684 — (7,767) — 453 4,005 34,325
Invesco PureBetaSM US Aggregate Bond ETF 4.01% 74,722 29,913 (15,552) 2,267 (244) 569 3,451 91,106
Invesco Quality Income Fund, Class R6 7.05% 134,849 51,572 (24,879) (512) (767) 1,482 13,674 160,263
Invesco Short Duration Inflation Protected Fund, Class R6 4.51% 88,698 34,147 (18,889) (1,267) (203) 528 10,028 102,486
Invesco Short Term Bond Fund, Class R6 5.04% 98,251 37,376 (15,904) (4,675) (502) 752 13,884 114,546
Invesco Taxable Municipal Bond ETF 6.00% 117,939 32,261 (9,364) (4,032) (319) 1,092 4,417 136,485
Invesco Variable Rate Investment Grade ETF 4.03% 80,671 29,608 (9,958) (8,053) (603) 549 4,031 91,665
Invesco Variable Rate Preferred ETF 3.57% 54,036 40,535 — (13,452) — 828 3,780 81,119
Total Fixed Income Funds   1,105,893 445,727 (121,993) (107,414) (3,643) 11,651   1,318,570
Foreign Equity Funds–5.99%
Invesco International Growth Fund, Class R6 — 35 — (33) (4) 4 — 0 2
Invesco PureBetaSM FTSE Developed ex-North America ETF 0.99% 19,582 9,049 (330) (5,671) 3 223 1,174 22,633
Invesco RAFI™ Strategic Developed ex-US ETF 5.00% 99,748 63,753 (15,325) (30,252) (4,317) 1,130 6,067 113,607
Total Foreign Equity Funds   119,365 72,802 (15,688) (35,927) (4,310) 1,353   136,242
Real Estate Funds–3.01%
Invesco Global Real Estate Income Fund, Class R6 3.01% 58,679 27,092 (193) (17,094) 2 684 9,728 68,486
Money Market Funds–11.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.005.58(c) 5.58% 37,598 419,054 (329,852) — — 184 126,800 126,800
Invesco Liquid Assets Portfolio, Institutional Class, 0.005.54(c) 5.54% 36,958 419,054 (329,852) (25) (22) 219 126,164 126,113
Total Money Market Funds                 252,913
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $2,686,463) 		106.79% $1,939,083 $1,685,791 $(897,716) $(294,416) $(4,228) $16,383 $441,174 $2,428,514
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,686,463)  106.79%               $2,428,514
OTHER ASSETS LESS LIABILITIES (6.79)%               (154,472)
NET ASSETS 100.00%               $2,274,042
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2025 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.18%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–2.95%
Invesco Global Targeted Returns Fund, Class R6 2.95% $152,038 $18,206 $(14,687) $(1,172) $(847) $— 16,316 $153,538
Asset Allocation Funds–1.95%
Invesco Macro Allocation Strategy Fund, Class R6 1.95% 100,776 20,312 (10,415) (7,484) (1,813) — 12,609 101,376
Domestic Equity Funds–27.49%
Invesco All Cap Market Neutral Fund, Class R6(b) 1.97% 101,710 12,302 (10,274) 356 (1,795) — 14,531 102,299
Invesco Comstock Fund, Class R6 — 29,915 — (30,114) (465) 675 — 1 11
Invesco Diversified Dividend Fund, Class R6 1.03% 49,927 21,776 (3,868) (12,889) (1,213) 417 3,445 53,733
Invesco Equally-Weighted S&P 500 Fund, Class R6 3.42% 176,762 92,720 (37,779) (45,325) (8,439) — 3,780 177,939
Invesco Growth and Income Fund, Class R6 2.43% 131,881 76,615 (34,442) (35,823) (11,791) 922 7,873 126,440
Invesco S&P 500® Pure Growth ETF 3.39% 175,844 82,975 (42,389) (32,250) (7,533) 552 1,764 176,647
Invesco S&P MidCap Low Volatility ETF 1.51% 101,647 35,781 (36,226) (20,130) (2,229) 777 1,980 78,843
Invesco U.S. Managed Volatility Fund, Class R6 13.74% 722,875 155,463 (116,698) (53,992) 7,866 — 67,374 715,514
Total Domestic Equity Funds   1,490,561 477,632 (311,790) (200,518) (24,459) 2,668   1,431,426
Fixed Income Funds–57.03%
Invesco Core Plus Bond Fund, Class R6 6.59% 319,863 52,680 (19,630) (10,390) 595 2,698 32,067 343,118
Invesco Emerging Markets Sovereign Debt ETF (c) 7.25% 358,805 172,182 (78,571) (57,256) (17,549) 5,183 15,793 377,611
Invesco Floating Rate Fund, Class R6 4.64% 210,419 72,775 (9,381) (31,081) (934) 3,104 37,959 241,798
Invesco High Yield Fund, Class R6 5.66% 264,085 102,082 (17,315) (51,626) (2,479) 4,674 87,203 294,747
Invesco PureBetaSM US Aggregate Bond ETF 3.44% 141,335 49,822 (17,473) 4,992 131 1,252 6,773 178,807
Invesco Quality Income Fund, Class R6 7.01% 356,631 43,378 (33,352) (1,670) (35) 3,768 31,139 364,952
Invesco Short Duration Inflation Protected Fund, Class R6 4.86% 253,932 28,626 (26,164) (3,090) (145) 1,346 24,771 253,159
Invesco Short Term Bond Fund, Class R6 5.47% 264,688 52,527 (20,205) (12,114) (134) 2,103 34,517 284,762
Invesco Taxable Municipal Bond ETF (c) 7.10% 352,361 91,516 (75,508) 6,297 (4,793) 3,356 11,970 369,873
Invesco Variable Rate Investment Grade ETF 5.01% 243,759 63,149 (21,591) (22,980) (1,532) 1,754 11,469 260,805
Total Fixed Income Funds   2,765,878 728,737 (319,190) (178,918) (26,875) 29,238   2,969,632
Foreign Equity Funds–6.99%
Invesco International Growth Fund, Class R6 1.01% 54,794 20,685 (10,117) (11,852) (652) — 2,068 52,858
Invesco International Select Equity Fund, Class R6 — 20,652 — (20,902) (2,101) 2,355 — 0 4
Invesco PureBetaSM FTSE Developed ex-North America ETF 0.51% 19,861 15,585 (2,071) (6,272) (769) 281 1,366 26,334
Invesco RAFI™ Strategic Developed ex-US ETF 5.47% 292,245 144,974 (59,415) (77,685) (15,081) 2,987 15,222 285,038
Invesco RAFI™ Strategic Emerging Markets ETF — 14,796 — (15,086) (800) 1,090 — — —
Total Foreign Equity Funds   402,348 181,244 (107,591) (98,710) (13,057) 3,268   364,234
Real Estate Funds–3.03%
Invesco Global Real Estate Income Fund, Class R6 3.03% 152,746 61,866 (18,166) (34,457) (4,104) 1,503 22,427 157,885
Money Market Funds–0.74%
Invesco Treasury Portfolio, Institutional Class, 0.000.30(d) 0.30% 14,620 452,450 (451,265) — — 67 15,805 15,805
Invesco Government & Agency Portfolio, Institutional Class, 0.000.26(d) 0.26% 12,792 395,894 (394,856) — — 58 13,830 13,830
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.18(d) 0.18% 8,241 282,781 (281,773) — (22) 52 9,231 9,227
Total Money Market Funds                 38,862
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $5,656,948) 		100.18% $5,100,000 $2,619,122 $(1,909,733) $(521,259) $(71,177) $36,854 $503,283 $5,216,953
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2025 Fund (continued)
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.18%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–11.79%
Invesco Liquid Assets Portfolio, Institutional Class(d),(e) 2.36%             122,988 $122,939
Invesco Government & Agency Portfolio, Institutional Class(d),(e) 9.43%             490,854 490,854
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $613,780)                 613,793
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $6,270,728)  111.97%               $5,830,746
OTHER ASSETS LESS LIABILITIES (11.97)%               (623,501)
NET ASSETS 100.00%               $5,207,245
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 has not declared a distribution in more than one year from March 31, 2020.
(c) All or a portion of this security was out on loan at March 31, 2020.
(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2030 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–102.75%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–2.98%
Invesco Global Targeted Returns Fund, Class R6 2.98% $123,365 $54,854 $(18,389) $(1,242) $(1,078) $— 16,739 $157,510
Asset Allocation Funds–1.97%
Invesco Macro Allocation Strategy Fund, Class R6 1.97% 82,141 41,313 (10,244) (7,272) (1,808) — 12,952 104,130
Domestic Equity Funds–35.15%
Invesco All Cap Market Neutral Fund, Class R6(b) 1.97% 82,206 39,773 (16,518) 1,243 (2,545) — 14,795 104,159
Invesco Comstock Fund, Class R6 2.96% 123,913 94,036 (5,176) (56,761) 120 1,102 9,288 156,132
Invesco Diversified Dividend Fund, Class R6 0.99% 45,414 24,718 (3,917) (13,916) 99 413 3,359 52,398
Invesco Equally-Weighted S&P 500 Fund, Class R6 3.42% 144,675 93,028 (5,792) (51,512) 116 — 3,835 180,515
Invesco Growth and Income Fund, Class R6 2.94% 123,903 90,080 (4,500) (53,931) (706) 1,156 9,642 154,846
Invesco RAFI™ Strategic US Small Company ETF 1.03% 61,578 31,200 (19,956) (19,351) 724 228 3,223 54,195
Invesco S&P 500® Pure Growth ETF 3.41% 144,276 81,001 (5,751) (39,464) 90 499 1,799 180,152
Invesco S&P MidCap Low Volatility ETF 3.07% 123,817 84,422 (3,700) (42,959) 328 1,370 4,066 161,908
Invesco U.S. Managed Volatility Fund, Class R6 15.36% 676,861 328,929 (138,799) (64,320) 7,969 — 76,331 810,640
Total Domestic Equity Funds   1,526,643 867,187 (204,109) (340,971) 6,195 4,768   1,854,945
Fixed Income Funds–44.63%
Invesco Core Plus Bond Fund, Class R6 5.52% 218,334 120,146 (38,827) (10,514) 1,985 1,802 27,208 291,124
Invesco Emerging Markets Sovereign Debt ETF 5.50% 205,966 154,026 (15,812) (54,144) 279 3,645 12,142 290,315
Invesco Floating Rate Fund, Class R6 2.53% 99,830 62,953 (11,882) (16,640) (887) 1,608 20,938 133,374
Invesco High Yield Fund, Class R6 4.00% 148,929 109,736 (9,950) (37,543) (350) 3,173 62,374 210,822
Invesco Quality Income Fund, Class R6 6.99% 288,824 135,173 (53,597) (1,978) 268 3,523 31,458 368,690
Invesco Short Duration Inflation Protected Fund, Class R6 4.96% 205,824 99,557 (40,056) (3,177) (159) 1,292 25,635 261,989
Invesco Short Term Bond Fund, Class R6 3.99% 165,041 83,715 (29,260) (8,690) 10 1,431 25,553 210,816
Invesco Taxable Municipal Bond ETF (c) 7.14% 270,462 168,404 (57,852) (1,423) (2,704) 3,151 12,197 376,887
Invesco Variable Rate Investment Grade ETF 4.00% 131,614 121,045 (22,508) (18,224) (1,059) 1,289 9,273 210,868
Total Fixed Income Funds   1,734,824 1,054,755 (279,744) (152,333) (2,617) 20,914   2,354,885
Foreign Equity Funds–11.90%
Invesco International Growth Fund, Class R6 1.48% 73,324 35,043 (12,567) (18,349) 451 — 3,048 77,902
Invesco International Select Equity Fund, Class R6 2.00% 98,965 48,160 (18,727) (24,619) 1,754 — 11,050 105,533
Invesco RAFI™ Strategic Developed ex-US ETF 7.41% 307,476 229,645 (26,454) (109,758) (9,754) 3,694 20,889 391,155
Invesco RAFI™ Strategic Emerging Markets ETF 0.51% 25,280 13,435 (4,919) (7,228) 191 36 1,344 26,759
Invesco S&P Emerging Markets Low Volatility ETF 0.50% 24,552 13,212 (3,807) (7,541) (49) 295 1,505 26,367
Total Foreign Equity Funds   529,597 339,495 (66,474) (167,495) (7,407) 4,025   627,716
Real Estate Funds–3.02%
Invesco Global Real Estate Income Fund, Class R6 3.02% 123,886 76,928 (4,870) (36,814) 39 1,572 22,609 159,169
Money Market Funds–3.10%
Invesco Treasury Portfolio, Institutional Class, 0.001.32(d) 1.32% 30,588 749,878 (710,563) — — 84 69,903 69,903
Invesco Government & Agency Portfolio, Institutional Class, 0.001.16(d) 1.16% 26,765 656,144 (621,743) — — 74 61,166 61,166
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.62(d) 0.62% 19,759 468,674 (455,593) — (68) 64 32,785 32,772
Total Money Market Funds                 163,841
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $6,029,649) 		102.75% $4,197,568 $4,309,228 $(2,371,729) $(706,127) $(6,744) $31,501 $607,106 $5,422,196
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2030 Fund (continued)
Schedule of Investments in Affiliated and Unaffiliated Issuers–102.75%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Investments Purchased with Cash Collateral from Securities on Loan                  
Money Market Funds–6.00%
Invesco Liquid Assets Portfolio, Institutional Class(d),(e) 1.20%             63,385 $63,360
Invesco Government & Agency Portfolio, Institutional Class(d),(e) 4.80%             252,975 252,975
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $316,323)                 316,335
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $6,345,972)  108.75%               $5,738,531
OTHER ASSETS LESS LIABILITIES (8.75)%               (461,681)
NET ASSETS 100.00%               $5,276,850
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 has not declared a distribution in more than one year from March 31, 2020.
(c) All or a portion of this security was out on loan at March 31, 2020.
(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2035 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–101.54%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–2.98%
Invesco Global Targeted Returns Fund, Class R6 2.98% $94,571 $52,130 $(16,538) $(921) $(891) $— 13,640 $128,351
Asset Allocation Funds–1.97%
Invesco Macro Allocation Strategy Fund, Class R6 1.97% 63,788 33,302 (4,354) (6,849) (1,047) — 10,552 84,840
Domestic Equity Funds–42.85%
Invesco All Cap Market Neutral Fund, Class R6(b) 1.97% 54,228 46,109 (14,276) (35) (1,142) — 12,057 84,884
Invesco Comstock Fund, Class R6 3.05% 115,987 74,992 (13,356) (46,457) 180 891 7,814 131,346
Invesco Diversified Dividend Fund, Class R6 1.50% 54,130 29,942 (2,756) (16,916) 156 511 4,138 64,556
Invesco Equally-Weighted S&P 500 Fund, Class R6 3.55% 128,615 75,265 (8,765) (42,631) 407 — 3,248 152,891
Invesco Growth and Income Fund, Class R6 3.05% 114,911 73,062 (12,253) (44,101) (593) 935 8,158 131,026
Invesco Long/Short Equity Fund, Class R6(b) — 13,234 — (13,217) 736 (752) — 0 1
Invesco RAFI™ Strategic US Small Company ETF 3.43% 118,886 100,068 (16,076) (47,510) (7,682) 644 8,783 147,686
Invesco S&P 500® Pure Growth ETF 3.41% 126,019 67,161 (14,271) (30,042) (2,362) 404 1,463 146,505
Invesco S&P MidCap Low Volatility ETF 3.08% 101,970 64,754 — (34,044) — 1,107 3,332 132,680
Invesco S&P SmallCap Low Volatility ETF — 13,585 — (13,490) (899) 804 — — —
Invesco U.S. Managed Volatility Fund, Class R6 19.81% 668,057 318,099 (73,386) (62,663) 2,240 — 80,259 852,347
Total Domestic Equity Funds   1,509,622 849,452 (181,846) (324,562) (8,744) 4,492   1,843,922
Fixed Income Funds–32.41%
Invesco Core Plus Bond Fund, Class R6 4.51% 142,111 72,760 (14,762) (6,513) 515 1,306 18,141 194,111
Invesco Emerging Markets Sovereign Debt ETF 3.00% 91,225 63,565 — (25,724) — 1,630 5,398 129,066
Invesco Floating Rate Fund, Class R6 2.02% 61,555 37,038 — (11,646) — 1,079 13,649 86,947
Invesco High Yield Fund, Class R6 2.00% 61,215 40,518 — (15,773) — 1,337 25,432 85,960
Invesco Quality Income Fund, Class R6 6.98% 244,445 102,616 (45,211) (1,215) (170) 2,996 25,637 300,465
Invesco Short Duration Inflation Protected Fund, Class R6 4.96% 152,289 94,094 (29,980) (2,492) (418) 1,085 20,890 213,493
Invesco Short Term Bond Fund, Class R6 3.99% 128,900 68,935 (18,666) (6,967) (403) 1,215 20,824 171,799
Invesco Taxable Municipal Bond ETF 4.95% 168,358 77,412 (29,896) (2,321) (590) 1,809 6,892 212,963
Total Fixed Income Funds   1,050,098 556,938 (138,515) (72,651) (1,066) 12,457   1,394,804
Foreign Equity Funds–16.44%
Invesco International Growth Fund, Class R6 3.02% 105,666 57,451 (2,983) (29,834) (365) — 5,084 129,935
Invesco International Select Equity Fund, Class R6 4.01% 141,909 74,899 (5,021) (39,041) (42) — 18,084 172,704
Invesco RAFI™ Strategic Developed ex-US ETF 7.42% 255,885 189,445 (22,799) (94,214) (8,880) 3,135 17,059 319,437
Invesco RAFI™ Strategic Emerging Markets ETF 1.00% 37,462 21,712 (3,737) (12,594) 123 58 2,158 42,966
Invesco S&P Emerging Markets Low Volatility ETF 0.99% 37,368 21,046 (3,132) (12,531) (160) 474 2,431 42,591
Total Foreign Equity Funds   578,290 364,553 (37,672) (188,214) (9,324) 3,667   707,633
Real Estate Funds–3.01%
Invesco Global Real Estate Income Fund, Class R6 3.01% 95,070 64,813 — (30,559) — 1,271 18,370 129,324
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2035 Fund (continued)
Schedule of Investments in Affiliated and Unaffiliated Issuers–101.54%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Money Market Funds–1.88%
Invesco Treasury Portfolio, Institutional Class, 0.000.67(c) 0.67% $19,574 $461,246 $(451,848) $(1) $— $64 28,972 $28,971
Invesco Government & Agency Portfolio, Institutional Class, 0.000.59(c) 0.59% 17,127 403,590 (395,367) — — 55 25,350 25,350
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.62(c) 0.62% 12,287 299,365 (285,229) 4 (36) 49 26,401 26,391
Total Money Market Funds                 80,712
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $4,896,560) 		101.54% $3,440,427 $3,085,389 $(1,511,369) $(623,753) $(21,108) $22,055 $434,216 $4,369,586
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $4,896,560)  101.54%               $4,369,586
OTHER ASSETS LESS LIABILITIES (1.54)%               (66,182)
NET ASSETS 100.00%               $4,303,404
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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2040 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.68%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Alternative Funds–1.96%
Invesco Global Targeted Returns Fund, Class R6 1.96% $40,233 $22,127 $(9,282) $(348) $(371) $— 5,564 $52,359
Asset Allocation Funds–1.45%
Invesco Macro Allocation Strategy Fund, Class R6 1.45% 29,393 18,214 (5,011) (2,957) (896) — 4,819 38,743
Domestic Equity Funds–50.08%
Invesco Comstock Fund, Class R6 5.04% 136,377 63,664 (14,871) (51,194) 380 923 7,993 134,356
Invesco Diversified Dividend Fund, Class R6 2.03% 58,061 19,285 (8,782) (15,318) 804 427 3,465 54,050
Invesco Equally-Weighted S&P 500 Fund, Class R6 5.08% 131,483 52,908 (9,884) (39,341) 433 — 2,881 135,599
Invesco Growth and Income Fund, Class R6 5.03% 126,293 61,463 (4,880) (48,956) 106 970 8,345 134,026
Invesco Long/Short Equity Fund, Class R6(b) 2.09% 50,272 18,349 (2,863) (8,144) (1,907) — 8,265 55,707
Invesco RAFI™ Strategic US Small Company ETF 3.40% 87,849 51,353 (13,389) (30,850) (4,263) 401 5,394 90,700
Invesco S&P 500® Pure Growth ETF 4.42% 136,035 39,798 (31,646) (25,165) (1,157) 323 1,177 117,865
Invesco S&P MidCap Low Volatility ETF 3.14% 75,764 33,609 (4,085) (22,058) 511 706 2,103 83,741
Invesco S&P SmallCap Low Volatility ETF 2.04% 55,459 27,246 (7,725) (21,163) 599 675 1,642 54,416
Invesco U.S. Managed Volatility Fund, Class R6 17.81% 439,103 157,403 (87,915) (37,851) 4,187 — 44,720 474,927
Total Domestic Equity Funds   1,296,696 525,078 (186,040) (300,040) (307) 4,425   1,335,387
Fixed Income Funds–24.79%
Invesco Core Plus Bond Fund, Class R6 2.97% 67,997 25,573 (11,917) (2,986) 589 538 7,407 79,256
Invesco Emerging Markets Sovereign Debt ETF 1.47% 37,774 13,272 (3,871) (7,568) (514) 542 1,635 39,093
Invesco Floating Rate Fund, Class R6 1.00% 19,950 10,440 — (3,766) — 350 4,180 26,624
Invesco High Yield Fund, Class R6 1.00% 20,232 11,372 — (4,982) — 431 7,876 26,622
Invesco Quality Income Fund, Class R6 7.92% 199,293 57,320 (44,193) (1,148) 79 2,221 18,033 211,351
Invesco Short Duration Inflation Protected Fund, Class R6 2.48% 49,379 30,788 (13,155) (776) (137) 340 6,468 66,099
Invesco Short Term Bond Fund, Class R6 2.99% 75,690 22,079 (14,520) (3,303) (170) 590 9,670 79,776
Invesco Taxable Municipal Bond ETF 4.96% 117,781 41,860 (25,335) (640) (1,476) 1,236 4,278 132,190
Total Fixed Income Funds   588,096 212,704 (112,991) (25,169) (1,629) 6,248   661,011
Foreign Equity Funds–19.42%
Invesco International Growth Fund, Class R6 3.49% 95,924 29,520 (9,767) (22,443) (180) — 3,640 93,054
Invesco International Select Equity Fund, Class R6 5.02% 131,105 44,189 (9,756) (31,700) 11 — 14,016 133,849
Invesco RAFI™ Strategic Developed ex-US ETF 7.91% 203,061 103,371 (24,925) (63,682) (6,902) 2,096 11,264 210,923
Invesco RAFI™ Strategic Emerging Markets ETF 1.50% 39,565 16,664 (4,039) (11,948) (123) 54 2,015 40,119
Invesco S&P Emerging Markets Low Volatility ETF 1.50% 37,944 14,402 (51) (12,341) (26) 461 2,279 39,928
Total Foreign Equity Funds   507,599 208,146 (48,538) (142,114) (7,220) 2,611   517,873
Real Estate Funds–1.96%
Invesco Global Real Estate Income Fund, Class R6 1.96% 55,558 15,346 (5,465) (13,082) (60) 527 7,428 52,297
Money Market Funds–1.02%
Invesco Treasury Portfolio, Institutional Class, 0.000.36(c) 0.36% 27,975 207,204 (225,528) (1) — 33 9,651 9,650
Invesco Government & Agency Portfolio, Institutional Class, 0.000.32(c) 0.32% 24,478 181,304 (197,337) (1) — 29 8,444 8,444
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.34(c) 0.34% 24,904 130,500 (146,273) 2 (19) 44 9,117 9,114
Total Money Market Funds                 27,208
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $3,095,826) 		100.68% $2,594,932 $1,520,623 $(936,465) $(483,710) $(10,502) $13,917 $223,769 $2,684,878
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $3,095,826)  100.68%               $2,684,878
OTHER ASSETS LESS LIABILITIES (0.68)%               (18,117)
NET ASSETS 100.00%               $2,666,761
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2045 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.37%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–56.94%
Invesco Comstock Fund, Class R6 7.02% $166,926 $85,046 $(8,435) $(62,169) $(1,852) $1,194 10,679 $179,516
Invesco Diversified Dividend Fund, Class R6 3.57% 84,587 32,780 (3,191) (22,949) 165 669 5,858 91,392
Invesco Equally-Weighted S&P 500 Fund, Class R6 5.93% 141,969 59,495 (7,996) (40,309) (1,455) — 3,223 151,704
Invesco Growth and Income Fund, Class R6 5.11% 112,061 62,688 — (43,957) — 894 8,144 130,792
Invesco Long/Short Equity Fund, Class R6(b) 2.10% 40,085 22,594 — (8,848) — — 7,987 53,831
Invesco RAFI™ Strategic US Small Company ETF 3.44% 79,381 41,237 — (32,558) — 370 5,237 88,060
Invesco S&P 500® Pure Growth ETF 8.91% 216,794 72,142 (14,132) (44,999) (1,986) 596 2,275 227,819
Invesco S&P MidCap Low Volatility ETF 2.99% 68,554 31,583 (4,410) (18,579) (654) 648 1,921 76,494
Invesco S&P SmallCap Low Volatility ETF 3.08% 68,484 38,260 — (27,871) — 935 2,380 78,873
Invesco U.S. Managed Volatility Fund, Class R6 14.79% 333,665 118,144 (46,934) (27,798) 1,385 — 35,637 378,462
Total Domestic Equity Funds   1,312,506 563,969 (85,098) (330,037) (4,397) 5,306   1,456,943
Fixed Income Funds–16.89%
Invesco Core Plus Bond Fund, Class R6 1.50% 31,052 13,311 (5,020) (1,120) 83 245 3,580 38,306
Invesco Emerging Markets Sovereign Debt ETF 1.49% 31,591 15,761 (1,646) (6,922) (576) 504 1,598 38,208
Invesco Quality Income Fund, Class R6 7.45% 171,358 58,686 (38,760) (353) (356) 1,962 16,260 190,575
Invesco Short Term Bond Fund, Class R6 2.97% 54,831 37,858 (13,556) (2,801) (302) 557 9,216 76,030
Invesco Taxable Municipal Bond ETF 3.48% 78,700 24,593 (13,485) 24 (933) 804 2,877 88,899
Total Fixed Income Funds   367,532 150,209 (72,467) (11,172) (2,084) 4,072   432,018
Foreign Equity Funds–22.81%
Invesco International Growth Fund, Class R6 4.96% 116,569 39,540 — (29,361) — — 4,959 126,748
Invesco International Select Equity Fund, Class R6 6.00% 139,264 51,049 (1,947) (33,886) (891) — 16,082 153,589
Invesco RAFI™ Strategic Developed ex-US ETF 8.38% 197,477 89,771 (4,324) (66,494) (2,024) 2,036 11,450 214,406
Invesco RAFI™ Strategic Emerging Markets ETF 1.98% 44,793 20,517 — (14,639) — 67 2,545 50,671
Invesco S&P Emerging Markets Low Volatility ETF 1.49% 36,264 14,563 (1,397) (11,166) (105) 410 2,178 38,159
Total Foreign Equity Funds   534,367 215,440 (7,668) (155,546) (3,020) 2,513   583,573
Real Estate Funds–3.02%
Invesco Global Real Estate Income Fund, Class R6 3.02% 64,034 30,913 — (17,649) — 730 10,980 77,298
Money Market Funds–0.71%
Invesco Government & Agency Portfolio, Institutional Class, 0.000.00(c) — 16,534 145,548 (162,082) — — 32 — —
Invesco Treasury Portfolio, Institutional Class, 0.000.00(c) — 18,896 166,340 (185,236) — — 37 — —
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.71(c) 0.71% 13,161 123,790 (118,687) — (19) 37 18,253 18,245
Total Money Market Funds                 18,245
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $2,998,323) 		100.37% $2,327,030 $1,396,209 $(631,238) $(514,404) $(9,520) $12,727 $183,319 $2,568,077
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,998,323)  100.37%               $2,568,077
OTHER ASSETS LESS LIABILITIES (0.37)%               (9,554)
NET ASSETS 100.00%               $2,558,523
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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2050 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.49%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–58.98%
Invesco Comstock Fund, Class R6 8.48% $188,324 $90,531 $(8,397) $(70,759) $(963) $1,303 11,823 $198,736
Invesco Diversified Dividend Fund, Class R6 4.46% 103,843 34,797 (6,873) (27,542) 412 786 6,708 104,637
Invesco Equally-Weighted S&P 500 Fund, Class R6 6.91% 159,131 59,677 (12,028) (44,936) 123 — 3,441 161,967
Invesco Growth and Income Fund, Class R6 4.48% 74,696 70,535 (3,808) (36,386) (61) 628 6,536 104,976
Invesco Long/Short Equity Fund, Class R6(b) 1.01% 17,914 10,094 — (4,271) — — 3,522 23,737
Invesco RAFI™ Strategic US Small Company ETF 3.43% 72,975 48,118 (10,611) (25,884) (4,206) 333 4,781 80,392
Invesco S&P 500® Pure Growth ETF 11.36% 246,334 99,569 (23,953) (52,955) (2,723) 726 2,659 266,272
Invesco S&P MidCap Low Volatility ETF 3.02% 62,581 28,866 (2,457) (18,445) 295 625 1,779 70,840
Invesco S&P SmallCap Low Volatility ETF 2.96% 62,481 36,638 (3,490) (25,089) (1,045) 914 2,097 69,495
Invesco U.S. Managed Volatility Fund, Class R6 12.87% 265,560 104,017 (47,151) (23,659) 2,803 — 28,396 301,570
Total Domestic Equity Funds   1,253,839 582,842 (118,768) (329,926) (5,365) 5,315   1,382,622
Fixed Income Funds–12.88%
Invesco Core Plus Bond Fund, Class R6 0.97% 20,206 7,103 (4,109) (738) 201 186 2,118 22,663
Invesco Emerging Markets Sovereign Debt ETF 0.97% 16,151 13,244 (2,240) (4,085) (379) 320 949 22,691
Invesco Quality Income Fund, Class R6 7.47% 143,776 75,124 (43,115) (750) 210 1,829 14,953 175,245
Invesco Taxable Municipal Bond ETF 3.47% 72,334 36,585 (26,824) 802 (1,476) 765 2,635 81,421
Total Fixed Income Funds   252,467 132,056 (76,288) (4,771) (1,444) 3,100   302,020
Foreign Equity Funds–25.33%
Invesco International Growth Fund, Class R6 5.43% 117,085 43,672 (3,770) (29,253) (533) — 4,977 127,201
Invesco International Select Equity Fund, Class R6 6.52% 138,974 57,359 (8,776) (33,359) (1,219) — 16,019 152,979
Invesco RAFI™ Strategic Developed ex-US ETF 9.37% 199,391 112,212 (21,353) (63,957) (6,681) 2,046 11,728 219,612
Invesco RAFI™ Strategic Emerging Markets ETF 2.00% 40,804 22,624 (2,726) (12,545) (1,249) 59 2,356 46,908
Invesco S&P Emerging Markets Low Volatility ETF 2.01% 41,688 20,488 (1,094) (13,312) (694) 543 2,687 47,076
Total Foreign Equity Funds   537,942 256,355 (37,719) (152,426) (10,376) 2,648   593,776
Real Estate Funds–1.99%
Invesco Global Real Estate Income Fund, Class R6 1.99% 36,694 22,294 (1,648) (10,818) 35 437 6,613 46,557
Money Market Funds–1.31%
Invesco Treasury Portfolio, Institutional Class, 0.000.63(c) 0.63% 14,824 226,270 (226,283) — — 41 14,811 14,811
Invesco Government & Agency Portfolio, Institutional Class, 0.000.56(c) 0.56% 12,971 197,986 (197,997) — — 36 12,959 12,960
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.12(c) 0.12% 9,564 141,418 (148,126) — (10) 32 2,847 2,846
Total Money Market Funds                 30,617
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $2,773,316) 		100.49% $2,118,301 $1,559,221 $(806,829) $(497,941) $(17,160) $11,609 $167,394 $2,355,592
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,773,316)  100.49%               $2,355,592
OTHER ASSETS LESS LIABILITIES (0.49)%               (11,552)
NET ASSETS 100.00%               $2,344,040
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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2055 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–99.49%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–61.85%
Invesco Comstock Fund, Class R6 10.97% $125,152 $47,143 $(6,745) $(43,923) $(616) $812 7,199 $121,011
Invesco Diversified Dividend Fund, Class R6 6.92% 76,842 21,304 (1,428) (20,463) 24 598 4,890 76,279
Invesco Equally-Weighted S&P 500 Fund, Class R6 9.83% 114,278 31,939 (6,927) (31,197) 360 — 2,304 108,453
Invesco Long/Short Equity Fund, Class R6(b) 0.51% 4,039 2,483 — (894) — — 835 5,628
Invesco RAFI™ Strategic US Small Company ETF 3.42% 37,667 15,895 (1,818) (13,174) (904) 158 2,240 37,666
Invesco S&P 500® Pure Growth ETF 12.79% 146,811 34,707 (10,244) (29,741) (436) 372 1,409 141,097
Invesco S&P MidCap Low Volatility ETF 2.99% 32,286 9,430 — (8,745) — 271 828 32,971
Invesco S&P SmallCap Low Volatility ETF 3.02% 32,207 13,289 — (12,190) — 405 1,005 33,306
Invesco U.S. Managed Volatility Fund, Class R6 11.40% 122,885 29,898 (18,256) (9,584) 815 — 11,841 125,758
Total Domestic Equity Funds   692,167 206,088 (45,418) (169,911) (757) 2,616   682,169
Fixed Income Funds–8.94%
Invesco Core Plus Bond Fund, Class R6 0.93% 8,102 3,949 (1,435) (399) 64 58 961 10,281
Invesco Quality Income Fund, Class R6 4.42% 42,366 17,707 (11,072) 25 (262) 522 4,161 48,764
Invesco Taxable Municipal Bond ETF 3.59% 36,927 8,622 (5,574) (453) (1) 341 1,279 39,521
Total Fixed Income Funds   87,395 30,278 (18,081) (827) (199) 921   98,566
Foreign Equity Funds–27.26%
Invesco International Growth Fund, Class R6 5.96% 66,926 15,744 (1,193) (15,570) (146) — 2,573 65,761
Invesco International Select Equity Fund, Class R6 7.54% 83,300 20,378 (1,133) (19,320) (13) — 8,713 83,212
Invesco RAFI™ Strategic Developed ex-US ETF 9.81% 108,976 38,298 (4,062) (33,864) (1,171) 1,047 5,777 108,177
Invesco RAFI™ Strategic Emerging Markets ETF 1.95% 21,938 5,999 — (6,414) — 29 1,081 21,523
Invesco S&P Emerging Markets Low Volatility ETF 2.00% 21,504 7,259 — (6,723) — 237 1,258 22,040
Total Foreign Equity Funds   302,644 87,678 (6,388) (81,891) (1,330) 1,313   300,713
Real Estate Funds–0.97%
Invesco Global Real Estate Income Fund, Class R6 0.97% 8,165 5,136 — (2,588) — 97 1,522 10,713
Money Market Funds–0.47%
Invesco Treasury Portfolio, Institutional Class, 0.000.15(c) 0.15% 16,369 76,400 (91,110) — — 9 1,659 1,659
Invesco Government & Agency Portfolio, Institutional Class, 0.000.13(c) 0.13% 14,323 66,849 (79,721) — — 7 1,451 1,451
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.19(c) 0.19% 16,691 47,750 (62,344) — (12) 27 2,086 2,085
Total Money Market Funds                 5,195
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $1,322,846) 		99.49% $1,137,754 $520,179 $(303,062) $(255,217) $(2,298) $4,990 $65,072 $1,097,356
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,322,846)  99.49%               $1,097,356
OTHER ASSETS LESS LIABILITIES 0.51%               5,660
NET ASSETS 100.00%               $1,103,016
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 has not declared a distribution in more than one year from March 31, 2020.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2060 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.13%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–66.22%
Invesco Comstock Fund, Class R6 13.05% $163,463 $56,726 $(7,522) $(60,155) $(4,854) $996 8,784 $147,658
Invesco Diversified Dividend Fund, Class R6 6.96% 88,077 19,304 (3,061) (24,434) (1,129) 641 5,048 78,757
Invesco Equally-Weighted S&P 500 Fund, Class R6 11.88% 151,079 33,584 (3,607) (45,642) (996) — 2,856 134,418
Invesco RAFI™ Strategic US Small Company ETF 3.43% 44,222 13,162 (1,334) (16,494) (680) 169 2,312 38,876
Invesco S&P 500® Pure Growth ETF 14.85% 188,142 31,390 (7,082) (42,313) (2,102) 458 1,678 168,035
Invesco S&P MidCap Low Volatility ETF 3.01% 37,344 7,835 — (11,053) — 299 857 34,126
Invesco S&P SmallCap Low Volatility ETF 3.01% 37,397 11,757 — (15,086) — 442 1,028 34,068
Invesco U.S. Managed Volatility Fund, Class R6 10.03% 125,664 28,713 (31,264) (10,540) 924 — 10,687 113,497
Total Domestic Equity Funds   835,388 202,471 (53,870) (225,717) (8,837) 3,005   749,435
Fixed Income Funds–5.02%
Invesco Quality Income Fund, Class R6 1.70% 21,483 2,781 (5,010) (14) (82) 228 1,635 19,158
Invesco Taxable Municipal Bond ETF 3.32% 41,329 8,115 (11,510) (149) (180) 386 1,217 37,605
Total Fixed Income Funds   62,812 10,896 (16,520) (163) (262) 614   56,763
Foreign Equity Funds–28.72%
Invesco International Growth Fund, Class R6 6.53% 81,059 17,422 (3,230) (19,453) (1,864) — 2,892 73,934
Invesco International Select Equity Fund, Class R6 8.14% 100,609 21,700 (4,937) (23,270) (1,985) — 9,646 92,117
Invesco RAFI™ Strategic Developed ex-US ETF 10.02% 124,522 39,914 (8,152) (38,763) (4,101) 1,070 6,057 113,420
Invesco RAFI™ Strategic Emerging Markets ETF 2.01% 25,442 5,099 — (7,804) — 31 1,142 22,737
Invesco S&P Emerging Markets Low Volatility ETF 2.02% 24,672 6,159 — (7,932) — 265 1,307 22,899
Total Foreign Equity Funds   356,304 90,294 (16,319) (97,222) (7,950) 1,366   325,107
Money Market Funds–0.17%
Invesco Treasury Portfolio, Institutional Class, 0.000.05(b) 0.05% 5,644 58,681 (63,781) — — 19 545 544
Invesco Government & Agency Portfolio, Institutional Class, 0.000.04(b) 0.04% 4,938 51,346 (55,808) — — 16 476 476
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.08(b) 0.08% 3,877 36,999 (39,967) — — 15 909 909
Total Money Market Funds                 1,929
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $1,408,593) 		100.13% $1,268,963 $450,687 $(246,265) $(323,102) $(17,049) $5,035 $59,076 $1,133,234
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,408,593)  100.13%               $1,133,234
OTHER ASSETS LESS LIABILITIES (0.13)%               (1,454)
NET ASSETS 100.00%               $1,131,780
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) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Schedule of Investments—(continued)
March 31, 2020
(Unaudited)
Invesco Peak Retirement™ 2065 Fund
Schedule of Investments in Affiliated and Unaffiliated Issuers–100.94%(a)
  % of
Net
Assets
03/31/20 		Value
12/31/19 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain (Loss) 		Dividend
Income 		Shares
03/31/20 		Value
03/31/20
Domestic Equity Funds–65.25%
Invesco Comstock Fund, Class R6 12.81% $104,718 $50,175 $— $(40,529) $— $723 6,803 $114,364
Invesco Diversified Dividend Fund, Class R6 6.89% 56,350 20,883 — (15,756) — 435 3,941 61,477
Invesco Equally-Weighted S&P 500 Fund, Class R6 11.70% 96,744 36,345 — (28,674) — — 2,218 104,415
Invesco RAFI™ Strategic US Small Company ETF 3.46% 28,033 13,519 — (10,629) — 121 1,839 30,923
Invesco S&P 500® Pure Growth ETF 14.61% 120,568 37,193 — (27,279) — 324 1,303 130,482
Invesco S&P MidCap Low Volatility ETF 2.99% 24,107 9,362 — (6,790) — 214 670 26,679
Invesco S&P SmallCap Low Volatility ETF 2.92% 24,117 11,396 — (9,432) — 305 787 26,081
Invesco U.S. Managed Volatility Fund, Class R6 9.87% 80,494 27,586 (13,987) (6,363) 403 — 8,299 88,133
Total Domestic Equity Funds   535,131 206,459 (13,987) (145,452) 403 2,122   582,554
Fixed Income Funds–5.06%
Invesco Quality Income Fund, Class R6 1.72% 13,678 4,554 (2,851) (29) (37) 149 1,307 15,315
Invesco Taxable Municipal Bond ETF 3.34% 26,381 9,023 (5,291) 27 (291) 254 966 29,849
Total Fixed Income Funds   40,059 13,577 (8,142) (2) (328) 403   45,164
Foreign Equity Funds–28.60%
Invesco International Growth Fund, Class R6 6.45% 52,312 18,245 — (12,961) — — 2,253 57,596
Invesco International Select Equity Fund, Class R6 8.04% 64,331 24,268 (1,102) (15,240) (504) — 7,514 71,753
Invesco RAFI™ Strategic Developed ex-US ETF 10.07% 79,956 39,408 (2,543) (25,513) (1,426) 755 4,800 89,882
Invesco RAFI™ Strategic Emerging Markets ETF 2.04% 16,090 6,964 — (4,817) — 22 916 18,237
Invesco S&P Emerging Markets Low Volatility ETF 2.00% 16,152 6,659 — (4,993) — 179 1,017 17,818
Total Foreign Equity Funds   228,841 95,544 (3,645) (63,524) (1,930) 956   255,286
Money Market Funds–2.03%
Invesco Treasury Portfolio, Institutional Class, 0.000.94(b) 0.94% 15,563 76,957 (84,141) — — 23 8,379 8,379
Invesco Government & Agency Portfolio, Institutional Class, 0.000.82(b) 0.82% 13,617 67,338 (73,623) — — 20 7,332 7,332
Invesco Liquid Assets Portfolio, Institutional Class, 0.000.27(b) 0.27% 6,887 48,099 (52,556) — 2 8 2,433 2,432
Total Money Market Funds                 18,143
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)
(Cost $1,080,911) 		100.94% $840,098 $507,974 $(236,094) $(208,978) $(1,853) $3,532 $62,777 $901,147
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,080,911)  100.94%               $901,147
OTHER ASSETS LESS LIABILITIES (0.94)%               (8,363)
NET ASSETS 100.00%               $892,784
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) The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Peak Retirement™ Funds
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2020
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each 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 March 31, 2020, 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. 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.
NOTE 2—Significant Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the “CARES Act,” was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
Invesco Peak RetirementTM Funds