Invesco SMA High Yield Bond Fund

C000241067 Fund Overview

Invesco SMA High Yield Bond Fund is a US mutual fund managed by Aim Investment Securities Funds (invesco Investment Securities Funds), categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Aim Investment Securities Funds (invesco Investment Securities Funds)
• Category: Intermediate Corporate Bond
• Assets under management: $10.51M
• 1-year return: 7.6%
• SEC CIK: 0000842790
• SEC series ID: S000079750
• Share class ID: C000241067

C000241067 Investment Objective and Strategy

Invesco SMA High Yield Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Investment Securities Funds (invesco Investment Securities Funds).

Investment objective

The Funds investment objective is total return through growth of capital and current income.

Principal investment strategy

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that are determined to be below investment grade quality, and in derivatives and other instruments that have economic characteristics similar to such securities. These types of securities are commonly referred to as junk bonds. For purposes of the Funds 80% investment policy, below investment grade securities are: (i) securities rated below BBB- by S&P Global Ratings (S&P) or Baa3 by Moodys Ratings (Moodys) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by Invesco Advisers, Inc. (Invesco or the Adviser) to be of comparable quality.

If two or more NRSROs have assigned different ratings to a security, the Adviser uses the lowest rating assigned. The Fund will primarily invest in junk bonds rated from B- through BB+ by an NRSRO or, if unrated, deemed to be of comparable quality by the Adviser. The Fund may invest in preferred stocks and convertible securities, which are securities that generally pay interest and may be converted into common stock. The Fund may invest up to 25% of its net assets in foreign securities. With regard to foreign security holdings, up to 15% of the Funds net assets may be in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles. The Fund may also invest in securities not considered foreign securities that carry foreign credit exposure.

The Fund may purchase mortgage-backed and asset-backed securities such as collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs) of any rating. The Fund may invest up to 15% of its net assets in illiquid or thinly traded investments. The Fund also may invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may also purchase municipal securities. The Funds investments may include securities that do not produce immediate cash income, such as zero coupon securities and payment-in-kind securities. The Fund may also invest, subject to an overall 15% limit, in loans, in loan participations or assignments. The Fund may invest in securities of any maturity or duration.

The Fund can invest in derivative instruments, including swap contracts, options, futures contracts and forward foreign currency contracts. The Fund can use swap contracts, including interest rate swaps, to seek to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to gain or reduce exposure to an asset class or a particular issue. The Fund can further use swap contracts, including credit default index swaps, to seek to hedge credit risk or take a position on a basket of credit entities and to gain or reduce exposure to an asset class or a particular issue; and use total return swaps to gain exposure to a reference asset. The Fund can use options, including credit default swap options, to gain the right to enter into a credit default swap at a specified future date.

The Fund can further use swaptions (options on swaps) to manage interest rate risk; currency options to manage currency exposure; and options on bond or rate futures to manage interest rate exposure. The Fund can use futures contracts, including interest rate futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures contracts and/or forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. Derivatives and other instruments that provide investment exposure to the investments that are subject to the 80% investment policy stated above and derivatives that provide investment exposure to one or more market risk factors associated with such investments may be included in the Fund's 80% investment policy.

The Fund is an investment option for wrap fee, separately managed and other discretionary accounts (commonly referred to as SMAs) for which Invesco or its affiliates receive compensation pursuant to an investment management agreement. In selecting securities for the Funds portfolio, the Adviser focuses on securities that it believes have favorable prospects for high current income and the possibility of growth of capital. The Adviser conducts a bottom-up fundamental analysis of an issuer before its securities are purchased by the Fund. The fundamental analysis involves an evaluation by a team of credit analysts of an issuers financial statements in order to assess its financial condition. The credit analysts also assess the ability of an issuer to reduce its leverage (i.e., the amount of borrowed debt).

The bottom-up fundamental analysis is supplemented by an ongoing review of the securities relative value compared with other junk bonds, and a top-down analysis of sector and macro-economic trends, such as changes in interest rates. The portfolio managers attempt to control the Funds risk by limiting the portfolios assets that are invested in any one security, and by diversifying the portfolios holdings over a number of different industries. Although the Fund is actively managed, it is reviewed regularly against its style-specific benchmark index (the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) to assess the portfolios relative risk and its positioning. Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities.

The purchase or sale of securities may be related to a decision to alter the Funds macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Funds exposure to a particular security or issuer, degradation of an issuers credit quality, or general liquidity needs of the Fund. In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio securities.

C000241067 Holdings

Top 10 holdings of Invesco SMA High Yield Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000241067 holdings

C000241067 Portfolio Allocation

Asset-class allocation of Invesco SMA High Yield Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000241067 Performance

Total returns for C000241067 (as of 2026-10-01), from SEC filings.

C000241067 Risk Information

Risk metrics for C000241067, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.5%

C000241067 Costs and Fees

C000241067 costs about $1 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.01%
• Gross expense ratio: 1.48%
• Portfolio turnover: 121%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000241067 Cashflows

Over the 12 months to 2026-05, Invesco SMA High Yield Bond Fund had net inflows of $16.62K, from monthly SEC N-PORT filings.

C000241067 Debt Constituents

Largest debt holdings of Invesco SMA High Yield Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000241067 Prospectus and SEC Filings

Official Invesco SMA High Yield Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-06-25
• Prospectus (485BPOS) — filed 2025-06-26
• Prospectus (485BPOS) — filed 2024-06-28
• Portfolio holdings (N-PORT) — filed 2026-07-30
• Portfolio holdings (N-PORT) — filed 2026-04-29
• Portfolio holdings (N-PORT) — filed 2026-01-29
• Annual census (N-CEN) — filed 2026-05-13
• Annual census (N-CEN) — filed 2025-05-14

Related Funds

Other Intermediate Corporate Bond funds tracked on ABC INVEST:

• Vanguard Intermediate-Term Corporate Bond Index Fund (VICSX)
• Lord Abbett Short Duration Income Fund (LLDYX)
• Vanguard Intermediate-Term Investment-Grade Fund (VFICX)
• iShares Broad USD High Yield Corporate Bond ETF (USHY)
• Lord Abbett Bond Debenture Fund INC (LBNDX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.