Schedule of Investments
May 31, 2024
(Unaudited)
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Municipal Obligations–96.92% | |||||
| Alabama–4.17% | |||||
| Black Belt Energy Gas District (The) (Gas); Series 2022 F, RB | 5.25% | 12/01/2027 | $460 | $ 473,365 | |
| Arizona–3.35% | |||||
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(a) | 5.00% | 07/01/2039 | 250 | 250,434 | |
| Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(a) | 5.75% | 07/01/2024 | 130 | 130,116 | |
| 380,550 | |||||
| California–8.68% | |||||
| California (State of) Housing Finance Agency; Series 2019 A-2, RB | 4.00% | 03/20/2033 | 232 | 227,961 | |
| California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(a) | 5.00% | 06/01/2029 | 255 | 257,648 | |
| California (State of) Statewide Communities Development Authority (California Baptist University); Series 2014 A, RB(a) | 6.13% | 11/01/2033 | 250 | 250,446 | |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB | 5.50% | 12/01/2054 | 250 | 250,661 | |
| 986,716 | |||||
| Florida–6.42% | |||||
| Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB(a) | 6.13% | 06/15/2044 | 250 | 251,855 | |
| Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB | 5.00% | 06/15/2031 | 235 | 240,351 | |
| Miami Beach (City of), FL; Series 2017, Ref. RB | 5.00% | 09/01/2047 | 250 | 236,979 | |
| 729,185 | |||||
| Georgia–9.01% | |||||
| Atlanta (City of), GA Urban Residential Finance Authority (GE Tower Apartments); Series 2023 B, RB(b) | 5.75% | 06/01/2025 | 280 | 277,359 | |
| Burke (County of), GA Development Authority (Georgia Power Company); Series 1996, RB(b) | 3.88% | 03/06/2026 | 250 | 250,551 | |
| Main Street Natural Gas, Inc.; Series 2023 A, RB(b) | 5.00% | 06/01/2030 | 475 | 496,303 | |
| 1,024,213 | |||||
| Illinois–2.20% | |||||
| Chicago (City of), IL Board of Education; Series 2015 C, GO Bonds | 5.25% | 12/01/2039 | 250 | 249,982 | |
| Indiana–2.18% | |||||
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(b)(c) | 4.40% | 06/10/2031 | 250 | 247,586 | |
| Iowa–2.75% | |||||
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b) | 5.00% | 12/01/2042 | 300 | 312,205 | |
| Louisiana–2.17% | |||||
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(b) | 4.05% | 07/01/2026 | 250 | 246,471 | |
| Massachusetts–5.23% | |||||
| Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB | 5.00% | 01/01/2041 | 250 | 250,499 | |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB | 5.00% | 07/01/2044 | 250 | 244,053 | |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham); Series 2024 E-1, VRD RB(d) | 1.90% | 07/01/2052 | 100 | 100,000 | |
| 594,552 | |||||
| Minnesota–0.74% | |||||
| Brooklyn Park (City of), MN (Athlos Leadership Academy); Series 2015 A, RB | 4.75% | 07/01/2025 | 85 | 83,747 | |
| Missouri–2.68% | |||||
| Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017, RB(a) | 5.00% | 12/01/2037 | 300 | 304,971 | |
| New York–9.31% | |||||
| New York (City of), NY Municipal Water Finance Authority; Series 2015 FF, Ref. RB | 5.00% | 06/15/2039 | 250 | 252,739 | |
See accompanying notes which are an integral part of this schedule.
Invesco SMA Municipal Bond Fund
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| New York–(continued) | |||||
| New York (City of), NY Transitional Finance Authority; | |||||
| Series 2016 E-4, VRD RB(d) | 2.20% | 02/01/2045 | $200 | $ 200,000 | |
| Series 2019 C-4, VRD RB(d) | 0.02% | 11/01/2044 | 100 | 100,000 | |
| New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(c) | 5.00% | 08/01/2031 | 250 | 250,026 | |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, Ref. RB(c) | 5.00% | 12/01/2026 | 250 | 254,744 | |
| 1,057,509 | |||||
| Ohio–2.21% | |||||
| Ohio (State of) Higher Educational Facility Commission (Kenyon College); Series 2015, Ref. RB | 5.00% | 07/01/2041 | 250 | 251,729 | |
| Oregon–2.90% | |||||
| Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(c) | 5.25% | 07/01/2039 | 300 | 329,406 | |
| Pennsylvania–8.44% | |||||
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(a) | 5.00% | 05/01/2028 | 200 | 201,865 | |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB | 4.10% | 06/01/2029 | 250 | 253,951 | |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(c) | 5.00% | 12/31/2034 | 250 | 251,554 | |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement); Series 2015, RB(c) | 5.00% | 12/31/2029 | 250 | 251,676 | |
| 959,046 | |||||
| South Carolina–2.42% | |||||
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); Series 2024 A, RB | 5.25% | 11/01/2044 | 250 | 275,100 | |
| Texas–11.43% | |||||
| Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); Series 2016, Ref. RB | 5.00% | 07/15/2025 | 430 | 429,930 | |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(c) | 4.75% | 07/01/2024 | 115 | 115,060 | |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(c) | 5.00% | 07/15/2028 | 250 | 254,844 | |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB | 5.00% | 10/01/2024 | 500 | 499,346 | |
| 1,299,180 | |||||
| Virginia–4.41% | |||||
| Chesapeake (City of), VA Expressway; Series 2012 A, RB | 5.00% | 07/15/2047 | 250 | 250,012 | |
| Chesapeake Bay Bridge & Tunnel District; Series 2016, RB | 5.00% | 07/01/2046 | 250 | 250,943 | |
| 500,955 | |||||
| Wisconsin–6.22% | |||||
| Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB(a) | 5.00% | 06/01/2029 | 250 | 251,148 | |
| Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB(a) | 5.00% | 06/01/2041 | 250 | 250,322 | |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB | 5.00% | 12/01/2027 | 205 | 205,729 | |
| 707,199 | |||||
| TOTAL INVESTMENTS IN SECURITIES–96.92% (Cost $10,968,636) | 11,013,667 | ||||
| OTHER ASSETS LESS LIABILITIES–3.08% | 350,247 | ||||
| NET ASSETS–100.00% | $11,363,914 | ||||
Investment Abbreviations:
| GO | – General Obligation |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| VRD | – Variable Rate Demand |
See accompanying notes which are an integral part of this schedule.
Invesco SMA Municipal Bond Fund
Notes to Schedule of Investments:
| (a) | 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, 2024 was $2,148,805, which represented 18.91% of the Fund’s Net Assets. |
| (b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (c) | Security subject to the alternative minimum tax. |
| (d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2024. |
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 Municipal Bond Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 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.
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.
As of May 31, 2024, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Invesco SMA Municipal Bond Fund