Schedule of Investments(a)  
May 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–92.47%
Advertising–0.53%
Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/2027(b)
 
$57,000
$55,798
Aerospace & Defense–1.47%
TransDigm, Inc.,
6.38%, 03/01/2029(b)
 
50,000
50,877
6.88%, 12/15/2030(b)
 
24,000
24,767
7.13%, 12/01/2031(b)
 
28,000
29,000
6.00%, 01/15/2033(b)
 
49,000
48,521
 
 
153,165
Alternative Carriers–0.60%
Lumen Technologies, Inc., 10.00%,
10/15/2032(b)
 
10,000
10,268
Windstream Services LLC/Windstream
Escrow Finance Corp., 8.25%,
10/01/2031(b)
 
50,000
52,074
 
 
62,342
Application Software–1.77%
Clarivate Science Holdings Corp., 4.88%,
07/01/2029(b)
 
57,000
52,769
Cloud Software Group, Inc.,
6.50%, 03/31/2029(b)
 
37,000
36,989
8.25%, 06/30/2032(b)
 
15,000
15,788
Fair Isaac Corp., 6.00%, 05/15/2033(b)
 
26,000
26,016
SS&C Technologies, Inc.,
5.50%, 09/30/2027(b)
 
25,000
24,988
6.50%, 06/01/2032(b)
 
28,000
28,771
 
 
185,321
Automobile Manufacturers–0.99%
Allison Transmission, Inc., 3.75%,
01/30/2031(b)
 
114,000
103,574
Automotive Parts & Equipment–2.63%
Clarios Global L.P./Clarios US Finance Co.,
6.75%, 02/15/2030(b)
 
51,000
51,982
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
 
51,000
53,620
Forvia SE (France), 8.00%,
06/15/2030(b)
 
40,000
40,687
NESCO Holdings II, Inc., 5.50%,
04/15/2029(b)
 
82,000
77,321
PHINIA, Inc.,
6.75%, 04/15/2029(b)
 
24,000
24,561
6.63%, 10/15/2032(b)
 
27,000
26,866
 
 
275,037
Automotive Retail–3.30%
Carvana Co., 14.00% PIK Rate, 9.00%
Cash Rate, 06/01/2031(b)(c)
 
47,000
54,549
Group 1 Automotive, Inc.,
4.00%, 08/15/2028(b)
 
56,000
53,710
6.38%, 01/15/2030(b)
 
51,000
52,033
 
Principal
Amount
Value
Automotive Retail–(continued)
LCM Investments Holdings II LLC,
4.88%, 05/01/2029(b)
 
$28,000
$26,995
8.25%, 08/01/2031(b)
 
50,000
53,052
Lithia Motors, Inc.,
4.63%, 12/15/2027(b)
 
53,000
52,319
4.38%, 01/15/2031(b)
 
56,000
52,523
 
 
345,181
Broadcasting–0.59%
Gray Media, Inc., 10.50%, 07/15/2029(b)
 
10,000
10,644
Univision Communications, Inc.,
6.63%, 06/01/2027(b)
 
41,000
41,026
7.38%, 06/30/2030(b)
 
11,000
10,291
 
 
61,961
Broadline Retail–0.75%
Kohl’s Corp.,
10.00%, 06/01/2030(b)
 
5,000
5,140
5.13%, 05/01/2031
 
33,000
21,155
Macy’s Retail Holdings LLC, 6.70%,
07/15/2034(b)
 
61,000
51,630
 
 
77,925
Cable & Satellite–4.66%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027(b)
 
95,000
94,079
4.75%, 02/01/2032(b)
 
59,000
54,656
4.50%, 05/01/2032
 
61,000
55,563
4.25%, 01/15/2034(b)
 
63,000
54,428
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.,
5.88%, 08/15/2027(b)
 
26,000
25,611
10.00%, 02/15/2031(b)
 
27,000
26,299
Sinclair Television Group, Inc., 8.13%,
02/15/2033(b)
 
10,000
10,014
Sirius XM Radio LLC, 5.00%,
08/01/2027(b)
 
52,000
51,494
Sunrise FinCo I B.V. (Netherlands), 4.63%,
05/15/2032(b)
 
100,000
114,680
 
 
486,824
Casinos & Gaming–2.22%
Studio City Finance Ltd. (Macau), 5.00%,
01/15/2029(b)
 
200,000
180,861
Viking Cruises Ltd., 7.00%,
02/15/2029(b)
 
51,000
51,392
 
 
232,253
Commercial & Residential Mortgage Finance–1.73%
Nationstar Mortgage Holdings, Inc.,
6.50%, 08/01/2029(b)
 
49,000
49,943
7.13%, 02/01/2032(b)
 
50,000
52,102
PennyMac Financial Services, Inc., 4.25%,
02/15/2029(b)
 
28,000
26,603
Walker & Dunlop, Inc., 6.63%,
04/01/2033(b)
 
51,000
51,688
 
 
180,336
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Construction Machinery & Heavy Transportation Equipment–
0.49%
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(b)
 
$51,000
$51,508
Consumer Finance–3.53%
EZCORP, Inc., 7.38%, 04/01/2032(b)
 
100,000
104,025
FirstCash, Inc.,
5.63%, 01/01/2030(b)
 
25,000
24,845
6.88%, 03/01/2032(b)
 
77,000
79,022
Navient Corp.,
5.00%, 03/15/2027
 
38,000
37,637
9.38%, 07/25/2030
 
17,000
18,529
OneMain Finance Corp.,
6.63%, 05/15/2029
 
14,000
14,174
4.00%, 09/15/2030
 
34,000
30,625
6.75%, 03/15/2032
 
25,000
24,880
7.13%, 09/15/2032
 
35,000
35,261
 
 
368,998
Data Processing & Outsourced Services–0.49%
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc., 6.75%,
08/15/2032(b)
 
50,000
51,046
Diversified Financial Services–6.46%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 6.95%,
03/10/2055(d)
 
150,000
153,958
Freedom Mortgage Holdings LLC, 8.38%,
04/01/2032(b)
 
26,000
25,699
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(b)
 
102,000
104,161
Jane Street Group/JSG Finance, Inc.,
4.50%, 11/15/2029(b)
 
53,000
51,091
7.13%, 04/30/2031(b)
 
41,000
42,857
6.13%, 11/01/2032(b)
 
89,000
89,210
6.75%, 05/01/2033(b)
 
51,000
52,337
Jefferson Capital Holdings LLC,
9.50%, 02/15/2029(b)
 
50,000
53,127
8.25%, 05/15/2030(b)
 
25,000
25,609
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%, 09/15/2029(b)
 
74,000
77,089
 
 
675,138
Diversified Metals & Mining–0.50%
Hudbay Minerals, Inc. (Canada), 6.13%,
04/01/2029(b)
 
52,000
52,171
Diversified REITs–0.98%
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)
 
57,000
53,983
Uniti Group L.P./Uniti Group Finance 2019,
Inc./CSL Capital LLC, 10.50%,
02/15/2028(b)
 
46,000
48,829
 
 
102,812
Diversified Support Services–1.70%
RB Global Holdings, Inc. (Canada),
6.75%, 03/15/2028(b)
 
75,000
76,691
7.75%, 03/15/2031(b)
 
72,000
75,460
Saks Global Enterprises LLC, 11.00%,
12/15/2029(b)
 
56,000
25,340
 
 
177,491
 
Principal
Amount
Value
Drug Retail–0.09%
Walgreens Boots Alliance, Inc.,
4.80%, 11/18/2044
 
$5,000
$4,622
4.10%, 04/15/2050
 
6,000
5,103
 
 
9,725
Electric Utilities–3.12%
Brookfield Infrastructure Finance ULC
(Canada), 6.75%, 03/15/2055(d)
 
54,000
53,494
Duke Energy Corp., 6.45%,
09/01/2054(d)
 
53,000
53,673
Entergy Corp., 7.13%, 12/01/2054(d)
 
51,000
52,269
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)
 
71,000
70,997
5.00%, 07/31/2027(b)
 
22,000
21,950
7.75%, 10/15/2031(b)
 
70,000
74,267
 
 
326,650
Electrical Components & Equipment–0.75%
EnerSys,
4.38%, 12/15/2027(b)
 
57,000
55,200
6.63%, 01/15/2032(b)
 
23,000
23,506
 
 
78,706
Electronic Components–0.45%
Sensata Technologies, Inc., 3.75%,
02/15/2031(b)
 
53,000
47,117
Electronic Manufacturing Services–0.75%
EMRLD Borrower L.P./Emerald Co-Issuer,
Inc., 6.63%, 12/15/2030(b)
 
77,000
77,875
Environmental & Facilities Services–1.51%
GFL Environmental, Inc.,
4.00%, 08/01/2028(b)
 
110,000
105,831
3.50%, 09/01/2028(b)
 
55,000
52,425
 
 
158,256
Gold–1.02%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
104,000
106,328
Health Care Facilities–1.94%
Select Medical Corp., 6.25%,
12/01/2032(b)
 
50,000
49,597
Tenet Healthcare Corp.,
6.13%, 10/01/2028
 
48,000
48,102
6.75%, 05/15/2031
 
102,000
105,129
 
 
202,828
Health Care REITs–0.75%
Diversified Healthcare Trust, 0.00%,
01/15/2026(b)(e)
 
82,000
78,817
Health Care Services–1.30%
Community Health Systems, Inc.,
5.63%, 03/15/2027(b)
 
27,000
26,622
5.25%, 05/15/2030(b)
 
30,000
27,042
4.75%, 02/15/2031(b)
 
35,000
29,988
DaVita, Inc.,
6.88%, 09/01/2032(b)
 
26,000
26,429
6.75%, 07/15/2033(b)
 
25,000
25,275
 
 
135,356
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Health Care Supplies–0.51%
Medline Borrower L.P.,
3.88%, 04/01/2029(b)
 
$28,000
$26,410
5.25%, 10/01/2029(b)
 
27,000
26,407
 
 
52,817
Homebuilding–0.50%
Taylor Morrison Communities, Inc.,
5.13%, 08/01/2030(b)
 
54,000
52,688
Hotel & Resort REITs–2.02%
RHP Hotel Properties L.P./RHP Finance
Corp., 6.50%, 06/15/2033(b)
 
52,000
52,926
RLJ Lodging Trust L.P., 4.00%,
09/15/2029(b)
 
56,000
51,251
Service Properties Trust,
5.50%, 12/15/2027
 
51,000
49,258
4.38%, 02/15/2030
 
71,000
57,315
 
 
210,750
Hotels, Resorts & Cruise Lines–2.70%
Carnival Corp.,
5.75%, 03/01/2027(b)
 
35,000
35,109
5.88%, 06/15/2031(b)
 
36,000
36,044
6.13%, 02/15/2033(b)
 
58,000
58,180
Hilton Domestic Operating Co., Inc.,
5.88%, 03/15/2033(b)
 
102,000
102,760
Royal Caribbean Cruises Ltd., 6.00%,
02/01/2033(b)
 
50,000
50,211
 
 
282,304
Household Appliances–0.50%
Whirlpool Corp., 4.70%, 05/14/2032
 
57,000
52,405
Household Products–0.50%
Energizer Holdings, Inc., 4.38%,
03/31/2029(b)
 
55,000
51,726
Housewares & Specialties–0.50%
Newell Brands, Inc., 6.38%, 05/15/2030
 
55,000
51,807
Independent Power Producers & Energy Traders–1.84%
Calpine Corp., 5.13%, 03/15/2028(b)
 
79,000
78,363
Vistra Corp.,
8.00%(b)(d)(f)
 
26,000
26,700
Series C, 8.88%(b)(d)(f)
 
81,000
87,207
 
 
192,270
Industrial Machinery & Supplies & Components–2.27%
Enpro, Inc., 6.13%, 06/01/2033(b)
 
104,000
105,033
ESAB Corp., 6.25%, 04/15/2029(b)
 
77,000
78,394
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(b)
 
56,000
53,531
 
 
236,958
Insurance Brokers–1.49%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.00%,
01/15/2031(b)
 
78,000
79,831
HUB International Ltd., 7.25%,
06/15/2030(b)
 
73,000
76,069
 
 
155,900
 
Principal
Amount
Value
Integrated Telecommunication Services–3.55%
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(b)
 
$200,000
$211,242
Level 3 Financing, Inc.,
10.50%, 04/15/2029(b)
 
10,000
11,275
11.00%, 11/15/2029(b)
 
18,000
20,442
10.50%, 05/15/2030(b)
 
19,000
20,829
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033
 
53,000
53,535
7.72%, 06/04/2038
 
51,000
53,312
 
 
370,635
Leisure Products–0.51%
Amer Sports Co. (Finland), 6.75%,
02/16/2031(b)
 
51,000
53,068
Metal, Glass & Plastic Containers–2.43%
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC, 6.00%, 06/15/2027(b)
 
200,000
200,628
OI European Group B.V., 4.75%,
02/15/2030(b)
 
57,000
53,718
 
 
254,346
Movies & Entertainment–0.98%
Lions Gate Capital Holdings 1, Inc., 5.50%,
04/15/2029(b)
 
58,000
51,761
WMG Acquisition Corp., 3.75%,
12/01/2029(b)
 
55,000
51,166
 
 
102,927
Multi-line Insurance–0.75%
Acrisure LLC/Acrisure Finance, Inc.,
7.50%, 11/06/2030(b)
 
76,000
78,474
Multi-Utilities–0.48%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(d)
 
50,000
50,028
Oil & Gas Drilling–1.22%
Delek Logistics Partners L.P./Delek
Logistics Finance Corp., 7.13%,
06/01/2028(b)
 
51,000
51,384
Summit Midstream Holdings LLC, 8.63%,
10/31/2029(b)
 
51,000
51,153
Transocean, Inc., 8.75%, 02/15/2030(b)
 
24,800
25,161
 
 
127,698
Oil & Gas Exploration & Production–2.26%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%, 10/01/2029(b)
 
103,000
105,625
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
53,000
52,285
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
 
51,000
50,454
Transocean Titan Financing Ltd., 8.38%,
02/01/2028(b)
 
27,143
27,585
 
 
235,949
Oil & Gas Refining & Marketing–0.53%
Sunoco L.P., 6.25%, 07/01/2033(b)
 
55,000
55,044
Oil & Gas Storage & Transportation–4.48%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
 
50,000
51,109
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Oil & Gas Storage & Transportation–(continued)
Excelerate Energy L.P., 8.00%,
05/15/2030(b)
 
$51,000
$52,835
Genesis Energy L.P./Genesis Energy Finance
Corp.,
8.88%, 04/15/2030
 
4,000
4,204
7.88%, 05/15/2032
 
9,000
9,122
8.00%, 05/15/2033
 
39,000
39,607
Howard Midstream Energy Partners LLC,
7.38%, 07/15/2032(b)
 
46,000
47,640
NFE Financing LLC, 12.00%,
11/15/2029(b)
 
18,000
7,739
Prairie Acquiror L.P., 9.00%,
08/01/2029(b)
 
51,000
51,889
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp., 7.38%,
02/15/2029(b)
 
52,000
52,937
Venture Global LNG, Inc.,
9.88%, 02/01/2032(b)
 
71,000
75,578
9.00%(b)(d)(f)
 
80,500
76,003
 
 
468,663
Other Specialized REITs–0.50%
Iron Mountain, Inc., 4.50%,
02/15/2031(b)
 
56,000
52,526
Packaged Foods & Meats–0.50%
Lamb Weston Holdings, Inc., 4.38%,
01/31/2032(b)
 
57,000
52,625
Paper & Plastic Packaging Products & Materials–1.73%
Clydesdale Acquisition Holdings, Inc.,
6.75%, 04/15/2032(b)
 
102,000
103,155
Sealed Air Corp.,
5.00%, 04/15/2029(b)
 
53,000
52,075
6.88%, 07/15/2033(b)
 
24,000
25,160
 
 
180,390
Passenger Airlines–0.73%
American Airlines, Inc./AAdvantage Loyalty
IP Ltd., 5.75%, 04/20/2029(b)
 
78,000
76,643
Passenger Ground Transportation–0.06%
Hertz Corp. (The), 12.63%,
07/15/2029(b)
 
6,000
6,115
Pharmaceuticals–0.97%
1261229 BC Ltd., 10.00%,
04/15/2032(b)
 
38,000
37,645
Bausch Health Cos., Inc., 11.00%,
09/30/2028(b)
 
14,000
13,444
Endo Finance Holdings, Inc., 8.50%,
04/15/2031(b)
 
49,000
50,780
 
 
101,869
Real Estate Development–1.01%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
51,000
54,585
Greystar Real Estate Partners LLC, 7.75%,
09/01/2030(b)
 
48,000
50,966
 
 
105,551
Reinsurance–0.52%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(d)
 
56,000
54,334
 
Principal
Amount
Value
Renewable Electricity–0.47%
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC (United Kingdom),
6.38%, 02/15/2032(b)
 
$50,000
$49,470
Security & Alarm Services–0.50%
Brink’s Co. (The), 6.75%, 06/15/2032(b)
 
51,000
52,360
Single-Family Residential REITs–1.01%
Ashton Woods USA LLC/Ashton Woods
Finance Co., 6.63%, 01/15/2028(b)
 
105,000
105,528
Specialized Consumer Services–0.76%
Carriage Services, Inc., 4.25%,
05/15/2029(b)
 
85,000
79,605
Specialized Finance–0.73%
TrueNoord Capital DAC (Ireland), 8.75%,
03/01/2030(b)
 
74,000
76,806
Specialty Chemicals–0.50%
Celanese US Holdings LLC, 7.20%,
11/15/2033
 
50,000
52,235
Steel–0.68%
Cleveland-Cliffs, Inc.,
5.88%, 06/01/2027
 
27,000
26,609
7.00%, 03/15/2032(b)
 
40,000
34,552
6.25%, 10/01/2040
 
14,000
10,193
 
 
71,354
Systems Software–0.14%
Camelot Finance S.A., 4.50%,
11/01/2026(b)
 
15,000
14,926
Technology Hardware, Storage & Peripherals–0.05%
Xerox Holdings Corp., 5.50%,
08/15/2028(b)
 
7,000
4,918
Telecom Tower REITs–0.50%
SBA Communications Corp., 3.13%,
02/01/2029
 
56,000
52,142
Trading Companies & Distributors–3.01%
Air Lease Corp., Series B, 4.65%(d)(f)
 
80,000
78,891
Aircastle Ltd., 5.25%(b)(d)(f)
 
135,000
134,396
H&E Equipment Services, Inc., 3.88%,
12/15/2028(b)
 
101,000
101,838
 
 
315,125
Wireless Telecommunication Services–1.01%
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(d)
 
117,000
105,294
Total U.S. Dollar Denominated Bonds & Notes
(Cost $9,578,132)
9,666,812
Non-U.S. Dollar Denominated Bonds & Notes–3.54%(g)
Integrated Telecommunication Services–1.14%
Eutelsat S.A. (France), 9.75%,
04/13/2029(b)
EUR
100,000
119,459
Metal, Glass & Plastic Containers–1.11%
Ball Corp., 4.25%, 07/01/2032
EUR
100,000
115,560
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Wireless Telecommunication Services–1.29%
VMED O2 UK Financing I PLC (United
Kingdom), 3.25%, 01/31/2031(b)
EUR
125,000
$135,103
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $336,803)
370,122
 

Shares
 
Exchange-Traded Funds–2.99%
Invesco Senior Loan ETF
(Cost $311,700)(h)
15,000
312,900
Money Market Funds–0.16%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(h)(i)
5,966
5,966
 
 
Shares
Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class,
4.22%(h)(i)
10,917
$10,917
Total Money Market Funds (Cost $16,883)
16,883
TOTAL INVESTMENTS IN SECURITIES–99.16%
(Cost $10,243,518)
10,366,717
OTHER ASSETS LESS LIABILITIES—0.84%
87,541
NET ASSETS–100.00%
$10,454,258
Investment Abbreviations: 
ETF
– Exchange-Traded Fund
EUR
– Euro
PIK
– Pay-in-Kind
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)
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
May 31, 2025 was $8,461,243, which represented 80.94% of the Fund’s Net Assets.
(c)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Zero coupon bond issued at a discount.
(f)
Perpetual bond with no specified maturity date.
(g)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(h)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended May 31, 2025.
 
 
Value
February 28, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
May 31, 2025
Dividend Income
Invesco Senior Loan ETF
$-
$311,700
$-
$1,200
$-
$312,900
$4,346
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class
111,921
756,363
(862,318)
-
-
5,966
1,308
Invesco Treasury Portfolio, Institutional Class
207,692
1,404,675
(1,601,450)
-
-
10,917
2,377
Total
$319,613
$2,472,738
$(2,463,768)
$1,200
$-
$329,783
$8,031
 
(i)
The rate shown is the 7-day SEC standardized yield as of May 31, 2025.
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
07/31/2025
Barclays Bank PLC
EUR
287,000
USD
327,905
$792
Currency Risk
 
 
 
07/31/2025
HSBC Bank USA
EUR
100,000
USD
112,400
(1,577
)
Total Forward Foreign Currency Contracts
$(785
)
 
Abbreviations:
EUR
– Euro
USD
– U.S. Dollar
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 SMA High Yield Bond Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2025
(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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of May 31, 2025. 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
U.S. Dollar Denominated Bonds & Notes
$—
$9,666,812
$—
$9,666,812
Non-U.S. Dollar Denominated Bonds & Notes
—
370,122
—
370,122
Exchange-Traded Funds
312,900
—
—
312,900
Money Market Funds
16,883
—
—
16,883
Total Investments in Securities
329,783
10,036,934
—
10,366,717
Other Investments - Assets*
Forward Foreign Currency Contracts
—
792
—
792
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(1,577
)
—
(1,577
)
Total Other Investments
—
(785
)
—
(785
)
Total Investments
$329,783
$10,036,149
$—
$10,365,932
 
*
Unrealized appreciation (depreciation).
Invesco SMA High Yield Bond Fund