NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–96.69%
Advertising–0.52%
Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/2027(b)
 
$57,000
$55,688
Aerospace & Defense–1.95%
TransDigm, Inc.,
6.75%, 08/15/2028(b)
 
24,000
24,509
6.88%, 12/15/2030(b)
 
50,000
51,554
7.13%, 12/01/2031(b)
 
28,000
29,139
6.63%, 03/01/2032(b)
 
102,000
104,605
 
 
209,807
Apparel Retail–1.29%
Gap, Inc. (The), 3.88%, 10/01/2031(b)
 
93,000
81,881
Victoria’s Secret & Co., 4.63%,
07/15/2029(b)
 
63,000
57,033
 
 
138,914
Application Software–0.96%
Cloud Software Group, Inc.,
6.50%, 03/31/2029(b)
 
37,000
36,379
8.25%, 06/30/2032(b)
 
15,000
15,647
SS&C Technologies, Inc.,
5.50%, 09/30/2027(b)
 
25,000
24,942
6.50%, 06/01/2032(b)
 
26,000
26,626
 
 
103,594
Automobile Manufacturers–1.49%
Allison Transmission, Inc., 3.75%,
01/30/2031(b)
 
178,000
160,115
Automotive Parts & Equipment–4.15%
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
 
74,000
77,710
NESCO Holdings II, Inc., 5.50%,
04/15/2029(b)
 
117,000
111,395
PHINIA, Inc.,
6.75%, 04/15/2029(b)
 
78,000
80,160
6.63%, 10/15/2032(b)
 
27,000
27,221
ZF North America Capital, Inc. (Germany),
6.88%, 04/14/2028(b)
 
150,000
150,789
 
 
447,275
Automotive Retail–2.73%
Group 1 Automotive, Inc., 6.38%,
01/15/2030(b)
 
52,000
52,717
LCM Investments Holdings II LLC, 8.25%,
08/01/2031(b)
 
75,000
78,496
Lithia Motors, Inc., 3.88%,
06/01/2029(b)
 
118,000
109,448
Velocity Vehicle Group LLC, 8.00%,
06/01/2029(b)
 
51,000
53,286
 
 
293,947
Broadcasting–0.39%
AMC Networks, Inc., 10.25%,
01/15/2029(b)
 
5,000
5,321
Gray Television, Inc., 10.50%,
07/15/2029(b)
 
10,000
10,186
 
Principal
Amount
Value
Broadcasting–(continued)
Paramount Global, 6.38%,
03/30/2062(c)
 
$6,000
$5,793
Sinclair Television Group, Inc., 4.13%,
12/01/2030(b)
 
7,000
5,465
Univision Communications, Inc.,
6.63%, 06/01/2027(b)
 
10,000
9,972
4.50%, 05/01/2029(b)
 
6,000
5,390
 
 
42,127
Broadline Retail–0.48%
Macy’s Retail Holdings LLC,
6.70%, 07/15/2034(b)
 
17,000
14,702
4.50%, 12/15/2034
 
44,000
37,268
 
 
51,970
Cable & Satellite–2.02%
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.75%, 03/01/2030(b)
 
43,000
39,983
4.75%, 02/01/2032(b)
 
51,000
45,934
4.50%, 05/01/2032
 
28,000
24,761
4.25%, 01/15/2034(b)
 
63,000
52,580
EchoStar Corp.,
10.75%, 11/30/2029
 
30,000
32,478
6.75% PIK Rate, 2.00% Cash Rate,
11/30/2030(d)
 
24,000
21,693
 
 
217,429
Casinos & Gaming–4.11%
Melco Resorts Finance Ltd. (Hong Kong),
5.38%, 12/04/2029(b)
 
200,000
183,183
Studio City Finance Ltd. (Macau), 5.00%,
01/15/2029(b)
 
200,000
181,489
Viking Cruises Ltd.,
5.88%, 09/15/2027(b)
 
27,000
26,836
9.13%, 07/15/2031(b)
 
48,000
52,000
 
 
443,508
Commercial & Residential Mortgage Finance–0.74%
Nationstar Mortgage Holdings, Inc.,
7.13%, 02/01/2032(b)
 
77,000
79,511
Commodity Chemicals–0.97%
Mativ Holdings, Inc., 8.00%,
10/01/2029(b)
 
104,000
104,988
Construction Machinery & Heavy Transportation Equipment–
0.74%
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(b)
 
78,000
79,991
Consumer Finance–2.01%
FirstCash, Inc., 6.88%, 03/01/2032(b)
 
77,000
78,605
Navient Corp.,
5.00%, 03/15/2027
 
38,000
37,521
9.38%, 07/25/2030
 
17,000
18,741
OneMain Finance Corp.,
6.63%, 05/15/2029
 
31,000
31,668
4.00%, 09/15/2030
 
56,000
50,375
 
 
216,910
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Diversified Banks–0.53%
Citigroup, Inc., Series CC, 7.13%(c)(e)
 
$55,000
$56,721
Diversified Chemicals–0.62%
Celanese US Holdings LLC,
6.60%, 11/15/2028
 
17,000
17,609
6.95%, 11/15/2033
 
21,000
22,473
Cerdia Finanz GmbH (Germany), 9.38%,
10/03/2031(b)
 
26,000
27,211
 
 
67,293
Diversified Financial Services–5.36%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 6.95%,
03/10/2055(c)
 
150,000
155,596
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(b)
 
50,000
51,153
Jane Street Group/JSG Finance, Inc.,
7.13%, 04/30/2031(b)
 
87,000
90,607
6.13%, 11/01/2032(b)
 
39,000
39,190
Jefferson Capital Holdings LLC, 9.50%,
02/15/2029(b)
 
50,000
53,427
Macquarie Airfinance Holdings Ltd. (United
Kingdom), 6.50%, 03/26/2031(b)
 
47,000
48,894
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%, 09/15/2029(b)
 
78,000
81,243
Scientific Games Holdings L.P./Scientific
Games US FinCo, Inc., 6.63%,
03/01/2030(b)
 
59,000
57,468
 
 
577,578
Diversified Metals & Mining–0.48%
Hudbay Minerals, Inc. (Canada), 6.13%,
04/01/2029(b)
 
51,000
51,501
Diversified REITs–0.49%
Uniti Group L.P./Uniti Group Finance,
Inc./CSL Capital LLC, 10.50%,
02/15/2028(b)
 
50,000
53,162
Diversified Support Services–0.63%
Neptune Bidco US, Inc., 9.29%,
04/15/2029(b)
 
17,000
15,790
Ritchie Bros. Holdings, Inc. (Canada),
7.75%, 03/15/2031(b)
 
49,000
51,886
 
 
67,676
Electric Utilities–3.97%
Brookfield Infrastructure Finance ULC
(Canada), 6.75%, 03/15/2055(c)
 
54,000
54,667
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC (Spain), 6.38%,
02/15/2032(b)
 
50,000
50,089
Duke Energy Corp., 6.45%,
09/01/2054(c)
 
53,000
53,939
Entergy Corp., 7.13%, 12/01/2054(c)
 
51,000
52,435
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)
 
22,000
22,020
5.00%, 07/31/2027(b)
 
37,000
36,686
7.75%, 10/15/2031(b)
 
149,000
158,407
 
 
428,243
 
Principal
Amount
Value
Electrical Components & Equipment–1.41%
EnerSys,
4.38%, 12/15/2027(b)
 
$30,000
$28,699
6.63%, 01/15/2032(b)
 
23,000
23,547
Sensata Technologies, Inc., 3.75%,
02/15/2031(b)
 
53,000
47,505
Vertiv Group Corp., 4.13%,
11/15/2028(b)
 
55,000
52,423
 
 
152,174
Electronic Manufacturing Services–0.96%
EMRLD Borrower L.P./Emerald Co-Issuer,
Inc., 6.63%, 12/15/2030(b)
 
102,000
103,255
Environmental & Facilities Services–0.99%
GFL Environmental, Inc., 3.50%,
09/01/2028(b)
 
57,000
53,876
Wrangler Holdco Corp. (Canada), 6.63%,
04/01/2032(b)
 
51,000
52,587
 
 
106,463
Gold–0.48%
New Gold, Inc. (Canada), 7.50%,
07/15/2027(b)
 
51,000
51,661
Health Care Facilities–1.91%
Select Medical Corp., 6.25%,
12/01/2032(b)
 
50,000
50,134
Tenet Healthcare Corp., 6.75%,
05/15/2031
 
152,000
155,875
 
 
206,009
Health Care REITs–0.79%
Diversified Healthcare Trust, 0.00%,
01/15/2026(b)(f)
 
79,000
74,290
MPT Operating Partnership L.P./MPT
Finance Corp., 3.50%, 03/15/2031
 
16,000
10,458
 
 
84,748
Health Care Services–2.50%
Catalent Pharma Solutions, Inc., 3.50%,
04/01/2030(b)
 
16,000
15,766
Community Health Systems, Inc.,
5.63%, 03/15/2027(b)
 
27,000
26,153
8.00%, 12/15/2027(b)
 
24,000
24,100
5.25%, 05/15/2030(b)
 
30,000
25,628
4.75%, 02/15/2031(b)
 
35,000
28,446
Concentra Escrow Issuer Corp., 6.88%,
07/15/2032(b)
 
44,000
45,387
DaVita, Inc., 6.88%, 09/01/2032(b)
 
51,000
52,712
Star Parent, Inc., 9.00%, 10/01/2030(b)
 
50,000
51,688
 
 
269,880
Health Care Supplies–0.94%
Medline Borrower L.P., 5.25%,
10/01/2029(b)
 
50,000
48,855
Medline Borrower L.P./Medline Co-Issuer,
Inc., 6.25%, 04/01/2029(b)
 
52,000
53,031
 
 
101,886
Homebuilding–0.98%
KB Home, 4.80%, 11/15/2029
 
54,000
52,432
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Homebuilding–(continued)
Taylor Morrison Communities, Inc.,
5.13%, 08/01/2030(b)
 
$54,000
$52,744
 
 
105,176
Hotel & Resort REITs–2.90%
RHP Hotel Properties L.P./RHP Finance
Corp., 6.50%, 04/01/2032(b)
 
76,000
77,315
RLJ Lodging Trust L.P.,
3.75%, 07/01/2026(b)
 
27,000
26,296
4.00%, 09/15/2029(b)
 
58,000
52,995
Service Properties Trust,
5.50%, 12/15/2027
 
82,000
78,531
4.95%, 10/01/2029
 
17,000
13,879
4.38%, 02/15/2030
 
82,000
64,043
 
 
313,059
Hotels, Resorts & Cruise Lines–1.65%
Carnival Corp., 6.00%, 05/01/2029(b)
 
51,000
51,221
Hilton Domestic Operating Co., Inc.,
6.13%, 04/01/2032(b)
 
75,000
75,797
Royal Caribbean Cruises Ltd., 6.00%,
02/01/2033(b)
 
50,000
50,660
 
 
177,678
Housewares & Specialties–0.47%
Newell Brands, Inc.,
6.38%, 05/15/2030
 
25,000
25,528
6.63%, 05/15/2032
 
25,000
25,501
 
 
51,029
Independent Power Producers & Energy Traders–0.48%
Vistra Corp., Series C, 8.88%(b)(c)(e)
 
48,000
51,587
Industrial Machinery & Supplies & Components–1.71%
Enpro, Inc., 5.75%, 10/15/2026
 
52,000
52,126
ESAB Corp., 6.25%, 04/15/2029(b)
 
52,000
52,966
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(b)
 
84,000
79,257
 
 
184,349
Insurance Brokers–0.74%
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
6.75%, 04/15/2028(b)
 
28,000
28,296
7.00%, 01/15/2031(b)
 
51,000
51,835
 
 
80,131
Integrated Telecommunication Services–5.54%
Iliad Holding S.A.S. (France), 8.50%,
04/15/2031(b)
 
200,000
213,106
Level 3 Financing, Inc.,
10.50%, 04/15/2029(b)
 
10,000
11,237
11.00%, 11/15/2029(b)
 
14,000
15,925
10.50%, 05/15/2030(b)
 
10,000
11,025
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033
 
53,000
53,539
7.72%, 06/04/2038
 
24,000
25,480
Windstream Services LLC/Windstream Escrow
Finance Corp.,
7.75%, 08/15/2028(b)
 
26,000
26,226
8.25%, 10/01/2031(b)
 
27,000
28,211
 
Principal
Amount
Value
Integrated Telecommunication Services–(continued)
Zegona Finance PLC (United Kingdom),
8.63%, 07/15/2029(b)
 
$200,000
$213,000
 
 
597,749
Interactive Media & Services–0.72%
Match Group Holdings II LLC, 5.00%,
12/15/2027(b)
 
80,000
78,048
Investment Banking & Brokerage–1.48%
Goldman Sachs Group, Inc. (The), Series X,
7.50%(c)(e)
 
50,000
52,445
Icahn Enterprises L.P./Icahn Enterprises Finance
Corp.,
10.00%, 11/15/2029(b)
 
54,000
55,449
9.00%, 06/15/2030
 
52,000
51,654
 
 
159,548
Leisure Facilities–1.21%
NCL Corp. Ltd.,
5.88%, 02/15/2027(b)
 
52,000
52,093
8.13%, 01/15/2029(b)
 
25,000
26,550
Six Flags Entertainment Corp./Six Flags
Theme Parks, Inc., 6.63%,
05/01/2032(b)
 
51,000
52,303
 
 
130,946
Marine Transportation–1.23%
Stena International S.A. (Sweden),
7.25%, 01/15/2031(b)
 
100,000
103,451
7.63%, 02/15/2031(b)
 
28,000
29,241
 
 
132,692
Metal, Glass & Plastic Containers–0.71%
Clydesdale Acquisition Holdings, Inc.,
6.63%, 04/15/2029(b)
 
52,000
52,308
OI European Group B.V., 4.75%,
02/15/2030(b)
 
27,000
24,652
 
 
76,960
Mortgage REITs–0.09%
Blackstone Mortgage Trust, Inc., 7.75%,
12/01/2029(b)
 
10,000
10,172
Movies & Entertainment–0.48%
Lions Gate Capital Holdings 1, Inc., 5.50%,
04/15/2029(b)
 
58,000
51,314
Multi-line Insurance–0.49%
Acrisure LLC/Acrisure Finance, Inc.,
7.50%, 11/06/2030(b)
 
52,000
53,099
Multi-Utilities–0.47%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(c)
 
50,000
50,166
Office REITs–0.51%
Office Properties Income Trust, 9.00%,
03/31/2029(b)
 
56,000
55,300
Oil & Gas Drilling–2.07%
Delek Logistics Partners L.P./Delek
Logistics Finance Corp., 7.13%,
06/01/2028(b)
 
53,000
53,313
Summit Midstream Holdings LLC, 8.63%,
10/31/2029(b)
 
51,000
53,404
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Oil & Gas Drilling–(continued)
Transocean, Inc., 8.75%, 02/15/2030(b)
 
$62,900
$65,573
Valaris Ltd., 8.38%, 04/30/2030(b)
 
50,000
50,959
 
 
223,249
Oil & Gas Exploration & Production–2.20%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%, 10/01/2029(b)
 
80,000
83,027
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.00%, 02/01/2031(b)
 
11,000
10,475
8.38%, 11/01/2033(b)
 
27,000
28,544
7.25%, 02/15/2035(b)
 
39,000
38,206
Transocean Titan Financing Ltd., 8.38%,
02/01/2028(b)
 
75,000
77,261
 
 
237,513
Oil & Gas Refining & Marketing–0.19%
CVR Energy, Inc., 8.50%, 01/15/2029(b)
 
21,000
20,654
Oil & Gas Storage & Transportation–6.25%
Genesis Energy L.P./Genesis Energy Finance
Corp.,
7.75%, 02/01/2028
 
77,000
77,992
8.88%, 04/15/2030
 
26,000
27,115
7.88%, 05/15/2032
 
50,000
50,435
Howard Midstream Energy Partners LLC,
7.38%, 07/15/2032(b)
 
101,000
104,161
New Fortress Energy, Inc., 6.50%,
09/30/2026(b)
 
18,000
16,807
NGL Energy Operating LLC/NGL Energy Finance
Corp.,
8.13%, 02/15/2029(b)
 
25,000
25,627
8.38%, 02/15/2032(b)
 
27,000
27,656
Prairie Acquiror L.P., 9.00%,
08/01/2029(b)
 
76,000
78,882
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp., 7.38%,
02/15/2029(b)
 
52,000
52,962
Venture Global LNG, Inc.,
8.13%, 06/01/2028(b)
 
10,000
10,458
8.38%, 06/01/2031(b)
 
25,000
26,366
9.88%, 02/01/2032(b)
 
85,000
94,575
9.00%(b)(c)(e)
 
77,500
80,364
 
 
673,400
Other Specialized REITs–0.49%
Iron Mountain, Inc.,
4.50%, 02/15/2031(b)
 
28,000
26,103
5.63%, 07/15/2032(b)
 
27,000
26,415
 
 
52,518
Other Specialty Retail–0.98%
Bath & Body Works, Inc.,
6.88%, 11/01/2035
 
49,000
51,285
6.75%, 07/01/2036
 
52,000
54,000
 
 
105,285
Paper & Plastic Packaging Products & Materials–0.64%
LABL, Inc.,
5.88%, 11/01/2028(b)
 
20,000
17,904
8.63%, 10/01/2031(b)
 
27,000
25,480
Owens-Brockway Glass Container, Inc.,
7.25%, 05/15/2031(b)
 
26,000
25,935
 
 
69,319
 
Principal
Amount
Value
Passenger Airlines–1.96%
American Airlines, Inc./AAdvantage Loyalty
IP Ltd., 5.75%, 04/20/2029(b)
 
$211,000
$210,838
Pharmaceuticals–1.04%
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(b)
 
27,000
26,432
11.00%, 09/30/2028(b)
 
29,000
28,444
Endo Finance Holdings, Inc., 8.50%,
04/15/2031(b)
 
49,000
52,218
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 12.25%,
04/15/2029(b)
 
5,000
5,277
 
 
112,371
Real Estate Development–0.47%
Greystar Real Estate Partners LLC, 7.75%
(1 mo. Term SOFR + 2.75%),
09/01/2030(b)
 
48,000
50,851
Real Estate Services–0.51%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
51,000
55,129
Reinsurance–0.50%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(c)
 
56,000
53,877
Research & Consulting Services–0.50%
Dun & Bradstreet Corp. (The), 5.00%,
12/15/2029(b)
 
55,000
53,403
Restaurants–0.99%
1011778 BC ULC/New Red Finance, Inc.
(Canada), 5.63%, 09/15/2029(b)
 
53,000
53,099
Yum! Brands, Inc., 5.38%, 04/01/2032
 
55,000
54,017
 
 
107,116
Security & Alarm Services–0.48%
Brink’s Co. (The), 6.75%, 06/15/2032(b)
 
51,000
52,083
Specialized Consumer Services–0.98%
Carriage Services, Inc., 4.25%,
05/15/2029(b)
 
114,000
105,404
Specialized Finance–0.25%
CD&R Smokey Buyer, Inc./Radio Systems
Corp., 9.50%, 10/15/2029(b)
 
27,000
27,250
Steel–0.49%
Cleveland-Cliffs, Inc.,
7.00%, 03/15/2032(b)
 
40,000
40,253
6.25%, 10/01/2040
 
14,000
12,597
 
 
52,850
Systems Software–0.48%
Camelot Finance S.A., 4.50%,
11/01/2026(b)
 
53,000
51,857
Technology Hardware, Storage & Peripherals–0.95%
Seagate HDD Cayman, 9.63%,
12/01/2032
 
90,000
102,892
See accompanying notes which are an integral part of this schedule.
Invesco SMA High Yield Bond Fund
 
Principal
Amount
Value
Trading Companies & Distributors–4.82%
Air Lease Corp.,
Series B, 4.65%(c)(e)
 
$71,000
$69,494
Series C, 4.13%(c)(e)
 
30,000
28,346
Series D, 6.00%(c)(e)
 
5,000
4,959
Aircastle Ltd., 5.25%(b)(c)(e)
 
107,000
105,264
BlueLinx Holdings, Inc., 6.00%,
11/15/2029(b)
 
55,000
54,012
Fortress Transportation and Infrastructure
Investors LLC,
5.50%, 05/01/2028(b)
 
52,000
51,414
7.88%, 12/01/2030(b)
 
101,000
107,339
7.00%, 06/15/2032(b)
 
96,000
99,243
 
 
520,071
Wireless Telecommunication Services–0.98%
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(c)
 
117,000
105,122
Total U.S. Dollar Denominated Bonds & Notes
(Cost $10,179,849)
10,426,079
 
Principal
Amount
Value
Non-U.S. Dollar Denominated Bonds & Notes–1.15%(g)
Wireless Telecommunication Services–1.15%
VMED O2 UK Financing I PLC (United
Kingdom), 3.25%, 01/31/2031(b)
(Cost $115,049)
EUR
125,000
$123,382
 

Shares
 
Money Market Funds–0.54%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(h)(i)
20,595
20,595
Invesco Treasury Portfolio, Institutional Class,
4.53%(h)(i)
37,997
37,997
Total Money Market Funds (Cost $58,592)
58,592
TOTAL INVESTMENTS IN SECURITIES–98.38%
(Cost $10,353,490)
10,608,053
OTHER ASSETS LESS LIABILITIES—1.62%
175,017
NET ASSETS–100.00%
$10,783,070
Investment Abbreviations: 
EUR
– Euro
PIK
– Pay-in-Kind
REIT
– Real Estate Investment Trust
SOFR
– Secured Overnight Financing Rate
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
November 30, 2024 was $8,525,812, which represented 79.07% of the Fund’s Net Assets.
(c)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(d)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(e)
Perpetual bond with no specified maturity date.
(f)
Zero coupon bond issued at a discount.
(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 nine months ended November 30, 2024.
 
 
Value
February 29, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
$182,963
$1,526,723
$(1,689,091)
$-
$-
$20,595
$3,883
Invesco Liquid Assets Portfolio, Institutional Class
130,715
525,148
(655,848)
1
(16)
-
1,767
Invesco Treasury Portfolio, Institutional Class
209,101
2,355,840
(2,526,944)
-
-
37,997
5,433
Total
$522,779
$4,407,711
$(4,871,883)
$1
$(16)
$58,592
$11,083
 
(i)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
Deliver
Receive
Currency Risk
 
 
 
01/27/2025
HSBC Bank USA
EUR
188,000
USD
199,760
$607
 
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
November 30, 2024
(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 significant events cause market movements to 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 November 30, 2024. 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
$—
$10,426,079
$—
$10,426,079
Non-U.S. Dollar Denominated Bonds & Notes
—
123,382
—
123,382
Money Market Funds
58,592
—
—
58,592
Total Investments in Securities
58,592
10,549,461
—
10,608,053
Other Investments - Assets*
Forward Foreign Currency Contracts
—
607
—
607
Total Investments
$58,592
$10,550,068
$—
$10,608,660
 
*
Unrealized appreciation.
Invesco SMA High Yield Bond Fund